Business
School Specialty Announces Fiscal Year 2017 Fourth Quarter and Year-end Financial Results
School Specialty Announces Fiscal Year 2017 Fourth Quarter and Year-end Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n GREENVILLE, Wis., March 14, 2018 (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 fourth quarter and year ended December 30, 2017.\n Joseph M. Yorio, President and Chief Executive Officer, stated, “In 2017, we generated modest growth, saw gross margins increase and lowered our core overhead, excluding the incremental expenses associated with the Triumph Learning acquisition. Operating income improved by $1.9 million, Adjusted EBITDA improved by $2.0 million and we generated over $20.0 million in leveraged free cash flow, while making significant investments in our business. All of this was achieved despite pressures with educational budgets, which affected the industry at large and had the biggest impact on our Supplies and Furniture product categories. As we look ahead to the upcoming year, we see an improving market, more growth opportunities within our Distribution segment, and a clear path forward to achieving significant bottom-line increases in the upcoming year. With our continued focus on operational excellence, ongoing enhancements to our team selling model and the launch of the 21st Century Safe School value proposition, I believe our position has never been stronger.” Q4 Results (for the three months ended December 30, 2017 and December 31, 2016) Consolidated revenues in the fourth quarter of fiscal 2017 were $112.5 million, a decrease of $2.7 million or 2.4%, as compared to revenues of $115.2 million in the fourth quarter of fiscal 2016. Distribution segment revenues of $96.9 million decreased by $9.5 million or 8.9%, as compared to $106.4 million. The declines were primarily in the Company’s Supplies and Furniture product categories, which were impacted by mid-year cuts in education budgets. In addition, approximately $2.5 million of the decline was related to one less week in the fourth quarter of fiscal 2017 as compared to the fourth quarter of fiscal 2016. Instruction & Intervention (“I&I”) revenues increased by $2.9 million or approximately 45.0%, driven primarily by the acquisi...