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Exhibit 99.1
CONTACTS:
Media: Judy Corman (212) 343-6833
Investors: Ray Marchuk (212) 343-6741
SCHOLASTIC ANNOUNCES FIRST QUARTER RESULTS
SALES OF 11 MILLION COPIES OF HARRY POTTER AND THE ORDER OF THE PHOENIX
NEW YORK, SEPTEMBER 23, 2003 -- Scholastic Corporation (NASDAQ: SCHL) today
announced its first quarter results reflecting the record setting June release
of HARRY POTTER AND THE ORDER OF THE PHOENIX, as well as sales growth in
Educational Publishing.
For the fiscal quarter ended August 31, 2003, revenue increased 55% to $475.4
million as compared to $306.9 million in the year ago quarter. Net loss improved
44% to $24.8 million, or $0.63 per share, as compared to a net loss of $44.6
million, or $1.14 per share, in the first quarter of last year. The first fiscal
quarter is Scholastic's smallest revenue period, as most schools are not in
session, thus resulting in a loss.
Richard Robinson, Chairman, President and CEO, commented, "We're pleased with
Scholastic's performance during the quarter, which was consistent with our plan
for Fiscal 2004. Highlights of the quarter included sales of 11 million copies
of HARRY POTTER AND THE ORDER OF THE PHOENIX and 20% revenue growth in our
Education business. We improved cash flow in the quarter over the prior year
quarter, largely due to a $26 million reduction in capital expenditures, and are
on track to reach our target of $40 million in cost savings in Fiscal 2004."
First Quarter Segment Analysis
CHILDREN'S BOOK PUBLISHING & DISTRIBUTION. Revenue more than doubled to $288.2
million as compared to $140.2 million in the year-ago quarter, reflecting $203.3
million in trade revenue as compared to $57.4 million in the year ago quarter.
HARRY POTTER(R) revenue increased to approximately $170 million from $15 million
in last year's first quarter.
EDUCATIONAL PUBLISHING. Revenue increased to $105.8 million as compared to $88.2
million in the year-ago quarter. The segment benefited from sales of classroom
libraries to New York City and other public school systems, sales of the READ
180(R) intervention program, and sales of the SCHOLASTIC EARLY CHILDHOOD PROGRAM
in Texas.
INTERNATIONAL. Revenue increased 6% to $65.3 million as compared to $61.7
million in the year-ago quarter, primarily due to favorable currency exchange
rates.
MEDIA, LICENSING AND ADVERTISING. Revenue declined 4% to $16.1 million as
compared to $16.8 million in the first quarter last year. Lower revenues from
software and consumer magazines were partly offset by revenue from episodes of
the I SPY and CLIFFORD'S PUPPY DAYS(TM) television series.
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RECENT ACQUISITION Exhibit 99.1
The first quarter of Fiscal 2004 also reflects the August 2003 acquisition from
Amazon.com of Back to Basics Toys, a direct-to-home catalog company specializing
in high-quality toys for young children, for $4.75 million. "Back to Basics Toys
gives us a position in the children's catalog business, complementing our
direct-to-home continuities business, which currently has more than five million
families as active customers," Mr. Robinson said.
CONFERENCE CALL
Scholastic will hold a conference call tomorrow (September 24, 2003) at 8:00 AM
Eastern. To listen and ask questions, dial 888-338-6461 or 973-935-8510 (meeting
leader is "Richard Robinson"). To view accompanying slides, go to the Investor
Relations section of Scholastic.com at
www.scholastic.com/aboutscholastic/investor/index.htm. Following the call, the
slides will be available on the Investor Relations section of Scholastic.com and
an audio replay will be available at 877-519-4471 or 973-341-3080, PIN number
4157896.
UPCOMING INVESTOR PRESENTATION
Scholastic will also make a presentation at the Morgan Stanley Conference in
Phoenix on Monday, November 17, 2003. Ray Marchuk, Senior Vice President -
Finance and Investor Relations, will make the presentation. Further details
about the conference will be posted in the Investor Relations section of
www.scholastic.com when available.
ABOUT SCHOLASTIC
Scholastic Corporation is the world's largest publisher and distributor of
children's books. Scholastic creates quality educational and entertaining
materials and products for use in school and at home, including children's
books, magazines, technology-based products, teacher materials, television
programming, film, videos and toys. The Company distributes its products and
services through a variety of channels, including proprietary school-based book
clubs, school-based book fairs, and school-based and direct-to-home continuity
programs; retail stores, schools, libraries and television networks; and the
Company's Internet site, www.scholastic.com.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. Such
forward-looking statements are subject to various risks and uncertainties,
including the conditions of the children's book and educational materials
markets and acceptance of the Company's products within those markets and other
risks and factors identified from time to time in the Company's filings with the
Securities and Exchange Commission. Actual results could differ materially from
those currently anticipated.
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Exhibit 99.1
SCHOLASTIC CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED AUGUST 31, 2003 AND 2002
(UNAUDITED)
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
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THREE MONTHS ENDED
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08/31/03 08/31/02 VARIANCE
------------------------------ --------------------
Revenue
Children's book publishing & distribution (1) $288.2 $140.2 $148.0 105%
Educational publishing (1) 105.8 88.2 17.6 20%
International 65.3 61.7 3.6 6%
Media, licensing & advertising (1) 16.1 16.8 (0.7) -4%
--------------- ------------ -----------
Total revenue 475.4 306.9 168.5 55%
Costs and expenses (2) 505.2 369.0 (136.2) -37%
--------------- ------------- -----------
Operating loss (29.8) (62.1) 32.3 52%
Interest expense 8.9 7.6 (1.3) -17%
--------------- -------------- ----------
Loss before taxes (38.7) (69.7) 31.0 44%
Tax benefit 13.9 25.1 (11.2) -44%
--------------- ------------- -----------
Net loss ($24.8) ($44.6) $19.8 44%
=============== ============= ===========
Weighted average shares outstanding:
Basic & diluted 39.3 39.1
Net loss per share:
Basic & diluted ($0.63) ($1.14) $0.51 45%
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1) Revenues for the period ended August 31, 2002 reflect a reclassification
of Scholastic.com results to Children's ( book publishing & distribution
and Educational publishing from Media, licensing & advertising.
2) Results for the three months ended August 31, 2003 include a pre-tax
charge of $2.0, or $0.03 per share after-tax, related to severance for
staff reductions announced in May 2003, but implemented during the August
2003 quarter. Results for the three months ended August 31, 2002 include
a pre-tax charge of $1.9, or $0.03 per share after-tax,
to settle a securities lawsuit from 1997.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements. Such
forward-looking statements are subject to various risks and
uncertainties, including the conditions of the children's book and
educational material markets and acceptance of the Company's products
within those markets and other risks and factors identified from time to
time in the Company's filings with the Securities and Exchange
Commission. Actual results could differ materially from those currently
anticipated.