SCHL - Scholastic dips 9% as off-season loss widens

Children's-book name Scholastic (NASDAQ:SCHL) is 9.1% lower after it posted a wider loss in its fiscal third-quarter results. The third quarter is typically seasonally weak, but operating loss worsened despite higher revenues, thanks to the effect of one-time items (amounting to a $12.3 million benefit) on the prior-year earnings. Revenues rose 24% to $344.5 million, "with the biggest impact coming from higher than expected revenue per fair from book fairs, where fair count continues to approximate 70% of pre-pandemic levels," says CEO Peter Warwick. "We are looking forward to a strong and successful fourth quarter which will include the spring book fair season for U.S. schools and the start of the peak selling season for Education Solutions," he says. Revenue by segment: Children's Book Publishing and Distribution, $201 million (up 41%); Education Solutions, $77.2 million (up 16%); International, $66.3 million (down 3%). Net cash from operations more than doubled to

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Scholastic dips 9% as off-season loss widens