Exhibit 99.1
Scholastic Corrects Share Count, Resulting in Fiscal 2006 EPS
Reduction of $0.03;
No Change to Other Financial Results
NEW YORK--(BUSINESS WIRE)--July 26, 2006--Scholastic Corporation
(NASDAQ: SCHL) today announced that it has corrected its previously
reported calculation of earnings per share, resulting in a reduction
in EPS of three cents ($0.03) per share for the fiscal year ended May
31, 2006. These figures were revised based on corrected basic and
diluted share counts after the Company discovered a calculation error
in information provided to it by a third party administrator of its
employee stock plans. The Company's other financial results for fiscal
2006 and interim periods, including net income, were unaffected.
The corrected share counts and earnings per share for fiscal 2006
and interim periods, as compared to previously reported information,
are shown in the table below:
SCHOLASTIC CORPORATION
SHARE COUNT AND EARNINGS PER SHARE FOR FISCAL 2006 AND INTERIM
PERIODS
(UNAUDITED)
(Amounts in millions except per share data)
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THREE-MONTHS ENDED
------------------------------------
08/31/05 11/30/05 02/28/06 05/31/06
------------------------------------
Corrected Weighted average shares
outstanding:
Basic 41.0 41.6 41.8 41.9
Diluted 41.0 42.4 41.8 42.2
Corrected Earnings per share:
Basic ($0.52) $1.61 ($0.37) $0.92
Diluted ($0.52) $1.58 ($0.37) $0.91
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Previously reported Weighted
average shares outstanding:
Basic 41.0 41.3 41.8 41.8
Diluted 41.0 42.0 41.8 42.1
Previously reported Earnings per
share:
Basic ($0.52) $1.62 ($0.37) $0.92
Diluted ($0.52) $1.59 ($0.37) $0.91
- ----------------------------------------------------------------------
SIX- NINE- TWELVE-
MONTHS MONTHS MONTHS
ENDED ENDED ENDED
---------------------------
11/30/05 02/28/06 05/31/06
---------------------------
Corrected Weighted average shares
outstanding:
Basic 41.3 41.4 41.6
Diluted 42.2 42.2 42.2
Corrected Earnings per share:
Basic $1.11 $0.73 $1.65
Diluted $1.08 $0.71 $1.63
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Previously reported Weighted
average shares outstanding:
Basic 40.8 40.8 40.8
Diluted 41.6 41.5 41.3
Previously reported Earnings per
share:
Basic $1.12 $0.74 $1.68
Diluted $1.10 $0.73 $1.66
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About Scholastic
Scholastic Corporation (NASDAQ: SCHL) is the world's largest
publisher and distributor of children's books and a leader in
educational technology. 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, scholastic.com.
CONTACT: Scholastic Corporation
Media:
Kyle Good, 212-343-4563
or
Investors:
Jeffrey Mathews, 212-343-6741