Scholastic announced financial results for the first quarter ended August 31, with sales down 4 percent to $217 million, due to lower sales in the Education and Children’s Book Publishing and Distribution divisions, plus the loss of rental income on their New York City office building. Operating loss was even with the previous year at $(92.2) million, including a one-time charge of $3.5 million. Adjusted EBITDA fell 14 percent to $(63.6) million based on stronger sales in the Entertainment and International segments, but higher overhead costs. Sales in Children’s Book Publishing and Distribution fell 3 percent to $105.8 million. Trade book sales were […]
