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CSS Industries, Inc. Reports Results Of Operations For The Three And Six Months Ended September 30, 2012

CSS Industries, Inc. (NYSE:CSS) announced today its results of operations for the three and six months ended September 30, 2012. As previously announced, the Company sold the Halloween portion of its Paper Magic Group, Inc. (“PMG”) business during the second quarter of fiscal 2013. Under the terms of the Purchase agreement, PMG will remain responsible for the manufacture, sale and distribution of all PMG Halloween products for the Halloween 2012 season.

Sales for the second quarter of fiscal 2013 decreased 4.5% to $133,485,000 from $139,725,000 in the second quarter of fiscal 2012. Income from continuing operations before income taxes for the second quarter of fiscal 2013 was $12,259,000, compared to $16,304,000 in the second quarter of fiscal 2012. Income from continuing operations for the second quarter of fiscal 2013 was $6,840,000, or $0.71 per diluted share, versus $10,314,000, or $1.06 per diluted share, in the second quarter of the prior fiscal year. Net income for the second quarter of fiscal 2013 was $6,921,000, or $0.72 per diluted share, versus $15,485,000, or $1.59 per diluted share, in the second quarter of fiscal 2012. As previously announced, during the second quarter of fiscal 2013, the Company incurred certain charges as a result of the sale of the Halloween portion of PMG that reduced the operating results for the three months ended September 30, 2012 as shown in the table below:

             
Second Quarter of Fiscal 2013   As Reported   Halloween Charges, net   Non GAAP Results
Income from continuing operations before income taxes   12,259,000   6,764,000   19,023,000
Income tax expense 5,419,000 1,532,000 6,951,000
Income from continuing operations 6,840,000 5,232,000 12,072,000
Diluted net income per common share - Continuing Operations   $ 0.71   $ 0.54   $ 1.25
 

Sales for the first six months of fiscal 2013 were flat at $194,552,000 as compared to $194,294,000 in the first six months of fiscal 2012. Income from continuing operations before income taxes for the first six months of fiscal 2013 was $10,926,000, also flat when compared to the $10,820,000 in the prior year. Income from continuing operations for the first six months of fiscal 2013 was $5,973,000, or $0.62 per diluted share, versus $6,867,000, or $0.70 per diluted share, in the first six months of fiscal 2012. Net income for the first six months of fiscal 2013 was $6,017,000, or $0.63 per diluted share, versus $7,916,000, or $0.81 per diluted share, in the first six months of the fiscal 2012. During the first six months of fiscal 2013, the Company incurred certain charges as a result of the sale of the Halloween portion of PMG that reduced the operating results for the six months ended September 30, 2012 as shown in the table below:

             
First Half of Fiscal 2013   As Reported Results   Halloween Charges, net   Non GAAP Results
Income from continuing operations before income taxes   10,926,000   6,764,000   17,690,000
Income tax expense 4,953,000 1,532,000 6,485,000
Income from continuing operations 5,973,000 5,232,000 11,205,000
Diluted net income per common share - Continuing Operations   $ 0.62   $ 0.54   $ 1.16
 

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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