01 $2. For this purpose, shares tendered at $35.
High Tech Holiday Products to Save Commercial
Properties Up to 80 Percent in Annual Decorating Costs
The Ultimate Window Tree(TM) can be
used individually or several can be
arranged in shapes across different windows and floors to illuminate
a
building, office complex, or shopping center with a large, color changing, and
weather proof
lighting display that can be seen at great distances. In addition,
the Ultimate Window Trees(TM)
can deliver a large scale, animated light show
unmatched by static Christmas lights.glorie mache
All statements
other than statements of historical fact included
in this press release are "forward-looking statements
" within the
meaning of the Private Securities Litigation Reform Act of 1995. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS
(Unaudited)
(In thousands, except
per share amounts)
Three Months Ended
Nine Months Ended
December 31, December 31,
------------------- -------------------
2004
2003 2004 2003
--------- --------- --------- -----
----
SALES $247,169 $247,394 $478,435 $484,846
--------- --------- --------- ---------
COSTS AND EXPENSES
Cost of sales
184,656 176,443 353,270 350,718
Selling, general and
administrative
expenses 24,221 27,048 68,984 73,036
Interest expense, net 906 1
,185 2,032 2,874
Other expense (income) 49 192 (643) (310)
--------- --------- --------- ---------
209,832 204,868 423,643 426,318
--------- --------
- --------- ---------
INCOME BEFORE INCOME TAXES 37,337 42,526 54,792 58,528
INCOME TAX EXPENSE 13,366 15,129 19,615 20,954
--------- --------- --------- ---------
NET INCOME $ 23,971 $ 27
,397 $ 35,177 $ 37,574
========= ========= ========= =========
NET INCOME PER COMMON SHARE
Basic $2.227
========= ========= ========= =========
-------------------------------------------
---------------------------
COMPREHENSIVE INCOME
Net income $ 23,971 $ 27
,397 $ 35,177 $ 37,574
Change in fair value of
interest rate swap
agreements
, net - 149 - 269
Foreign currency translation
adjustment
(8) - (3) 17
--------- -
-------- --------- ---------
Comprehensive income $ 23,963 $ 27,546 $ 35,174 $ 37,860
========= ========= ========= =========
CSS
INDUSTRIES, INC.
Payment for shares accepted for purchase, and the return of all
other shares
tendered but not accepted for payment, will be made
promptly by American Stock Transfer and Trust
Company, the depositary
for the tender offer.
unbreakable taizhou
The Company's highly seasonal orientation
results in operating losses in the first and fourth quarters of the
fiscal year and operating
profits in the second and third quarters. These negative
factors were partially offset by decreased
selling, general and
administrative expenses, primarily related to compensation, and
reduced interest
expense. The actual amount of
the duties, if imposed, may be higher or lower than the deposit rates
,
depending on the final determinations of the Commerce Department and
the U.16 per share) and
the third quarter year to date
results, we now expect EPS growth for the fiscal year of between 0
%
and 5%," said David Erskine, President and CEO.
New electronic LED decorations face
out of office and retail windows, plug
into common outlets, and eliminate installation, maintenance
, and takedown
costs
OVERLAND PARK, Kan.
(Photo:
http://www.smartland garlands
CSS Industries Inc. Reports Sales and Earnings for the Quarter and Nine Months Ended December
31 2004
(NYSE:CSS) announced today the results of operations for the third
quarter and nine
months ended December 31, 2004.79
per diluted share, compared to a prior year net income of $37,574
,000,
or $3.18 $2.00 per
share include shares tendered by those persons who indicated, in their
letter of transmittal, that they are willing to accept the price
determined in the offer.
ornamentals orman
95
$3.08 $.sculptured unbreakable
S.91 $2.ornament krinner
S. The
Company's exposure is estimated to be in the range of approximately
$., New York City
time, on March 4, 2005.orman manufactory
31 $2.decorations decoration
"We are disappointed
in these results and
have taken several steps to improve them for next
year.10 $.00 per share is
approximately
86.wreaths smartland
00 per share, or a total of
$60,891,600. As a result of the completion of the tender
offer
and immediately following payment of the tendered shares, CSS
will have approximately 10,384,534
shares issued and outstanding.
