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Trade Sales Drive Record Quarter at Scholastic
-- 1/10/00

Led by a 35% sales increase to $352.4 million in its children's book publishing and distribution segment, Scholastic Corp. reported total revenues of $507.8 million for the second quarter ended November 30, 1999. Within the book segment, the trade division had an exceptionally strong showing, headed by sales of Harry Potter and Pokémon titles. Revenues in the book club and book fairs rose by about 17%.

In other segments, the 19% gain to $41.3 million in Scholastic's media, licensing and advertising division included results from Quality Education Data, acquired in January. Sales in the education group rose 10% to $51.4 million, while international revenues increased 2% to $62.7 million, with improved performances in Australia and Canada offsetting lower results from the U.K.

Net income in the quarter rose 30% to $41.3 million, a figure that includes a one-time charge of $8.5 million. The extraordinary charge involves a litigation reserve established in connection with a breach-of-contract lawsuit filed against the company by Robert Harris and Harris Entertainment relating to a joint venture between Scholastic and Harris to produce movies. During the quarter, a judge ruled in favor of Harris; Scholastic intends to appeal.

For the first six months of the year, net income rose 24% to $17.7 million on a 24% sales gain to $687.8 million.
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