School Specialty reports “seasonally-low” results

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13 February 2007 — Greenville (WIS): School Specialty has reported "seasonally-low" Q3 revenue of $132.1 million, compared to $132.5 million last year.

Operating loss for the quarter improved to $23.8 million as compared to a loss of $29.8 million in the third quarter of fiscal 2006. The loss per share improved from $0.98 in Q3 2006 to $0.88 this year.

 

Revenues for the first nine months of fiscal 2007 were a record $896.1 million, a 7.3 percent increase over the same period last year. Diluted EPS grew 51.1 percent to $2.07 from diluted EPS of $1.37 a year earlier.

 

During the quarter, the company repurchased 1.1 million shares of its common stock for an aggregate net purchase price of $40 million.

 

David Vander Zanden, president and CEO, said: "We established a good base line of performance with modest revenue growth and good cost control through our third quarter this year. We are now entering our new selling season having just introduced hundreds of new products, and we look forward to an improved funding environment next summer. We are therefore optimistic about improved organic growth opportunities in fiscal 2008."