American Greetings Swings to Q2 Loss

It took a charge related to a UK card chain acquisition

   

American Greetings (NYSE:AM) announced on Friday that it lost $4.3 million during its fiscal second quarter, compared to earnings of $14.5 million in the same period last year.

That meant a loss of 13 cents per share for the quarter. Excluding a charge of 37 cents per share relating its its acquisition of bankrupt British card chain, Clinton Cards, American Greetings earned 24 cents a share, the Associated Press noted.

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The card maker said that revenue during the quarter was $393.8 million, up 6% from $370.2 million in 2011.

Sales from 400 newly-added Clinton Cards stores boosted quarterly revenue by $26 million.

Earlier this week, American Greetings reported that it’s board is reviewing a $580 million buyout bid from a group of investors including its current CEO Zev Weiss and other members of the Weiss family.

Shares of American Greetings slipped fractionally in Friday morning trading.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/american-greetings-swings-to-q2-loss/.

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