NEW YORK, Sept. 21, 2017 /PRNewswire/ -- Scholastic
Corporation (NASDAQ: SCHL), the global children's publishing,
education and media company, today reported results for the
Company's fiscal 2018 first quarter ended August 31, 2017.
Revenue in the first quarter was $189.2
million, compared to $282.7
million a year ago, a decrease of $93.5 million, or 33%. Operating loss from
continuing operations was $101.8
million versus a loss of $62.5
million in the prior year period. The Company reported a
first quarter loss per share from continuing operations of
$1.81, versus a loss per share from
continuing operations of $1.15 in the
prior year period. Scholastic typically records a loss in its
fiscal first quarter, when most U.S. schools are not in
session.
The Company expected first quarter revenue declines,
particularly in its Children's Book Publishing and Distribution and
International segments, following the July
2016 publication of Harry
Potter and the Cursed Child, Parts One and Two, the
best-selling book in North America
last year. While Education sales were lower in the quarter based on
timing, the Company expects to meet its revenue plan for the
education business for the fiscal year. Since its release on
August 29th, Dav Pilkey's Dog Man: A Tale of Two
Kitties has been the top seller of all books in the U.S. and
Canada. Strong children's titles
also include: I Survived the American Revolution, 1776;
The Bad Guys in Attack of the Zittens; and the new paperback
edition of Harry Potter and the
Cursed Child, Parts One and Two.
"The tremendous success of Dav
Pilkey's Dog Man underscores again Scholastic's
ability to work with our authors to build franchises that find
audiences for generations. On the 20th anniversary of Dav's
Captain Underpants series, he has found a new creative
direction with Dog Man that is reaching millions of readers
in our trade and school channels. This is the power of Scholastic
and what differentiates us from other publishers. Scholastic titles
this week are at the top of children's bestseller lists in the UK,
Australia, New Zealand, and India. We expect to continue our success in
trade this year as we announce new Harry
Potter publishing leading up to the 20th anniversary of
Harry Potter in the U.S. in 2018,"
said Richard Robinson, Chairman,
President and Chief Executive Officer. "In our school channels, we
are starting our important back-to-school season with a
well-defined book fair strategy, including new merchandising to
highlight age-appropriate groupings of books, and in book clubs, a
return to the multi-grade offers which teachers have been asking
for. In addition, we are expanding our curriculum content in
Education, backed up by a strengthened field sales operation, to
support our continued growth in the core literacy curriculum
market.
"As we look forward to our 100th anniversary of
producing great content, this summer we began work on our
Scholastic 2020 plan, which is designed to grow our
operating profits significantly over the next three years.
Scholastic 2020 is a performance management structure that
will leverage our ongoing strategic technology investments to
provide more comprehensive customer data to improve sales and
marketing efficiency, as well as better information in our
manufacturing, inventory management, supply chain and
transportation areas of the business to drive process improvements
and reduce distribution costs. To that end, we expect improved
financial information with the deployment our new Oracle ERP in
January 2018 and through the
implementation of an Oracle Transportation Management system over
the course of the year. We will also introduce a new CRM system
next June, which will drive improvements in marketing of our
school-based businesses. Most important, Scholastic 2020
provides a framework for identifying and scheduling the specific
tasks needed each week, month, and quarter to reach our goals for
improved profitability over the three year period."
Cash Flow and Cash Position
Net cash used in operating activities was $92.4 million in the current fiscal quarter
compared to net cash used in operating activities of $105.5 million in the first quarter of fiscal
2017. The Company had free cash use (as defined in the accompanying
tables) of $131.0 million in the
current quarter, which was in line with the Company's expectations,
compared to free cash use of $122.4
million a year ago.
At quarter end, the Company's cash and cash equivalents exceeded
the Company's total debt by $299.9
million, compared to $275.5
million a year ago. The Company distributed $5.3 million in dividends and reacquired
$4.7 million of its common stock in
open market transactions over the course of the first quarter.
Capital Investment Update
In addition to the normal maintenance levels of capital
expenditures and prepublication expense related to the development
of new products and platforms, in the first quarter the Company
spent $32.7 million of capital
including $20.7 million towards the
redesign and upgrade of its headquarters building in New York City to create a more productive
workspace and an expanded retail component and $10.0 million towards strategic technology
upgrades and initiatives forming part of its previously announced
multi-year transformational technology investment program. The
Company is on schedule to complete the renovation of the office
component of the building by calendar year-end 2017 and has already
realized gains in both capacity and productivity on those new
floors already in service.
