Scholastic Corporation reported the results of for the 2007 first quarter, ended 31st August 2006. Scholastic often only records small revenues during the first quarter from its School Book Fairs and Book Clubs as most schools are not open.
However last years first quarter loss was particularly low due to the success of Harry Potter and the Half Blood Prince. The revenues in the first quarter were $334.9m, in the previous year it was $498.4.m. The net loss for the quarter was $46.9m, or $1.12 per share. In the previous year the net loss was $21.2m or $0.52.
Scholastic has reported that it still expects a fiscal 2007 revenue of between $2.1 and $2.2 billion, with earnings per diluted share of $1.55 to $1.85, and a free cash flow of between $75 and $85million.
Chairman and CEO Richard Robinson said in a statement, We are executing our plan and making solid progress toward our fiscal 2007 goals.