Business
SCHOLASTIC REPORTS FOURTH QUARTER AND FISCAL 2022 RESULTS LED BY RECORD REVENUE PER FAIR LEVELS AND STRONG EDUCATION SOLUTIONS SALES
Fourth Quarter Operating Income Up $55.8M on 28% YOY Higher Revenue of $514.4M Company Expects Full Year 2023 Revenue to Increase 8%-10% Versus Fiscal
About this update from Scholastic Corporation
[{"type":"text","content":"Fourth Quarter Operating Income Up $55.8M on 28% YOY Higher Revenue of $514.4M Company Expects Full Year 2023 Revenue to Increase 8%-10% Versus Fiscal 2022Regular Quarterly Dividend Raised 33% to $0.20 Per ShareNEW YORK, July 21, 2022 /PRNewswire/ -- Scholastic Corporation (NASDAQ: SCHL), the global children's publishing, education and media company, today reported financial results for the Company's fiscal fourth quarter and full year ended May 31, 2022. Scholastic recorded significant revenue and operating income gains in both reporting periods, led by increased in-person book fairs and record revenue-per-fair levels in the U.S. book fairs channel, as well as strong demand for the Company's educational offerings.\n\n \n \n \n \n \n \n\n \nAs previously announced, reflecting confidence in the Company's performance and outlook, its Board of Directors also approved a 33% increase in its regular quarterly cash dividend to $0.20 per share from $0.15 per share on the Company's Class A and Common Stock for the first quarter of fiscal 2023. The dividend is payable on September 15, 2022 to shareholders of record as of the close of business on August 31, 2022.\nCompany Commentary from Peter Warwick, Scholastic President & CEO\n\"Scholastic's strong fourth fiscal quarter and full-year results were driven by the success of our strategic and operational initiatives, and the ever growing demand for our products by children, parents and our long-standing school partners.\"\n\"It's clear that Scholastic has emerged from the challenges of the pandemic even stronger and better positioned for future sustainable growth, as indicated by our higher expectations for fiscal 2023 and the recently announced increase in our regular quarterly dividend. Scholastic's employees did an amazing job fulfilling our Company mission during these uncertain times by embracing every opportunity to increase collaboration and foster innovation.\"\n\"Looking ahead to fiscal 2023 and beyond, we see continuing demand for our products and services deeply rooted in the fundamental role of our engaging independent reading materials in the learning goals of children. This goes beyond recovery as there is a renewed focus on the benefits that independent reading and book ownership have for young readers and their overall development. As educators, parents and policymakers look...