Thursday, July 19, 2012

Scholastic releases Q4 and FY2012 results, and FY 2013 outlook

Scholastic has released its financial results for FY2012, and its outlook for FY2013. The company's results can be summed up in three words: "The Hunger Games." Here's a summary:
  • Q4 revenues were up 24% year-over-year, to $678.5 million. 
  • EPS (diluted) from continuing operations were $1.86, compared to $0.83 in Q4 2011. 
  • FY2012 revenues were up 14% year-over-year, to $2,148.8 million. 
  • EPS (diluted) from continuing operations were $3.41 vs. $1.34 in FY2011. 
  • Year end cash and cash equivalents exceeded total debt by $35.6 million, compared to debt exceeding cash by $98.1 million a year earlier. 
  • Children's Book Publishing and Distribution segment revenue in Q4 was $379.4 million, compared to $268.8 million in Q4 2011. Operating income was $82.4 million vs. $41.6 million in Q4 2011. Q4 School Book Fair revenues grew modestly, but School Book Club revenues declined.  FY2012 segment revenue was $1,111.3 million, up 21% from $922 million in FY2011. Operating income rose to $153 million in FY2012 vs. $78.1 million in FY2011. 
  • Educational Technology and Services segment revenue declined to $52.7 million in Q4 from $61.4 million in Q4 2011. Operating income also fell, to $1.7 million in Q4 compared with $8.6 million in Q4 2011. However, FY2012 segment revenue rose to $254.7 million from $230.8 million in FY2011, while operating income increased to $49.2 million in FY2012 vs. $38 million in FY2011. 
  • For FY2013, the company expects total revenue of between $1.9 and $2 billion, and EPS (diluted) from continuing operations of from $2.20 to $2.40 before one-time items. 
  • Scholastic expects revenues and operating income in the Children's Book Publishing and Distribution segment to decline, due largely to declining sales of The Hunger Games trilogy. It expects Educational Technology and Services revenues to be flat, but operating income to decline slightly. 

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