Business
School Specialty Announces Fiscal Year 2016 Fourth Quarter and Year-end Financial Results
School Specialty Announces Fiscal Year 2016 Fourth Quarter and Year-end Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\nQ4 Revenues increased $9.6 million or 9.1% vs. 2015 Q4Q4 Net loss of $13.8 million, an improvement of $8.8 million vs. 2015 Q4FY 2016 Revenues increased $18.9 million or 3.0% vs. 2015FY Net Income of $14.8 million vs. a net loss of $19.6 million in 2015, a $34.3 million improvementGREENVILLE, Wis., March 15, 2017 (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 fourth quarter and year ended December 31, 2016.\nJoseph M. Yorio, President and Chief Executive Officer, stated, “We closed out 2016 strong and I’m pleased with what our team accomplished throughout the year.  Our exceptional 9% growth in Q4 capped off a year in which we saw 3% growth overall.  Achieving back-to-back years of growth is a strong step for our Company and we did so while lowering SG&A by over 4% and continuing to invest in our business.  Operating Income increased by more than $21 million and Adjusted EBITDA for the fiscal year grew by 13.5%.  While accommodating growth and driving cost reductions, our operational performance has been exceptional and our Fulfillment Centers and support departments continue to deliver exceptional service for our customers.  As we enter the new fiscal year, our team remains laser-focused on strengthening our product assortment, deploying our innovative team-based sales model, and generating new revenue in existing categories and markets, as well as in new developing areas.  Operationally, we continue to build Process Excellence into everything we do and it is having an impact; this is who we are and this is the culture we continue to build, evolve and embrace.  We energetically enter fiscal 2017 with a strengthening platform upon which to continue building shareholder value.”Q4 Results (for the three months ended December 31, 2016 and December 26, 2015)Revenues were $115.2 million, an increase of $9.6 million or 9.1%, as compared to revenues of $105.6 million.  Distribution segment revenues of $97.2 million increased by $9.1 million or 10.4%, as compared to $88.1 million....