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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 BaehlerKevin.baehler@SchoolSpecialty.com
         Tel: 920-882-5882

         Company Contact
         Glenn WienerIR@SchoolSpecialty.com
         Tel: 212-786-6011

School Specialty, Inc.

School Specialty, Inc.