Scholastic Corp (NASDAQ: SCHL) stock surged 9.31% on 27^th September, 2018 and continued the bullish momentum on 28^th September, 2018 after the company posted better than expected results for the first quarter of 2019. Excluding one-time items, the operating loss in the first quarter was $83.3 million, an 11% improvement compared to an operating loss of $93.5 million in the first quarter of 2018. Net loss for the current period was $61.3 million, compared to a net loss in the prior year period of $63.7 million. At quarter end, the Company’s cash and cash equivalents exceeded the Company’s total debt by $254.1 million, compared to $299.9 million a year ago, reflecting the timing of $28.1 million of capital investment in technology, facilities, and other upgrades, as well as higher levels of inventory in advance of the school selling season, including 20th Anniversary editions of the original seven Harry Potter titles and the three million copy first printing of Dav Pilkey’s Dog Man: Lord of the Fleas. Further, the company has closed the quarter with our titles holding the top spots in the BookScan 100 children’s list and five of the top six children’s book series in The New York Times bestsellers’ list.

SCHL in the first quarter of FY 19 has reported the adjusted loss per share of $1.74, beating the analysts’ estimates for the adjusted loss per share of $1.93, as per Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 15 percent to $218.40 million in the first quarter of FY 19, beating the analysts’ estimates for revenue by 9.91%.

Scholastic is on track to achieve its operating goals for the 2019 fiscal year and has affirmed its outlook for revenues in the range of $1.65 to $1.70 billion and earnings per diluted share, excluding one-time items, in the range of $1.60 to $1.70. The Company has also affirmed its target for Adjusted EBITDA (a non-GAAP performance measure defined in the accompanying tables and reconciled to net income) of $160 to $170 million. The Company’s capital investments in technology and facilities upgrades remain on track with capital expenditures projected in the $70 to $80 million range.

SCHL has declared a quarterly cash dividend of $0.15 per share on the Company’s Class A and Common Stock for the second quarter of fiscal 2019. The dividend is payable on December 17, 2018 to shareholders of record as of the close of business on October 31, 2018.