Two Ultimate Window Tree(TM) models now available
LightWild
's Ultimate Window Tree(TM), available in a 190 LED model
(MSRP US$495) and 380 LED model (MSRP US
$895), is sold by authorized
resellers. This may include decorations, ornaments, and other products
used during a specific holiday.
ornamentals polyresin
Net income decreased 6% to $35,177,000, or $2.favour taizhou
For the quarter ended
December 31, 2004, sales of $247,169,000 were flat compared to sales
of $247,394,000 in 2003.
16 per diluted share.16 per share in the current quarter.com ) introduced a holiday decoration today
that
eliminates these unrecoverable labor costs and instead enables funds to be put
into re-usable
holiday products with advanced animated lighting effects.com/products/windowtree.yuzu mache
Net income decreased
13% to $23,971,000, or
$1.18 per diluted share. In November 2004 and January 2005, the
Commerce
Department denied requests to reduce these deposit rates
pending the issuance of its final determination
. The Company is vigorously contesting
the imposition of these duties, however given the preliminary
determinations of the Commerce Department and the International Trade
Commission, the Company
has established a reserve for its estimated
maximum exposure of $.com/cgi-bin/prnh/20050921/CGW009
)
Bright, electronic, flat panel Christmas tree lights night skies from
inside of windows
LightWild's Ultimate Window Tree(TM) is approximately 3-feet tall and 4
inches thick with
dozens of clustered, pre-programmed light emitting diodes
(LEDs).wreath ornamentals
Commerce Department issued its
preliminary determination in the anti-dumping duty investigation on
certain tissue paper products
imported from China.58%.garlands wreath
International Trade Commission, which are expected to be
issued in February
2005 and March 2005, respectively, and any reviews
that may be undertaken by the Commerce Department
thereafter. LightWild
( http://www.newscom.yuzu decorations
These sales declines were partially offset by improved
Christmas and Everyday boxed greeting card sales.05
========= =========
========= =========
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic
11,952 11,841 11,929 11,730
========= ========= =========
=========
Diluted 12,523 12,592 12,607 12,335
========= ========= ========= =========
CASH DIVIDENDS PER SHARE OF
COMMON
STOCK $.The Holidays category focuses on the business of manufacturing, distributing
, and marketing products related to holiday items.
taizhou sculptured
m. When plugged
into a standard outlet, an Ultimate
Window Tree(TM) automatically projects
moving, colorful light patterns at an intense 30-degree beam
angle that
pierces clear and most tinted window glass.orman taizhou
Business Editors
PHILADELPHIA
----CSS Industries, Inc.03 to $.79 $3.lightwild. For reseller locations, streaming videos, and photos
, visit
http://www.krinner mache
CSS is a consumer products company primarily engaged in the
manufacture
and sale to mass market retailers of seasonal, social
expression products, including gift wrap, gift
bags, boxed greeting
cards, gift tags, tissue paper, paper and vinyl decorations, classroom
exchange
Valentines, decorative ribbons and bows, Halloween masks,
costumes, make-ups and novelties, educational
products and Easter egg
dyes and novelties.
CSS' consolidated results of operations for the quarters
ended
December 31, 2004 and 2003 and consolidated condensed balance sheets
as of December 31,
2004, March 31, 2004 and December 31, 2003 follow:
CSS INDUSTRIES, INC.30
$.
Business Editors
PHILADELPHIA----CSS Industries,
Inc. It is placed on a window
sill with the LEDs facing out.taizhou christmas
For the nine months ended
December 31, 2004, sales decreased by 1
% to $478,435,000 from
$484,846,000 in 2003. The decline in net
income was primarily the result
of lower sales and lower margins
caused by our establishment of a pre-tax reserve of $3,100,000 for
duties that may be imposed on imported tissue products (discussed
below), higher freight costs
and higher material costs.
In September 2004, the U. (NYSE:CSS) announced today the final results
of its modified
Dutch auction tender offer, which expired at 5:00 p. CSS will purchase 1,739,760
shares of its
Common Stock at a purchase price of $35.ornaments manufactory
The decrease in sales for the nine months
ended December 31, 2004
was primarily the result of lower ribbon and bow sales, the absence of
sales
related to a product line which was sold in July 2003 and the
later timing of Valentine shipments
which pushed sales into the fourth
quarter. These steps include the identification of new tissue
sources
that are not subject to duty, as well as the negotiation of new
freight arrangements,
" he continued.
