Scholastic Corporation reported a strong Q4 and made rosy predictions about the future, as it prepared to release the seventh and final Harry Potter book at midnight tonight. For the quarter ended May 31, 2007, net income increased to US$40.4 million, compared to a figure of US$38.4 million for the same period last year. Meanwhile overall revenues for the fiscal year rang in at US$2.178 billion with a net income of US$60.9 million.

On the consumer products front, Scholastic’s Media, Licensing and Advertising segment enjoyed a 7% rise in revenue and an impressive 55% jump in operating profit to US$16 million from US$10.3 million.

In the absence of a new Harry Potter release, the Children’s Book Publishing and Distribution segment reported gross revenue of US$1.153 billion, down from US$1.304 billion the year before when the sixth Potter instalment hit bookstores. Segment operating profit was down significantly to US$68.8 from US$114.2 million the previous year.

However for fiscal 2008, the company expects total revenues to reach between US$2.3 and US $2.5 billion. That’s Potterific.