Scholastic reported results from its third quarter, ended February 28, with sales down 2 percent to $329 million. Operating loss increased 13 percent to $(26.9) million and operating loss before one-time items was down 16 percent to $(24.3) million. Adjusted EBITDA fell to $0 from $6 million, attributed to the sale-leaseback transactions on their properties. At the same time, the company announced a $200 million “modified Dutch auction tender offer,” buying back shares at a price range of between $36 to $40 per share. That auction is part of a new $300 million repurchase plan, with “the remaining portion of […]
