US Market News
3月前
Scholastic Reports Fiscal 2026 Third Quarter ResultsMarch 19, 2026 4:01 PM
PR Newswire (US)
Board Authorizes Planned $200 Million Modified Dutch Auction Tender Offer as Part of $300 Million Total Share Repurchase AuthorizationCompany Establishes Long-Term Net Leverage Target of 2.0-2.5x Adjusted EBITDA, Consistent with Disciplined Approach to Balance Sheet Management and Shareholder ReturnsNEW YORK, March 19, 2026 /PRNewswire/ -- Scholastic Corporation (NASDAQ: SCHL), the global children's publishing, education and media company, today reported financial results for the Company's fiscal third quarter ended February 28, 2026.
Peter Warwick, President and Chief Executive Officer, said, "Last quarter Scholastic made significant progress in its ongoing plan to enhance shareholder value, including optimizing our balance sheet with over $400 million in net proceeds from two sale-leaseback transactions and advancing our strategy to drive long-term growth and margin expansion. After returning over $147 million to shareholders through open-market share repurchases since December, our Board has additionally authorized a $200 million "modified Dutch auction tender offer" anticipated to be launched in the coming days. This is a core part of a new $300 million share repurchase authorization that, underscores our confidence in Scholastic's long-term opportunity."Also in the third quarter, Scholastic's children's publishing, entertainment and distribution businesses continued to prove their strength, led by solid performance in Book Fairs, and underpinned by our iconic franchises across formats and platforms, our proprietary school-based channels and an integrated media business, which is rapidly expanding our reach and access to kids and families on screens and digitally. Looking ahead, our upcoming releases and media slate reinforce the depth and durability of our franchise portfolio and support sustained growth."In Education, we are making meaningful progress in the transformation of the division, as performance trends improved sequentially and year-over-year declines again moderated, despite continued funding volatility for schools and districts. We are benefiting from a focused strategy, execution and a lower cost structure, positioning the business for renewed growth as market conditions improve and go-to-market execution accelerates."Third quarter performance was consistent with expectations, reflecting the seasonal cadence of our business. Book Fairs performed solidly in the quarter, while Trade results reflected expected publishing variability compared to the prior year. Looking to the remainder of the fiscal year, we remain focused on maximizing shareholder value, disciplined execution and accelerating profitability, as we position the company for growth in fiscal 2027 and fulfill our mission to help children read, learn and thrive."OutlookThe Company has reaffirmed its outlook for full-year Adjusted EBITDA and free cash flow (both defined in the accompanying tables) which include adjustments for the sale-leasebacks of its major real estate assets. The outlook for full-year Adjusted EBITDA remains $146 million to $156 million, including the $14 million partial-year impact from these highly accretive transactions on rental income and expense. Fiscal 2026 free cash flow is forecasted to exceed $430 million, reflecting proceeds from the sale of the Company's real estate assets.The Company expects full-year revenue to be approximately flat with the prior year, reflecting year-to-date softness in Education and strong comps in Trade a year ago.Fiscal 2026 Q3 Review
In $ millions (except per share data)Third Quarter
Change
Fiscal 2026
Fiscal 2025
$%Revenues$329.1
$335.4
$(6.3)(2) %
Operating income (loss) (1)$(26.9)
$(23.9)
$(3.0)(13) %Earnings (loss) before taxes$91.8
$(28.4)
$120.2NMDiluted earnings (loss) per share$2.55
$(0.13)
$2.68NM
Operating income (loss), ex. one-time items * (1)$(24.3)
$(20.9)
$(3.4)(16) %Diluted earnings (loss) per share, ex. one-time items *$(0.15)
$(0.05)
$(0.10)NM
Adjusted EBITDA * (1)$0.0
$6.0
$(6.0)(100) %NM - Not meaningful
* Please refer to the non-GAAP financial tables attached(1) Operating income and Adjusted EBITDA include a $3.0 and $6.7 impact related to the sale-leaseback
transactions, respectively. Revenues decreased 2% to $329.1 million, primarily reflecting lower revenues in the Children's Book Publishing and Distribution and International segment due to the timing of publishing releases compared to the prior year, partly offset by higher revenues in the Entertainment segment.Operating loss increased 13% to $26.9 million in the quarter compared to $23.9 million a year ago, including $2.6 million and $3.0 million in one-time charges in each period, respectively. Excluding one-time charges in both periods, operating loss increased $3.4 million to $24.3 million. Adjusted EBITDA (a non-GAAP measure of operations explained in the accompanying tables) was $0.0 million in the quarter compared to $6.0 million in the prior year period. Excluding the partial-year impact of the sale-leaseback transactions of $3.0 million on adjusted operating loss and $6.7 million on adjusted EBITDA in the current period, adjusted operating loss was $21.3 million and adjusted EBITDA was $6.7 million. These improved results primarily reflect higher profits in Children's Book Publishing and Distribution and operating performance in the Education segment reflecting continued cost discipline.Quarterly Results Children's Book Publishing and DistributionIn the fiscal third quarter, the Children's Book Publishing and Distribution segment's revenues decreased 3% to $197.6 million. Book Fairs revenues