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. 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.
Celebrate Express is a leading online retailer of celebration products
serving
families.
pillowcase goody
partymakers atas
79
per diluted share, compared to a prior year net income of $37,574,000,
or $3. These
sales declines were partially offset by improved
Christmas and Everyday boxed greeting card sales
. 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.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 $.30 $.com is well known to busy parents
as a comprehensive
"party solutions" destination. The company currently operates three brands: Birthday
Express, which markets children's party products; Storybook Heirlooms, which
offers girls' special
occasion apparel and accessories; and Costume Express,
which markets costumes and accessories.favors goody
CSS
Industries Inc. Reports Sales and Earnings for the Quarter and Nine Months Ended December 31 2004
05 per diluted share.08 $., Birthday Express, a
division of Celebrate Express, Inc.premade favors
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.91 $2.demitasse favours
For the nine months ended
December
31, 2004, sales decreased by 1% to $478,435,000 from
$484,846,000 in 2003. 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 $2.31 $2. To make shopping
easy, customers have the option to purchase a
variety of pre-assorted party packs.partymakers princesses
BirthdayExpress
.
Contact:
Meghan Hardy
425-250-1064 x148
meghanh@birthdayexpress
.outrageous princesses
03 to $. Colorful and easy to navigate, it showcases over 150 children's
birthday party themes,
more than 50 of which are exclusive to Birthday
Express.pillowcase outrageous
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. The site also offers cake supplies and
recipes, and even
dress-up costumes to round out the celebration.demitasse maracas
18 per diluted share. The company utilizes its branded
Web
sites, BirthdayExpress.com.Products purchased online geared toward children only.
goody outrageous
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
======== ======== ========
Birthday
Express Receives 2006 Party Retailer of the Year Award
sparkle demitasse
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.16 per share in the current quarter. They'll also
find a wide selection of
theme-specific activities and crafts, personalized banners, piqatas, favors
and toys. For more information, please visit CelebrateExpress.wristbands maracas
(NYSE:CSS) announced today the
results of operations for the third
quarter and nine months ended December 31, 2004. 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.
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.95 $3.com and CostumeExpress
.com
atas showbags
"Reflecting the estimated maximum exposure to tissue duties
(approximately $.favors premade
Business Editors
PHILADELPHIA----CSS Industries, Inc. "We are disappointed
in these results
and have taken several steps to improve them for next
year.
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.loot streamers
These negative
factors were partially offset by decreased
selling, general and
administrative expenses, primarily related to compensation, and
reduced interest
expense. 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 $.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.18 $2.
About Celebrate Express, Inc.sparkle tableware
Net income decreased
13% to $23,971,000, or
$1.
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 1995.79 $3.10 $.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.streamers splat
Because in addition to products, it
offers
extensive party planning information for each theme, including decorating
tips, menus,
games and activities.pinata maracas
Commerce Department issued its
preliminary determination in the anti-dumping
duty investigation on
certain tissue paper products imported from China.S.
The Birthday Express
Web site merits award-winning recognition for several
reasons.com, Storybook.pillowcase sparkle
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. (Nasdaq: BDAY) was named 2006 Party
Retailer
of the Year -- Online Party Store by the national party industry and
Greetings etc.pinatas momentous
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. In November 2004 and January
2005, the
Commerce Department denied requests to reduce these deposit rates
pending the issuance
of its final determination. KIRKLAND, Wash.
birthday showbags
In September 2004, the U.S. Magazine, which recognized
outstanding partyware retailers at
an awards banquet on March 10, 2006.com, complemented
by branded
catalogs to offer products as complete coordinated solutions. The
company's goal is to help busy
parents celebrate the special moments in their
lives.favours atas
01 $2.20
========= ========= ========= =========
Diluted $1.loot outrageous
91 per diluted share
, compared to prior year net income of
$27,397,000, or $2.wristbands splat
Net income decreased 6% to $35,177,000
, or $2. The
Company's exposure is estimated to be in the range of approximately
$.
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.partyware premade
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