Business
School Specialty Provides Fiscal 2018 Results and Fiscal 2019 Guidance
School Specialty Provides Fiscal 2018 Results and Fiscal 2019 Guidance.
About this update from School Speciality Inc
[{"type":"text","content":"\nFiscal 2018 Revenue of $673.5 million, an increase of 2.3% year-over-yearFiscal 2018 Adjusted EBITDA of $35.1 millionFiscal 2018 Operating Loss of $18.4M, inclusive of $22.3M non-cash impairment chargeFiscal 2019 Revenue guidance of $705 to $720 million, an increase of 5.8% year-over-year at the mid-pointFiscal 2019 Adjusted EBITDA guidance of $42 to $46 million, an increase of 20% to 30% year-over-yearFiscal 2019 Free Cash Flow Guidance of $27 to $33 million, including a one-time benefit of approximately $13 million related to working capital shiftsCompleted amendments to Senior Credit FacilitiesAnnounces the appointment of Justin C. Jacobs to School Specialty’s Board of Directors, effective March 15th, 2019, increasing the number of Board members to 5 GREENVILLE, Wis., March 14, 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 fourth quarter and fiscal year ended December 29, 2018 and its initial outlook for fiscal 2019.\n Michael Buenzow, Interim Chief Executive Officer, stated, “After three years of solid performance, our 2018 financial results came in lower than anticipated. The reasons are clearly understood and we are confident that the actions we have taken to address these challenges will enable a strong recovery in 2019. The School Specialty team has made considerable changes over the course of the last year to improve our go-to-market strategy, operational effectiveness and the manner by which we bring our unique value-proposition to our customers. Since my arrival, I have been working very closely with the team to bolster existing initiatives, identify opportunities for improvement and ensure strong go-forward execution. Sales results in our key growth areas indicate that we continue to grow our market share, which will improve the long-term earnings potential of our business. As we move into 2019, a key focus is on driving sales growth of our proprietary offerings to improve margins, leveraging our industry leading position in learning environments and next generation science, executing...