One-Time Items
Non-recurring items reflected in the Company's pre-tax results
for the first quarter totaled $8.3
million and included $6.7
million in non-cash facility impairment charges associated
with the Company's renovation of its headquarters building, as well
as one-time severance of $1.6
million. There were no one-time items recorded in the prior
year period. Excluding these one-time items in the current period,
first quarter operating loss was $93.5
million resulting in a loss per share from continuing
operations of $1.67, compared to an
operating loss of $62.5 million and a
loss per share from continuing operations of $1.15 in the first quarter of fiscal 2017.
Fiscal 2018 Outlook Affirmed
Scholastic affirmed its fiscal 2018 outlook for total revenue of
$1.65 to $1.70 billion and earnings
per diluted share from continuing operations in the range of
$1.20 to $1.30, excluding one-time
items. The Company continues to expect free cash use in the range
of $10 to $20 million.
First Quarter Results
Children's Book Publishing and Distribution. Segment
revenue in the first quarter was $66.8
million, compared to $137.8
million in the prior year period, a decline of $71.0 million or 52%. Lower quarterly revenues
were wholly attributable to the strong frontlist performance of
Harry Potter and the Cursed
Child, Parts One and Two, which was released in the first
quarter of the previous fiscal year. Partially offsetting this
decline was stronger performance of non-Harry Potter core frontlist titles including:
Dog Man: A Tale of Two Kitties; I Survived the American
Revolution, 1776; The Bad Guys in Attack of the Zittens;
and Refugee by acclaimed author Alan
Gratz. The first quarter is an insignificant period for the
segment's clubs and fairs channels as most schools are not in
session for summer recess. The first quarter operating loss for the
segment was $58.9 million versus a
quarterly operating loss of $36.2
million in the prior year period, primarily as a result of
the lower Harry Potter sales in the
trade channel, as expected.
Education. Segment revenue was $45.0 million in the first quarter, compared to
$55.2 million in the prior year
period, a decline of $10.2 million,
or 18%. The sales decline was primarily the result of the timing of
orders for customized curriculum product, as well as the absence of
classroom magazine's election skills book revenue in this
non-election year. Partially offsetting this decline were higher
sales of professional learning products and services. Segment
operating loss of $12.5 million was
$8.1 million higher than the prior
year period's loss of $4.4 million,
primarily as a result of the lower sales and higher employee
expenses for an expanded sales and marketing force with expertise
in solution selling of core literacy instruction programs, a key
element of the Company's multi-year Scholastic 2020
plan.
International. Segment revenue in the first quarter was
$77.4 million, compared to
$89.7 million in the prior year
period, a reduction of $12.3 million,
or 14%. The lower revenues in the current quarter are mainly due to
lower sales of Harry Potter and
the Cursed Child, Parts One and Two in the Company's
Canada business unit and export
channel. Segment operating loss was $2.8
million, compared to operating income of $4.2 million in the prior year period, primarily
as a result of the lower Harry
Potter sales in the affected markets, as expected.
Other Financial Results. Corporate overhead expenses were
$19.3 million, compared to
$26.1 million in the prior year
period, excluding one-time items of $8.3
million in the current period. The lower overhead expense,
excluding one-time items, was primarily the result of lower
employee-related expenses in the current quarter.
As previously announced, the Company's Board of Directors
declared a quarterly cash dividend of $0.15 per share on the Company's Class A and
Common Stock for the second quarter of fiscal 2018. The dividend is
payable on December 15, 2017 to
shareholders of record as of the close of business on October 31, 2017.
Additional Information
To supplement the financial statements presented in accordance
with GAAP, the Company includes certain non-GAAP calculations and
presentations. Please refer to the non-GAAP financial tables
attached to this press release for supporting details on special
one-time items and other financial measures included in this
release. This information should be considered as supplemental in
nature and not as a substitute for the related financial
information prepared in accordance with GAAP.
Conference Call
The Company will hold a conference call to discuss its results
at 8:30 am ET today, September 21, 2017. Scholastic's Chairman,
President and CEO, Richard Robinson,
and Executive Vice President, CAO and CFO, Maureen O'Connell, will moderate the call.
