Scholastic has a good first quarter

In news that should buoy us all, Scholastic reports a good first quarter for fiscal year 2009-2010. Here's what Publishers Weekly has to say:

Led by gains in its educational technology and trade book segments, revenue for the first quarter ended August 31 rose 14% at Scholastic, to $315.6 million. The first quarter loss from continuing operations was cut to $24.6 million from $42.9 million, while the net loss was reduced to $23 million from $49.1 million. Chairman Dick Robinson said the results keep the publisher on track to achieve “significantly higher” earnings for the full year.

In the children’s book publishing & distribution segment, total revenue rose 25%, to $76.2 million, led by a 25% increase in the trade segment which benefitted from sales of the paperback edition of Harry Potter and the Deathly Hallows and the release of the fifth title in the 39 Clues series. The Hunger Games also continued to sell well. Sales through book clubs rose 46%, while book fair sales fell 7%; the first quarter represents a small portion of revenue for clubs and fairs.

Read the rest here.