Sept. 25 (Bloomberg) -- Scholastic Corp. reported a wider first-quarter loss after results a year earlier were boosted by the publication of the final ``Harry Potter'' novel.

The net loss widened to $49.1 million, or $1.30 a share, in the period ended Aug. 31, from $2.8 million, or 7 cents, a year earlier, the New York-based publisher said today in a statement. Revenue fell 46 percent to $285 million.

The loss included the company's direct-to-home unit, which the company agreed to sell to Norway's Sandvik AS in August for an undisclosed amount. In a bid to reposition itself without new ``Harry Potter'' books, Scholastic this month published ``The Maze of Bones,'' the first in a series of 10 books that are part of its ``39 Clues'' multimedia adventure series.

Chief Executive Officer Richard Robinson, who announced in July that jobs cuts would save as much as $35 million in fiscal 2009, said in the statement today that the cost savings were ``on track.'' The company maintained its 2009 forecast for revenue of as much as $2.1 billion and earnings of $1.75 to $2.10 a share.

Excluding losses from the direct-to-home unit, the first- quarter loss was $1.18 a share, compared with profit of 8 cents a year earlier. Analysts on average predicted a loss of $1, according to three estimates compiled by Bloomberg.

Scholastic fell $1.42, or 5.2 percent, to $26 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares have declined 25 percent this year.

To contact the reporter on this story: James Callan in New York jcallan2@bloomberg.net.

Last Updated: September 25, 2008 16:11 EDT