School Specialty Income Drops
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by Chief Marketer Staff
School Specialty posted net income of $29.6 million for the second quarter, a decrease from $30.4 million in the prior year.
The institutional supplies direct marketer reported revenue of $346.1 million for the quarter ended Oct. 24, an 11.3% decrease from $390.3 million last year.
Management attributed these results primarily to reductions in spending by many school districts, and an expected $10 million decline in science adoption revenue compared to the same period last year.
“Our previously announced $20 million cost-reduction program has grown to $25 million, and that additional success at controlling costs was seen in our operating margin improvement,
