Business
School Specialty Announces Financial Results for Its Short Year 2015 First Quarter
School Specialty Announces Financial Results for Its Short Year 2015 First Quarter.
About this update from School Speciality Inc
[{"type":"text","content":"\nGREENVILLE, Wis., Sept. 1, 2015 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB:SCOO) (\"School Specialty\", \"SSI\" or \"the Company\"), a leading distributor of supplies, furniture and both curriculum and supplemental learning resources to the education marketplace, today announced its financial results for the quarter ended July 25, 2015. The Company will be hosting a teleconference and webcast tomorrow, September 2, 2015 at 10:00 a.m. ET to discuss its results of operations and outlook.\n\n\tSchool Specialty previously announced a change in its fiscal year end from the last Saturday in April to the last Saturday in December. As a result, the Company plans to report its financial results for the period of April 26, 2015 to December 26, 2015 (\"Short Year 2015\") on a transition report on Form 10-K.\n\n\tJoseph M. Yorio, President and Chief Executive Officer of School Specialty stated, \"The changes we've made throughout the organization, and particularly in our fulfillment centers and sales force, helped drive year-over-year improvements and I'm pleased with what our team has accomplished. While it may take more time for some of our new growth initiatives to materially impact results, our revenues have stabilized and are trending consistent with expectations. I believe we're better positioned than at any time over the past several years to drive organic growth. Additionally, the changes we have implemented over the past six months to right size and realign our organization are not only resulting in lower expenses, but greater efficiencies and collaboration within all departments. Despite operating today with 20% fewer associates than a year ago, our organization is delivering for our customer's at the most efficient rate in memory and prudently investing in growth.   We are on track to meet our Short Year 2015 projections and we're aggressively going after new business opportunities in existing and new markets that will have a positive impact in 2016 and beyond.\"\n\n\tFirst Quarter Results for the Short Year 2015 (compares three months ended July 25, 2015 and July 26, 2014)\n\n\t\n\t\tRevenues for both the three month periods were $199.5 million. Distribution segment revenues increased 2.4% or $4.0 million, to $170.6 million, driven by increases in the Company's Supplies and Furniture product lines, which ...