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All Lesson Plans. All Skills Sheets. While the Company expects to receive additional recoveries from its insurance programs, it is premature to determine with any level of probability or accuracy the amount of those recoveries at this time. The Company will continue to evaluate capital allocations during the remainder of the current fiscal year.
Scholastic expects the U. The Company is carefully monitoring the impact any COVID variant may have on the school market's ability to host in-person fairs and remains optimistic that wide-scale school closures are unlikely. In its U. The Education Solutions segment is well-positioned to take advantage of new literacy opportunities in K that may arise from the federal stimulus funds education landscape as schools address interrupted learning, social emotional learning, and reading instruction needs as a result of COVID closures.
The Company has already successfully been awarded the contract for the New Worlds Reading Initiative throughout the state of Florida , a five-year agreement with University of Florida's Lastinger Center for Learning that will begin shipping in December. Internationally, the Company is optimistic that schools in Australia and New Zealand will experience fewer COVID-related interruptions after they return from summer break in January Throughout the remainder of the fiscal year, the Company's financial results will reflect the increasing impact of rising cost pressures in paper, printing, and freight as current period inventory, with an associated higher cost of product, is sold.
Similarly, the Company expects higher labor costs due to continuing inflationary pressures and on-going labor shortages, especially in its warehouse and distribution operations. The Company's management is taking actions, when available, to mitigate these rising costs and continues to identify further opportunities for incremental cost savings through process improvements and automation, proactive resource allocation, diversifying our vendor base, pricing and product rationalization.
The Company is also enhancing collaboration and changing the way divisions interact, supported by the recently announced addition of Mary Beech as its new Chief Marketing and Transformation Officer. All comparisons detailed in this section refer to operating results for the second quarter ended November 30, versus the second quarter ended November 30, This is a significant improvement over the prior period.
Revenue per fair has also increased when compared to the prior year period and is favorable when compared to pre-pandemic levels, driven in part by built-up demand but also improved data analytics resulting in enhanced marketing initiatives.
Book clubs experienced higher revenues per event than anticipated, however sales in the current quarter were impacted by labor and systems issues in the Company's fulfillment operations that delayed the shipment of a significant amount of orders into the third fiscal quarter.
Canada revenues and operating income increased when compared to the prior period in both school and trade channels as the country recovers from COVID restrictions. The UK remained relatively consistent when compared to the prior period and the Asia markets continued to be impacted by COVID related shutdowns and the recently adopted restrictive regulations in China. The favorable current period's results are mainly attributable to the recovery of the U. The dividend is payable on March 15, to shareholders of record as of the close of business on January 31, Please refer to the non-GAAP financial table attached to this press release for supporting details on the impact of one-time items on operating income, net income and diluted EPS, and the use of non-GAAP financial measures included in this release.
This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP. The Company will hold a conference call to discuss its results at p. ET today, December 16, The conference call and accompanying slides will be webcast and accessible through the Investor Relations section of Scholastic's website, www. Participation by telephone will be available by dialing from within the U. Shortly following the call, an archived webcast and accompanying slides from the conference call will also be posted at investor.
An audio-only replay of the call will be available by dialing from within the U. The recording will be available through Friday, December 24, Having earned a reputation as a trusted partner to educators and families, Scholastic is the world's largest publisher and distributor of children's books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children's media.
The Company creates and distributes bestselling books and e-books, print and technology-based learning programs for pre-K to grade 12, and other products and services that support children's learning and literacy, both in school and at home.
With 15 international operations and exports to countries, Scholastic makes quality, affordable books available to all children around the world through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online.
Learn more at www. This news release contains certain forward-looking statements relating to future periods. Such forward-looking statements are subject to various risks and uncertainties, including those arising from the continuing impact of COVID related measures taken by governmental authorities, school administrators, or suppliers or customers which may curtail or otherwise adversely affect certain of the Company's business operations, and the conditions of the children's book and educational materials markets generally and acceptance of the Company's products within those markets, and other risks and factors identified from time to time in the Company's filings with the Securities and Exchange Commission.
Actual results could differ materially from those currently anticipated. Consolidated Statements of Operations. Selling, general and administrative expenses 1. Other components of net periodic benefit cost. Gain loss on sale of assets and other 2. Earnings loss before income taxes.
Provision benefit for income taxes 3. Less: Net income loss attributable to noncontrolling interest. Net income loss attributable to Scholastic Corporation. Basic and diluted earnings loss per share of Class A and Common Stock 4. Recalculating earnings per share based on numbers rounded to millions may not yield the results as presented.
Children's Book Publishing and Distribution. Lines of credit and current portion of long-term debt. Net cash provided by used in operating activities. Home Play Download. Welcome To Home Base! Customize your own character and join the Home Base community today! Dive deeper into favorite worlds and discover new stories by exploring Home Base. Parents, teachers, and librarians: learn more about Home Base educational and safety features. Learn More. HOme Base News. JUL 19TH,
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