Financial Reports: School Specialty, Collegiate Pacific

Sales, Income Up at School Specialty
Fiscal second-quarter revenue for Greenville, WI-based School Specialty (Nasdaq: SCHS) rose 8%, to $361.5 million for the three months ended Oct. 23. Net income increased 2%, to $30.6 million. Excluding a $1.7 million restructuring charge relating to the closure of two distribution centers and the premium and fees related to the redemption of convertible debt of $1.8 million, net income rose 10%, to $32.7 million.

School Specialty, which sells nontextbook educational supplies to schools, teachers, and institutions, credits its solid performance to both acquired businesses and organic growth. The company’s titles include Classroom Direct, Childcraft, ABC School Supply, Sax Arts & Crafts, Frey Scientific, Premier Agenda, and Sportime.

The company also announced that Dave Johnson will join School Specialty in the newly created position of executive vice president of direct marketing. Johnson was most recently vice president of direct marketing for Lands’ End’s U.S. consumer business and its Business Outfitters title.

Acquisitions Propel Collegiate Pacific
Several acquisition enabled Dallas-based Collegiate Pacific (Amex: BOO) to substantially grow its top and bottom lines. Third-quarter net sales climbed 364%, to $27.7 million for the three months ended Sept. 30, compared with $5.9 million last year. Net income soared 669%, to $2.1 million from $300,000.

In June, Collegiate bought Richmond, VA-based distributor Dixie Sporting Goods. Two months earlier it had acquired another distributor, Kesslers Team Sports, and last November it had bought Corona, CA-based sports equipment manufacturer/distributor Tomark.

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