The conference call and accompanying slides will be webcast and
accessible through the Investor Relations section of Scholastic's
website, www.scholastic.com. Participation by telephone will be
available by dialing (877) 654-5161 from within the U.S. or +1
(678) 894-3064 internationally. Shortly following the call, an
archived webcast and accompanying slides from the conference call
will also be posted at investor.scholastic.com. An audio-only
replay of the call will be available by dialing (855) 859-2056 from
within the U.S. or +1 (404) 537-3406 internationally, and entering
access code 72645253. The recording will be available through
Friday, September 29, 2017.
About Scholastic
Scholastic Corporation (NASDAQ: SCHL) is the world's largest
publisher and distributor of children's books, a leading provider
of core literacy curriculum and professional services, and a
producer of educational and entertaining children's media. The
Company creates quality books and ebooks, print and
technology-based learning programs for pre-K to grade 12, classroom
magazines and other products and services that support children's
learning both in school and at home. With operations in 14
international offices and exports to 165 countries, Scholastic
makes quality, affordable books available to all children around
the world through school-based book clubs and book fairs, classroom
collections, school and public libraries, retail and online. True
to its mission of 97 years to encourage the personal and
intellectual growth of all children beginning with literacy, the
Company has earned a reputation as a trusted partner to educators
and families. Learn more at 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.
SCHL: Financial
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SCHOLASTIC
CORPORATION
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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(UNAUDITED)
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(Amounts in
millions except per share data)
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THREE MONTHS
ENDED
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08/31/17
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08/31/16
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Revenues
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$189.2
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$282.7
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Operating costs and
expenses:
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Cost of goods
sold
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115.6
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169.7
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Selling, general and
administrative expenses (1)
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156.9
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163.1
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Bad debt
expense
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1.9
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2.9
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Depreciation and
amortization
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9.9
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9.5
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Asset impairments
(2)
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6.7
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-
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Total operating costs
and expenses
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291.0
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345.2
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Operating income
(loss)
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(101.8)
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(62.5)
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Other components of
net periodic (benefit) cost
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0.1
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0.6
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Interest (income)
expense, net
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(0.3)
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0.3
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Earnings (loss) from
continuing operations before income taxes
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(101.6)
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(63.4)
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Provision (benefit)
for income taxes
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(37.9)
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(23.9)
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Earnings (loss) from
continuing operations
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(63.7)
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(39.5)
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Earnings (loss) from
discontinued operations, net of tax
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(0.0)
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(0.1)
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Net income
(loss)
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($63.7)
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($39.6)
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Basic and diluted
earnings (loss) per Share of Class A and Common Stock:
(3)
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Basic:
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Earnings (loss) from
continuing operations
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(1.81)
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(1.15)
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Earnings (loss) from
discontinued operations, net of tax
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(0.00)
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(0.00)
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Net income
(loss)
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(1.81)
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(1.15)
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Diluted:
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Earnings (loss) from
continuing operations
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(1.81)
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(1.15)
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Earnings (loss) from
discontinued operations, net of tax
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(0.00)
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(0.00)
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Net income
(loss)
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(1.81)
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(1.15)
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Basic weighted
average shares outstanding
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35,155
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34,420
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Diluted weighted
average shares outstanding
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35,155
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34,420
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(1)
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In the three months
ended August 31, 2017, the Company recognized pretax severance
expense as part of cost reduction programs of $1.6.
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(2)
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In the three months
ended August 31, 2017, the Company recognized a pretax impairment
charge of $6.7 related to legacy building improvements.
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(3)
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Earnings (loss) per
share are calculated on non-rounded net income (loss) and shares
outstanding. Recalculating earnings per share based on numbers
rounded to millions may not yield the results as
presented.
