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To: spesk who wrote (28396)	3/18/1999 6:20:00 PM
From: Jenna	Respond to of 120523

SCHL first profitable quarter. Scholastic Reports 3rd Quarter Revenue GrowthAnd Margin Improvement Strengthens Leadership in Literacy & Technology with Two New Programs NEW YORK--(BUSINESS WIRE)--March 18, 1999-- Scholastic Corporation (NMS: SCHL), the global children's publishing and media company, reported revenue growth and margin improvement for the third quarter ended February 28, 1999. Scholastic also announced that it was strengthening its leadership position in literacy and technology for schools with the release of Scholastic READ 180(tm), an intervention program for struggling readers, and Scholastic Reading Counts!(tm), a motivation program for all readers. For the third quarter ended February 28, 1999, revenues increased 12% to $267.3 million compared to $239.0 million and net income improved to $0.2 million or $0.01 per share compared to a net loss of $3.1 million or $0.19 per share. Because the third quarter occurs when schools close for extended holidays, it is typically Scholastic's second smallest revenue producing quarter of the fiscal year. For the nine months ended February 28, 1999, revenues increased 8% to $820.7 million compared to $760.5 million and net income increased 48% to $14.4 million or $0.86 per diluted share compared to $9.7 million or $0.60 per share. All comparisons are to the year ago periods. During the quarter, Domestic Book Publishing revenues increased 12% to $183.6 million compared to $163.3 million in the year ago quarter with important contributions from Scholastic's proprietary school-based book clubs and fairs, trade distribution, and education-related sales. Magazine revenues increased 2% to $16.8 million compared to $16.5 million in the year ago quarter (including $1.4 million of SOHO Group revenue prior to its sale in January 1998), in the year ago quarter. Revenues from Media, TV/Movie Productions and Licensing increased 42% to $25.9 million compared to $18.3 million in the year ago quarter due to increased CD-ROM sales and the strength of Scholastic's media properties. International revenues were level at $41.0 million in U.S. dollars, although slightly higher in local currencies compared to the year ago quarter. ''Our Fiscal 1999 plan has resulted in solid revenue growth and margin improvement,'' said Richard Robinson, Chairman, President and CEO. ''In addition, we are pleased to announce the introduction of two new products, Scholastic READ 180(tm) and Scholastic Reading Counts!(tm). Both programs demonstrate our commitment to literacy and technology, to helping students read at their grade level, and encouraging students to read more and to maintain a love for books. The proven ability of these programs to help young readers when added to the strength of our core print and media businesses, should continue to drive future growth.''