were $113.3 million, up 2% from the prior year period, primarily driven by higher revenue per fair. Book Clubs revenues were $14.6 million, down modestly compared to $15.2 million in the prior year period, primarily reflecting modestly lower participation. Consolidated Trade revenues were $69.7 million, down 10% from the prior year period, primarily reflecting the expected comparison with last year's publishing calendar, which benefited from a major Dog Man® release in the third quarter of fiscal 2025.Segment operating income was $8.9 million, compared to $7.6 million, improving $1.3 million. The year-over-year improvement was primarily driven by higher revenues in Book Fairs and continued operating efficiencies.EducationEducation revenues decreased 2% to $56.1 million, reflecting continued challenging funding environment for schools and school districts, which has impacted spending on supplemental curriculum materials. Segment operating loss improved $1.7 million to $5.2 million, compared to segment operating loss of $6.9 million in the prior year period, reflecting an improved cost structure. The division continued to execute on its transformation through focused product, marketing and sales strategies with the long-term focus on cost discipline and regaining market share in core product segments, in anticipation of an expected market recovery.EntertainmentEntertainment segment revenues increased 25% to $16.0 million, primarily reflecting higher episodic deliveries and production services revenues in the quarter. Segment operating loss improved to $3.5 million in the quarter compared to $3.9 million a year ago, including $1.0 million and $1.5 million in one-time charges in each period, respectively. Excluding one-time charges, adjusted operating loss increased $0.1 million.InternationalInternational revenues decreased 7% to $58.7 million, excluding favorable foreign currency exchange of $3.5 million, reflecting the impact of the year-over-year timing of the Dog Man® publishing calendar. Segment operating loss was $4.7 million, compared to $2.1 million a year ago, including one-time charges of $0.1 million in the prior year period. Excluding one-time charges, adjusted operating loss increased by $2.7 million, primarily driven by lower revenues.OverheadOverhead costs were $22.4 million, which included one-time charges of $1.6 million, compared to $18.6 million in the prior year period, which included one-time charges of $1.4 million. Excluding one-time charges, adjusted overhead costs increased $3.6 million primarily reflecting higher lease expense and lower rental income of $3.0 million, associated with the company's sale-leaseback transactions.Capital Position and Liquidity
In $ millionsThird Quarter
Change
Fiscal 2026
Fiscal 2025
$%Net cash (used) provided by operating activities$(30.5)
$(12.0)
$(18.5)NMNet proceeds from sale and leaseback transactions (1)
452.4
—
452.4NMAdditions to property, plant and equipment and prepublication expenditures
(17.2)
(14.7)
(2.5)(17) %Net borrowings (repayments) of film related obligations
2.3
(4.0)
6.3158 %Free cash flow (use)*$407.0
$(30.7)
$437.7NM
Net cash (debt)*$90.6
$(189.4)
$280.0148 %NM - Not meaningful
* Please refer to the non-GAAP financial tables attached(1) Excludes tax impact from sale-leaseback transactions. During the quarter, the Company completed its sale-leaseback transactions, generating over $400 million in net proceeds. These transactions are expected to reduce fiscal 2026 operating income and Adjusted EBITDA by approximately $7 million and $14 million, respectively, on a partial-year basis.Net cash used in operating activities was $30.5 million, compared to $12.0 million in the prior year period, primarily driven by higher tax payments related to the sale-leaseback transactions, partly offset by the timing of royalty payments. Free cash flow (a non-GAAP measure of operations explained in the accompanying tables) was $407.0 million in fiscal 2026, compared to free cash flow use of $30.7 million in the prior period, reflecting over $400 million in net proceeds from the Company's sale-leaseback transactions closed during the quarter.Net cash was $90.6 million compared to net debt of $189.4 million in the prior year period, primarily reflecting net proceeds from the Company's sale-leaseback transactions, repayment of the outstanding balance on its unsecured revolving credit facility and free cash flow over the prior twelve months, partially offset by capital returns to shareholders.Since completing the sale-leaseback transactions in December, the Company has returned approximately $147.0 million to shareholders through open-market share repurchases. In the third quarter, the Company distributed $5.1 million in dividends.Consistent with its disciplined approach to balance sheet management, including the recent sale-leaseback transactions, and to shareholder returns, the Company has established a long-term net leverage target of 2.0 to 2.5 times Adjusted EBITDA.As a step toward that long-term goal and as announced today, the Company's Board of Directors has authorized a new $300 million share repurchase program, including a planned $200 million modified Dutch auction tender offer with a price range between $36 to $40 per share. The remaining portion of the authorization will be available for open-market repurchases.Fiscal Year-To-Date 2026 Review
In $ millions (except per share data)Year-To-Date
Change
Fiscal 2026
Fiscal 2025
$%Revenues$1,105.8
$1,117.2
$(11.4)(1) %
Operating income (loss) (1)$(36.2)
$(37.7)
$1.54 %Earnings (loss) before taxes$70.7
$(50.2)
$120.9NMDiluted earnings (loss) per share$1.87
$(0.61)
$2.48NM
Operating income (loss), ex. one-time items * (1)$(11.2)
