Business
School Specialty Announces Fiscal Year 2018 First Quarter Financial Results
School Specialty Announces Fiscal Year 2018 First Quarter Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\nGREENVILLE, Wis., May 09, 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 2018 first quarter ended March 31, 2018.\n Joseph M. Yorio, President and Chief Executive Officer, stated, “In Q1, revenue grew primarily due to additional sales from Triumph Learning which we acquired in Q3 of 2017, and our gross margins continued to trend upward.  While orders and billings were light in the quarter, it has proven to be timing-related as orders in April were up over 26% year-over-year.  Our year-to-date orders are now showing growth consistent with our full year outlook.  What gives us increased confidence is that we’re seeing the uptick across the board and particularly in Supplies, which was up over 23% year-over-year, and the strength in April was across all geographic areas. Additionally, while operating losses and Adjusted EBITDA were unfavorable when compared with the first quarter in the prior year, the decreases were driven primarily by the adoption of a new accounting principle, which had a negative impact on the first quarter, but will not affect our full year results. Based on strong booking trends and traction we are making with key large districts across the country as our team-selling model matures, we’re anticipating a strong second quarter and remain on track to meet our full year guidance.” Mr. Yorio continued, “We’re also building momentum with Principals, Superintendents and District Administrators with respect to the 21st Century Safe School value proposition. Our approach isn’t just about physical security. It ties together the social, emotional, physical, and mental safety components to advance student development and learning outcomes.  21st Century Safe School leverages our entire product offering, not just our proprietary safety and security products and services.  We are finding that schools, districts and state and local governments are increasingly looking for a partner that can address all facets of a 21st Century Safe School environment.  Recen...