Key Developments For School Specialty, Inc.
School Specialty, Inc. (SCHS.O) (Nasdaq)
School Specialty, Inc. Reiterates FY 2010 Outlook
School Specialty, Inc. reiterated its fiscal 2010 outlook and expects revenue to range from $915-$940 million which includes a projected $22 million decline in curriculum adoption revenue and an approximately $8 million decline due to the net effect of the divestiture of School Specialty Publishing and the acquisition of AutoSkill International, Inc and diluted earnings per share range (EPS) of $1.40-$1.60. According to Reuters Estimates, analysts were expecting the Company to report revenue of $933 million and EPS of $1.53 for the same period.
School Specialty, Inc. Lowers FY 2009 Guidance
School Specialty, Inc. reduced its prior revenue guidance for fiscal 2009 to a range of $1,040-$1,055 million from a range of $1,065-$1,080 million, and expects total year state adoption revenue to decline by $27 million compared to fiscal 2008. Previous guidance for fiscal 2009 diluted earnings per share (EPS) from continuing operations of $2.04-$2.24 per share, which excluded an estimated restructuring charge of $0.14 per share, is being lowered to a range of $1.80-$1.95, which excludes a restructuring charge of approximately $0.14 per share for the year. According to Reuters Estimates, analysts were expecting the Company to report revenue of $1,071 million and EPS of $2.02 for fiscal 2009.
School Specialty, Inc. Lowers FY 2009 Guidance
School Specialty, Inc. reducing its fiscal 2009 prior revenue guidance to a range of $1.065-$1.080 billion from a range of $1.077-$1.110 billion, and expects adoption revenue to decline by $27 million compared to fiscal 2008. Previous guidance for diluted earnings per share (EPS) from continuing operations of $2.27-$2.43 per share, which excluded an estimated restructuring charge of $0.04 per share, is being lowered to a range of $2.04-$2.24, which excludes a restructuring charge of approximately $0.14 per share for fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $1.083 billion.
School Specialty, Inc. Reiterates FY 2009 Revenue Outlook; Lowers FY 2009 EPS Outlook
School Specialty, Inc. reiterated its fiscal 2009 outlook and expects revenue to a range of $1.077-$1.110 billion. It lowered fiscal 2009 diluted earnings per share from continuing operations (EPS) of $2.23-$2.39. Its previous EPS outlook was in a range of $2.27-$2.43. According to Reuters Estimates, analysts were expecting the Company to report revenues of $1.085 billion and EPS of $2.32 for the same period.
School Specialty, Inc. Announces Share Repurchase
School Specialty, Inc. announced that the Company's Board of Directors have approved a new share repurchase program, granting authority to purchase up to $50 million of its issued and outstanding common stock.
