Business
School Specialty Announces Fiscal 2015 First Quarter Results and Reaffirms Fiscal 2015 Full Year Guidance
School Specialty Announces Fiscal 2015 First Quarter Results and Reaffirms Fiscal 2015 Full Year Guidance.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n\t- Company reiterates fiscal 2015 Adjusted EBITDA guidance of $48-$54 million; reaffirms revenue guidance, projecting fiscal 2015 growth of 1.5% - 4.5%\n\n\t- Significant improvements in bookings in July and first part of fiscal 2015 second quarter as order patterns continue to shift to later in the summer\n\n\t- Process Improvement Programs generating anticipated cost savings and efficiencies; Corporate SG&A increases in the fiscal 2015 first half not expected to recur throughout the year\n\n\tGREENVILLE, Wis., Sept. 4, 2014 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB:SCOO) (\"School Specialty\" or \"the Company\"), a leading distributor of supplies, furniture and both supplemental and curriculum products to the education marketplace, today announced its fiscal 2015 first quarter results for the period ended July 26, 2014.\n\n\tJoseph M. Yorio, President and Chief Executive Officer of School Specialty stated, \"Historically our big ordering spikes have occurred during the months of May, June and July. Increasingly, back-to-school order patterns have shifted to later in the summer. As a result, we expect to realize a greater portion of expected sales in the coming months. Our top-line projections for growth of 1.5-4.5% remain intact, as we continue to build momentum across various product lines such as our e-tail/retail channel business, which should drive additional growth in the second half of the year.\"\n\n\tMr. Yorio continued, \"The Process Improvement Programs underway are also yielding the desired cost savings and creating greater efficiencies and synergies within our Company. During the first quarter, we incurred some additional transition-related expenses, most of which will not recur as we move forward.  We are looking at all aspects of our organization to lower costs further, while continuing to invest in our operations, infrastructure, product offering, and our people.  Given recent and expected market trends, and our outlook through the remainder of the year, we feel comfortable with both our top- and bottom-line guidance. We are maintaining focus on serving our customers, while also setting the foundation for longer-term growth in both existing and new markets.  We still have a lot of work ahead of us to get where we want to be, and at the same time, we've come a long w...