$(27.6)
$16.459 %Diluted earnings (loss) per share, ex. one-time items*$(0.02)
$(0.34)
$0.3294 %
Adjusted EBITDA * (1)$66.8
$54.2
$12.623 %NM - Not meaningful
* Please refer to the non-GAAP financial tables attached(1) Operating income and Adjusted EBITDA include a $3.0 and $6.7 impact related to the sale-leaseback transactions, respectively. Revenues of $1,105.8 million year to date deceased 1.0%, compared to $1,117.2 million in the prior year period. The modest decline primarily reflects lower supplemental curriculum and collections product sales in Education in a continued challenging funding environment, partly offset by strength in Book Fairs and the Company's major global publishing franchises.Operating loss was $36.2 million year to date, compared to operating loss of $37.7 million a year ago, including $25.0 million and $10.1 million in one-time charges in each period, respectively. Excluding one-time charges, operating loss improved $16.4 million from a year ago. Adjusted EBITDA increased $12.6 million to $66.8 million. Excluding the partial-year impact of the sale-leaseback transactions of $3.0 million on adjusted operating loss and $6.7 million on adjusted EBITDA in the current period, adjusted operating loss was $8.2 million and adjusted EBITDA was $73.5 million. These results primarily reflect higher revenues in the Children's Book Publishing and Distribution segment and a reduction in discretionary overhead expenses, which more than offset the impact of lower sales in Education Solutions.Additional InformationTo supplement our financial statements presented in accordance with GAAP, we include certain non-GAAP calculations and presentations including, as noted above, "Adjusted EBITDA" and "Free Cash Flow". Please refer to the non-GAAP financial tables attached to this press release for supporting details on the impact of one-time items on operating income, net income and diluted EPS, and the use of non-GAAP financial measures included in this release. This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.The tender offer described in this press release has not yet commenced. This press release is for information purposes only, and is not an offer to purchase or the solicitation of an offer to sell any shares of the Company's common stock. The solicitation of offers to purchase shares of the Company's common stock will be made only pursuant to the tender offer documents, including an Offer to Purchase and related Letter of Transmittal, that the Company intends to distribute to shareholders and file with a tender offer statement on Schedule TO with the Securities and Exchange Commission (the "SEC"). Once the tender offer is commenced, shareholders will be able to obtain a free copy of the tender offer statement on Schedule TO, the offer to purchase, letter of transmittal and other documents that the Company will be filing with the SEC at the SEC's website at www.sec.gov or from the Company's information agent in connection with the tender offer.Conference CallThe Company will hold a conference call to discuss its results at 4:30 p.m. ET today, March 19, 2026. Peter Warwick, Scholastic President and Chief Executive Officer, Haji Glover, the Company's Chief Financial Officer, Executive Vice President, and Jeffrey Mathews, Chief Growth Officer, Executive Vice President, will moderate the call.A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/6ckfp8k8. To access the conference call by phone, please go to https://register-conf.media-server.com/register/BI5d9a8745cca34b5aa7be9d82954f12c9, which will provide dial-in details. To avoid delays, participants are encouraged to dial into the conference call five minutes ahead of the scheduled start time. Shortly following the call, an archived webcast and accompanying slides from the conference call will be posted at investor.scholastic.com.About ScholasticFor more than 100 years, Scholastic Corporation (NASDAQ: SCHL) has been meeting children where they are – at school, at home and in their communities – by creating quality content and experiences, all beginning with literacy. Scholastic delivers stories, characters, and learning moments that empower all kids to become lifelong readers and learners through bestselling children's books, literacy- and knowledge-building resources for schools including classroom magazines, and award-winning, entertaining children's media. As the world's largest publisher and distributor of children's books through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online, and with a global reach into more than 135 countries, Scholastic encourages the personal and intellectual growth of all children, while nurturing a lifelong relationship with reading, themselves, and the world around them. Learn more at www.scholastic.com.Forward-Looking StatementsThis news release contains certain forward-looking statements relating to future periods. Such forward-looking statements are subject to various risks and uncertainties, including the conditions of the children's book and educational materials markets generally and acceptance of the Company's products within those markets, and other risks and factors identified from time to time in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.SCHL: FinancialTable 1
Scholastic CorporationConsolidated Statements of Operations(Unaudited)(In $ Millions, except shares and per share data)
Three months ended
Nine months ended
02/28/2602/28/25
02/28/2602/28/25Revenues$329.1$335.4
$1,105.8$1,117.2Operating costs and expenses:
Cost of goods sold
150.3
154.6
499.4
511.5Selling, general and administrative expense
192.8
187.5
587.5
594.5Depreciation and amortization
12.9
16.9
45.7
