Milwaukee Journal Sentinel
School Specialty Inc. (SCHS) reported a smaller fiscal fourth-quarter loss today, citing growth in its Essentials segment.
The Greenville learning product supplier said its loss narrowed to $15.5 million, or 81 cents a share, from $29.2 million, or $1.38, a year ago. Revenue increased 4.6% to $173.6 million from $166 million.
This year’s results include a loss from its discontinued School Specialty Media unit of $2.81 million, or 15 cents a share. Last year's results included a loss from discontinued operations of $17.9 million, or 85 cents.
The company said gross margin decreased because its mix of sales skewed more toward furniture, which has a lower profit margin than consumable products.
Essentials revenue grew to 41.2 percent of the company’s total revenue. The division produces consumables, instructional materials, art supplies, educational games, school forms, school furniture, and outdoor equipment. Its essentials products are sold to administrators of school districts and individual schools under the Education Essentials and School Smart brands.
For the full year, School Specialty reported sales of $1.09 billion, up from $1.04 billion a year earlier. Net income rose to $41 million, or $1.99 a share, from $18.0 million, 80 cents, last year
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