School Specialty, a leading distributor of supplies, furniture and both curriculum and supplemental learning resources to the education marketplace in the United States, has announced its fiscal 2015 fourth quarter and year-end results for the period ended 25 April 2015.
“While our results came in below plan, our revenue has stabilised, and we are much better positioned for profitable growth. In our core products areas, recent changes to our merchandising, marketing and selling strategies have begun to yield positive results, and we believe SSI is positioned to experience organic growth in the coming years,” says Joseph M Yorio, president and CEO of School Specialty.
2015 saw the company integrate core support functions; enhance operations and supply chain structure; and realign merchandising, marketing and sales teams.
Company revenues were $106-million, a decrease of $2,3-million or 2,1% as compared to revenues of $108,3-million.
Distribution segment revenues of $89,2-million were roughly in line with the prior fiscal year’s revenues of $89,7-million, as growth in the Furniture and A/V Tech segments helped offset declines in the Supplies and Instructional Solutions product categories.
Curriculum segment revenues decreased $1,8-million or 9,7%, from $18,6-million to $16,8-million, with the majority of the decline in the Reading group, which was the result of certain new product initiatives being delayed and modest declines across select legacy product lines.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was a loss of $2,8-million as compared to a loss of $4-million, an improvement of $1,2-million.
“Although fourth quarter revenues were down slightly from the prior year, overall bookings were up and we entered the current year with a stronger open order position than prior year. The fourth quarter EBITDA improvement over prior year reflects the more efficient operating structure put in place during the quarter,” says Yorio.