Scholastic Corp - SCHL STOCK NEWS

Scholastic Corporation (NASDAQ: SCHL) reported a 32% revenue decline in its fiscal second quarter, totaling $406.2 million due to COVID-19 disruptions affecting book fairs. Operating income fell 54% to $48.8 million. Despite challenges, trade and education segments showed resilience, with famous titles driving a 21% increase in trade sales. The company achieved $69.5 million in cost reductions and aims for improved profit margins as schools reopen. However, no financial outlook for FY2021 was provided due to ongoing uncertainties.

Scholastic (NASDAQ: SCHL) has announced key leadership appointments effective January 1, 2021. Beth Polcari transitions to President, International, succeeding Nelson Hitchcock, who retires after 15 years. Rose Else-Mitchell rejoins as President, Education Solutions, leading the merger of two divisions into a single group by June 1, 2021. Current Education President, Greg Worrell, will advise on partnerships until his retirement in December 2021. These changes aim to enhance growth and global impact as Scholastic enters its second century.

Scholastic Corporation (NASDAQ: SCHL) has declared a quarterly cash dividend of $0.15 per share on its Class A and Common Stock for the third quarter of fiscal 2021. The dividend will be paid on March 15, 2021, to shareholders on record by the close of business on January 29, 2021. This announcement reflects the company's ongoing commitment to returning value to shareholders while maintaining its strong position in the children's publishing market.

Scholastic Corporation (NASDAQ:SCHL) has announced its schedule for the second quarter fiscal year 2021 earnings release. The earnings will be released on December 17, 2020, at approximately 4:00 PM Eastern, accessible via the company's websites. A subsequent conference call will occur on the same day at 4:30 PM Eastern, hosted by CEO Richard Robinson and CFO Kenneth Cleary. Interested parties can join by calling (877) 654-5161 or +1 (678) 894-3064 for international calls. An archived version of the call will be available until December 24, 2020.

Scholastic has partnered with civil rights icon Ruby Bridges to launch a multi-book publishing program featuring three new picture books. This collaboration celebrates Bridges' legacy on the 60th anniversary of her groundbreaking integration into an all-white elementary school. The first book, I Am Ruby Bridges, will be published in spring 2022, followed by Dear Ruby Bridges in spring 2023, and A Talk with My Teacher. The initiative aims to educate children about diversity and inclusion, aligning with Bridges' mission to inspire young minds.

Scholastic is adapting its Book Fairs amid the challenges of the 2020 academic year by offering drive-through, virtual, and revamped in-person options. These changes aim to provide students with a sense of normalcy while adhering to safety guidelines. The new models include safety kits for in-person fairs, outdoor setups for drive-through events, and an online platform for virtual shopping. Scholastic emphasizes the importance of these fairs in raising funds for schools and engaging students in reading despite ongoing disruptions.

Scholastic has selected 45 students, aged 10-14, to join the Scholastic Kids Press program for the 2020-2021 academic year, representing 21 U.S. states and over 10 countries. These young journalists will cover critical issues, including the 2020 U.S. presidential election, while honing their writing and critical-thinking skills. The program aims to engage students amidst the COVID-19 pandemic, reaching 25 million students through its publications. Notable past Kid Reporter interviews include figures like Jane Goodall and Sonia Sotomayor.