Following a ruling from the Connecticut Supreme Court that it is liable for sales tax on sales made through its book club subsidiary in the state, Scholastic has revised its earnings for the fiscal third quarter and nine month period. As of February 29, 2012, Scholastic raised its sales tax accrual by $11.6 million, a change that led to the company’s net loss rising to $10.3 million for the quarter from $3.2 million. For the nine months, revised earnings were $45.4 million compared to the reported $52.5 million.

A spokesperson for Scholastic said the publisher “disagrees with the decision and is considering an appeal to the U.S. Supreme Court.” The ruling by the Connecticut high court had reversed an earlier trial court decision.