For this purpose, shares tendered
at $35.00 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.
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.08 $.sculptured favour
Continued strong earnings and
cash
flow make this increase possible."
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.S.03 to $.16 per share in the current quarter. 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, 2004.31 $2.snowflakes wreaths
CSS Industries Inc. Announces Final Results of Tender Offer
taizhou ornaments
00 per share
is
approximately 86. In November 2004 and January 2005, the
Commerce Department denied requests
to reduce these deposit rates
pending the issuance of its final determination. 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. 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.decoration snowflakes
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.metallics yuzu
(NYSE:CSS) today declared a
quarterly
dividend of twelve cents per share on its outstanding shares
of Common Stock.ornamentals taizhou
58%.CSS Industries
Inc. Quarterly Cash Dividend Increased by 20%
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.lagniappe favour
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.20
========= ========= ========= =========
Diluted
$1. This may include decorations, ornaments, and other products used during a specific holiday
.
favour snowflakes
(NYSE:CSS) announced today the results of operations for the third
quarter and nine months ended
December 31, 2004.heirlooms decorations
Business Editors
PHILADELPHIA----The Board of
Directors of CSS Industries
, Inc.05 per diluted share.
In September 2004, 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.ornaments heirlooms
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
.10 $.ornaments smartland
(NYSE:CSS) announced today the final results of its modified
Dutch auction tender offer
, which expired at 5:00 p., New York City
time, on March 4, 2005. All shares purchased in the tender
offer will
receive the same price.
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.ornaments metallics
The
Company's exposure
is estimated to be in the range of approximately
$.
favour glorie
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 $.95 $3.30 $.glorie snowflakes
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. This dividend will be payable on June 15
, 2005 to
stockholders of record at the close of business on June 1, 2005. Erskine, President and
Chief
Executive Officer of the Company said, "We are very pleased to provide
this increased cash
dividend so that our stockholders can enjoy this
improved return on their investment. Net income
decreased 13% to $23,971,000, or
$1.manufactory smartland
Business Editors
PHILADELPHIA----CSS Industries
, Inc. These sales declines were partially offset by improved
Christmas and Everyday boxed greeting
card sales. These negative
factors were partially offset by decreased selling, general and
administrative
expenses, primarily related to compensation, and
reduced interest expense.
"Reflecting the estimated
maximum exposure to tissue duties
(approximately $.91 $2.yuzu glorie
Commenting on this action, David
J.18 per diluted share. Net income decreased 6% to $35,177,000, or $2.S.snowflakes manufactory
M. 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.favour orman
CSS Industries Inc. Reports Sales and Earnings for the Quarter
and Nine Months Ended December 31 2004
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 $.heirlooms krinner
79
per diluted share, compared to a prior year net income of $37,574
,000,
or $3.
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 1995.01 $2. 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
======== ======== ========
metallics favour
91 per diluted share, compared to prior year net income
of
$27,397,000, or $2. For the nine months ended
December 31, 2004, sales decreased by 1% to
$478,435,000 from
$484,846,000 in 2003.16 per diluted share.smartland glorie
Business Editors
PHILADELPHIA
----CSS Industries,
Inc. For the quarter ended
December 31, 2004, sales of $247,169,000 were flat
compared to sales
of $247,394,000 in 2003. Commerce Department issued its
preliminary determination
in the anti-dumping duty investigation on
certain tissue paper products imported from China.
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.18 $2.metallics glorie
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. 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.
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. This
dividend rate reflects an increase of 20% from the prior
rate of ten
cents a share.orman wreath
m. CSS will purchase 1,739,760 shares of its
Common Stock at a purchase
price of $35. 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.79
$3.heirlooms taizhou
00 per share, or a total of
$60,891,600. "We are disappointed
in these results and have
taken several steps to improve them for next
year.The Holidays category focuses on the business of
manufacturing, distributing, and marketing products related to holiday items.
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