{"id":516660,"date":"2021-07-22T16:04:35","date_gmt":"2021-07-22T20:04:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/scholastic-reports-q4-and-fiscal-2021-results\/"},"modified":"2021-07-22T16:04:35","modified_gmt":"2021-07-22T20:04:35","slug":"scholastic-reports-q4-and-fiscal-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/scholastic-reports-q4-and-fiscal-2021-results\/","title":{"rendered":"Scholastic Reports Q4 And Fiscal 2021 Results"},"content":{"rendered":"
\n

Revenues Up 41% in Fourth Quarter on Improving Market Conditions<\/h2>\n

Improved Profitability in all Operating Segments on Lower Cost Base<\/h2>\n

Book Fair Bookings Higher for Upcoming Back-to-School Season<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n NEW YORK<\/span>, July 22, 2021<\/span> \/PRNewswire\/ — Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today reported financial results for the Company’s fiscal fourth quarter and full year ended May 31, 2021<\/span>.<\/p>\n

\n

\n
\n \"Scholastic
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n Fiscal 2021 Review<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n
\n

\n In $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u0394 FY21 vs. FY20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $401.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,300.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $284.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,487.1<\/span>\n <\/p>\n<\/td>\n

\n

\n $117.4<\/span>\n <\/p>\n<\/td>\n

\n

\n ($186.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (22.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (46.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n (88.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 55.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 65.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 One-time items<\/span>\n <\/p>\n<\/td>\n

\n

\n (31.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n (61.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n (56.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n na<\/span>\n <\/p>\n<\/td>\n

\n

\n na<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income (loss), excluding one-time items*<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 41.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (39.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n (32.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 71.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n \u00a0* <\/sup>Please refer to the non-GAAP financial tables attached for a detailed reconciliation of reported results to adjusted measures.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Company Commentary<\/b>\n <\/p>\n

“In the fourth quarter, Scholastic’s businesses showed dramatically improved results on both the top and bottom lines, even as educators around the globe still struggled with transitioning their students safely back to the classroom.\u00a0 Management’s decisive actions taken throughout the difficult 2021 fiscal year and our employees’ disciplined execution helped to successfully weather the adverse impacts of the pandemic on the Company’s end markets and supply chain.\u00a0 Our strength in execution was most evident in our positive free cash flow generation and improved operating margins, which resulted in meaningful year-over-year growth in adjusted EBITDA despite a drop in full year revenues,” said James Barge<\/span>, speaking on behalf of Scholastic’s board of directors.\u00a0 “These results are particularly bittersweet in light of last month’s unexpected passing of Scholastic’s longtime leader, Dick Robinson<\/span>, and we acknowledge his stalwart vision and remarkable stewardship in achieving these outcomes, as well as the culture he built.”<\/p>\n

\n Iole Lucchese<\/span>, Scholastic’s Executive Vice President, Chief Strategy Officer added, “Despite having to take difficult, but carefully measured, cost actions in response to a 13% decline in sales in the year, Scholastic continued to make important investments related to its key growth initiatives with a focus on (1) book fairs recovery, (2) new education solutions, including digital products and early childhood programs, (3) increasing parent access to the Company’s eCommerce platforms, (4) English language learning in Asia<\/span>, and (5) the acquisition and development of content for our trade and media operations, as well as in technology to improve our systems and processes. These initiatives are the underpinnings of Scholastic’s growth strategy for fiscal 2022 and beyond.\u00a0 In this coming school year, it is clear that many students, not just the most vulnerable, and their teachers will need additional support.\u00a0 Scholastic will be a strong partner in literacy and education as we always have for more than 100 years, proudly extending Dick Robinson’s<\/span> accomplished vision, a core element of our success, as we maintain our focus on supporting our customers in this changing environment.”<\/p>\n

\n Revenues<\/b>\n <\/p>\n

Consolidated revenues rose 41% to $401.4 million<\/span> in the fourth quarter versus the prior year period, despite continuing softness in the book fairs channel for premium in-person fairs, which performed below expectations as schools faced uncertain timetables in the early spring for returning students safely back to classrooms.\u00a0 Each of the Company’s three operating segments \u2013 Children’s Book Publishing and Distribution, Education and International \u2013 showed marked improvements, both sequentially relative to the third fiscal quarter ended February 28, 2021<\/span> and comparatively to the prior year period, amid improving market conditions, strong demand for foundational literacy programs and summer reading, \u00a0and top selling trade titles such as Dav Pilkey’s<\/span>Dog Man: Mothering Heights<\/i>, The Dangerous Gift<\/i> (Wings of Fire\u2122 #14), Mister Impossible<\/i> (The Dreamer Trilogy #2), and Claudia and the New Girl<\/i> (The Baby-Sitters Club\u00ae<\/sup> Graphic Novel #9).\u00a0 The tougher trade comparison in the last quarter of the fiscal year was the result of the release of the blockbuster bestseller The Ballad of Songbirds and Snakes<\/i>, the fourth title in The Hunger Games\u00ae<\/sup> series in the fourth quarter of the prior year period.<\/p>\n

