School Speciality posts heavy loss


6 June 2006 — Greenville (WI): School Speciality has posted a Q4 net loss of $32.6 million, or $1.42 per share, compared to a loss of $8.4 million or $0.37 cents per share a year ago.

Excluding an impairment charge the school supplies distributor posted a loss per share of $0.71 cents. For the full fiscal 2006 the company posted net profit of $61,000, or less than a penny per share, down from $43 million, or $1.88 per share, in fiscal 2005. Excluding one-time charges, the company earned $1.36 on a per-share basis.


Revenue rose 1.3 per cent to $1.02 billion from $1 billion.


"We are very disappointed with our results for fiscal 2006," said president and CEO Dave Vander Zanden. "We have focused our efforts on growing revenue and reducing our expenses for fiscal 2007 and are optimistic about our performance in the coming year."