Scholastic cuts 2013 guidance

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 ]

Other news stories related to: "Scholastic cuts 2013 guidance"


Race and the Obama Presidency

On Sunday, I moderated a discussion featuring my colleague Jamelle Bouie and the New Yorker’s Jelani Cobb at the Oakland Book Festival. The panel, “Race, Politics, and the Obama Presidency,” was initially intended as a look back at how the current president has discussed race during his two... Continue reading at Slate

[ Slate | 2016-05-25 00:00:00 UTC ]
More news stories like this


Here are the 6 books on President Obama's summer reading list

President Barack Obama is on Martha's Vineyard for his annual two-week summer holiday, and the White House has released his reading list. Continue reading at Stuff

[ Stuff | 2015-08-16 00:00:00 UTC ]
More news stories like this


App could turn America’s poor into lifelong readers

A scheme involving the White House, libraries and publishers will let children from cash-strapped families read free ebooksWhile the UK quibbles over library ebook lending, American publishers are teaming up with charities and libraries to give away thousands of ebooks to low-income students.... Continue reading at The Guardian

[ The Guardian | 2015-07-20 00:00:00 UTC ]
More news stories like this


Pubs Partner with White House on E-reading Initiative

President Obama announced today digital reading initiatives for low income students that include major ebook donations from corporate publishers, and a commitment to ensuring all students have access to a library card. Continue reading at Publishers Weekly

[ Publishers Weekly | 2015-04-30 00:00:00 UTC ]
More news stories like this


Parragon Books restructure boosts profits to £19m

Parragon Books has posted an operating profit of £19.4m in 2014 compared to a loss of £6m the year before, thanks to a company restructure earlier in the year. For the year ending the 31st March 2014, turnover fell 14% to £48m from £56m but “the overall improvement in profitability was due to a... Continue reading at The Bookseller

[ The Bookseller | 2015-01-03 00:00:00 UTC ]
More news stories like this


Catherine Ryan Hyde Settles Into Hybrid Status

Catherine Ryan Hyde has written 24 novels, most of them published by Big Five houses. One of her works, Pay It Forward (S&S, 1999), was adapted into a (fairly successful) Hollywood film. She’s been invited to the White House to talk about her writing. More recently, she’s dabbled in... Continue reading at Publishers Weekly

[ Publishers Weekly | 2014-02-14 00:00:00 UTC ]
More news stories like this


Obama's embrace of Amazon dismays many booksellers

President Obama will highlight Amazon as 'a perfect example of the company that is investing in American workers and creating good, high-wage jobs,' according to the White House. Independent booksellers aren't pleased. Continue reading at The Christian Science Monitor

[ The Christian Science Monitor | 2013-07-30 00:00:00 UTC ]
More news stories like this


Scholastic cuts 2013 guidance

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... Continue reading at Crains New York

[ Crains New York | 2012-11-21 00:00:00 UTC ]
More news stories like this


So Much They Can't Share: a Q&A with Jodi Kantor

In The Obamas, journalist Kantor expands on her personal-is-political approach to look at the evolving relationships among the Obama family, the White House, and the Presidency. Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-01-06 00:00:00 UTC ]
More news stories like this