Scholastic Corporation reports developments tied to its global children’s publishing, education and media business. Company news commonly covers children’s books, school-based book clubs and book fairs, classroom magazines, literacy and knowledge-building resources, and entertainment or character-driven publishing such as Dog Man and Captain Underpants.
Scholastic updates also address quarterly operating results, activity in its Children’s Book Publishing and Distribution, Education Solutions, and International segments, and capital allocation actions. Recurring financial news includes dividends, common-stock repurchases, tender-offer activity, sale-leaseback transactions, credit-facility use, and balance-sheet management alongside initiatives that expand book access and reading engagement.
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Scholastic Corporation (NASDAQ: SCHL) reported a 12% increase in earnings for its fiscal Q2 2023, with revenues reaching $587.9 million compared to $524.2 million in the prior year. The Children's Books segment was a significant contributor, driven by robust sales in school channels and successful best sellers. Operating income rose 20% to $100.1 million. The company affirmed its fiscal 2023 guidance for revenue growth of 8%-10% and Adjusted EBITDA between $195 million to $205 million. Additionally, a $75 million stock repurchase authorization was announced.
Scholastic Corporation (NASDAQ: SCHL) announced a quarterly cash dividend of $0.20 per share on its Class A and Common Stock for Q3 FY2023. This dividend is set to be paid on March 15, 2023 to shareholders on record by January 31, 2023. This payout reflects the company’s ongoing commitment to returning capital to shareholders while promoting growth in children's literacy and education.
Scholastic Entertainment is partnering with Gaumont to co-develop an animated preschool series titled Rocket Park, inspired by 13-year-old Sofia Sanchez, a Down syndrome advocate. The show aims to instill values of acceptance and community among children through 11-minute episodes and original music. This project follows the success of their previous collaboration on the series Stillwater. The initiative underscores Scholastic's commitment to inclusive programming for children, promoting messages of love and diversity.
Scholastic Corporation (NASDAQ:SCHL) has announced its schedule for the second quarter fiscal year 2023 earnings announcement. The earnings release is set for December 15, 2022, at approximately 4:00 PM ET, and will be available on the company’s investor relations website. Following this, a conference call will take place on the same day at 4:30 PM ET, hosted by President and CEO Peter Warwick and CFO Kenneth Cleary. Participants are encouraged to join five minutes early. An archived webcast will be accessible after the call.
Scholastic Corporation (NASDAQ: SCHL) announced the final results of its modified Dutch auction tender offer, which expired on November 22, 2022. A total of 533,793 shares were tendered at or below the purchase price of $40.00 per share. The company accepted all properly tendered shares, representing about 1.6% of the outstanding shares, for a total cost of approximately $21.35 million. BofA Securities and Wells Fargo acted as dealer managers for this offer. For additional information, stakeholders may contact Georgeson.
On November 23, 2022, Scholastic Corporation (NASDAQ: SCHL) announced preliminary results for its modified Dutch auction tender offer, which expired on November 22, 2022. A total of 533,793 shares were tendered at or below $40.00 each, with an expected total purchase cost of approximately $21.35 million. This represents about 1.6% of the total outstanding shares. The company plans to purchase all properly tendered shares without proration. The final numbers will be confirmed after the settlement period.
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On October 25, 2022, Scholastic Corporation (NASDAQ: SCHL) launched a modified "Dutch Auction" tender offer to repurchase up to $75 million of its common stock, with a price range of $35.00 to $40.00 per share. This represents approximately 6.5% of its outstanding shares. The offer will expire on November 22, 2022. Shareholders can tender shares at variable prices within this range; purchases will occur on a pro rata basis if shares tendered exceed the amount available. Directors and executives have indicated they will not participate in the tender offer.