48.5Asset impairments and write downs
—
0.3
9.4
0.4Total operating costs and expenses
356.0
359.3
1,142.0
1,154.9Operating income (loss)
(26.9)
(23.9)
(36.2)
(37.7)Interest income (expense), net
(0.8)
(4.3)
(10.3)
(11.7)Other components of net periodic benefit (cost)
(0.3)
(0.2)
(1.0)
(0.8)Gain on sale and leaseback transactions
119.8
—
118.2
—Earnings (loss) before income taxes
91.8
(28.4)
70.7
(50.2)Provision (benefit) for income taxes
29.3
(24.8)
23.4
(32.9)Net income (loss)
62.5
(3.6)
47.3
(17.3)Basic and diluted earnings (loss) per share of Class A and Common Stock (1)
Basic $2.61$(0.13)
$1.91$(0.61)Diluted$2.55$(0.13)
$1.87$(0.61)Basic weighted average shares outstanding
23,938
27,778
24,828
28,135Diluted weighted average shares outstanding
24,460
27,876
25,252
28,490(1) Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating earnings
per share based on numbers rounded to millions may not yield the results as presented. Table 2
Scholastic Corporation Segment Results, Excluding One-Time Items(Unaudited)(In $ Millions)
Three months endedChange
Nine months endedChange
02/28/2602/28/25$%
02/28/2602/28/25$%Children's Book Publishing and Distribution
Revenues
Books Clubs$14.6$15.2$(0.6)(4) %
$44.9$51.1$(6.2)(12) %Book Fairs
113.3
110.7
2.62 %
389.4
370.5
18.95 %School Reading Events
127.9
125.9
2.02 %
434.3
421.6
12.73 %Consolidated Trade
69.7
77.4
(7.7)(10) %
253.6
254.1
(0.5)— %Total Revenues
197.6
203.3
(5.7)(3) %
687.9
675.7
12.22 %Operating income (loss), ex. one-time items *
8.9
7.6
1.317 %
83.4
73.1
10.314 %Adjusted operating margin *
4.5 %
3.7 %
12.1 %
10.8 %
Education Solutions
Revenues
56.1
57.2
(1.1)(2) %
158.4
184.1
(25.7)(14) %Operating income (loss), ex. one-time items *
(5.2)
(6.9)
1.725 %
(27.7)
(24.4)
(3.3)(14) %Adjusted operating margin *
NM
NM
NM
NM
Entertainment
Revenues
16.0
12.8
3.225 %
44.7
46.2
(1.5)(3) %Operating income (loss), ex. one-time items *
(2.5)
(2.4)
(0.1)(4) %
(10.1)
(5.1)
(5.0)(98) %Adjusted operating margin *
NM
NM
NM
NM
International
Revenues
58.7
59.3
(0.6)(1) %
207.6
202.8
4.82 %Operating income (loss), ex. one-time items *
(4.7)
(2.0)
(2.7)(135) %
4.0
(3.2)
7.2NMAdjusted operating margin *
NM
NM
1.9 %
NM
Overhead
Revenues
0.7
2.8
(2.1)(75) %
7.2
8.4
(1.2)(14) %Operating income (loss), ex. one-time items *
(20.8)
(17.2)
(3.6)(21) %
(60.8)
(68.0)
7.211 %
Operating income (loss), ex. one-time items *$(24.3)$(20.9)$(3.4)(16) %
$(11.2)$(27.6)$16.459 %Adjusted operating margin *
NM
NM
NM
NM
NM - Not meaningful* Please refer to Table 4 for one-time items and a reconciliation of the non-GAAP financials. Table 3
Scholastic CorporationSupplemental Information(Unaudited)(In $ Millions)
Selected Balance Sheet Items
02/28/2602/28/25Cash and cash equivalents
$104.6$94.7Accounts receivable, net
248.3
255.9Inventories, net
282.5
270.8Accounts payable
128.5
133.5Deferred revenue
213.7
205.2Accrued royalties
82.3
85.1Film related obligations
17.4
18.8Lines of credit and long-term debt
5.6
280.8Net cash (debt) (1)
90.6
(189.4)Total stockholders' equity
871.9
941.3
Selected Cash Flow Items
Three months ended
Nine months ended
02/28/2602/28/25
02/28/2602/28/25Net cash provided by (used in) operating activities$(30.5)$(12.0)
$(39.1)$17.3Net proceeds from sale of assets (3)
452.4
—
452.4
—Property, plant and equipment additions
(13.4)
(9.0)
(33.4)
(39.9)Prepublication expenditures
(3.8)
(5.7)
(13.0)
(15.8)Net borrowings (repayments) of film related obligations
2.3
(4.0)
(0.9)
(18.6)Free cash flow (use) (2)$407.0$(30.7)
$366.0$(57.0)(1) Net cash (debt) is defined by the Company as cash and cash equivalents less production cash
of $8.4 and $3.3 as of February 28, 2026 and February 28, 2025, respectively, net of lines of credit
and short-term and long-term-debt. Film related obligations are not included. The Company utilizes
this non-GAAP financial measure, and believes it is useful to investors, as an indicator of the
Company's effective leverage and financing needs.(2) Free cash flow (use) is defined by the Company as net cash provided by or used in operating
activities (which includes royalty advances) and cash acquired through acquisitions and from the
sale of assets, reduced by spending on property, plant and equipment and prepublication costs
and adjusted for net cash flows from film related obligations. The Company believes that this
non-GAAP financial measure is useful to investors as an indicator of cash flow available for
debt repayment and other investing activities, such as acquisitions. The Company utilizes free
cash flow as a further indicator of operating performance and for planning investing activities.(3) Excludes tax impact from sale-leaseback transactions. Table 4Scholastic CorporationSupplemental Results - Excluding One-Time Items(Unaudited)(In $ Millions, except per share data)
Three months ended
02/28/2026
02/28/2025
Reported
One-time
items
Excluding
One-time
items
Reported
One-time
items
Excluding
One-time
itemsDiluted earnings (loss) per share (1)$2.55
$(2.70)
$(0.15)
$(0.13)
$0.08
$(0.05)Net income (loss) (2)$62.5
$(66.0)
$(3.5)
$(3.6)
$2.3
$(1.3)Earnings (loss) before income taxes (3)$91.8
$(117.2)
$(25.4)
$(28.4)
$3.0
$(25.4)
Children's Book Publishing and Distribution$8.9
$—
$8.9
$7.6
$—
$7.6Education Solutions
(5.2)
—
(5.2)
(6.9)
—
(6.9)Entertainment (6)
(3.5)
1.0
(2.5)
(3.9)
1.5
(2.4)International (7)
(4.7)
0.0
(4.7)
(2.1)
0.1
(2.0)Overhead (8)
(22.4)
1.6
(20.8)
(18.6)
1.4
(17.2)Operating income (loss)$(26.9)
$2.6
$(24.3)
$(23.9)
$3.0
$(20.9)
Nine months ended
02/28/2026
02/28/2025
Reported
One-time
items
Excluding
One-time
items
Reported
One-time
items
Excluding
One-time
itemsDiluted earnings (loss) per share (1)$1.87
$(1.89)
$(0.02)
$(0.61)
$0.27
$(0.34)Net income (loss) (2)$47.3
