CSS Industries Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013
January 27, 2014 at 04:03 pm
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CSS Industries Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2013. For the quarter, the company reported that sales were $106,295,000 compared to $116,020,000 a year ago. Income from continuing operations before income taxes was $16,316,000 compared to $17,019,000 a year ago. Income from continuing operations was $10,988,000 or $1.18 per diluted share compared to $11,600,000 or $1.21 per diluted share a year ago. Net income was $11,007,000 or $1.18 per diluted share compared to $11,611,000 or $1.22 per diluted share a year ago. Non GAAP income from continuing operations before income taxes was $16,193,000 compared to $17,242,000 a year ago. Non GAAP income from continuing operations was $10,909,000 or $1.17 per diluted share compared to $11,741,000 or $1.23 per diluted share a year ago. Approximately $1,299,000 of the lower sales level is due to the divestiture of the Halloween business with the balance of the lower sales level primarily due to lower sales of Christmas products and narrow woven ribbon.
For the nine months, the company reported that sales were $265,899,000 compared to $310,572,000 a year ago. Income from continuing operations before income taxes was $29,785,000 compared to $27,945,000 a year ago. Income from continuing operations was $20,167,000 or $2.13 per diluted share compared to $17,573,000 or $1.83 per diluted share a year ago. Net income was $20,298,000 or $2.14 per diluted share compared to $17,628,000 or $1.84 per diluted share a year ago. Non GAAP income from continuing operations before income taxes was $29,878,000 compared to $32,297,000 a year ago. Non GAAP income from continuing operations was $20,225,000 or $2.14 per diluted share compared to $21,224,000 or $2.21 per diluted share a year ago. Approximately $28,063,000 of the lower sales level is due to the divestiture of the Halloween business in the second quarter of fiscal 2013, with the balance primarily due to lower sales of All Occasion stationery products, Christmas products and narrow woven ribbon.
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.
CSS INDUSTRIES, INC. 
