Scholastic Corp - SCHL STOCK NEWS

Scholastic Corporation (NASDAQ: SCHL) announced the final results of its modified Dutch auction tender offer, which expired on November 22, 2022. A total of 533,793 shares were tendered at or below the purchase price of $40.00 per share. The company accepted all properly tendered shares, representing about 1.6% of the outstanding shares, for a total cost of approximately $21.35 million. BofA Securities and Wells Fargo acted as dealer managers for this offer. For additional information, stakeholders may contact Georgeson.

On November 23, 2022, Scholastic Corporation (NASDAQ: SCHL) announced preliminary results for its modified Dutch auction tender offer, which expired on November 22, 2022. A total of 533,793 shares were tendered at or below $40.00 each, with an expected total purchase cost of approximately $21.35 million. This represents about 1.6% of the total outstanding shares. The company plans to purchase all properly tendered shares without proration. The final numbers will be confirmed after the settlement period.

On October 25, 2022, Scholastic Corporation (NASDAQ: SCHL) launched a modified "Dutch Auction" tender offer to repurchase up to $75 million of its common stock, with a price range of $35.00 to $40.00 per share. This represents approximately 6.5% of its outstanding shares. The offer will expire on November 22, 2022. Shareholders can tender shares at variable prices within this range; purchases will occur on a pro rata basis if shares tendered exceed the amount available. Directors and executives have indicated they will not participate in the tender offer.

Scholastic Corporation (NASDAQ: SCHL) has authorized a repurchase of up to $75 million of its common stock via a modified 'Dutch Auction' tender offer, starting on October 25, 2022. The offer price per share will range from $35.00 to $40.00. This initiative reflects Scholastic's commitment to enhancing shareholder value while maintaining a strong balance sheet. The repurchase aims to leverage attractive pricing and aligns with the company’s long-term financial strategy as it continues to prioritize growth opportunities.

Scholastic has announced the 29 student journalists selected for the 2022-2023 Scholastic Kids Press program, aimed at fostering media literacy among youth. The diverse group, composed of 13 new and 16 returning members aged 10-14, represents 15 U.S. states and 8 countries including China and Japan. They will cover important local and global events, producing articles that engage their peers. In addition to journalism training, Scholastic launched "Reporting the News," a free resource for teaching kids journalism fundamentals. This initiative emphasizes the importance of youth perspectives in media.

Scholastic (NASDAQ: SCHL) has released Reading Above the Fray, a guide for educators aimed at improving foundational reading skills. Highlighting the urgent need for effective reading instruction exacerbated by the pandemic, the book presents evidence-based routines that promote decoding skills essential for fluency and comprehension. Julia B. Lindsey, the author, emphasizes systematic teaching and engaging practices to address growing achievement gaps. The National Assessment of Educational Progress reports a significant decline in reading scores, underscoring the necessity for timely interventions in literacy education.

Scholastic Corporation (NASDAQ: SCHL) reported its fiscal Q1 2023 results, with revenues of $262.9 million, up 1% year-over-year. Despite the revenue increase, operating loss widened to $58.1 million, compared to $32.0 million the previous year. The company highlighted strategic investments in Education Solutions and successful Book Fairs but faced challenges in the Education segment, where revenues fell 6.9%. Scholastic affirmed its fiscal year 2023 guidance, projecting an 8-10% revenue increase. Free cash flow showed significant negative results at $(76.5 million).

Scholastic Corporation (NASDAQ: SCHL) has declared a quarterly cash dividend of $0.20 per share on its Class A and Common Stock for Q2 of fiscal 2023. This dividend is set to be paid on December 15, 2022, to shareholders on record by the close of business on October 31, 2022. Scholastic, known for its extensive contributions to children’s literacy, remains a key player in educational publishing and distribution.