Business
School Specialty Announces Fiscal Year 2019 Third Quarter Financial Results
School Specialty Announces Fiscal Year 2019 Third Quarter Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\n Third quarter revenue of $278.5 millionThird quarter operating income of $22.5 millionThird quarter Adjusted EBITDA of $37.5 millionUpdating 2019 revenue guidance to be slightly below our previously disclosed guidance of $640 million to $650 million GREENVILLE, Wis., Nov. 12, 2019 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB: SCOO) (“School Specialty”, “SSI” or “the Company”), a leading provider of innovative products and solutions that support integrated learning environments for improved student social, emotional, mental and physical well-being, today provided results for its fiscal third quarter ended September 28, 2019. Michael Buenzow, Interim Chief Executive Officer, stated, “The past several months have been transformative for our Company. We have improved our sales organization through the implementation of the Team Sell model, refined our approach to customer segmentation, and continued to improve pricing. Our gross margin trends within key product areas continue to improve and we achieved key objectives relating to core fulfillment center performance and more efficient management of our transportation requirements. We continue to streamline our organization and align around our core competencies and as a result have decided to move the custom portion of the Agenda business to Discontinued Operations as of the fourth quarter. A tighter focus on our core business will enable us to improve profitability and free cash flow going forward. During the quarter, our Supplies product line increased 2.2% year over year, driven by solid growth with our Large District accounts. As we progress through the fourth quarter, support for a strong Science Curriculum recovery in 2020; the Science Curriculum segment has been a significant area of under-performance in 2019, but the tide is beginning to turn in our favor.” Ryan M. Bohr, Executive Vice President and Chief Operating Officer, stated, “The improving trend in gross margin is attributable to ongoing initiatives to optimize pricing and take a more strategic approach to margin management. The improvements made are just beginning to materially impact our results; we have yet to realize the full benefits of these actions and expect continued gross margin improvement in 2020. Our operations team and their abili...