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American Greetings Posts 1Q Results

By Staff -- Gifts and Dec, 6/24/2009 8:09:00 AM

Cleveland, OH —American Greetings Corporation announced its results for the first fiscal quarter of fiscal year 2010. The fiscal period ended May 29, 2009. The Company reported total revenue of $412.9 million, pre-tax income of $16.9 million, and net income of $10.0 million or 25 cents per share, compared to a total revenue of $428.3 million, pre-tax income of $19.2 million, and net income of $13.3 million or 27 cents per share in the first quarter of 2009.

As previously reported, American Greetings sold its retail store operations to Schurman Fine Papers ("Schurman"), which operates card and gift retail stores under the name Papyrus. American Greetings recognized a preliminary non-cash loss on the disposition, recorded within the Retail Operations segment, of $28.3 million (after-tax of approximately $17.4 million) that reduced earnings per share by approximately 44 cents during the quarter. At the time of the sale of the retail stores, American Greetings also purchased the wholesale division of Schurman which supplies Papyrus brand greeting cards primarily to leading specialty, mass, grocery and drug store channels and purchased a fifteen percent equity interest in Schurman.

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