Scholastic Profit Rises but Falls Short of Estimates
Book publisher Scholastic said Thursday its fiscal fourth-quarter profit climbed 5% on increased international and media, licensing and ad sales, but the result missed Wall Street expectations.
Earnings increased to $40.4 million, or 93 cents per share, compared with $38.4 million, or 91 cents per share, in the previous year.
Analysts polled by Thomson Financial expected net income of $1.02 per share.
Quarterly revenue rose 2% to $611.7 million versus $601 million a year ago, missing Wall Street's estimate of $617.8 million.
International revenue grew 10% to $128.9 million from $117.1 million, while media, licensing and ad sales gained 40% to $49.4 million from $35.2 million.
For the year, earnings declined to $60.9 million, or $1.42 per share, versus $68.6 million, or $1.63 million per share in the prior year.
The year-ago period benefited from continued sales from the release of the sixth "Harry Potter" book in July 2005.
Full-year revenue slipped to $2.18 billion from $2.29 billion.
Scholastic will release the final installment in the Harry Potter series, "Harry Potter and the Deathly Hallows," later this week.