Scholastic Fiscal 3Q Loss Narrows

The company said that revenue, on a continuing basis, declined less than 4 percent year over year to $424.9 million. Revenue from both continuing and discontinued operations fell 13 percent to $431.7 million.

Scholastic said revenue in its children's book publishing and distribution unit rose 2 percent to $223.3 million, while revenue from educational publishing fell 2 percent to $74.7 million. International revenue fell 17 percent to $88.5 million and revenue from media, licensing and advertising declined less than 1 percent to $38.4 million.

The company reiterated its outlook for fiscal 2009 adjusted earnings from continuing operations of $1.20 to $1.50 per share.

Shares of Scholastic rose $2.70, or 20.6 percent, to $15.79.