Business
School Specialty Announces Short Year 2015 Financial Results
School Specialty Announces Short Year 2015 Financial Results.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n SY15 Revenues increased $15.6 million or 3.2% vs. SY14.SY15 SG&A expenses declined $7.5 million or 4.6% vs. SY14.SY15 Adjusted EBITDA of $50.6 million improved by $4.9 million or 10.8% vs. SY14.SY15 Free cash flow (leveraged) of $40.2 million, a $30.8 million year-over-year improvement vs. SY14.Management provides guidance for Fiscal 2016; anticipates revenue growth of 2.5% - 3.0% and Adjusted EBITDA growth of 6.7% - 15.6% versus the comparable 2015 period. GREENVILLE, Wis., March 09, 2016 (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 its Short Year 2015 (SY15) financial results.  As previously reported, School Specialty changed its fiscal year end from the last Saturday in April to the last Saturday in December.  Short Year 2015 results include the period of April 26, 2015 through December 26, 2015 whereas Short Year 2014 (SY14) results include the period of April 27, 2014 through December 27, 2014.\n Joseph M. Yorio, President and Chief Executive Officer stated, “Our short year results demonstrate just how far we’ve come in driving operational efficiencies, aligning the organization, and better servicing our customers.  We returned to growth this past year, and have a clear plan to build on this momentum that brings a renewed focus on our proprietary brands and expanding into new markets.  While some business categories remain under pressure, we’re confident that the steps we’ve taken position us for growth this year.  Our expenses have come down significantly and we’re generating the savings and efficiencies we had targeted.  Our plan is to strategically invest in our business and fund those investments through a focus on continuous operational improvement.  We believe we are well positioned to show continued improvement in both top- and bottom-line performance and deliver a second straight year of strong positive cash flow.” Short Year 2015 Results Revenues were $504.3 million, an increase of $15.6 million or 3.2% as compared to revenues of $488.7 million reported for the comparable year-a...