CSS Industries, Inc. Reports Results Of Operations For The Three And Six Months Ended September 30, 2011

CSS Industries, Inc. (NYSE:CSS) announced today its results of operations for the three and six months ended September 30, 2011. During the second quarter of fiscal 2012, the Company sold its Cleo Christmas gift wrap business and is reporting the results of that business as discontinued operations.

Sales for the second quarter of fiscal 2012 increased 3.5% to $139,725,000 from $134,954,000 in the second quarter of fiscal 2011, primarily driven by higher sales of all occasion products. Income from continuing operations before income taxes for the second quarter of fiscal 2012 was $16,304,000 compared to $16,383,000 in the second quarter of fiscal 2011. In the current fiscal year, the Company began to charge incentive compensation expense to the periods in which profits are generated. Due to this change, pre-tax incentive compensation expense for the second quarter of fiscal 2012 was $1,879,000 higher than the second quarter of fiscal 2011. Income from continuing operations for the second quarter of fiscal 2012 was $10,314,000, or $1.06 per diluted share, versus $10,524,000, or $1.08 per diluted share, in the second quarter of the prior fiscal year. Net income for the second quarter of fiscal 2012 was $15,485,000, or $1.59 per diluted share, versus $8,465,000, or $0.87 per diluted share, in the second quarter of fiscal 2011.

Sales for the first half of fiscal 2012 increased 3.4% to $194,294,000 from $187,893,000 in the first half of fiscal 2011, with this increase primarily driven by higher sales of all occasion products. Income from continuing operations before income taxes for the first half of fiscal 2012 was $10,820,000, increasing 34% compared to the $8,070,000 in the prior year largely due to reduced selling, general and administrative expenses in the first half of fiscal 2012, which more than offset the $380,000 of higher incentive compensation expense in the fiscal 2012 period. Income from continuing operations for the first half of fiscal 2012 was $6,867,000, or $0.70 per diluted share, versus $5,193,000, or $0.54 per diluted share, in the first half of fiscal 2011. Net income for the first half of fiscal 2012 was $7,916,000, or $0.81 per diluted share, versus $2,728,000, or $0.28 per diluted share, in the first half of the fiscal 2011. The Company’s highly seasonal orientation has historically resulted in operating losses in the first and fourth quarters of the fiscal year and operating profits in the second and third quarters.

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