Fiscal 2021 full-year revenues declined $186.8 million<\/span>, or 13%, as compared to the prior year, to $1.30 billion<\/span>, due to lower sales in the Company’s book fairs channels in the U.S. and abroad as a result of COVID-related restrictions. \u00a0<\/p>\n

\n Operating Income<\/b>\n <\/p>\n

Fourth quarter operating income rose $55.9 million<\/span>, or 121%, versus the prior year period, to $9.7 million<\/span>. The fourth quarter increase in operating income was directly attributable to the higher sales volume and the on-going benefits of the Company’s successful cost savings initiatives that improved operating leverage, as well as the receipt of certain pandemic-related wage and benefit subsidies globally.\u00a0 Excluding one-time items<\/u> in both periods, the Company had operating income of $41.6 million<\/span> in the fourth quarter of 2021, versus an operating loss of $39.4 million<\/span> in the fourth quarter of 2020.<\/p>\n

For the 2021 fiscal year, the Company recorded an operating loss of $22.7 million<\/span>, which was a $65.8 million<\/span>, or 74% improvement as compared to an operating loss of $88.5 million<\/span> in the prior year.\u00a0 Excluding one-time items<\/u>, the Company had operating income of $39.0 million<\/span> in fiscal year 2021, versus an operating loss of $32.3 million<\/span> in fiscal year 2020.<\/p>\n

\n Capital Position and Liquidity<\/b>\n <\/p>\n

Net cash provided by operating activities was $71.0 million<\/span> in the current fiscal year compared to $2.1 million<\/span> in fiscal 2020. The Company had a free cash flow (a non-GAAP liquidity measure defined in the accompanying tables and reconciled to net cash provided) of $20.5 million<\/span> in the current fiscal year, compared to a free cash use of $89.1 million<\/span> in fiscal 2020.<\/p>\n

At year-end, the Company’s cash and cash equivalents exceeded total debt by $176.3 million<\/span>, compared to $175.3 million<\/span> a year ago. The higher net cash position at May 31, 2021<\/span> reflects the effective management of both working capital and capital expenditures throughout the fiscal year, despite a sharp reduction in demand in most of the Company’s book fair channels around the globe.<\/p>\n

Capital expenditures in the current fiscal year were $47.2 million<\/span>, below prior year’s levels despite the Company’s continued investments for future growth including further progress on its technology roadmap and expanded customer access, as well as a planned consolidation of underutilized facilities, and $20.7 million<\/span> in pre-publication costs for new content development in education, media and trade. These capital and pre-publication investments, taken as a whole, were $23.3 million<\/span>, or 26% below prior year’s levels. \u00a0<\/p>\n

During the fiscal year, Scholastic sold two company-owned facilities in the U.S. and U.K. for total net proceeds of $17.4 million<\/span>, and currently holds two additional facilities for sale.\u00a0 The Company also continued to pay its regular quarterly dividend, uninterrupted by the pandemic, and distributed $5.2 million<\/span> in dividends in the fourth quarter for a total of $20.6 million<\/span> in dividends in the fiscal year. <\/p>\n

\n Overall Results <\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n In $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u0394 FY21 vs. FY20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) before taxes\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n $8.0<\/span>\n <\/p>\n<\/td>\n

\n

\n ($18.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($47.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($89.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n $55.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $71.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 One-time items<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 56.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) ex. one-times<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.5<\/span>\n <\/p>\n<\/td>\n

\n

\n (40.6)<\/span>\n <\/p>\n<\/td>\n

\n

\n (33.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n $80.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 77.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Interest (income) expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.9<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 64.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 64.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Prepublication amortization <\/span>\n <\/p>\n<\/td>\n

\n

\n 6.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.2<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $63.6<\/span>\n <\/p>\n<\/td>\n

\n

\n $139.6<\/span>\n <\/p>\n<\/td>\n

\n

\n ($17.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n $56.6<\/span>\n <\/p>\n<\/td>\n

\n

\n $80.9<\/span>\n <\/p>\n<\/td>\n

\n

\n $83.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n * <\/sup>Please refer to the non-GAAP financial tables attached.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Earnings before taxes for the quarter ended May 31, 2021<\/span> was $8.0 million<\/span>, compared to a loss before taxes of $47.4 million<\/span> in the fourth quarter of the prior fiscal year. Adjusted EBITDA (a non-GAAP performance measure defined in the accompanying tables and reconciled to earnings (loss) before taxes) for the fourth fiscal quarter of 2021 was a gain of $63.6 million<\/span>, compared to a loss of $17.3 million<\/span> in the fourth quarter of 2020.<\/p>\n

For the fiscal year ended May 31, 2021<\/span>, the Company had a loss before taxes of $18.2 million<\/span>, versus a loss before taxes of $89.7 million<\/span> in the prior fiscal year. Fiscal 2021 full-year Adjusted EBITDA was $139.6 million<\/span>, compared to $56.6 million<\/span> in fiscal 2020, an increase of $83.0 million<\/span>, or 147%, improvement notwithstanding the year-over-year decline in revenues.<\/p>\n

