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CORRECTION -- School Specialty Announces Fiscal 2015 First Quarter Results and Reaffirms Fiscal 2015 Full Year Guidance

GREENVILLE, Wis., Sept. 5, 2014 (GLOBE NEWSWIRE) -- School Specialty has re-issued its Fiscal 2015 First Quarter Results announcement as there was a change in the Condensed Consolidated Balance Sheet. Accounts receivable, less allowance for doubtful accounts of $984 and $926, respectively, for the period ended July 26, 2014 was changed from $136,338 to $135,842. Additionally, deferred revenue for the period ended July 26, 2014 was changed from $3,423 to $2,927. As a result, corresponding changes were made to total current assets, total assets, total current liabilities and total liabilities. These changes are now reflected in the revised Condensed Consolidated Balance Sheet and reported as such in the Company's Form 10-Q, filed with the Securities and Exchange Commission on September 4, 2014.

SCHOOL SPECIALTY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Thousands, Except Share and Per Share Data)
July 26, 2014 April 26, 2014 July 27, 2013
ASSETS
Current assets:
Cash and cash equivalents $ 9,281 $ 9,008 $ 9,787
Restricted cash -- -- 25,820
Accounts receivable, less allowance for doubtful accounts of $984 and $926, respectively 135,842 62,631 138,879
Inventories, net 109,722 93,387 104,868
Deferred catalog costs 4,497 8,057 5,793
Prepaid expenses and other current assets 19,242 18,043 26,667
Refundable income taxes 7 -- 5,334
Asset held for sale 2,200 2,200 --
Total current assets 280,791 193,326 317,148
Property, plant and equipment, net 38,557 39,045 46,309
Goodwill 21,588 21,588 23,661
Intangible assets, net 47,130 48,251 47,427
Development costs and other, net 34,132 36,646 38,042
Deferred taxes long-term 13 48 51
Investment in unconsolidated affiliate 715 715 715
Total assets $ 422,926 $ 339,619 $ 473,353
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 72,475 $ 12,388 $ 62,229
Accounts payable 53,443 42,977 49,124
Accrued compensation 7,376 8,966 7,597
Deferred revenue 2,927 2,613 2,605
Accrued fee for early termination of long-term debt -- -- 25,582
Other accrued liabilities 16,672 14,460 34,467
Total current liabilities 152,892 81,404 181,604
Long-term debt less current maturities 156,331 153,987 152,932
Other liabilities 998 1,171 925
Total liabilities 310,221 236,562 335,461
Stockholders' equity
Preferred stock, $0.001 par value per share, 500,000 shares authorized; none outstanding -- -- --
Common stock, $0.001 par value per share, 2,000,000 shares authorized; 1,000,004 shares outstanding 1 1 1
Capital in excess of par value 119,391 120,955 120,955
Accumulated other comprehensive income (loss) (216) (414) (7)
Retained earnings (accumulated deficit) (6,471) (17,485) 16,943
Total stockholders' equity 112,705 103,057 137,892
Total liabilities and stockholders' equity $ 422,926 $ 339,619 $ 473,353

CONTACT: Company Contact Kevin Baehler Kevin.baehler@SchoolSpecialty.com Tel: 920-882-5882 Company Contact Glenn Wiener IR@SchoolSpecialty.com Tel: 212-786-6011

Source:School Specialty, Inc.