CSS Industries Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011
January 31, 2012 at 09:21 pm
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CSS Industries Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the quarter, the company reported net income of $10,978,000 or $1.13 per basic and diluted share on sales of $129,240,000 against net income of $12,855,000 or $1.32 per basic and diluted share on sales of $133,089,000 a year ago. Income from continuing operations was $12,109,000 or $1.25 per basic share and $1.24 per diluted share against income from continuing operations was $14,499,000 or $1.49 per basic and diluted share a year ago. Income from continuing operations before income taxes was $18,857,000 compared to $22,759,000 a year ago. Sales decreased 2.9% primarily driven by lower sales of Christmas cards which were partially offset by higher sales of all occasion products.
For the nine months, the company reported net income of $18,894,000 or $1.94 per basic and diluted share on sales of $323,534,000 against net income of $15,583,000 or $1.61 per basic and diluted share on sales of $320,983,000 a year ago. Income from continuing operations was $18,976,000 or $1.95 per basic and diluted share against income from continuing operations was $19,692,000 or $2.03 per basic and diluted share a year ago. Income from continuing operations before income taxes was $29,677,000 compared to $30,829,000 a year ago. Sales increased 0.8% primarily driven by higher sales of all occasion products which was partially offset by lower sales of Christmas cards. Income from continuing operations before income taxes was 3.7% lower than the prior year largely due to $1,816,000 of higher incentive compensation expense in the first nine months of fiscal 2012 compared to the same period in fiscal 2011.
CSS Industries, Inc. is a United States-based consumer products company. The Company is engaged in development, manufacture, procurement, distribution and sale of various categories of products include seasonal, which includes holiday gift packaging items, such as ribbon, bows, greeting cards, bags, tags and gift card holders, in addition to specific holiday-themed decorations, accessories, and activities; gift, which includes products designed to celebrate certain life events or special occasions, such as weddings, birthdays, anniversaries, graduations, or the birth of a child, and its offered products include ribbons and bows, floral accessories, infant products, journals, gift card holders, all occasion boxed greeting cards, memory books, scrapbooks, stationery and other items; and craft, which includes sewing patterns, ribbons and trims, buttons, knitting needles, needle arts and kids crafts.