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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CHICAGO -- Newspaper publishers sought to recapture some of their swagger at this week’s annual meeting of the Inland Press Association, even as they face an uncertain fallout from the U.S. Postal Commission’s negotiated service a ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-10-31 00:00:00 UTC ]
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Individual donors including Christopher Foyle, Joanna Trollope, ebook site Bilbary, Cherie Blair... Continue reading at The Bookseller
[ The Bookseller | 2012-10-08 00:00:00 UTC ]
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Books by Francesca Simon, Anthony Horowitz, Shirley Hughes and Lauren Child will be included in... Continue reading at The Bookseller
[ The Bookseller | 2012-09-21 00:00:00 UTC ]
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Maxim magazine is cutting the paid circulation it guarantees advertisers from 2.5 million to 2 million next year, a 20% drop, and reducing its publishing frequency to 10 issues next year from 11 this year. Last year Maxim published 12 issues. Maxim President Ben Madden said the magazine... Continue reading at Crains New York
[ Crains New York | 2012-09-21 00:00:00 UTC ]
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Children's Laureate Julia Donaldson has spoken out in support of libraries, arguing that it... Continue reading at The Bookseller
[ The Bookseller | 2012-09-05 00:00:00 UTC ]
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#library cuts
The World Association of Newspapers and News Publishers (WAN-IFRA), today invited the world's press to attend the 65th World Newspaper Congress, 20th World Editors Forum and 23rd World Newspaper Advertising Forum, to be held in Bangkok, Thailand, ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-09-05 00:00:00 UTC ]
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Hachette Children’s imprint Orchard Books is to launch a Beast Quest spin-off series,... Continue reading at The Bookseller
[ The Bookseller | 2012-08-23 00:00:00 UTC ]
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Candlewick's Find Waldo Local promotion, which the publisher produced last month in conjunction with the American Booksellers Association, was such a resounding success that Candlewick announced that it will sponsor it again next summer. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-08-09 00:00:00 UTC ]
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Scholastic has partnered with animal welfare charity the RSPCA for a two-year publishing deal,... Continue reading at The Bookseller
[ The Bookseller | 2012-08-06 00:00:00 UTC ]
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Waterstones has issued new advice to its bookstores on running author events, after concern that... Continue reading at The Bookseller
[ The Bookseller | 2012-08-01 00:00:00 UTC ]
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European publishers are looking into the opportunities a free trade agreement between the... Continue reading at The Bookseller
[ The Bookseller | 2012-07-30 00:00:00 UTC ]
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Nominations for books to be given out for free at next year's World Book Night will begin on... Continue reading at The Bookseller
[ The Bookseller | 2012-07-20 00:00:00 UTC ]
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Fiscal 2012 was a good year made great by The Hunger Games,” Scholastic chairman Dick Robinson told analysts in a conference call last Thursday to discuss results in the year ended May 31, in which sales rose 14%, to $2.15 billion, and net income jumped from $39.4 million to $102.4 million. The... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-07-20 00:00:00 UTC ]
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Doubleday will be publishing a new Kate Atkinson novel, titled Life After Life, next... Continue reading at The Bookseller
[ The Bookseller | 2012-07-13 00:00:00 UTC ]
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Catherine Bell is to join Scholastic as co-managing director and head of publishing, marketing... Continue reading at The Bookseller
[ The Bookseller | 2012-06-27 00:00:00 UTC ]
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Scholastic UK group m.d. Alan Hurcombe is to leave his post. The publisher said that Hurcombe,... Continue reading at The Bookseller
[ The Bookseller | 2012-06-25 00:00:00 UTC ]
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The Justice Department meant business when it accused Apple and five other publishers of price-rigging ebooks, and are officially taking Cupertino and two publishers to court. In a hearing on Friday, Judge Denise Cote set a bench trial for June 3, 2012, putting Apple, Macmillan and Penguin Group... Continue reading at Engadget
[ Engadget | 2012-06-23 00:00:00 UTC ]
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The struggling conglomerate, which has a 30 percent market share in Australia, publishes The Sydney Morning Herald, the Australian Financial Review and The Age in Melbourne. Continue reading at The New York Times
[ The New York Times | 2012-06-18 00:00:00 UTC ]
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Reed Exhibitions, organiser of the London Book Fair, is not anticipating changing the traditional... Continue reading at The Bookseller
[ The Bookseller | 2012-06-06 00:00:00 UTC ]
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The "big six" publishing groups in the US have become a big seven in 2012, as Suzanne... Continue reading at The Bookseller
[ The Bookseller | 2012-05-28 00:00:00 UTC ]
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