(MENAFN- Baystreet.ca) Scholastic Corp (NASDAQ:SCHL) reported better-than-expected results for its first quarter.
The New York-based global children's publishing, education and media company, typically reports a loss in its fiscal first quarter, when most U.S. schools are not in session.
First quarter revenue was $232.6 million, an increase of 7% compared to $218.4 million in the first quarter of 2019 on solid trade publishing sales globally. Operating loss in the first quarter was $87.4 million, compared to an operating loss of $83.8 million a year ago, mainly attributable to higher technology-related overhead expense, partially offset by the contribution on higher revenues.
Net loss for the current period was $58.5 million, compared to a net loss in the prior year period of $61.3 million, an improvement of 5%. Loss per diluted share in the first fiscal quarter was $1.68 compared to a loss per diluted share of $1.75 in the first quarter of 2019.
Said CEO Richard Robinson, "Scholastic's trade titles and series remained on the top of best-seller lists this quarter with number one books such as Dav Pilkey's Dog Man: For Whom the Ball Rolls and Tui Sutherland's Wings of Fire: The Poison Jungle, evidence of continued strength in series publishing across age groups and categories, including chapter/middle grade, Graphix and YA.
"We were delighted to close out the first quarter with six of the top eight spots in Publishers Weekly Children's Frontlist Fiction, while the new Dog Man release was the top selling title in the U.S."
Shares vaulted $1.49, or 3.9%, to $39.33
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