\n Earnings Per Share and Other Items<\/b>\n <\/p>\n

In the fiscal fourth quarter of 2021, the Company recorded earnings per diluted share of $0.22<\/span> compared to a loss per share of $0.38<\/span> in the fiscal fourth quarter of 2020.\u00a0 Excluding one-time items<\/u>, the current year’s fiscal fourth quarter earnings per diluted share was $0.90<\/span> versus a loss per share of $0.23<\/span> in the prior year period.\u00a0 Full year fiscal 2021 loss per share was $0.32<\/span> compared to a loss per share of $1.27<\/span> in the prior year period. Excluding one-time items<\/u>, fiscal 2021 full year earnings per diluted share was $1.02<\/span> versus a loss per share of $0.08<\/span> in fiscal 2020.<\/p>\n

Non-recurring items reflected in the current fiscal year’s results include $23.1 million<\/span> in pre-tax severance associated with a substantial reduction-in-force to align Scholastic’s workforce size with COVID-impacted business volumes, $20.0 million<\/span> in settlement for certain past intellectual property usage (see below), and $18.6 million<\/span> in branch consolidation costs and asset impairments that will serve to lower future operating expenses. <\/p>\n

\n Fiscal 2022 Outlook <\/b>\n <\/p>\n

While uncertainty still remains, the Company is beginning to see strengthening underlying trends across all of its businesses and customer end markets, as students around the globe return to the classroom, educators look to dependable and effective ways for accelerating student achievement, and stores welcome shoppers without restrictions. \u00a0Scholastic believes it is well-positioned to continue the growth patterns seen in the fourth quarter of fiscal 2021 as its markets recover, especially for its book fairs businesses in the U.S., Canada<\/span> and the U.K., and expects stronger operating leverage and resultant free cash flow given the successful reduction in labor and other operating costs from pre-pandemic levels.\u00a0 Additionally, the Company continues to identify further opportunities for incremental cost savings through process improvements and automation, consolidating functions, and increased utilization of the Company’s international shared services resources.<\/p>\n

In Children’s Book Publishing and Distribution, the Company expects growth to be driven by a recovery in its book fairs operations as schools return to a more normal academic calendar with fewer COVID-related closures, as well as in trade through the development of new titles and content, in particular content which can be further developed through the Company’s growing entertainment business into successful media properties. Fiscal 2022 year-to-date, the Company is seeing book fair bookings and confirmations by schools at a slightly higher rate than preliminary expectations, however Scholastic anticipates that rebuilding the book fairs business will take time given changes in customer engagement and capacity constraints post-pandemic.\u00a0 \u00a0Key titles in the Company’s upcoming frontlist include: Dav Pilkey’s<\/span>Cat Kid Comic Club: Perspectives<\/i> (Cat Kid Comic Club\u2122 #2); The Christmas Pig<\/i> by J.K. Rowling; Kristy and the Snobs<\/i>: Baby-Sitters Club Graphic Novel #10; The Brightest Night: Wings of Fire Graphic Novel #5; I Survived the Attacks of September 11, 2001<\/span><\/i> (I Survived Graphic Novel #4); and The Bad Guys in They’re Bee-Hind You<\/span><\/i>! (The Bad Guys\u2122 #14).<\/p>\n

In Education, the Company expects incremental growth through an emphasis on the development of new digital products, including the adaptation of successful existing products into enhanced digital offerings for hybrid teaching models, as well as the impact of federal stimulus funds on the overall K-12 education landscape that may be utilized by schools to help students accelerate their learning post-pandemic.<\/p>\n

In International, the Company expects growth through the expansion of Scholastic’s range of English language learning digital product offerings in Asia<\/span>, including, in particular, an expanding line-up of market leading digital home learning products in China<\/span> and Korea.<\/p>\n

More generally, and in response to recent learnings from the pandemic, Scholastic sees incremental growth in many of its channels as it builds on the greater involvement of parents globally in purchasing home learning for their children, and is accelerating the Company’s business of direct-to-parent marketing of books and educational materials through improved customer access, digital marketing and eCommerce.<\/p>\n

As a result of these actions, the Company expects significant growth in fiscal 2022 revenues from prior year levels. Improvement in Adjusted EBITDA will be driven by revenue gains in all operating segments with increased leverage on the margin as a result of the Company’s cost mitigation actions in the last fiscal year, partially offset by higher compensation costs and the discontinuation of certain COVID-related government subsidies in the new fiscal year. In addition, the Company expects that certain fiscal 2021 cost savings that were tied to lower sales volumes will not be repeated in fiscal 2022 as customer demand rises to pre-pandemic levels. \u00a0Scholastic expects to provide additional guidance information throughout its fiscal year as details on the post-pandemic marketplace for its products and services become clearer. <\/p>\n

\n Segment Results<\/b>\n <\/p>\n

All comparisons detailed in this section refer to operating results for the fourth quarter and full year ended May 31, 2021<\/span> versus the fourth quarter and full year ended May 31<\/span>, 2020.\u00a0 <\/p>\n

\n Children’s Book Publishing and Distribution (CBP&D)<\/u>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n In $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u0394 FY21 vs. FY20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 Book Clubs<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 37.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 145.1<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 19.5<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 156.8<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 17.9<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 (11.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Book Fairs<\/span>\n <\/p>\n<\/td>\n