$(47.8)
$(0.5)
$(17.3)
$7.7
$(9.6)Earnings (loss) before income taxes (3)$70.7
$(93.2)
$(22.5)
$(50.2)
$10.1
$(40.1)
Children's Book Publishing and Distribution (4)$82.6
$0.8
$83.4
$73.1
$—
$73.1Education Solutions (5)
(31.1)
3.4
(27.7)
(24.4)
—
(24.4)Entertainment (6)
(16.5)
6.4
(10.1)
(9.1)
4.0
(5.1)International (7)
3.5
0.5
4.0
(4.7)
1.5
(3.2)Overhead (8)
(74.7)
13.9
(60.8)
(72.6)
4.6
(68.0)Operating income (loss)$(36.2)
$25.0
$(11.2)
$(37.7)
$10.1
$(27.6)(1) Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating
earnings per share based on rounded numbers may not yield the results as presented.(2) In the three and nine months ended February 28, 2026, the Company recognized a provision of $51.2 and $45.4,
respectively, for income taxes in respect to one-time pretax items. In the three and nine months ended February 28,
2025, the Company recognized a benefit of $0.7 and $2.4, respectively, for income taxes in respect to one-time pretax
items.(3) In the three and nine months ended February 28, 2026, the Company recognized a pretax gain on the sale and
leaseback transactions for its New York City and Jefferson City, Missouri facilities of $119.8 and $118.2, respectively. (4) In the nine months ended February 28, 2026, the Company recognized pretax asset impairment of $0.8 related to
a certain product.(5) In the nine months ended February 28, 2026, the Company recognized pretax asset impairment of $3.4 related to
certain education products.(6) In the three and nine months ended February 28, 2026, the Company recognized pretax severance of $0.2 related
to cost-savings initiatives and pretax other costs of $0.8 and $1.0, respectively. In the nine months ended February
28, 2026, the Company recognized pretax asset impairment of $5.2 primarily related to certain film and television
programs in development. In the three and nine months ended February 28, 2025, the Company recognized pretax
severance of $0.7 and $1.1, respectively, related to cost-savings initiatives, pretax costs of $0.5 and $2.6,
respectively, related to the acquisition of 9 Story Media Group and pretax asset impairment of $0.3 related to an early
exit of an office lease. (7) In the three and nine months ended February 28, 2026, the Company recognized pretax severance of less than
$0.1 and $0.5, respectively, related to cost-savings initiatives. In the three and nine months ended February 28,
2025, the Company recognized pretax severance of $0.1 and $1.5, respectively, related to cost-savings initiatives.(8) In the three and nine months ended February 28, 2026, the Company recognized pretax severance of $1.0 and
$11.8, respectively, related to cost-savings initiatives and other pretax expenses of $0.6 and $2.1, respectively. In
the three and nine months ended February 28, 2025, the Company recognized pretax severance of $1.0 and $4.2,
respectively, related to cost-savings initiatives and other pretax expense of $0.4. Table 5
Scholastic CorporationConsolidated Statements of Operations - SupplementalAdjusted EBITDA(Unaudited)(In $ Millions)
Three months ended
02/28/26
02/28/25
Earnings (loss) before income taxes as reported $91.8
$(28.4)
One-time items before income taxes
(117.2)
3.0
Earnings (loss) before income taxes excluding one-time items
(25.4)
(25.4)
Interest (income) expense (1)
0.9
4.3
Depreciation and amortization
24.5
27.1
Adjusted EBITDA (2)$0.0
$6.0
Nine months ended
02/28/26
02/28/25
Earnings (loss) before income taxes as reported$70.7
$(50.2)
One-time items before income taxes
(93.2)
10.1
Earnings (loss) before income taxes excluding one-time items
(22.5)
(40.1)
Interest (income) expense (1)
10.7
11.9
Depreciation and amortization
78.6
82.4
Adjusted EBITDA (2)$66.8
$54.2
(1) Amounts include production loan interest amortized into cost of goods sold.(2) Adjusted EBITDA is defined by the Company as earnings (loss), excluding one-
time items, before interest, taxes, depreciation and amortization. The Company
believes that Adjusted EBITDA is a meaningful measure of operating profitability
and useful for measuring returns on capital investments over time as it is not
distorted by unusual gains, losses, or other items. Table 6
Scholastic CorporationConsolidated Statements of Operations - SupplementalAdjusted EBITDA by Segment(Unaudited)(In $ Millions)
Three months ended
02/28/26
CBPD (1)EDUC (1)ENT (1)INTL (1)OVH (1) (4)
TotalEarnings (loss) before income taxes as reported $8.8$(5.2)$(4.0)$(5.3)$97.5
$91.8One-time items before income taxes
—
—
1.0
0.0
(118.2)
(117.2)Earnings (loss) before income taxes excluding one-time items
8.8
(5.2)
(3.0)
(5.3)
(20.7)
(25.4)Interest (income) expense (2)
0.1
0.0
0.5
0.1
0.2
0.9Depreciation and amortization (3)
7.8
6.1
6.2
2.0
2.4
24.5Adjusted EBITDA (4)$16.7$0.9$3.7$(3.2)$(18.1)
$0.0
Three months ended
02/28/25
CBPD (1)EDUC (1)ENT (1)INTL (1)OVH (1)
TotalEarnings (loss) before income taxes as reported$7.5$(6.9)$(4.6)$(2.5)$(21.9)
$(28.4)One-time items before income taxes
—
—
1.5
0.1
1.4
3.0Earnings (loss) before income taxes excluding one-time items
7.5
(6.9)
(3.1)
(2.4)
(20.5)
(25.4)Interest (income) expense (2)
0.0
0.0
0.7
0.0
3.6
4.3Depreciation and amortization (3)
7.8
6.2
5.0
1.9
6.2
27.1Adjusted EBITDA$15.3$(0.7)$2.6$(0.5)$(10.7)
$6.0
Nine months ended
02/28/26
CBPD (1)EDUC (1)ENT (1)INTL (1)OVH (1) (4)
TotalEarnings (loss) before income taxes as reported$82.4$(31.1)$(17.9)$1.9$35.4
$70.7One-time items before income taxes
0.8
3.4
6.4
0.5
(104.3)
(93.2)Earnings (loss) before income taxes excluding one-time items
83.2
(27.7)
(11.5)
2.4
(68.9)
(22.5)Interest (income) expense (2)
0.2
0.0
1.7
0.1
8.7
10.7Depreciation and amortization (3)
22.9
18.9
16.4
5.9
14.5
78.6Adjusted EBITDA (4)$106.3$(8.8)$6.6$8.4$(45.7)
