Brief: Scholastic Reports Fiscal 2020 Third Quarter Results

Scholastic

19/03/2020 21:21

March 19 (Reuters) - Scholastic Corp  SCHL.O :
    * SCHOLASTIC REPORTS FISCAL 2020 THIRD QUARTER RESULTS
    * Q3 LOSS PER SHARE $1.25
    * Q3 REVENUE ROSE 4 PERCENT TO $373.3 MILLION
    * Q3 LOSS PER SHARE $0.34 EXCLUDING ITEMS
    * SCHOLASTIC'S BUSINESS IN THE FOURTH QUARTER WILL BE
AFFECTED BY
CORONAVIRUS-RELATED SCHOOL CLOSINGS MANDATED BY STATES AND
DISTRICT
    * WILL NO LONGER BE AFFIRMING GUIDANCE FOR THE FISCAL YEAR
    * SCHOLASTIC - WHILE REVENUES WILL BE LOWER IN SEASONALLY
IMPORTANT FOURTH QUARTER, WE ARE TAKING AGGRESSIVE ACTIONS TO
REDUCE OPERATING EXPENSES IN CO
    * SCHOLASTIC - ACTIONS TO REDUCE OPERATING EXPENSES WILL
INCLUDE
TEMPORARY CLOSING OF WAREHOUSING AND DISTRIBUTION CENTERS, AND A
FREEZE ON HIRING
    * SCHOLASTIC - AUTHORIZED AN ADDITIONAL $50 MILLION FOR
REPURCHASES OF ITS COMMON STOCK UNDER REPURCHASE PROGRAM

Source text for Eikon:  ID:nPn2h8HYRa 
Further company coverage:  SCHL.O 

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