\n

\n 76.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 164.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 383.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 44.3<\/span>\n <\/p>\n<\/td>\n

\n

\n (219.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Trade<\/span>\n <\/p>\n<\/td>\n

\n

\n 78.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 355.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 80.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 334.8<\/span>\n <\/p>\n<\/td>\n

\n

\n (2.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n 20.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 192.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 664.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 132.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 875.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.2<\/span>\n <\/p>\n<\/td>\n

\n

\n (210.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (46.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 58.3<\/span>\n <\/p>\n<\/td>\n

\n

\n (9.9)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income \/ (loss),\u00a0\u00a0 excluding one-time items*<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 14.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 19.1<\/span>\n <\/p>\n<\/td>\n

\n

\n (46.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.8<\/span>\n <\/p>\n<\/td>\n

\n

\n (4.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n * <\/sup>Please refer to the non-GAAP financial tables attached.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Fourth quarter 2021 segment revenues were $192.2 million<\/span>, an increase of $60.2 million<\/span>, or 46%, versus the comparable prior year period on higher levels of on-site case book fairs held and increased book club sponsorship as schools began to return to in-classroom instruction in the spring. Although trade revenues were higher sequentially versus the third fiscal quarter on the strength of top-selling series and graphic novels, trade revenues were marginally unfavorable to the fourth quarter of fiscal 2020, which saw the widely-anticipated release of The Ballad of Songbirds and Snakes <\/i>by Suzanne Collins<\/span>, in print, digital and audio formats.\u00a0 For the full fiscal year, CBP&D revenues fell $210.7 million<\/span>, or 24%, as a result of the COVID-related decline in school book fairs held, partially offset by strong core frontlist sales of trade titles. \u00a0Fourth quarter segment operating income, excluding one-time items relating to the consolidation of redundant book fairs’ facilities, was $14.3 million<\/span>, as compared to an operating loss of $46.5 million<\/span> in the fourth quarter of fiscal 2020.\u00a0 Fiscal 2021 CBP&D operating income, excluding one-time items, was $19.1 million<\/span>, a reduction of $4.5 million<\/span>, or 19%, compared to operating income of $23.6 million<\/span> in fiscal 2020, and directly attributable to the pandemic-related drop in book fair revenues, partially offset by cost savings measures taken throughout the current fiscal year.<\/p>\n

\n Education<\/u>\n <\/p>\n

\n\n\n\n\n\n
\n

\n In $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u0394 FY21 vs. FY20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0124.9<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 312.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 94.7<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 287.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a030.2<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a025.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 40.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Fourth quarter 2021 segment revenues grew $30.2 million<\/span>, or 32%, to $124.9 million<\/span>, versus the comparable prior year period on higher sales in most channels, particularly leveled bookrooms, summer reading programs, paperbacks and collections, and literacy partnerships, as well as in the segment’s teaching resources and digital subscription product categories.\u00a0 For the fiscal year, Education segment revenues were $312.3 million<\/span>, compared to $287.3 million<\/span> a year ago, an increase of $25.0 million<\/span>, or 9%.\u00a0\u00a0 In the fourth quarter, segment operating income was $40.8 million<\/span> versus $27.3 million<\/span> in the fourth quarter of fiscal 2020, an increase of 49%, reflecting the higher sales volumes.\u00a0 Fiscal 2021 Education operating income was $60.6 million<\/span>, an increase of $30.7 million<\/span>, or 103% versus the prior year, driven by higher revenues and the benefits of the Company’s cost savings actions.\u00a0 Effective June 1<\/span>st<\/sup>, Education’s multiple channels were consolidated into a single Education Solutions group to allow for increased investment in digital learning and greater cross-selling opportunities across the entire segment’s portfolio of print and digital products.\u00a0 The new combined division will now house all Scholastic programs that are purchased by districts and schools for use in classroom instruction and supplementary learning, as well as family and community engagement, professional learning, and related services.<\/p>\n

\n International<\/u>\n <\/p>\n

\n\n\n\n\n\n\n
\n

\n In $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u0394 FY21 vs. FY20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 84.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 323.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 57.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 324.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 27.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 (1.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (10.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income \/ (loss),\u00a0\u00a0 excluding one-time items*<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 5.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.2<\/span>\n <\/p>\n<\/td>\n

\n

\n (9.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (4.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 36.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n * <\/sup>Please refer to the non-GAAP financial tables attached.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Fourth quarter 2021 segment revenues grew $27.0 million<\/span>, or 47%, to $84.3 million<\/span>, as compared to the fourth quarter of 2020, with higher sales recorded in Canada<\/span>, Australia<\/span>, and in Asia<\/span> across most channels \u2013 direct sales, trade and education.\u00a0 Fiscal 2021 International revenue was $323.3 million<\/span>, basically on par with prior year’s results as global markets grappled with COVID-related disruptions throughout the current fiscal year.\u00a0 In the fourth quarter, International recorded operating income of $5.1 million<\/span>, excluding one-time items, versus an operating loss of $9.1 million<\/span>, excluding one-time items, in the fourth quarter of fiscal 2020, on higher sales volumes. Segment operating income for the full fiscal year was $31.2 million<\/span>, excluding one-time items for restructuring severance and branch consolidation and other business rationalization costs of $7.2<\/span>, million, an increase of $36.0 million<\/span>, as compared to an operating loss of $4.8 million<\/span>, which excluded one-time charges of $1.7 million<\/span>.\u00a0 The year-over-year improvement in segment operating income reflects the benefits of the Company’s cost reduction activities and the receipt of certain pandemic-related government subsidies in the current fiscal year.\u00a0 <\/p>\n

