Scholastic (NASDAQ:SCHL) Corporation (NASDAQ:SCHL), a leader in publishing, education, and media, announced the results of its annual stockholders' meeting held on September 18, 2024. The company confirmed that all nominated members were elected to its Board of Directors with unanimous consent from the holders of Class A stock.
The nominees for the Board of Directors, including Iole Lucchese, Andrés Alonso, Robert Dumont, Kaya Henderson, Linda Li, Verdell Walker, Peter Warwick, and David J. Young, each received 828,100 votes in favor. There were no votes against or withheld, and broker non-votes were not applicable as Class A Stock is not held through brokers.
Additionally, the common stockholders voted on the election of directors. James W. Barge received 15,953,917 votes in favor and 7,515,716 withheld. John L. Davies secured 22,815,824 votes for and 653,809 withheld, while Alix Guerrier garnered 23,426,701 votes for with only 42,932 withheld. No votes were cast against these nominees, and there were no broker non-votes reported.
In other recent news, Scholastic Corporation has seen some significant developments. The company reported a decline in its fiscal year 2024 fourth-quarter earnings, with consolidated revenue dropping by 10% or $53 million. Despite this downturn, Scholastic generated a robust free cash flow and returned substantial capital to shareholders.
Looking ahead, the company anticipates modest revenue and EBITDA growth for fiscal 2025, particularly focusing on its Entertainment and Children's Books segments.
In other news, Scholastic has appointed Stacey Jaffe as its new Chief Digital Officer. Previously the Senior Vice President of Data & Digital Strategy, Jaffe is expected to enhance the company's digital capabilities and leverage data to improve customer experiences. This strategic appointment is part of Scholastic's ongoing efforts to adapt to the evolving digital landscape and meet the changing needs of its customers.
InvestingPro Insights
In light of Scholastic Corporation's recent annual stockholders' meeting, a look at the company's financial health and market performance provides additional context for investors. According to InvestingPro data, Scholastic's market capitalization stands at approximately $881 million, reflecting its size and market presence within the publishing industry. Despite a challenging market environment, the company has maintained a consistent dividend yield of 2.55%, showcasing its commitment to providing shareholder value. This is further supported by the fact that Scholastic has managed to maintain dividend payments for 17 consecutive years, a testament to its financial stability and prudent management.
InvestingPro Tips highlight that Scholastic's management has been actively engaging in share buybacks, which can often signal confidence in the company's future prospects. Additionally, the company is trading at a low revenue valuation multiple, suggesting that its stock may be undervalued relative to its sales. For investors seeking a deeper dive into Scholastic's performance and future outlook, InvestingPro offers a comprehensive list of tips, including analyses on net income growth expectations and liquidity assessments. In fact, there are over 10 additional InvestingPro Tips available for Scholastic, which can provide valuable insights for both current and potential shareholders.
It's also noteworthy that analysts predict Scholastic will be profitable this year, and the company has been profitable over the last twelve months. These financial indicators, combined with the recent unanimous election of board members, may contribute to a positive outlook for Scholastic's operational and governance stability moving forward. For a full range of insights and metrics, interested parties can visit https://www.investing.com/pro/SCHL.
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