SCHL - Scholastic plunges 14% on Q2 estimates miss withdraws guidance

Scholastic ([[SCHL]] -14.1%) Q2 book fairs' revenues were adversely impacted by COVID, all of other major businesses, in the U.S. and internationally, showed major improvements in operating income Y/Y.Revenue declined 32% Y/Y to $406.2M, due to lower sales in the Company's book fairs operations as schools were unable to host premium in-person book fairs as a result of coronavirus concerns and restrictions.Children's Book Publishing and Distribution revenue fell 42%; International revenue fell 13% and Education revenues too declined 3%.At quarter-end, cash and equivalents exceeded total debt by $161.8M, compared to $261.7M Y/Y and believe that it has sufficient cash reserves to support its FY2021 business plan.Capex was $10M, significantly below the current period's D&A expenses and distributed $5.1M in dividends in Q2.The Co. has met its previously announced $100M cost savings target and has identified opportunities for additional savings in 2H of the fiscal year.“We continue to expect improvement in 2H especially