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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.

Copies of "Harry Potter and the Deathly Hallows," published by Scholastic, sit inside an Amazon.com fulfillment center.
David Calvert
Copies of "Harry Potter and the Deathly Hallows," published by Scholastic, sit inside an Amazon.com fulfillment center.

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.

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