$66.8
Nine months ended
02/28/25
CBPD (1)EDUC (1)ENT (1)INTL (1)OVH (1)
TotalEarnings (loss) before income taxes as reported$73.0$(24.4)$(11.4)$(6.0)$(81.4)
$(50.2)One-time items before income taxes
—
—
4.0
1.5
4.6
10.1Earnings (loss) before income taxes excluding one-time items
73.0
(24.4)
(7.4)
(4.5)
(76.8)
(40.1)Interest (income) expense (2)
0.1
0.0
2.5
0.0
9.3
11.9Depreciation and amortization (3)
23.1
18.6
16.5
5.9
18.3
82.4Adjusted EBITDA$96.2$(5.8)$11.6$1.4$(49.2)
$54.2(1) The Company's segments are defined as the following: CBPD - Children's Book Publishing and Distribution segment; EDUC -
Education Solutions segment; ENT - Entertainment segment; INTL - International segment; OVH - unallocated overhead.(2) Amounts includes production loan interest amortized into cost of goods sold.(3) Depreciation and amortization in the Children's Book Publishing and Distribution, Education Solutions and International
segments includes amounts allocated from overhead.(4) Includes a $6.7 impact of the sale-leaseback transactions in Overhead and consolidated Adjusted EBITDA for the three and
nine months ended February 28, 2026.
View original content to download multimedia:https://www.prnewswire.com/news-releases/scholastic-reports-fiscal-2026-third-quarter-results-302719162.htmlSOURCE Scholastic Corporation
Original: Scholastic Reports Fiscal 2026 Third Quarter Results
Enterprising Investor
11年前
Scholastic Reports Fiscal 2016 Second Quarter Results (12/17/15)
Strong Trade Publishing Sales in Children's Books Globally
2016 Sales and EPS Guidance Revised on Foreign Currency Headwinds
NEW YORK, Dec. 17, 2015 /PRNewswire/ -- Scholastic Corporation (NASDAQ: SCHL), the global children's publishing, education and media company, today reported financial results for the Company's fiscal 2016 second quarter ended November 30, 2015.
Revenue in the second quarter, excluding the effects of foreign exchange on the Company's international operations, was $619.0 million, compared to $611.1 million a year ago. Including the negative foreign exchange impact of $17.2 million in the current quarter, revenue as reported was $601.8 million, versus $611.1 million in the prior year period, a decrease of less than 2%. The Company reported second quarter earnings per diluted share from continuing operations of $1.85, versus $2.02 in the prior year period. Operating profit for the second quarter of fiscal year 2016 of $105.1 million was down 5% versus the prior year period. Results for the second quarter of the current fiscal year include one-time expenses of $0.04 per diluted share, which are detailed below. The prior year period included one-time expenses of $0.19 per diluted share. Excluding one-time items, second quarter earnings from continuing operations per diluted share were $1.89 versus $2.21 in the prior year period.
Second quarter results were bolstered by sales growth in the Company's book fairs and trade channels in the Children's Book Publishing and Distribution segment and classroom magazines, custom publishing and teaching resources in the Education segment, along with sales gains in the majority of the Company's overseas markets before the effects of currency translation. These gains were more than offset by the unfavorable impact of foreign currency on the sales and profits of the Company's international operations and the effects of a now settled labor action in Ontario schools that resulted in a substantial drop in reading club and book fair revenues in the important fall back-to-school months. In addition, the Company's domestic reading club business was impacted by later school openings largely as a result of the late Labor Day holiday.
During the second quarter, the Company generated free cash flow (as defined) of $101.8 million, compared to $125.7 million in the prior year period, which had included a positive cash flow contribution from the Company's former Educational Technology and Services business (EdTech), which was sold at the end of the prior fiscal year. At quarter-end, cash and cash equivalents exceeded the Company's total debt by $348.9 million, as compared to net debt (as defined) of $61.3 million a year ago, primarily reflecting the net cash proceeds, after taxes and transaction-related expenses, from the sale of the EdTech business.
"The positive global climate for quality children's books continued in the second quarter, as evidenced by solid performance in our US book fairs and trade channels, as well as improved results in trade publishing internationally, where we achieved trade sales growth in almost every market. These gains, however, were more than offset by declines in our international operations due to the impact of foreign exchange," commented Richard Robinson, Chairman, President and Chief Executive Officer. "In the Education segment, higher circulation in classroom magazines drove higher sales and profits, and we continue to get a strong response from our school and district customers for our expanded instructional reading programs and professional learning services. Despite the positive results in children's books and education, with the headwinds caused by the continued strength in the US dollar and the challenging start to the school year in our Canada business, we are revising our sales and EPS guidance for the year."
Non-recurring items reflected in the Company's pre-tax results for the second quarter include a one-time severance charge of $1.5 million associated with the Company's restructuring of its media business, $0.5 million in connection with a warehouse optimization project in the Company's book fairs operations, and $0.4 million of one-time transaction-related expenses.