In fiscal 2021, the impact of foreign exchange on the Company’s international businesses resulted in a $16.9 million<\/span> improvement in revenues and a $0.4 million<\/span> increase in operating income versus the prior year period. <\/p>\n

\n Overhead<\/u>\n <\/p>\n

\n\n\n\n\n\n
\n

\n In $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n Fiscal 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u0394 FY21 vs. FY20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4Q<\/span>\n <\/p>\n<\/td>\n

\n

\n FY<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Overhead expense<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 43.6<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 121.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 16.2<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 135.5<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0(27.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 $14.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Overhead expense, excluding one-time items*<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 18.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 71.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (7.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n * <\/sup>Please refer to the non-GAAP financial tables attached<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

In the fourth quarter of fiscal 2021, overhead expense, excluding one-time items, was $18.6 million<\/span>, an increase of $7.5 million<\/span> versus $11.1 million<\/span> of overhead expense, excluding one-time items, in the fourth quarter of fiscal 2020.\u00a0 The higher overhead expense in the current year period reflects higher spending on the Company’s technology roadmap, as well as on certain manufacturing and logistics programs.\u00a0 Corporate overhead for the fiscal year was $71.9 million<\/span>, excluding one-time items of $49.1 million<\/span>, pre-tax, versus corporate overhead of $81.0 million<\/span> in the prior year, after excluding $54.5 million<\/span> in one-time items.\u00a0 Excluding one-time items in both periods, the lower overhead expense in the current fiscal year was mainly due to the favorable impact of the Company’s cost savings initiatives and lower spending, in general, across many overhead groups.<\/p>\n

\n Vanderbilt Matter <\/b>\n <\/p>\n

Subsequent to its fiscal year-end, Scholastic, along with its co-defendants in a certain legal proceeding, reached a mediation-assisted settlement with Vanderbilt University<\/span> regarding a license agreement for intellectual property used in the Company’s former READ 180 instruction platform, and certain trademarks in connection with the marketing and sale of READ 180 and ancillary products, all of which were included in the sale of Scholastic’s Educational Technology and Services business in May 2015<\/span> and are no longer marketed by the Company. Without admitting to the allegations raised, the agreement requires the Company to pay $20 million<\/span> in a one-time cash payment to Vanderbilt<\/span> to avoid the uncertainties of trial and the additional costs of preparing for and presenting an on-going legal defense in this matter. The settlement amount has been reflected in the Company’s financial results as of May 31, 2021<\/span> as a one-time non-recurring item. While Scholastic expects that a significant portion of the settlement and related defense costs will be covered by the Company’s insurance programs, it is premature to determine with any level of probability or accuracy what those recoveries could be at this time.\u00a0 \u00a0\u00a0<\/p>\n

\n Chief Executive Officer Appointment <\/b>\n <\/p>\n

As previously announced, Peter Warwick<\/span> has been named the Company’s new President and Chief Executive Officer effective August 1<\/span>, 2021.\u00a0 Mr. Warwick has served as an independent director on the Company’s board since 2014 and will assume the lead operating roles and responsibilities of the late M. Richard (Dick) Robinson, Jr.<\/span><\/p>\n

\n Additional Information<\/b>\n <\/p>\n

To supplement our financial statements presented in accordance with GAAP, we include certain non-GAAP calculations and presentations including, as noted above, “Adjusted EBITDA” and “Free Cash Flow”.\u00a0 Please refer to the non-GAAP financial table attached to this press release for supporting details on the impact of one-time items on operating income, net income and diluted EPS, and the use of non-GAAP financial measures included in this release. This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.<\/p>\n

\n Conference Call<\/b>\n <\/p>\n

The Company will hold a conference call to discuss its results at 4:30 p.m. ET<\/span> today, July 22, 2021<\/span>. Scholastic’s Lead Independent Director, James Barge<\/span>; Iole Lucchese<\/span>, Executive Vice President, Chief Strategy Officer; and Kenneth Cleary<\/span>, the Company’s Chief Financial Officer, will moderate the call.<\/p>\n

The conference call and accompanying slides will be webcast and accessible through the Investor Relations section of Scholastic’s website, www.scholastic.com<\/a>. Participation by telephone will be available by dialing (877) 654-5161 from within the U.S. or +1 (678) 894-3064 internationally. Shortly following the call, an archived webcast and accompanying slides from the conference call will also be posted at www.investor.scholastic.com<\/a>. An audio-only replay of the call will be available by dialing (855) 859-2056 from within the U.S. or +1 (404) 537-3406 internationally, and entering access code 7638704. The recording will be available through Friday, July 30, 2021<\/span>.<\/p>\n

