Business
School Specialty Announces Fiscal Year 2016 First Quarter Financial Results
School Specialty Announces Fiscal Year 2016 First Quarter Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n 2016 Q1 Revenues increased $2.1 million or 2.3%, vs. 2015 Q12016 Q1 Gross Profit Margins increased by 30 basis points vs. 2015 Q12016 Q1 SG&A expenses decreased $3.4 million or 6.7%, vs. 2015 Q12016 Q1 Adjusted EBITDA loss of ($5.5) million, an improvement of $0.7 million or 11.3% vs. 2015 Q12016 Q1 Free cash flow of ($15.5) million, an improvement of $3.9 million vs. 2015 Q1 GREENVILLE, Wis., May 03, 2016 (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, healthcare and other marketplaces, today announced financial results for its Fiscal 2016 first quarter ended March 26, 2016.\n Joseph M. Yorio, President and Chief Executive Officer stated, “Our first quarter results showed continued improvement over the prior year and we remain on track to deliver the growth and bottom-line objectives we’ve established for 2016.  We continue to see the impact of operational improvements throughout the organization; however, I’m most encouraged that more of our product categories are showing year-over-year growth as we head into our peak season.   While Projects Furniture was down this quarter, as anticipated, due to the exceptionally strong finish to 2015 and consequently a lower open order position entering 2016, we generated strong growth in our Loose Furniture, Supplies and Science categories. We also achieved modest growth in Instructional Solutions as our efforts in the Early Childhood and Special Needs areas are beginning to take hold.  Finally, our Reading category is stabilizing and expansion into the Healthcare and Safety & Security markets is generating momentum.  Overall, we believe the Company is positioned well to achieve 2.5 to 3.0 percent organic revenue growth this fiscal year and more in the years ahead.” Fiscal Year 2016 Q1 Results (comparisons for the three months ended March 26, 2016 and March 28, 2015) Revenues were $93.7 million, an increase of $2.1 million or 2.3%, as compared to revenues of $91.6 million reported for the comparable period last year.  Distribution segment revenues decreased by $0.8 million or 1.0%.  Revenues from the Company’...