American Greetings Swings to Q2 Loss

by Christopher Freeburn | September 28, 2012 11:19 am

American Greetings Swings to Q2 Loss

American Greetings (NYSE:AM[1]) announced on Friday that it lost $4.3 million during its fiscal second quarter[2], 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.

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[3] 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[4] including its current CEO Zev Weiss and other members of the Weiss family.

Shares of American Greetings slipped fractionally in Friday morning trading.

Endnotes:
  1. AM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AM
  2. during its fiscal second quarter: http://www.businessweek.com/ap/2012-09-28/american-greetings-moves-to-loss-in-2nd-quarter
  3. 400 newly-added Clinton Cards stores: http://investorplace.com/2012/06/american-greetings-buys-failing-u-k-card-chain-saves-jobs/
  4. buyout bid from a group of investors: http://investorplace.com/2012/09/founding-family-offers-to-buyout-american-greetings/

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