Fri, Sep 27, 8:10 PM (166 days ago)
For the quarter ending August 31, 2024, Scholastic Corporation reported revenues of $237.2 million, up 4% from $228.5 million in the prior year. The net loss improved to $62.5 million (loss per share of $2.21) compared to a loss of $74.2 million (loss per share of $2.35) a year earlier. The increase in revenue was largely attributed to the newly formed Entertainment segment, which generated $16.6 million, primarily from the acquisition of 9 Story Media Group. Operating expenses decreased slightly to $325.7 million, with cost of goods sold at $128.3 million, benefiting from a favorable product mix and lower freight costs. Selling, general, and administrative expenses fell to $182.1 million, reflecting cost-saving measures. Cash used in operations was $41.9 million, while investing activities surged to $200.8 million due to the 9 Story acquisition. The company ended the quarter with $84.1 million in cash and equivalents, down from $113.7 million at the start of the period. Overall, Scholastic remains focused on leveraging new content and expanding its educational offerings amidst a challenging market landscape.