Welcome to our dedicated page for Scholastic news (Ticker: SCHL), a resource for investors and traders seeking the latest updates and insights on Scholastic stock.
Scholastic Corporation (NASDAQ: SCHL) is the world's largest publisher and distributor of children's books, and a leading provider of both print and digital instructional materials from pre-kindergarten to grade 12. For over a century, Scholastic has been committed to fostering literacy and intellectual growth among children globally. The company is well-known for its diverse range of products that include best-selling books, e-books, and technology-based learning materials, as well as its classroom magazines and educational media.
Some of Scholastic's flagship titles include globally beloved series such as Harry Potter, The Hunger Games, Clifford the Big Red Dog, Goosebumps, and The Magic School Bus. These offerings are part of its three main business segments: Children's Book Publishing and Distribution, Education Solutions, and International.
Scholastic's recent initiatives highlight its continuous innovation in the educational field. The company has launched the 2023-2024 Teacher Fellows program, which collaborates with educators to develop effective classroom resources. Furthermore, the company's investment in 9 Story Media Group aims to expand its reach in children's media, enhancing its ability to bring quality educational content to various platforms.
In a recent partnership with Little Free Library, Scholastic has also demonstrated its commitment to increasing book accessibility by donating 50,000 copies of Dog Man to underserved communities. Another notable project is the
Scholastic Kids Press has launched its annual call for applications, inviting students aged 10-14 to apply for the 2022-23 school year. This initiative, designed to empower young journalists, allows participants to cover issues relevant to children worldwide. Alongside this, Scholastic is introducing Reporting the News, a free resource featuring five lessons, activity pages, and 'how-to' videos aimed at enhancing media literacy and journalism skills for students in grades 4-6. Applications are due by June 1, 2022.
The New Worlds Reading Initiative, aimed at enhancing literacy among Florida's K-5 students, celebrates a milestone of enrolling over 100,000 children within five months. Funded by a $200 million state budget appropriation, the initiative delivers a free book monthly to participants, totaling nine books per year. Managed by the University of Florida's Lastinger Center, it has distributed more than 335,529 books. Plans to reach an additional 400,000 eligible students within five years are underway, highlighting the initiative's goal of fostering a lifelong love of reading.
On March 21, 2022, Scholastic (NASDAQ: SCHL) announced the appointment of Cristina Juvier as Chief People Officer, effective April 25, 2022. This strategic role aims to enhance human resources practices and support employees globally, focusing on professional development and Diversity, Equity, Inclusion, and Belonging (DEIB) initiatives. Juvier, previously with Reuters, is expected to lead efforts in adapting to new work environments in a post-pandemic landscape. Scholastic continues to be a leading publisher of children's books and educational materials, serving a global market.
Scholastic Corporation (NASDAQ: SCHL) reported a 24% revenue increase for Q3 fiscal 2022, totaling $344.5 million, driven by strong book fair sales and educational solutions. Operating loss improved to $19.5 million, up from $24.2 million the prior year. The company generated $36.9 million in operating cash flow, marking a 125% increase. Expectations for Q4 remain positive, anticipating continued recovery with book fairs operating at 70% of pre-pandemic levels and strong demand for educational products.
Scholastic Corporation (NASDAQ: SCHL) has announced a quarterly cash dividend of $0.15 per share for the fourth quarter of fiscal 2022. This dividend is set to be paid on June 15, 2022, to shareholders of record as of the close of business on April 29, 2022. Scholastic continues to demonstrate its commitment to returning value to shareholders while focusing on its mission of promoting literacy and education for children worldwide.
Scholastic Corporation (NASDAQ:SCHL) has scheduled its third quarter fiscal year 2022 earnings release for March 17, 2022, at approximately 4:00 PM (Eastern). The release will be available on the company's investor relations and media room websites. A conference call led by CEO Peter Warwick and CFO Kenneth Cleary will follow at 4:30 PM (Eastern), accessible via a dedicated dial-in number or online. The archived webcast will be available post-call, with audio replay options until March 25, 2022.
Scholastic Magazines+ has launched Storyworks 1, designed to enhance reading skills for first graders. Building on the success of previous Storyworks editions, this new title aims to reach 1.6 million students and caters to every elementary grade. The magazine will feature a mix of genres and multimedia resources, including videos and family engagement opportunities. The initiative comes as a response to the learning losses from the pandemic, aiming to rekindle the joy of reading and support social-emotional development in young learners.
On January 19, 2022, Scholastic and LitWorld announced the World Read Aloud Day Book Fest, a series of virtual events designed to celebrate the power of storytelling. Kicking off on January 31 and concluding on February 2, these events will feature literacy experts and authors, including Tami Charles, the 2022 Author Ambassador. The 13th annual celebration will promote reading aloud, which over 80% of families cherish. Activities include read-aloud tutorials, workshops, and live sessions with popular authors. More details can be found at www.scholastic.com/worldreadaloudday.
Scholastic announces the release of I Am Ruby Bridges, a picture book by Civil Rights icon Ruby Bridges, illustrated by bestselling artist Nikkolas Smith. Set to launch on September 6, 2022, it tells Bridges' story from her perspective as a six-year-old, showcasing her role in desegregating schools in Louisiana. This book aims to inspire children and emphasizes the importance of seeing history through a child's eyes. The project marks the beginning of a new collaboration with Bridges, who has a significant history with Scholastic.
Scholastic Corporation (NASDAQ: SCHL) reported a strong fiscal second quarter ending November 30, 2021, with revenues of $524.2 million, up 29% from $406.2 million in the prior year. Operating income rose 71% to $83.4 million. The U.S. book fairs and education solutions drove revenue growth, compensating for a decline in book clubs due to fulfillment issues. Despite challenges from COVID-19 and rising costs, the company remains optimistic about future performance, bolstered by digital investments and a strong product lineup. Free cash flow reached $75.4 million, showcasing improved liquidity.
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