‘Hunger Games’ Gooses Scholastic’s Quarterly Earnings

Scholastic CEO says the Suzanne Collins books have become a publishing phenomenon like Harry Potter

Anticipation for the big-screen version of "The Hunger Games" powered a robust third quarter for the book's publisher Scholastic. 

Ssales of the young adult novel by Suzanne Collins had reached a high-water mark thanks to the upcoming film, Scholastic CEO Richard Robinson said on a conference call with investors on Thursday. 

Likening the series to the Harry Potter and Goosebumps books, Robinson said, "'The Hunger Games" has become "a global sensation reflecting the incredible talent of Suzanne Collins, whom we have nurtured, published and believed in since her first major book project with Scholastic eight years ago."

Also read: 'Hunger Games' Premiere: Why There's No Nudity, and Why It Won't Need It

In fact, Hollywood adaptations of the company's children's books gave Scholastic a big boost over the three month period. The holiday season releases of "Hugo" and "War Horse" goosed sales of the books on which they are based.

Revenue in Scholastic's children's book and publishing unit jumped to $266 million, compared to $193 million in the same period a year ago. 

Robinson said that he did not think that the company would see a similar spike in sales of "The Hunger Games" books going forward, noting that Collins has no plans to write any more sequels and that many readers have already purchased their copies of the books. 

Lionsgate plans to make four movies based on the series over the next six years. The first film in the planned franchise stars Jennifer Lawrence and Josh Hutcherson and hits theaters next week. 

Thanks to the success of "Hunger Games," Scholastic upped its earnings estimate for the year to between $2.60 to $2.90 a share on revenue of $2 billion. In July, the company forecast earnings of between $1.75 to $2.10 a share on revenue of  $1.9 billion.

For the third quarter, Scholastic reported $3.2 million, or 10 cents a share, in losses, an improvement from the $25.1 million, or 81 cents a share, it lost in the same period last year.

Revenue also improved, rising 22 percent to $467 million, compared to $384.3 million a year ago. 

Scholastic's stock price jumped over 11 percent to $35.79 after earnings were announced. 

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