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SCHOLASTIC
CORPORATION
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RESULTS OF
CONTINUING OPERATIONS - SEGMENTS
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(UNAUDITED)
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(Amounts in
millions)
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THREE MONTHS
ENDED
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08/31/17
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08/31/16
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Change
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Children's Book
Publishing and Distribution
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Revenue
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Book Clubs
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$8.0
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$8.5
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($0.5)
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(6%)
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Book Fairs
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12.1
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12.4
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(0.3)
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(2%)
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Consolidated
Trade
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46.7
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116.9
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(70.2)
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(60%)
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Total
revenue
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66.8
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137.8
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(71.0)
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(52%)
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Operating income
(loss)
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(58.9)
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(36.2)
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(22.7)
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Operating
margin
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-
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-
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Education
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Revenue
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45.0
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55.2
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(10.2)
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(18%)
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Operating income
(loss)
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(12.5)
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(4.4)
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(8.1)
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Operating
margin
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-
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-
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International
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Revenue
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77.4
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89.7
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(12.3)
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(14%)
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Operating income
(loss)
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(2.8)
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4.2
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(7.0)
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Operating
margin
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-
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4.7%
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Overhead
expense
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27.6
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26.1
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(1.5)
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(6%)
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Operating income
(loss)
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($101.8)
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($62.5)
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($39.3)
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SCHOLASTIC
CORPORATION
|
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SUPPLEMENTAL
INFORMATION
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(UNAUDITED)
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(Amounts in
millions)
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SELECTED
BALANCE SHEET ITEMS
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08/31/17
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08/31/16
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Continuing
Operations
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Cash and cash
equivalents
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$311.9
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$287.6
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Restricted
cash
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-
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5.0
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Accounts receivable,
net
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145.4
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222.6
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Inventories,
net
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386.5
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375.7
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Accounts
payable
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187.2
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203.6
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Accrued
royalties
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51.9
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66.3
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Lines of credit,
short-term debt and current portion of long-term debt
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12.0
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12.1
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Long-term debt,
excluding current portion
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-
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-
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Total debt
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12.0
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12.1
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Total capital lease
obligations
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7.9
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8.4
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Net debt
(1)
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(299.9)
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(275.5)
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Discontinued
Operations
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Total assets of
discontinued operations
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-
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0.5
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Total liabilities of
discontinued operations
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-
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0.3
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Total stockholders'
equity
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1,243.0
|
1,218.6
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SELECTED
CASH FLOW ITEMS
|
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|
THREE MONTHS
ENDED
|
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|
|
08/31/17
|
08/31/16
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Net cash provided by
(used in) operating activities
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($92.4)
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($105.5)
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Less: Additions to property, plant
and equipment
|
32.7
|
10.2
|
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Pre-publication
and production costs
|
5.9
|
6.7
|
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|
Free cash flow (use)
(2) (3)
|
($131.0)
|
($122.4)
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|
(1)
|
Net debt is defined
by the Company as lines of credit and short-term debt plus
long-term-debt, net of cash and cash equivalents. The Company
utilizes this non-GAAP financial measure, and believes it is useful
to investors, as an indicator of the Company's effective leverage
and financing needs.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Free cash flow (use)
is defined by the Company as net cash provided by or used in
operating activities (which includes royalty advances), reduced by
spending on property, plant and equipment, prepublication and
production costs. The Company believes that this non-GAAP financial
measure is useful to investors as an indicator of cash flow
available for debt repayment and other investing activities, such
as acquisitions. The Company utilizes free cash flow as a
further indicator of operating performance and for planning
investing activities.
