Richard Robinson, chairman, president, and CEO of Scholastic, said today: "Fiscal 2003 was a very difficult year. Our disappointing results primarily reflect a poor bookselling market during the winter and spring." But things are looking up for next fiscal year, thanks to a lift from the Phoenix:
Trade should benefit from the record sales of Harry Potter and the Order of the Phoenix, as well as a strong list of new Scholastic titles, including two Captain Underpants books and a new novel, Ink Heart, by bestselling writer Cornelia Funke.
Scholastic will discuss these figures at their annual investor presentation, which occurs tomorrow (July 16, 2003) at 8:15 a.m. EST. Yesterday, Zacks.com recommended selling Scholastic stock.