UPDATE: Scholastic Posts Wider FQ1 Loss

Scholastic (NASDAQ: SCHL) reported a wider loss for the fiscal first quarter. The New York-based company posted a quarterly loss of $34.1 million, or $1.05 per share, versus a year-ago loss of $29.9 million, or $0.94 per share. Excluding certain items, the company posted an adjusted loss of $1.03 per share. Its sales rose 3% to $283.8 million from $276.3 million. However, analysts were expecting a loss of $0.84 per share on revenue of $285 million. Revenue for Children's Book Publishing and Distribution segment rose to $54.7 million from $54.6 million, while Educational Technology and Services segment revenue fell 6% to $89.4 million from $94.8 million. Revenue for Classroom and Supplemental Materials Publishing segment surged 13% to $42.8 million from $37.8 million.International segment revenue rose 10% to $86.3 million from $78.7 million, while Media, Licensing and Advertising segment revenue gained to $10.6 million from $10.4 million.At quarter end, Scholastic's net debt was $183.5 million, compared to $13.4 million a year earlier."In our Educational Technology segment this quarter, we further strengthened our field sales organization by adding critical new sales management, and we intensified sales efforts on our core reading and mathematics intervention programs, including services to support the professional growth of teachers. We expect to see higher revenues from these initiatives over the remainder of the fiscal year," said Richard Robinson, Chairman, President and Chief Executive Officer.Scholastic affirmed its forecast for the full fiscal year. It expects earnings of $1.80 to $2.00 per share on sales of $1.9 billion.Scholastic shares gained 1.37% to close at $34.02 yesterday.