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School Specialty Announces Fiscal Year 2017 First Quarter Financial Results
School Specialty Announces Fiscal Year 2017 First Quarter Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n GREENVILLE, Wis., May 09, 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 2017 first quarter ended April 1, 2017.\n Joseph M. Yorio, President and Chief Executive Officer, stated, “During the first quarter, we saw balanced growth within our Distribution business, as most of our categories were up year-over-year.  Supplies and Furniture, which comprise over 85% of our Distribution revenues, continues to grow and we are seeing steady demand across a number of specialty product categories.  While our Curriculum revenues were down, this was anticipated given fewer Science state adoptions in 2017.  Reading softness appears to be largely timing related.  Booking trends within the category have picked up nicely and we continue to anticipate the category will grow in 2017.  Overall, our top-line outlook for the year is unchanged.  We believe the Company is positioned to generate growth in excess of 2.0% this year, with opportunities to expand across categories and new markets over the coming years, especially as team selling and other initiatives take hold.” Q1 Results (for the three months ended April 1, 2017 and March 26, 2016) Revenues were $97.1 million, an increase of $3.4 million or 3.6%, as compared to revenues of $93.7 million.  Distribution segment revenues of $84.7 million increased by $6.9 million or 8.9%, as compared to $77.8 million.  Supply category revenues grew by $4.7 million or 10.4% as the majority of product lines posted year-over-year growth. Furniture category revenues grew by $1.4 million or 6.7% with a strong uptick in bookings throughout the quarter. Instructional Solutions category revenues grew by $1.0 million or 15.4%, primarily driven by growth within the Early Learning and Special Needs segments.  Lastly, AV Tech category revenues grew by $0.1 million or 2.2%.  These respective increases helped offset a $0.2 million decline in Agenda category revenues.  Total Curriculum segment revenues of $12.4 million declined $3.5 million or 22.1%.  Sci...