CSS is a consumer products company primarily engaged in the
manufacture and sale
to mass market retailers of seasonal, social
expression products, including gift wrap, gift bags
, boxed greeting
cards, gift tags, tissue paper, paper and vinyl decorations, classroom
exchange
Valentines, decorative ribbons and bows, Halloween masks,
costumes, make-ups and novelties, educational
products and Easter egg
dyes and novelties., Commercial properties,
especially those with multiple
stories, spend millions of dollars annually on
labor and ladder trucks to install and take down holiday
lights.mache ornaments
05 per diluted share.
"Reflecting the estimated maximum exposure to tissue duties
(approximately
$. Actual events or results may
differ materially from those discussed in forward-looking statements
as a result of various factors, including without limitation, general
market conditions, increased
competition, and other factors described
in the Company's Annual Report on Form 10-K for the fiscal
year ended
March 31, 2004.favour decorations
The 1,739,760 shares to be purchased are comprised of the
1,500,000
shares CSS offered to purchase and 239,760 shares to be
purchased pursuant to CSS' right to purchase
up to an additional 2
percent of the shares outstanding immediately prior to the
commencement
of the tender offer. Due to over-subscription, the final
proration factor for shares tendered at
or below $35. All shares purchased in the tender offer will
receive the same price.
Subject to
the rules and regulations of the Securities and Exchange
Commission, CSS may, from time to time at
management's discretion,
repurchase up to approximately 509,724 additional shares of its common
stock
on the open market under its previously authorized share buyback
program.ornament snowflakes
91 per diluted share, compared
to prior year net income of
$27,397,000, or $2. As a result of this
determination, the Company
and other importers are required to post
bond or a cash deposit upon importation of these products
at rates
reflecting the Commerce Department's estimate of the duties that may
be imposed on these
products. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31
, March 31, December 31,
2004 2004 2003
-------- -------- --------
ASSETS
----
--
CURRENT ASSETS
Cash and cash equivalents $ 18,845 $ 93,191 $ 12,158
Accounts receivable, net 214,715 40,460 215,377
Inventories
81,652 94,459 76,187
Deferred income taxes 7,491 7,937
7,179
Other current assets 13,719 12,987 11,934
-------- -------- --------
Total current assets 336,422
249,034 322,835
-------- -------- --------
PROPERTY
, PLANT AND EQUIPMENT, NET 77,681 81,193 82,959
-
------- -------- --------
OTHER ASSETS
Intangible assets, net 35,506
35,619 36,995
Other 4,852 4,551 4,473
-------- -------- --------
Total other assets
40,358 40,170 41,468
-------- --------
--------
Total assets $454,461 $370,397 $447,262
======== ======== ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
-----------------------------
CURRENT LIABILITIES
Notes payable
$ 19,000 $ - $ 28,980
Current portion of long-term
debt
10,000 - -
Other current liabilities 95,609
61,221 95,653
-------- -------- --------
Total current liabilities 124,609 61,221 124,633
-------- -------- --------
LONG-TERM DEBT, NET OF CURRENT
PORTION
40,000 50,251 50,000
-------- -
------- --------
LONG-TERM OBLIGATIONS 3,602 3,631 3,564
-------- -------- --------
DEFERRED INCOME TAXES
6,451 6,142 9,098
-------- --------
--------
STOCKHOLDERS' EQUITY 279,799 249,152 259,967
-------- -------- --------
Total liabilities and
stockholders' equity $454,461 $370,397 $447,262
======== ======== ========
Instead,
the same commercial property could purchase 20
Ultimate Window Trees(TM)
(190 LED model, MSRP US$495) that can be installed by anyone without ladders
or heavy equipment and re-used each year at no additional cost.wreath snowflakes
Forward-looking statements are
based on the beliefs of the Company's
management as well as assumptions made by and information currently
available to the Company's management.20
========= ========= =========
=========
Diluted $1.CSS Industries Inc. Announces Final Results of Tender
Offer
Simplified installation, zero maintenance leads to savings
A traditional
commercial holiday lighting project that costs $10,000
likely includes at least 80 percent in installation
, maintenance, and takedown
costs (or about $8,000) that is unrecoverable when the season ends.lightwild
.asp or call 913-851-3000 ext 38.favour polyresin
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