GREENVILLE, Wis. (AP) ¿ School Specialty Inc., which makes pre-kindergarten learning products, reported a narrower-than-expected fiscal fourth-quarter loss Thursday on lower expenses. The Greenville, Wis., company didn't provide a specific revenue or earnings outlook, citing the recession and delays in the passage of state and school budgets. It did say, however, that it expects it can begin to grow earnings in 2010. Its shares rose $3.34, or 16.8 percent, to $23.22 in morning trading. For the period ended April 25, the company lost $11.3 million, or 60 cents per share, compared with a loss of $15.5 million, or 81 cents per share, a year earlier. Analysts forecast a loss of 71 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically exclude one-time items. Selling, general and administrative expenses declined to $76.5 million from $85.3 million. Quarterly revenue fell 10 percent to $156.2 million from $173.6 million but still beat Wall Street's estimate of $152.6 million. School Specialty said the revenue dropoff was mostly due to school districts cutting back on their spending because of uncertainty about when they would receive state-education funding and how much funding they would receive. Full-year profit slipped 16 percent to $34.5 million, or $1.83 per share, from $41.1 million, or $1.99 per share, in the prior year. Annual revenue dipped 4 percent to $1.05 billion from $1.09 billion.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Opinion
Tesla's Stock Is Finally Pricing in a Lot of its Business Risks
Following their recent tumble, the risks and potential rewards presented by Tesla's stock might finally be in balance, or at least close to it.
Pinterest's Earnings Report Doesn't Justify Pressing the Panic Button
The social media platform's guidance isn't that bad in light of its spending and growth strategy, and some of its first-quarter numbers were pretty solid.
Cisco: Despite Another Strong Quarter, Stock Could Stall
High valuations and earnings growth supported primarily by share repurchases suggest that Cisco's stock may take a break from its recent run-up.
Disney's Earnings: A Five-Year Growth Story Is Unfolding
Should Disney execute well on its transition plan over the next few years, an investment in the stock at current levels will likely be properly justified, proving the forward earnings multiple of 20x to be overly conservative.