Scholastic Corp (NASDAQ: SCHL) reported Q3 EPS of ($0.36), $0.11 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $336.2 million versus the consensus estimate of $367.9 million.

"In the third quarter, we controlled costs effectively, protecting profits despite reduced sales in clubs, while trade sales returned to more normal levels after an exceptional first half driven by new Harry Potter publishing. Our program to better match our fair resources to each school\'s size and interests resulted in a significant improvement in the seasonal operating loss in fairs. Results in Education were on track for the year and we are sharply focused on the fourth quarter sales of comprehensive core curriculum literacy solutions, which are proving to be preferred over traditional textbooks by many teachers and districts," commented Richard Robinson, Chairman, President and Chief Executive Officer. "Our multi-year strategic investment plan in transformative technology systems is progressing and has resulted in higher overhead expense in the quarter, as anticipated. These investments in new enterprise systems and improved processes will affect every aspect of Scholastic's business, lowering costs and enabling the use of data-driven insights to develop closer relationships with our individual customers, schools and districts. As we are making these important strategic investments, we also remain on track to deliver positive free cash flow for the thirteenth consecutive year, excluding taxes paid last year on the sale of the educational technology business."

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