|
|
|
|
|
|
|
(3)
|
Free cash flow (use)
includes discontinued operations for the three months ended August
31, 2017 and August 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHOLASTIC
CORPORATION
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS SUPPLEMENTAL
|
|
(UNAUDITED)
|
|
(Amounts in
millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
|
|
|
|
Reported
|
One-time
|
Excluding
|
|
|
Reported
|
One-time
|
Excluding
|
|
|
|
|
|
|
|
08/31/17
|
items
|
One-time
items
|
|
|
08/31/16
|
items
|
One-time
items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$189.2
|
$0.0
|
$189.2
|
|
|
$282.7
|
$0.0
|
$282.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
115.6
|
-
|
115.6
|
|
|
169.7
|
-
|
169.7
|
|
|
|
|
|
Selling, general and
administrative expenses (1)
|
|
156.9
|
(1.6)
|
155.3
|
|
|
163.1
|
-
|
163.1
|
|
|
|
|
|
Bad debt
expense
|
|
1.9
|
-
|
1.9
|
|
|
2.9
|
-
|
2.9
|
|
|
|
|
|
Depreciation and
amortization
|
|
9.9
|
-
|
9.9
|
|
|
9.5
|
-
|
9.5
|
|
|
|
|
|
Asset impairments
(2)
|
|
6.7
|
(6.7)
|
-
|
|
|
0.0
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
291.0
|
(8.3)
|
282.7
|
|
|
345.2
|
-
|
345.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(101.8)
|
8.3
|
(93.5)
|
|
|
(62.5)
|
-
|
(62.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other components of
net periodic (benefit) cost
|
|
0.1
|
-
|
0.1
|
|
|
0.6
|
-
|
0.6
|
|
|
|
|
Interest (income)
expense, net
|
|
(0.3)
|
-
|
(0.3)
|
|
|
0.3
|
-
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations before income taxes
|
|
(101.6)
|
8.3
|
(93.3)
|
|
|
(63.4)
|
-
|
(63.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
(37.9)
|
3.3
|
(34.6)
|
|
|
(23.9)
|
-
|
(23.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations
|
|
(63.7)
|
5.0
|
(58.7)
|
|
|
(39.5)
|
-
|
(39.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
discontinued operations, net of tax
|
|
(0.0)
|
-
|
(0.0)
|
|
|
(0.1)
|
-
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
($63.7)
|
$5.0
|
($58.7)
|
|
|
($39.6)
|
$0.0
|
($39.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
diluted share from continuing operations
|
|
(1.81)
|
0.14
|
(1.67)
|
|
|
(1.15)
|
-
|
(1.15)
|
|
|
|
|
Earnings (loss) per
diluted share from discontinued operations, net of tax
|
(0.00)
|
-
|
(0.00)
|
|
|
(0.00)
|
-
|
(0.00)
|
|
|
|
|
Net income (loss) per
diluted share
|
|
(1.81)
|
0.14
|
(1.67)
|
|
|
(1.15)
|
-
|
(1.15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
In the three months
ended August 31, 2017, the Company recognized pretax severance
expense as part of cost reduction programs of $1.6.
|
|
|
(2)
|
In the three months
ended August 31, 2017, the Company recognized a pretax impairment
charge of $6.7 related to legacy building improvements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHOLASTIC
CORPORATION
|
|
RESULTS OF
CONTINUING OPERATIONS - SEGMENT SUPPLEMENTAL
|
|
(UNAUDITED)
|
|
(Amounts in
millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
|
|
|
|
|
Reported
|
One-time
|
Excluding
|
|
|
Reported
|
One-time
|
Excluding
|
|
|
|
|
|
|
|
|
08/31/17
|
items
|
One-time
items
|
|
|
08/31/16
|
items
|
One-time
items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Children's Book
Publishing and Distribution
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Clubs
|
|
$8.0
|
|
$8.0
|
|
|
$8.5
|
|
$8.5
|
|
|
|
|
|
|
Book Fairs
|
|
12.1
|
|
12.1
|
|
|
12.4
|
|
12.4
|
|
|
|
|
|
|
Consolidated
Trade
|
|
46.7
|
|
46.7
|
|
|
116.9
|
|
116.9
|
|
|
|
|
|
|
Total
revenue
|
|
66.8
|
|
66.8
|
|
|
137.8
|
|
137.8
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(58.9)
|
|
(58.9)
|
|
|
(36.2)
|
|
(36.2)
|
|
|
|
|
|
|
Operating
margin
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
45.0
|
|
45.0
|
|
|
55.2
|
|
55.2
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(12.5)
|
|
(12.5)
|
|
|
(4.4)
|
|
(4.4)
|
|
|
|
|
|
|
Operating
margin
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
77.4
|
|
77.4
|
|
|
89.7
|
|
89.7
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(2.8)
|
|
(2.8)
|
|
|
4.2
|
|
4.2
|
|
|
|
|
|
|
Operating
margin
|
|
-
|
|
-
|
|
|
4.7%
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overhead
expense (1)
|
|
27.6
|
(8.3)
|
19.3
|
|
|
26.1
|
-
|
26.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
($101.8)
|
$8.3
|
($93.5)
|
|
|
($62.5)
|
$0.0
|
($62.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
In the three months
ended August 31, 2017, the Company recognized a pretax impairment
charge of $6.7 related to legacy building improvements and pretax
severance expense as part of cost reduction programs of
$1.6.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/scholastic-reports-fiscal-2018-first-quarter-results-300523303.html
SOURCE Scholastic Corporation