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 ]
News tagged with:
#year ending
#common core
#white house
Written By: Caroline Horn Publication Date: Wed, 06/04/2011 - 09:37 Children's poetry is among the biggest losers in the children's literature sector following the recent cuts in Arts Council funding, it has emerged. As well as the Poetry Book Society (PBS) which has seen 100% of its funding... Continue reading at The Bookseller
[ The Bookseller | 2011-04-06 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#funding cut
#biggest losers
#north west
Written By: Charlotte Williams Publication Date: Mon, 04/04/2011 - 09:16 The Arts Council has defended its funding cut to the Poetry Book Society (PBS), claiming its "reach and distribution was not as wide or effective as other applicants'". In a letter to the Times, Antonia Byatt, director of... Continue reading at The Bookseller
[ The Bookseller | 2011-04-04 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#funding cut
#poetry publishing
#arts council
Google may seek help from Congress as it tries to salvage a book publishing settlement that was rejected by a federal judge. Continue reading at The New York Times
[ The New York Times | 2011-03-24 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#federal judge
Administrators for Borders and Angus & Robertson have announced new lay-offs and warned that more bookshops could close. Continue reading at The Sydney Morning Herald
[ The Sydney Morning Herald | 2011-03-17 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#job cuts
#angus robertson
Online publishers like CBS and Forbes are selling the tiny ads on their Web sites, rather than letting a third-party network promote teeth whitening and herbal remedies. Continue reading at The New York Times
[ The New York Times | 2011-02-28 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#online publishers
#web sites
Written By: Graeme Neill and Katie Allen Publication Date: Fri, 25/02/2011 - 16:44 Bookstart has had its funding slashed by 50% after the government pledged to continue funding the bookgifting scheme for the next two years. C.e.o of independent charity Booktrust, which administers the scheme,... Continue reading at The Bookseller
[ The Bookseller | 2011-02-25 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#graeme neill
#funding slashed
Written By: Bookseller Staff Publication Date: Wed, 23/02/2011 - 15:33 A High Court challenge is being launched over library closures in Gloucestershire and Somerset, in what is believed to be the first case of its kind. A challenge to the coalition government's "vague" Big Society concept,... Continue reading at The Bookseller
[ The Bookseller | 2011-02-23 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#library cuts
#library closures
#coalition government
#judicial review
Written By: Lisa Campbell Publication Date: Wed, 23/02/2011 - 17:51 Waterstone's has made 17 members of staff redundant from its head offices in Brentford and Solihull. read more Continue reading at The Bookseller
[ The Bookseller | 2011-02-23 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#staff redundant
Written By: Benedicte Page Hounslow council has postponed proposals to save money by cutting eight libraries, after a public consultation showed a majority of residents wanted to keep them all. The Hounslow Chronicle reports however that campaigners say libraries are not yet safe, as the... Continue reading at The Bookseller
[ The Bookseller | 2011-02-02 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#save money
Written By: Benedicte Page Essex county council has vowed not to close any of its libraries, or to cut back its mobile library destinations. But consultation is to begin next month on proposals to reduce opening hours to 54 of its 73 libraries. Jeremy Lucas, cabinet member for heritage, culture... Continue reading at The Bookseller
[ The Bookseller | 2011-02-01 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#library service
#cut back