\n About Scholastic<\/b>\n <\/p>\n

For more than 100 years, Scholastic Corporation (NASDAQ: SCHL) has been encouraging the personal and intellectual growth of all children, beginning with literacy. Having earned a reputation as a trusted partner to educators and families, Scholastic is the world’s largest publisher and distributor of children’s books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children’s media. The Company creates and distributes bestselling books and e-books, print and technology-based learning programs for pre-K to grade 12, and other products and services that support children’s learning and literacy, both in school and at home. With 15 international operations and exports to 165 countries, Scholastic makes quality, affordable books available to all children around the world through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online. Learn more at www.scholastic.com<\/a>.<\/p>\n

\n Forward-Looking Statements<\/b>\n <\/p>\n

This news release contains certain forward-looking statements relating to future periods. Such forward-looking statements are subject to various risks and uncertainties, including those arising from the continuing impact of COVID-19 related measures taken by governmental authorities, school administrators, or suppliers or customers which may curtail or otherwise adversely affect certain of the Company’s business operations, and the conditions of the children’s book and educational materials markets generally and acceptance of the Company’s products within those markets, and other risks and factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Table 1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0Scholastic Corporation\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Consolidated Statements of Operations\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0(In $ Millions, except per share data)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n THREE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n TWELVE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $401.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $284.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $1,300.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,487.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Operating costs and expenses:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Cost of goods sold<\/span>\n <\/p>\n<\/td>\n

\n

\n 198.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 166.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 666.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 751.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Selling, general and administrative expenses\u00a0 (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 179.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 147.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 584.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 722.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 60.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Asset impairments and write downs (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 11.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 40.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Total operating costs and expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 391.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 330.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,323.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,575.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (46.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (22.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (88.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Interest income (expense), net<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (5.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Other components of net periodic benefit (cost)\u00a0<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 0.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Gain (loss) on sale of assets and other (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10.4<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Earnings (loss) before income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (47.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (18.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n (89.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Provision (benefit) for income taxes(4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n

\n (34.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (7.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n (46.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (13.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (10.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n (43.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Less: Net income (loss) attributable to noncontrolling interest<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net income (loss) attributable to Scholastic Corporation<\/span>\n <\/p>\n<\/td>\n

\n

\n $7.6<\/span>\n <\/p>\n<\/td>\n

\n

\n ($13.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n ($11.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($43.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Basic and diluted earnings (loss) per share of Class A and Common Stock (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Basic<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.22<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.38)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n ($0.32)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($1.27)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.22<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.38)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n ($0.32)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($1.27)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Basic weighted average shares outstanding<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,378<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,244<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 34,332<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,622<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Diluted weighted average shares outstanding<\/span>\n <\/p>\n<\/td>\n

\n

\n 35,108<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,379<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 34,622<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,865<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the Company recognized pretax mediation-assisted settlement charges of $20.0 related to intellectual property used in formerly owned products, pretax severance of $5.1 and $23.1, respectively, and pretax branch consolidation and other business rationalization costs of $6.6 and $7.5, respectively. In the three and twelve months ended May 31, 2020, the Company recognized\u00a0 pretax severance of $6.2 and $13.1. In the twelve months ended May 31, 2020, the Company recognized pretax settlement charges of $2.5.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (2)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the Company recognized pretax asset impairments of $0.2 and $2.6 related to its plan to permanently close 13 of its 54 book fair warehouses in the U.S. as part of a branch consolidation project. In the twelve months ended May 31, 2021, the Company recognized pretax asset impairments of $8.5 related to its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building. In the three and twelve months ended May 31, 2020, the Company recognized a pretax impairment charge of $0.6 related to an outdated technology platform in Canada. In the twelve months ended May 31, 2020, the Company recognized a pretax asset write down of $40.0 related to the Company’s club and fair channels.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the twelve months ended May 31, 2021, the Company recognized pretax gain on the sale of its UK distribution center located in Southam of $3.8. In the twelve months ended May 31, 2021, the Company recognized pretax gain on the sale of its Danbury facility of $6.6.\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (4)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the tax impact in respect to one-time pretax charges was $8.0 and $15.5, respectively. In the three and twelve months ended May 31, 2020, the tax impact in respect to one-time pretax charges was $1.8 and $15.3, respectively.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (5)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating earnings per share based on rounded numbers may not yield the results as presented.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n Table 2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0Scholastic Corporation\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0Segment Results\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0(In $ Millions)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n THREE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n TWELVE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Children’s Book Publishing and Distribution<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Book Clubs<\/span>\n <\/p>\n<\/td>\n

\n

\n $37.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $19.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $17.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 92%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $145.1<\/span>\n <\/p>\n<\/td>\n

\n

\n $156.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($11.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (7%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Book Fairs<\/span>\n <\/p>\n<\/td>\n

\n

\n 76.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 138%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 164.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 383.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (219.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n (57%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Consolidated Trade<\/span>\n <\/p>\n<\/td>\n

\n

\n 78.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 80.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n (2%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 355.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 334.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 6%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 192.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 132.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 46%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 664.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 875.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (210.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (24%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.8<\/span>\n <\/p>\n<\/td>\n

