CSS Industries, Inc. (NYSE:CSS) announced today its results of operations for the quarter ended June 30, 2012. Sales for the first quarter of fiscal 2013 increased 11.9% to $61,067,000 from $54,569,000 in the first quarter of fiscal 2012, primarily driven by higher sales of all occasion and Halloween products. Costs of goods sold, as a percentage of sales, decreased from 74.1% in the first quarter of fiscal 2012 to 71.8% in the first quarter of fiscal 2013 reflecting lower commodity and other input costs. The majority of the first quarter increases in sales and gross profit were due to product shipping earlier than last year and which was expected to ship in the second quarter of this fiscal year. Selling, general and administrative (SG&A) expenses decreased by 5.1% to $18,570,000 primarily due to reduced salaries and related costs. A portion of the lower year over year SG&A expenses relates to staff reductions that occurred during the last three quarters of fiscal 2012. Loss from continuing operations before income taxes for the first quarter of fiscal 2013 was ($1,333,000) compared to ($5,484,000) in the first quarter of fiscal 2012. Loss from continuing operations for the first quarter of fiscal 2013 was ($867,000), or ($0.09) per diluted share, versus ($3,447,000), or ($0.35) per diluted share, in the first quarter of the prior fiscal year. Net loss for the first quarter of fiscal 2013, including discontinued operations, was ($904,000), or ($0.09) per diluted share, versus ($7,569,000), or ($0.78) per diluted share, in the first quarter of fiscal 2012. The Company’s 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.
CSS is a consumer products company primarily engaged in the design, manufacture, procurement, distribution and sale of seasonal and all occasion social expression products, principally to mass market retailers. These seasonal and all occasion products include decorative ribbons and bows, boxed greeting cards, gift tags, gift wrap, gift bags, gift boxes, gift card holders, decorative tissue paper, decorations, classroom exchange Valentines, floral accessories, Halloween masks, costumes, make-up and novelties, Easter egg dyes and novelties, craft and educational products, stickers, memory books, stationery, journals, note cards, infant and wedding photo albums, scrapbooks, and other gift items that commemorate life’s celebrations.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV