UPDATE 1-School Specialty Q2 trails Street, shares tank
* Q2 EPS, rev trail estimates
* Cuts 2009 EPS, revenue outlook
* Shares fall 12 pct to 8-year low
Nov 20 (Reuters) - School Specialty Inc (SCHS.O) reported lower-than-expected second-quarter results, hurt by a drop in revenue from state adoptions, and cut its fiscal 2009 outlook, sending its shares down 12 percent to an eight-year low.
For the quarter ended Oct. 25, the school products supplier said revenue at its specialty segment, which includes revenue from state adoptions, fell 7 percent to $217.4 million.
School Specialty cut its 2009 earnings-per-share forecast to a range of $2.04 to $2.24, excluding certain charges, from its prior view of $2.27 to $2.43.
The company sees revenue of $1.07 billion to $1.08 billion for the year, down from its previous forecast of $1.08 billion to $1.11 billion.
Shares of the company fell to a low of $15.77 before paring some losses to trade down 8 percent at $16.46 Thursday afternoon on Nasdaq.
For the alerts, please double click [ID:nWNAB5833] . For the press release, double click [ID:nGNW55109a] . (Reporting by Arup Roychoudhury in Bangalore; Editing by Deepak Kannan)
