School Specialty, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017
November 08, 2017 at 04:30 pm
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School Specialty, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter the company reported revenues of $288,641,000 compared to $301,569,000 a year ago. Income before provision from income taxes was $38,759,000 compared to $51,708,000 a year ago. Net income was $34,145,000 compared to $42,895,000 a year ago. Net income per share diluted was $4.86 compared to $6.13 a year ago. Adjusted EBITDA was $48,688,000 compared to $52,864,000 a year ago. The year-over-year variance in net income was related to the lower operating income and the prior gain of $9.1 million from the sale of an unconsolidated affiliate, partially offset by a $4.2 million reduction in the provision for income taxes. Operating income was $42,296,000 compared to $47,011,000 a year ago.
For the nine months, the company reported revenues of $545,928,000 compared to $541,152,000 a year ago. Income before provision from income taxes was $21,829,000 compared to $33,031,000 a year ago. Net income was $17,508,000 compared to $28,606,000 a year ago. Net income per share diluted was $2.49 compared to $4.09 a year ago. Adjusted EBITDA was $56,256,000 compared to $56,697,000 a year ago. Operating income was $37,910,000 compared to $37,003,000 a year ago.
SSI Liquidating, Inc., formerly School Specialty, Inc. (SSI), is a distributor of supplies, furniture, technology products, supplemental learning products (instructional solutions) and curriculum solutions, primarily to the education marketplace. It designs, develops and provides educators with its own products and services. Its segments include Distribution and curriculum. Distribution segment offers products that include basic classroom supplies and office products, supplemental learning materials, physical education equipment and classroom technology. Curriculum segment is a PreK-12 curriculum-based publisher of products in the categories of science and reading and literacy. Through its SSI Guardian subsidiary, the Company provides curriculum, training and safety and security products for school, healthcare and corporate workplace. Its SOAR life products are a customized offering for hospitals, long-term care, therapeutic facilities, home care, surgery centers and clinics.