Revised Fiscal 2016 Guidance
Given the year-to-date impact of foreign exchange and the recently settled labor action in Ontario schools, Scholastic revised its fiscal 2016 outlook for total revenue to approximately $1.65 billion, from approximately $1.7 billion, and earnings per diluted share from continuing operations to approximately $1.35, from a range of $1.35 to $1.55, before the impact of one-time items associated with cost reduction programs or non-cash, non-operating items. The Company continues to expect free cash flow in the range of $35 to $45 million, excluding the one-time taxes paid on the gain on the sale of the EdTech business.
Second Quarter Results
Children's Book Publishing and Distribution. Segment revenue in the second quarter was $414.0 million, compared to $408.6 million in the prior year period, an increase of $5.4 million, or 1%. In Trade, revenue of $61.7 million was on par with the prior year period as strong trade publishing results were tempered by a decline in production revenues in the media and entertainment operations, which are now part of the Trade division. Revenue for trade publishing, excluding the media operations, was up 7% for the quarter. A strong fall frontlist including Star Wars: Jedi Academy #3: The Phantom Bully; Wings of Fire Book 7: Winter Turning; Captain Underpants and the Sensational Saga of Sir Stinks-A-Lot; and Harry Potter and the Sorcerer's Stone: The Illustrated Edition, as well as the newly released Harry Potter Coloring Book, benefited trade publishing. Additionally, the Company's Goosebumps® books performed well in connection with the release of a film based on the series and its author, R. L. Stine, during the quarter. In School Book Fairs, revenue increased by 6% to $231.3 million, reflecting both higher revenue per fair and an increase in the number of fairs held, as compared to $217.4 million in the prior year period. These segment gains were partially offset by lower revenues in school reading clubs, where later school openings and lower Minecraft handbook sales drove a $8.6 million, or 7%, decline in revenues to $121.0 million, compared to $129.6 million in the prior year period. Overall segment operating income was $108.9 million, flat with the prior year period.
Education. Segment revenue in the quarter increased 3% to $72.1 million, compared to $69.9 million in the prior year period, as a result of higher circulation in classroom magazines, which now exceeds 14.5 million subscriptions, and increased sales in the Company's custom publishing programs, as well as higher demand for the Company's teaching resource workbooks, partially offset by a decline in classroom books as pipeline orders shifted to the third fiscal quarter. Segment operating income was $11.9 million, versus $11.6 million in the prior year period, an increase of 3%, primarily due to the higher sales in the Company's classroom and custom publishing channels, partially offset by increased investment in the education sales force and new marketing programs.
International. Segment revenue in the quarter was $115.7 million, versus $132.6 million in the prior year period, primarily due to unfavorable foreign exchange translation of $17.2 million as the result of the strong US dollar and the Ontario school labor action that resulted in a drop in reading club orders and the cancellation of book fairs for most of the quarter. Segment operating income was $11.5 million, compared to $19.8 million in the prior year period, primarily the result of the lower sales in Canada and the impact of dollar-based cost of product on operating margins. While certain overseas markets grew in local currency terms, namely Australia, UK and India, these gains were more than offset when converted to US dollars.
Other Financial Results. Corporate overhead in the second quarter was $25.3 million, excluding one-time items of $1.9 million, compared to $18.6 million in the prior year period, after excluding $10.8 million in one-time items. The increase was primarily due to higher strategic technology spend on new enterprise-wide customer and content management systems and the migration to cloud-based SaaS solutions, as anticipated.
During the quarter, the Company realized a gain of $2.2 million on the sale of an investment in China, which was held by its Hong Kong business unit.
As previously announced, the Company's Board of Directors declared a quarterly cash dividend of $0.15 per share on the Company's Class A and Common Stock for the third quarter of fiscal 2016. The dividend is payable on March 15, 2016 to shareholders of record as of the close of business on January 29, 2016.
Share Repurchase Announcement / Real Estate Update
Concurrent with the issuance of this release, the Company separately issued a release announcing its real estate plans for the Company's headquarters location in New York City, and its intent to repurchase up to $200 million of its common stock in a modified "Dutch Auction" tender offer. The tender offer will be subject to various terms and conditions as will be described in offer materials that will be filed and distributed to stockholders at the time of the commencement of the tender offer. For additional details see: http://mediaroom.scholastic.com/press-release/scholastic-share-repurchase-plan.
Year-to-Date Results
For the first half of fiscal 2016, revenue was $793.0 million, compared to $801.6 million in the prior year period, a decrease of $8.6 million, or 1%. Earnings per diluted share from continuing operations in the first half of the fiscal year were $0.47, compared to $0.41 a year ago, including one-time charges of $0.08 and $0.27 per diluted share, respectively. The lower revenues are mainly attributable to the impact of foreign exchange on the Company's international operations of $28.9 million and the effect of the work-to-rule labor action in Ontario, partially offset by strong gains in Children's Book Publishing and Distribution and Education.
On a year-to-date basis, the Company had a free cash use of $201.4 million, compared to free cash flow of $48.8 million in the previous year. The current year-to-date free cash use includes approximately $200 million in tax and other payments related to the sale of the Company's EdTech business at the end of the prior fiscal year, as well as the loss of EdTech positive cash contributions from operations, which were front-end loaded in the prior fiscal year. Excluding the impact of the tax payment on the Company's cash flows, free cash use in the first half of fiscal 2016 was $15.4 million, in line with the Company's expectations.
