School Specialty, Inc. Reports Unaudited Consolidated Earnings Results for the Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018
November 09, 2018 at 07:00 am IST
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School Specialty, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company's reported revenue was $290,280,000 compared to $288,641,000 for the same period a year ago. Operating income was $37,230,000 compared to $42,296,000 for the same period a year ago. Income before provision for income taxes was $33,073,000 compared to $38,759,000 for the same period a year ago. Net income was $18,556,000 compared to $34,145,000 for the same period a year ago. Diluted net income per Share was $2.63 compared to $4.86 for the same period a year ago. Adjusted EBITDA was $43,983,000 compared to $48,687,000 for the same period a year ago.
For the nine months, the company's reported revenue was $558,839,000 compared to $545,928,000 for the same period a year ago. Operating income was $20,667,000 compared to $37,910,000 for the same period a year ago. Income before provision for income taxes was $9,316,000 compared to $21,829,000 for the same period a year ago. Net loss was $104,000 compared to net income of $17,508,000 for the same period a year ago. Diluted net loss per Share was $0.01 compared to diluted net income per share of $2.50 per basic share for the same period a year ago. Adjusted EBITDA was $43,505,000 compared to $56,255,000 for the same period a year ago.
The company expects fiscal 2018 cash taxes to be in the range of $1.5 million to $2.0 million. Beginning in fiscal 2019, the company expects its effective income tax rate to be more consistent with the statutory rate. The company expects to generate a federal net operating loss in 2018.
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.
School Specialty, Inc. Reports Unaudited Consolidated Earnings Results for the Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018