Children's book publisher Scholastic Corp. slashed its 2013 profit guidance and said revenue will be $1 billion lower than expected because schools are spending money on curriculum and holding back on orders, fearing federal spending cuts. Shares fell $6.34, or 20%, to $25.50 in light after-hours trading. The company also said sales are lower than expected for The Hunger Games trilogy as well as in its book club business. And Hurricane Sandy hurt business in its School Book Fair and School Book club businesses in the Northeast. Scholastic now expects to earn $1.40 to $1.60 per share for the year ending May 31, down from its prior forecast of $2.20 to $2.40 per share. It expects revenue of $1.8 billion to $1.9 billion, down from an earlier outlook for $1.9 billion to $2 billion. Scholastic cited two top reasons for the shortfall. One is that schools are spending money on training to get ready for Common Core, a set of uniform benchmarks for math and reading. That's leaving less money for spending that would go to its profitable educational technology products. Scholastic also said schools are delaying spending decisions "due to continued uncertainty regarding the federal budget." A series of automatic spending cuts and tax increases are set to take effect at the beginning of 2013 unless Congress and the White House can make a deal to avert them. Scholastic plans to announce fiscal second-quarter results in mid-December. Continue reading at 'Crains New York'
[ Crains New York | 2012-11-21 00:00:00 UTC ]
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Looking back on this week's Digital Book World conference, we distill the event into three key ideas: price innovation, discoverability and authenticity. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-01-18 00:00:00 UTC ]
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The staff of Westminster libraries have written an open letter to their council bosses, urging... Continue reading at The Bookseller
[ The Bookseller | 2013-01-17 00:00:00 UTC ]
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#open letter
The number of children who have read an ebook has almost doubled since 2010 but children still... Continue reading at The Bookseller
[ The Bookseller | 2013-01-16 00:00:00 UTC ]
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Comedy and “new adult” will be among the hot trends for 2013, according to children... Continue reading at The Bookseller
[ The Bookseller | 2013-01-14 00:00:00 UTC ]
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Another year of "breakneck" digital growth, a resurgence on the high street, further... Continue reading at The Bookseller
[ The Bookseller | 2013-01-11 00:00:00 UTC ]
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Library campaigners are forecasting a grim 2013, predicting that 300 libraries could... Continue reading at The Bookseller
[ The Bookseller | 2013-01-11 00:00:00 UTC ]
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Macmillan Children's Books has appointed Alyx Price [left] to the role of communications... Continue reading at The Bookseller
[ The Bookseller | 2013-01-10 00:00:00 UTC ]
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#leave scholastic
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Publishing is at a watershed moment, says George Lossius, CEO at Publishing Technology, forecasting a future with more consolidation and exploration. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-01-10 00:00:00 UTC ]
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Scholastic Corporation has reported a 10% year-on-year drop in revenue in the second... Continue reading at The Bookseller
[ The Bookseller | 2012-12-21 00:00:00 UTC ]
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The full panel of Man Booker Prize judges has been announced, with BBC broadcaster Martha... Continue reading at The Bookseller
[ The Bookseller | 2012-12-17 00:00:00 UTC ]
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Korea, Indonesia and Turkey are well positioned to take advantage of the growing interesting in developing book markets from Western publishers in coming years. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-12-17 00:00:00 UTC ]
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Canadians have had to be content with a form of Kindle Store limbo until now. They could buy Kindle ebooks, but they've had to rely on a US-centric portal that scarcely acknowledges their literary tradition. As of this weekend, they don't have to cross the virtual border: Amazon Canada now has... Continue reading at Engadget
[ Engadget | 2012-12-10 00:00:00 UTC ]
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Amazon has said that it is to open a European publishing wing headquartered in Luxembourg,... Continue reading at The Bookseller
[ The Bookseller | 2012-11-29 00:00:00 UTC ]
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Barnes & Noble's Nook unit didn't have its greatest quarter. The $160 million in revenue the new Microsoft-backed spin off raked in was slightly better than last year's $152 million, but still a significant drop from $220 million. In a sign of the growing ubiquity of e-readers however,... Continue reading at Engadget
[ Engadget | 2012-11-29 00:00:00 UTC ]
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Stacy Lellos, VP of Marketing and Multi-Platform Publishing, and Aimee Friedman, executive editor, both at Scholastic give a peek into the future of YA publishing. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-11-28 00:00:00 UTC ]
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Publishers remain deeply divided on ebook issues including rights, royalties and e-lending, this... Continue reading at The Bookseller
[ The Bookseller | 2012-11-26 00:00:00 UTC ]
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The third National Libraries Day will run on Saturday 9th February 2013. A proposal to shift... Continue reading at The Bookseller
[ The Bookseller | 2012-11-16 00:00:00 UTC ]
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Scholastic is donating a million books and offering free online resources to those children and teachers affected by Superstorm Sandy. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-11-13 00:00:00 UTC ]
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Amazon lowered the price of its Japanese Kindle Paperwhite to 100 dollars, matching the price of the recently announced Kobo Glo, while Sony's ebookstore is again on iOS. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2012-11-08 00:00:00 UTC ]
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A graphic novel from Rebellion and a Quick Reads title are among the chosen World Book Night UK... Continue reading at The Bookseller
[ The Bookseller | 2012-11-08 00:00:00 UTC ]
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