Additional Information
To supplement our financial statements presented in accordance with GAAP, we include certain non-GAAP calculations and presentations. Please refer to the non-GAAP financial tables attached to this press release for supporting details on special one-time items and other financial measures included in this release. This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.
Conference Call
The Company will hold a conference call to discuss its results at 8:30 am ET today, December 17, 2015. Scholastic's Chairman, President and CEO, Richard Robinson, and Executive Vice President, CAO and CFO, Maureen O'Connell, will moderate the call.
The conference call and accompanying slides will be webcast and accessible through the Investor Relations section of Scholastic's website, scholastic.com. Participation by telephone will be available by dialing (877) 654-5161 from within the U.S. or +1 (678) 894-3064 internationally. Shortly following the call, an archived webcast and accompanying slides from the conference call will also be posted at investor.scholastic.com. An audio-only replay of the call will be available until Friday, January 1, 2016 by dialing (855) 859-2056 from within the U.S. or +1 (404) 537-3406 internationally, and entering access code 81617885.
About Scholastic
Scholastic Corporation (NASDAQ: SCHL) is the world's largest publisher and distributor of children's books, a leading provider of print and digital instructional materials for pre-K to grade 12, and a producer of educational and entertaining children's media. The Company creates quality books and ebooks, print and technology-based learning materials and programs, classroom magazines and other products that, in combination, offer schools customized and comprehensive solutions to support children's learning both at school and at home. The Company also makes quality, affordable books available to all children through school-based book clubs and book fairs. With a 95 year history of service to schools and families, Scholastic continues to carry out its commitment to "Open a World of Possible" for all children. Learn more at www.scholastic.com.
[tables deleted]
http://www.prnewswire.com/news-releases/scholastic-reports-fiscal-2016-second-quarter-results-300194300.html
stocktrademan
11年前
$SCHL recent news/filings
bullish
## source: finance.yahoo.com
Thu, 30 Apr 2015 00:15:02 GMT ~ 10-Q for Scholastic Corp.
read full: http://www.companyspotlight.com/routers/headline/21341/10004/6478173?cp_code=YAH1&1430352902
*********************************************************
Mon, 27 Apr 2015 12:48:23 GMT ~ Scholastic Corp upgraded by Gabelli & Co
read full: http://finance.yahoo.com/q/ud?s=SCHL
*********************************************************
Mon, 27 Apr 2015 04:08:45 GMT ~ Houghton Mifflin Buys Scholastic’s Ed Tech Business for $575 Million
read full: http://www.wsj.com/articles/scholastic-to-sell-ed-tech-business-to-houghton-mifflin-for-575-million-1429877280?ru=yahoo?mod=yahoo_itp
*********************************************************
Fri, 24 Apr 2015 20:56:52 GMT ~ SCHOLASTIC CORP Files SEC form 8-K, Entry into a Material Definitive Agreement, Other Events, Financial Statements an
read full: http://biz.yahoo.com/e/150424/schl8-k.html
*********************************************************
Fri, 24 Apr 2015 18:51:06 GMT ~ Houghton Mifflin buys Scholastic’s ed tech business for $575 million
read full: http://www.marketwatch.com/News/Story/Story.aspx?guid=6A5E9CE0-EAB1-11E4-A1B3-A57371081525&siteid=yhoof2
*********************************************************
$SCHL charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
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$SCHL company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/SCHL/company-info
Ticker: $SCHL
OTC Market Place: Not Available
CIK code: 0000866729
Company name: Scholastic Corp.
Incorporated In: DE, USA
Business Description: OTC Markets | Official site of the OTCQX, OTCQB and OTC Pink Marketplaces featuring Free Stock & Bond Quotes, Trade Prices, Chart, Financials and Company News & Information for Investors, Companies and Traders - OTCMarkets.com (window.NREUM||(NREUM={})).loader_config={xpid:"UwMGWVdSGwQIU1RQAgQ="};window.NREUM||(NREUM={}),__nr_require=function(t,e,n){function r(n){if(!e[n]){var o=e[n]={exports:{}};t[n][0].call(o.exports,function(e){var o=t[n][1][e];return r(o?o:e)},o,o.exports)}return e[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;od;d++)c[d].apply(u,n);return u}function a(t,e){f[t]=s(t).concat(e)}function s(t){return f[t]||[]}function c(){return n(e)}var f={};return{on:a,emit:e,create:c,listeners:s,_events:f}}function r(){return{}}var o="nr@context",i=t("gos");e.exports=n()},{gos:"7eSDFh"}],ee:[function(t,e){e.exports=t("QJf3ax")},{}],3:[function(t){function e(t){try{i.console&&console.log(t)}catch(e){}}var 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$SCHL share structure
## source: otcmarkets.com
Market Value: $1,325,628,760 a/o May 06, 2015
Shares Outstanding: 31,118,046 a/o Feb 28, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$SCHL extra dd links
Company name: Scholastic Corp.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=SCHL+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=SCHL+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=SCHL+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/SCHL/news - http://finance.yahoo.com/q/h?s=SCHL+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/SCHL/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/SCHL/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=SCHL+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/SCHL
DTCC (dtcc.com): http://search2.dtcc.com/?q=Scholastic+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Scholastic+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Scholastic+Corp.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/SCHL
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000866729&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/SCHL/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/SCHL/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=SCHL&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=SCHL
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/SCHL/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=SCHL+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=SCHL+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=SCHL
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=SCHL
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=SCHL+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/SCHL/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=SCHL+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/SCHL.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=SCHL
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/SCHL/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/SCHL/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/SCHL
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/SCHL
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/SCHL:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=SCHL
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=SCHL
$SCHL DD Notes ~ http://www.ddnotesmaker.com/SCHL