\n

\n (46.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 58.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 125%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n (42%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 2.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Education<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 124.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 94.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 32%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 312.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 287.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 9%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 40.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 49%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 103%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.8%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 19.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n International\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 57.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 47%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 323.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 324.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (10.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 106%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.5<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0nm\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 7.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Overhead expense\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (27.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0nm\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 121.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 135.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 11%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Operating income (loss)\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n $9.7<\/span>\n <\/p>\n<\/td>\n

\n

\n ($46.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $55.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 121%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($22.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n ($88.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $65.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 74%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Table 3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0Scholastic Corporation\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Supplemental Information\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0(Unaudited)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0(In $ Millions)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Selected Balance Sheet Items\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Continuing Operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $366.5<\/span>\n <\/p>\n<\/td>\n

\n

\n $393.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Accounts receivable, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 256.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 239.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Inventories, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 269.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 270.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Accounts payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 138.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 153.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Accrued royalties<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Lines of credit and current portion of long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 182.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 210.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Total debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 190.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 218.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Net debt (cash) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n (176.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n (175.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Total stockholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,182.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,180.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Selected Cash Flow Items\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n THREE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n TWELVE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Net cash provided by (used in) operating activities<\/span>\n <\/p>\n<\/td>\n

\n

\n $34.5<\/span>\n <\/p>\n<\/td>\n

\n

\n ($41.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $71.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $2.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Add:\u00a0\u00a0\u00a0\u00a0 Net proceeds from sale of assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.0<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 17.4<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Less:\u00a0\u00a0\u00a0 Additions to property, plant and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 47.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 62.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prepublication expenditures<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 20.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Free cash flow (use) (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $19.0<\/span>\n <\/p>\n<\/td>\n

\n

\n ($63.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $20.5<\/span>\n <\/p>\n<\/td>\n

\n

\n ($89.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Net debt (cash) is defined by the Company as lines of credit and short-term debt plus long-term-debt, net of cash and cash equivalents. The Company utilizes this non-GAAP financial measure, and believes it is useful to investors, as an indicator of the Company’s effective leverage and financing needs.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (2)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Free cash flow (use) is defined by the Company as net cash provided by or used in operating activities (which includes royalty advances) and cash acquired through acquisitions and from sale of assets, reduced by spending on property, plant and equipment and prepublication costs. The Company believes that this non-GAAP financial measure is useful to investors as an indicator of cash flow available for debt repayment and other investing activities, such as acquisitions. The Company utilizes free cash flow as a further indicator of operating performance and for planning investing activities.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Table 4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0Scholastic Corporation\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Supplemental Results\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Excluding One-Time Items\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0(In $ Millions)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n THREE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time<\/span>\n <\/p>\n<\/td>\n

\n

\n Excluding<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time<\/span>\n <\/p>\n<\/td>\n

\n

\n Excluding<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n items<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n

\n items<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Diluted earnings (loss) per share (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $0.22<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.68<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.90<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.38)<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.15<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.23)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Net income (loss) (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $7.6<\/span>\n <\/p>\n<\/td>\n

\n

\n $23.9<\/span>\n <\/p>\n<\/td>\n

\n

\n $31.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($13.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n $5.0<\/span>\n <\/p>\n<\/td>\n

\n

\n ($8.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Children’s Book Publishing and Distribution(3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $11.8<\/span>\n <\/p>\n<\/td>\n

\n

\n $2.5<\/span>\n <\/p>\n<\/td>\n

\n

\n $14.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($46.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.0<\/span>\n <\/p>\n<\/td>\n

\n

\n ($46.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Education<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.8<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 40.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.3<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n International(4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (9.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Overhead(5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (43.6)<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (18.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.1<\/span>\n <\/p>\n<\/td>\n

\n

\n (11.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $9.7<\/span>\n <\/p>\n<\/td>\n

\n

\n $31.9<\/span>\n <\/p>\n<\/td>\n

\n

\n $41.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($46.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n $6.8<\/span>\n <\/p>\n<\/td>\n

\n

\n ($39.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n TWELVE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time<\/span>\n <\/p>\n<\/td>\n

\n

\n Excluding<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time<\/span>\n <\/p>\n<\/td>\n

\n

\n Excluding<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n

\n items<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n

\n items<\/span>\n <\/p>\n<\/td>\n

\n

\n One-time items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Diluted earnings (loss) per share (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.32)<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.35<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($1.27)<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.18<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.08)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Net income (loss) (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($11.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n $46.2<\/span>\n <\/p>\n<\/td>\n

\n

\n $35.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($43.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n $40.9<\/span>\n <\/p>\n<\/td>\n

\n

\n ($2.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Children’s Book Publishing and Distribution(3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $13.7<\/span>\n <\/p>\n<\/td>\n

\n

\n $5.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $19.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $23.6<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $23.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Education<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.6<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.9<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n International(4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.7<\/span>\n <\/p>\n<\/td>\n

\n

\n (4.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Overhead(5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (121.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n 49.1<\/span>\n <\/p>\n<\/td>\n

\n

\n (71.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (135.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n 54.5<\/span>\n <\/p>\n<\/td>\n

\n

\n (81.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($22.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n $61.7<\/span>\n <\/p>\n<\/td>\n

