School Specialty 1st-quarter Profit Drops 15 Pct
Although the second quarter will continue to show year-over-year decline, the rate of decline should improve in the second half of the fiscal year, he said.
The company also is exceeding its $20 million cost reduction goal, he said.
School Specialty said it still expects 2010 revenue to range from $915 million to $940 million and adjusted earnings per share are expected to range from $1.92 to $2.12, excluding one-time costs.
Analysts expect a profit of $1.84 per share.Shares rose 74 cents, or 3.3 percent, to $23.13 in afternoon trading.
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