Business
School Specialty Announces Fiscal Year 2017 Third Quarter Financial Results
School Specialty Announces Fiscal Year 2017 Third Quarter Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n GREENVILLE, Wis., Nov. 08, 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 third quarter ended September 30, 2017.\n Joseph M. Yorio, President and Chief Executive Officer, stated, “Through the first nine months of fiscal 2017, our gross margins and operating expenses are tracking better than our internal plan and we continue to take actions to improve our platform, lower our cost structure, and grow the bottom-line. While we are experiencing modest revenue growth, customers in many states across the U.S. have been impacted by budget uncertainty, delays and, in some cases, reductions. While 2017 has been particularly challenging in that regard, our outlook for 2018 and the years ahead remains positive, especially as we continue to build out our team-selling model, refine our unique 21st Century Safe School value proposition and expand our offering and market reach. For the full year, we remain confident in our outlook and expect to perform at the high end of our Adjusted EBITDA range and deliver another year of strong cash flow.” Q3 Results (for the three months ended September 30, 2017 and September 24, 2016) Consolidated revenues were $288.6 million, a decrease of $12.9 million or 4.3%, as compared to revenues of $301.6 million. Distribution segment revenues of $264.8 million decreased by $11.1 million or 4.0%, as compared to $275.9 million. The decline in the segment, particularly within the Supplies and Agendas categories, was amplified by the one-week shift in the fiscal calendar. While Supplies revenues during the quarter declined by $11.3 million as compared to the last year’s third quarter, approximately $3.0 million of the decline was related to the one-week calendar shift. Weaker booking trends in the third quarter of fiscal 2017, due to education budget uncertainties, contributed to approximately $5.8 million of the decline in Supplies, with the remaining decline related to a combination of order timing and the reclassification of certain items between Supplies and Furniture. Furniture revenues inc...