While multititle educational products cataloger School Specialty posted record sales for fiscal 2006, the Greenville, WI-based marketer recorded a loss for the fourth quarter. The company’s fourth quarter and fiscal year ended April 29.
Fourth-quarter revenue increased 3.2%, to $180.9 million, compared to $175.2 million for the fourth quarter of 2005. Net income for the fourth quarter translated to a $32.5 million loss, compared to a loss of $8.3 million after the fourth quarter of 2005. The company, which includes the Sax Arts & Crafts, Frey Scientific, Sportime, and Childcraft catalogs, in a statement statement attributed the loss primarily to the declining performance of the Visual Media business unit and increased operating costs related to the acquired Delta Education business.
School Specialty‘s total revenue for fiscal 2006 grew 1.3%, to $1.016 billion, compared to $1.002 billion in fiscal 2005. For fiscal 2006, net income totaled $61,000, compared to net income of $43 million for fiscal 2005.
President/CEO David Vander Zanden said in a statement: “We are very disappointed with our results for fiscal 2006. We have focused our efforts on growing revenue and reducing our expenses for fiscal 2007 and are optimistic about our performance in the coming year.”