\n

\n $39.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($88.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n $56.2<\/span>\n <\/p>\n<\/td>\n

\n

\n ($32.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating earnings per share based on rounded numbers may not yield the results as presented.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (2)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the tax impact in respect to one-time pretax charges was $8.0 and $15.5, respectively. In the three and twelve months ended May 31, 2020, the tax impact in respect to one-time pretax charges was $1.8 and $15.3, respectively.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the Company recognized pretax asset impairment of $0.2 and $2.6, respectively, and branch consolidation costs of $2.3 and $2.8, respectively, related to its plan to permanently close 13 of its 54 book fair warehouses in the U.S.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (4)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the Company recognized pretax severance of $0.1 and $2.6, respectively, and pretax branch consolidation and other business rationalization costs of $4.3 and $4.6, respectively. In the three and twelve months ended May 31, 2020, the Company recognized pretax severance of $1.1 and a pretax impairment charge of $0.6 related to an outdated technology platform in Canada.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (5)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n In the three and twelve months ended May 31, 2021, the Company recognized pretax mediation-assisted settlement charges of $20.0 related to intellectual property used in formerly owned products and pretax severance of $5.0 and $20.5, respectively. In the twelve months ended May 31, 2021, the Company recognized pretax asset impairment charges of $8.5 and branch consolidation costs of $0.1, respectively, related to its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building. In the three and twelve months ended May 31, 2020, the Company recognized\u00a0 pretax severance of $5.1 and $12.0, respectively. In the twelve months ended May 31, 2020, the Company recognized pretax asset write down of $40.0 related to the Company’s club and fair channels and pretax settlement charges of $2.5.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Table 5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0Scholastic Corporation\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Consolidated Statements of Operations – Supplemental\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Adjusted EBITDA\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0(In $ Millions)\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n THREE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Earnings (loss) before income taxes as reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $8.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n ($47.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n One-time items before income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 6.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Earnings (loss) before income taxes excluding one-time items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (40.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Interest (income) expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Depreciation and amortization(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 15.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Amortization of prepublication costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Adjusted EBITDA(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $63.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n ($17.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n TWELVE MONTHS ENDED<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 05\/31\/21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 05\/31\/20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Earnings (loss) before income taxes as reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($18.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n ($89.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n One-time items before income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 56.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Earnings (loss) before income taxes excluding one-time items<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (33.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Interest (income) expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Depreciation and amortization(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 64.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Amortization of prepublication costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 26.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Adjusted EBITDA(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $139.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $56.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n For the three and twelve months ended May 31, 2021, amounts include depreciation of $0.8 and $3.2, respectively, recognized in cost of goods sold, amortization of deferred financing costs of $0.1 and $0.5, respectively, and amortization of capitalized cloud software of $0.2 and $0.7, respectively, recognized in selling, general and administrative expenses. For the three and twelve months ended May 31, 2020, amounts include depreciation of $0.5 and $2.2, respectively, recognized in cost of goods sold, amortization of deferred financing costs of $0.1 and $0.3, respectively, and amortization of capitalized cloud software of $0.0 recognized in selling, general and administrative expenses.\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n (2)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted EBITDA is defined by the Company as earnings (loss), excluding one-time items, before interest, taxes, depreciation and amortization. The Company believes that Adjusted EBITDA is a meaningful measure of operating profitability and useful for measuring returns on capital investments over time as it is not distorted by unusual gains, losses, or other items.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

SCHL: Financial<\/p>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/scholastic-reports-q4-and-fiscal-2021-results-301339858.html<\/a><\/p>\n

SOURCE Scholastic Corporation<\/p>\n<\/p><\/div>\n

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Revenues Up 41% in Fourth Quarter on Improving Market Conditions Improved Profitability in all Operating Segments on Lower Cost Base Book Fair Bookings Higher for Upcoming Back-to-School Season PR Newswire NEW YORK, July 22, 2021 \/PRNewswire\/ — Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today reported financial results for the Company’s fiscal fourth quarter and full year ended May 31, 2021. Fiscal 2021 Review In $ millions Fiscal 2021 Fiscal 2020 \u0394 FY21 vs. FY20 4Q FY 4Q FY 4Q FY Revenues $401.4 $1,300.3 $284.0 $1,487.1 $117.4 ($186.8) Operating income (loss) 9.7 (22.7) (46.2) (88.5) 55.9 65.8 \u00a0\u00a0 One-time items (31.9) (61.7) (6.8) (56.2) na na Operating income (loss), excluding one-time items* 41.6 39.0 (39.4) … <\/p>\n

Continue reading “Scholastic Reports Q4 And Fiscal 2021 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-516660","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nScholastic Reports Q4 And Fiscal 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/scholastic-reports-q4-and-fiscal-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scholastic Reports Q4 And Fiscal 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Revenues Up 41% in Fourth Quarter on Improving Market Conditions Improved Profitability in all Operating Segments on Lower Cost Base Book Fair Bookings Higher for Upcoming Back-to-School Season PR Newswire NEW YORK, July 22, 2021 \/PRNewswire\/ — Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today reported financial results for the Company’s fiscal fourth quarter and full year ended May 31, 2021. 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