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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Publishing entrepreneur Frances Pinter is planning a 2013 pilot for the project she bills as a... Continue reading at The Bookseller
[ The Bookseller | 2012-05-04 00:00:00 UTC ]
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While 2011 saw fewer announcements of layoffs and buyouts in the newspaper industry than previous years, attrition continued quietly and relentlessly, with the nation’s biggest newspaper publishers trimming their combined work forces by 7.2 ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-03 00:00:00 UTC ]
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Scholastic Children’s Books has announced plans to close its existing Horrible Histories... Continue reading at The Bookseller
[ The Bookseller | 2012-03-27 00:00:00 UTC ]
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Between Google Books, iBooks, Nook, Kindle, Kobo, Sony... you'd figure the ebook field was crowded enough, right? Well, if you're specifically in the market for children's stories, things might look a little less packed. We guess that's why Scholastic is attempting to enter the fray with Storia,... Continue reading at Engadget
[ Engadget | 2012-03-07 00:00:00 UTC ]
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Scholastic's Storia reading app includes many children's titles previously unavailable in ebook format Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-03-07 00:00:00 UTC ]
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Mecom is set to announce that it is to cut more than 10% of the workforce at its flagship Dutch newspaper publishing business, in excess of 300 jobs, as part of a plan to digitally restructure its business and save €70m (£59m). Tom ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-15 00:00:00 UTC ]
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Former children's laureate Anne Fine has condemned plans to cut Durham library services,... Continue reading at The Bookseller
[ The Bookseller | 2012-02-07 00:00:00 UTC ]
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Scholastic has entered into a partnership with Bounce! Sales and Marketing, though the publisher... Continue reading at The Bookseller
[ The Bookseller | 2012-01-27 00:00:00 UTC ]
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Sources from Amazon's supply chain in the Far East indicated to DigiTimes that Kindle Fire orders with original device manufacturers are expected to be just 3 million units this quarter. That's half the 6 million units Amazon reportedly shipp ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-20 00:00:00 UTC ]
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Capitol Weekly will stop producing a print edition as of Thursday. The publication devoted to California government said on its website that it will continue posting stories online. Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-19 00:00:00 UTC ]
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The Booksellers Association has pledged to write to the chief executives of all 390 local... Continue reading at The Bookseller
[ The Bookseller | 2012-01-18 00:00:00 UTC ]
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Fnac, the leading French cultural products chain, will lay off 510 of its 17,000 staff and may... Continue reading at The Bookseller
[ The Bookseller | 2012-01-16 00:00:00 UTC ]
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A series of funding cuts to libraries in Somerset has been halted, after the High Court found... Continue reading at The Bookseller
[ The Bookseller | 2012-01-12 00:00:00 UTC ]
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Liverpool is the latest city to suffer library cuts as the council announced three locations will... Continue reading at The Bookseller
[ The Bookseller | 2012-01-05 00:00:00 UTC ]
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Readers Digest Association has eliminated 150 positions across all of its business groups worldwide, with half the cuts affecting jobs in the U.S. and the other half international. Continue reading at Folio Magazine
[ Folio Magazine | 2011-12-16 00:00:00 UTC ]
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Somerset County Council has confirmed it is reversing its library cuts programme following the... Continue reading at The Bookseller
[ The Bookseller | 2011-12-08 00:00:00 UTC ]
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Scholastic UK is building its younger fiction in order to replicate its strength in the Young... Continue reading at The Bookseller
[ The Bookseller | 2011-11-28 00:00:00 UTC ]
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Talks between Eason and Irish workers union Siptu on job cuts will reconvene on Friday (25th... Continue reading at The Bookseller
[ The Bookseller | 2011-11-24 00:00:00 UTC ]
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The Culture, Media and Sport select committee is to hold an inquiry into library closures. The... Continue reading at The Bookseller
[ The Bookseller | 2011-11-24 00:00:00 UTC ]
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Publication Date: Tue, 08/11/2011 - 13:40 A book about feline pirates has claimed the bounty of an award at this years Roald Dahl Funny Prize. Cats Ahoy! by Peter Bently and illustrated by Jim Field (Macmillan Childrens Books) was awarded the prize for children aged six and under at todays... Continue reading at The Bookseller
[ The Bookseller | 2011-11-08 00:00:00 UTC ]
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