Children's book publisher Scholastic Corp. said Thursday its fiscal third-quarter loss widened on write-downs related to the discontinuation of its direct-to-home continuities business.
The company reported a loss of $82.1 million, or $2.14 per share, compared with a loss of $7.7 million, or 18 cents per share, in the same quarter a year earlier.
Loss from continuing operations grew to $4.6 million, or 12 cents per share, from a loss of $3.8 million, or 9 cents per share.
Analysts surveyed by Thomson Financial predicted a loss of 21 cents per share.
Scholastic reported a loss from discontinued operations of $77.5 million, or $2.02 per share, related to write-downs for the planned sale of its direct-to-home continuities business.
The latest quarter's results also included a sublease termination expense of 2 cents per share.
For the period ended Feb 29, revenue gained 3 percent to $458.4 million from $446 million in the prior year.
Analysts estimates revenue of $458.7 million.
Children's book publishing and distribution revenue fell to $229.7 million from $238.8 million, while educational publishing sales rose 5 percent to $78.1 million. Revenue for the international segment increased 18 percent to $108.6 million and media, while licensing and advertising revenue edged up 3 percent to $42 million.
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