American Greetings 2Q Profit Jumps On Gain
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CLEVELAND (AP) American Greetings Corp. on Thursday said its fiscal second-quarter profit soared as a gain from an insurance program helped offset a sales decline for the greeting card company.
Earnings rose to $23.1 million, or 59 cents per share, in the three months ended Aug. 28 from $2.3 million, or 5 cents per share, a year ago. A benefit from an insurance program of $7.6 million, or 19 cents per share, boosted results in the most recent quarter. Revenue declined 7.6 percent to $356.4 million from $385.8 million a year ago. The company said it devoted more time to developing new products in the latest quarter and boosted its cash flow estimate from operating activities to at least $160 million for fiscal 2010. It has been expecting cash flow from operating activities of approximately $105 million to $115 million.- Loading Comments...
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