Schoastic shares fall 13% after-hours on weak fiscal first-quarter sales

Schoastic shares fell 13% in after-hours trading after the company reported a 4% drop in fiscal first-quarter sales to $216.8 million, citing tight school budgets. Loss widened to $3.77 per share from $2.83 a year earlier. Education and children's book publishing drove the decline. The company affirmed its full-year outlook for 2-4% revenue growth and adjusted EBITDA of $135-$145 million.