Scholastic Updates Fiscal 2013 Outlook

                    Scholastic Updates Fiscal 2013 Outlook

PR Newswire

NEW YORK, Nov. 20, 2012

NEW YORK, Nov. 20, 2012 /PRNewswire/ -- Scholastic Corporation (NASDAQ: SCHL),
the global children's publishing, education and media company, announced today
that it has revised its earnings guidance for the fiscal year ending May 31,
2013. The Company now expects earnings from continuing operations to be in
the range of $1.40 to $1.60 per diluted share on revenues of approximately
$1.8 to $1.9 billion, compared to the prior guidance of a range of $2.20 to
$2.40 per diluted share on revenues of approximately $1.9 to $2.0 billion.
The earnings guidance excludes the impact of any one-time items associated
with cost reduction programs and non-cash, non-operating items. Free cash
flow for the fiscal year is now expected to be in the range of $100 to $120


The Company has revised its estimates as a result of factors that include
lower curriculum product sales in its Educational Technology and Services
segment, which the Company believes is attributable to school district
financial resources being devoted to train district educators and
administrators in advance of the implementation of the Common Core State
Standards, thereby reducing the availability of funds for higher margin
educational technology products, as well as a delay in purchasing decisions
due to continued uncertainty regarding the federal budget. The Company's
outlook for its Children's Book Publishing and Distribution segment was also
revised to reflect lower sales in its Book Club business generally, lower than
anticipated U.S. sales of The Hunger Games trilogy, and the impact of
Superstorm Sandy on the School Book Fair and School Book Club businesses in
the Northeast. In line with its previously communicated plan, the Company is
investing in its digital initiatives at a higher level than in the prior
fiscal year. 

Scholastic will announce its fiscal 2013 second quarter results in
mid-December 2012. Richard Robinson, Chairman, President and CEO; and Maureen
O'Connell, Executive Vice President, CAO and CFO, will host a conference call
and webcast to discuss the results at that time. Further details on the call
and webcast will be issued in the coming weeks.

About Scholastic
Scholastic Corporation (NASDAQ: SCHL) is the world's largest publisher and
distributor of children's books and a leader in educational technology and
related services and children's media. Scholastic creates quality books and
ebooks, print and technology-based learning materials and programs, magazines,
multi-media and other products that help children learn both at school and at
home. The Company distributes its products and services worldwide through a
variety of channels, including school-based book clubs and book fairs, retail
stores, schools, libraries, on-air, and online at

Forward-Looking Statements
This news release contains certain forward-looking statements. Such
forward-looking statements are subject to various risks and uncertainties,
including the conditions of the children's book and educational materials
markets 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.

SOURCE Scholastic Corporation

Contact: Scholastic Corporation, Investors: Gil Dickoff, +1-212-343-6741,, or Media: Kyle Good, +1-212-343-4563,
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