UPDATE 2-Scholastic Q2 profit misses Street, shares down
* Q2 adj EPS $1.72 vs est $2.12
* Q2 rev $661.6 mln vs $687.6 mln yr ago
* Sees FY 09 adj EPS $1.20-$1.50 vs est $1.72 (Recasts; adds details from conference call, share movement)
By Shrutika Verma
BANGALORE, Dec 18 (Reuters) - Scholastic Corp (SCHL.O: Cotización) posted lower-than-expected quarterly earnings as revenue in its children's and educational publishing segments fell and cut its fiscal 2009 earnings outlook, citing the current market environment.
Its shares fell as much as 21 percent after the results. The company's stock has lost more than half its value in the last 52 weeks.
The children's book publisher is going through a strategic planning process and looking at all of its businesses in light of the current environment, Chief Financial Officer Maureen O'Connell said in a conference call.
"Cost reductions have also been a top focus this year as we adapt to the economic environment and continue to target long-term margin improvement," O'Connell said.
It has reduced its spending plan for the second half of fiscal 2009 by a further $20 million by eliminating management bonuses and reducing all categories of discretionary spending. Continuación...