Scholastic Fiscal 3Q Loss Narrows

NEW YORK (AP) — Book publisher Scholastic Corp. said Thursday that its fiscal third-quarter loss narrowed as the company recorded a smaller noncash write-down of the value of some assets in the more recent three-month period.

For the quarter that ended Feb. 28, Scholastic reported a loss of $36 million, or 98 cents per share, compared with a loss of $79.3 million, or $2.06 per share, in the year-ago quarter. Scholastic's loss from continuing operations totaled $35.1 million, or 95 cents per share, compared with a loss of $1.4 million, or 3 cents per share, last year.

Excluding one-time items, the company's loss from continuing operations totaled 12 cents per share, compared with a 3 cents per share loss in the same quarter last year.

During the quarter, the company recorded a $12.5 million noncash write down of some assets stemming from moves to exit some businesses, which was offset by a gain of $13.9 million from the sale of a unit. In the same quarter the prior year, Scholastic reported a noncash write down of $70.1 million related to discontinued businesses.

The company previously said that it sold or is closing its domestic, Canadian and U.K. continuities businesses and plans to sell its facility in Maumelle, Ark. The company also sold, shut down or plans to sell some other businesses and its facility in Danbury, Conn.