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
UK staffers at Penguin Random House have already been told they should again work from home if they can, following the step-change in government guidance as coronavirus infection rates rise. Continue reading at The Bookseller
[ The Bookseller | 2020-09-23 00:00:21 UTC ]
More news stories like this | News stories tagged with:
#penguin random house
Scholastic UK has acquired Striking Out, a novel for children based on the life of footballer Ian Wright. The title is written by Wright in partnership with Musa Okwonga. Continue reading at The Bookseller
[ The Bookseller | 2020-09-15 21:16:33 UTC ]
More news stories like this | News stories tagged with:
#scholastic uk
#scholastic
Simon & Schuster is to publish Let Us Dream from Pope Francis in December. Continue reading at The Bookseller
[ The Bookseller | 2020-09-02 17:32:34 UTC ]
More news stories like this | News stories tagged with:
#simon schuster
DMGT says quarterly print advertising down 69% and digital income down 17% The publisher of the Daily Mail, Mail on Sunday, the i and Metro is to cut up to 100 roles as the coronavirus pandemic continues to hammer the newspaper and magazine industry.Daily Mail & General Trust, which also... Continue reading at The Guardian
[ The Guardian | 2020-08-13 11:23:11 UTC ]
More news stories like this | News stories tagged with:
#daily mail
#magazine industry
#making cuts
#commercial operations
#publishing arm
Tate has announced it is making 313 redundancies in its commercial operations, Tate Enterprises, including at its bookshops and publishing arm. Continue reading at The Bookseller
[ The Bookseller | 2020-08-12 12:23:19 UTC ]
More news stories like this | News stories tagged with:
#commercial operations
#publishing arm
Print edition of London paper will remain but focus will shift to digital and mobile platformsCoronavirus – latest updatesSee all our coronavirus coverageThe Evening Standard is to cut 115 jobs, a third of its staff, as the London freesheet seeks a dramatic reduction in costs to survive the... Continue reading at The Guardian
[ The Guardian | 2020-08-07 10:58:35 UTC ]
More news stories like this | News stories tagged with:
#coronavirus pandemic
#evening standard
#latest updatessee
#dramatic reduction
W H Smith has announced plans for a major restructure which could see around 1,500 roles made redundant across the business. Continue reading at The Bookseller
[ The Bookseller | 2020-08-05 02:02:59 UTC ]
More news stories like this | News stories tagged with:
#major restructure
#announced plans
#w h smith
More than 2,500 people have signed an open letter expressing concern about “brutal” plans to make up to 400 people redundant at the Southbank Centre. Continue reading at The Bookseller
[ The Bookseller | 2020-08-04 16:31:29 UTC ]
More news stories like this | News stories tagged with:
#southbank centre
After more than 20 years in production, Oprah Winfrey's eponymous magazine O, The Oprah Magazine, will reconsider how often it prints in 2021. The magazine, which launched in 2000 in conjunction with Hearst Magazines, was an expansion of Winfrey's "Live your best life" motto. It is scheduled for... Continue reading at AdWeek
[ AdWeek | 2020-07-28 19:52:06 UTC ]
More news stories like this | News stories tagged with:
#oprah winfrey
#oprah magazine
#media buyers
#hearst magazines
#hearst
Scholastic has reported a 10% revenue drop for the fiscal year to end May 2020, to $1.49bn, with an overall loss of $88.5m, after Covid-19 battered its fourth quarter. Continue reading at The Bookseller
[ The Bookseller | 2020-07-24 06:25:19 UTC ]
More news stories like this | News stories tagged with:
#fiscal year
#fourth quarter
#scholastic
The Covid-19 pandemic led to a 40% decline in fourth quarter revenue at Scholastic and an operating loss of $46 million. The company said it expects a "slower than normal start" to the upcoming school year, and believes it will end the current fiscal year with revenue "slightly below" fiscal 2020. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-07-24 04:00:00 UTC ]
More news stories like this | News stories tagged with:
#operating loss
#scholastic
The biggest airport in Canada is eliminating 500 jobs because of the dramatic reduction in demand for air travel due to COVID-19. Continue reading at CBC
[ CBC | 2020-07-14 14:02:27 UTC ]
More news stories like this | News stories tagged with:
#dramatic reduction
#pearson
High-end regional magazine publisher Modern Luxury Media parted ways with several employees in a restructuring earlier this month, including at least seven editors-in-chief, Folio: has learned. Those who have exited the company since the start of July include the editors-in-chief at both San... Continue reading at Folio Magazine
[ Folio Magazine | 2020-07-14 13:28:14 UTC ]
More news stories like this | News stories tagged with:
#rely heavily
#content shared
#emailed questions
#covid-19 pandemic
#produce content
#provide details
#print editions
#michigan avenue
#magazine publisher
Readers gravitated to books promising resources, advice, encouragement — or escape —in troubled times. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-07-08 04:00:00 UTC ]
More news stories like this | News stories tagged with:
#troubled times
When the pandemic shut down U.S. schools nationwide in March, Scholastic Corp. immediately offered a free online learning hub for millions families with kids Continue reading at ABC News
[ ABC News | 2020-07-05 14:03:09 UTC ]
More news stories like this | News stories tagged with:
#pandemic shut
#scholastic
HarperCollins says it will no longer publish books by historian David Starkey and is reviewing his backlist, describing his recent comments on slavery as “abhorrent”. Vintage and Hodder & Stoughton have also said they will not publish further books from him. Continue reading at The Bookseller
[ The Bookseller | 2020-07-03 13:56:37 UTC ]
More news stories like this | News stories tagged with:
#recent comments
#hodder stoughton
#hodder
#harpercollins
The father-son relationship is more complex than ever. And talking about the difficult stuff needs to start sooner. Continue reading at The Washington Post
[ The Washington Post | 2020-06-18 12:00:00 UTC ]
More news stories like this | News stories tagged with:
#books aimed
#father-son relationship
Scholastic UK has acquired Silence is Not an Option: You Can Impact the World for Change by Stuart Lawrence, the younger brother of Stephen Lawrence. Continue reading at The Bookseller
[ The Bookseller | 2020-06-15 10:32:15 UTC ]
More news stories like this | News stories tagged with:
#stuart lawrence
#scholastic uk
#younger brother
#scholastic
#children's book
CEO of News UK, Rebekah Brooks, tells staff pandemic has hammered print sales and advertising revenueThe publisher of the Sun and the Times has warned of impending job losses as part of a major cost-cutting programme as the coronavirus pandemic hammers newspaper sales and advertising... Continue reading at The Guardian
[ The Guardian | 2020-06-11 12:06:20 UTC ]
More news stories like this | News stories tagged with:
#news uk
#rebekah brooks
#advertising revenue
#digital publishing
#print sales
A Cincinnati startup that creates software to aid school systems beat giants like Scholastic, LexisNexis, Encyclopedia Britannica and Lego Education to win a rigorously judged national award that its CEO hopes will help propel the company into more schools. Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-06-10 17:11:55 UTC ]
More news stories like this | News stories tagged with:
#encyclopedia britannica
#scholastic