US: Q4 profit for American Greetings

Results in line with company's expectations says CEO.
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The second largest US greeting card company (after Hallmark), American Greetings posted a quarterly net profit for its Q4, despite a slight drop in revenue.

The firm recorded a profit of $15.6 million, or 31 cents per share, compared with a loss a year ago of $12.2 million (22 cents a share).

However, American Greetings, which has such licences as Care Bears, Holly Hobbie and Strawberry Shortcake in its portfolio, revealed that total revenue fell to $493.2 million from $495.9 million a year ago.

In the same period a year ago, the company sold its candle product lines and recorded a pretax loss of 18 cents per share in its continuing operations. It also incurred costs of seven cents per share related to the closure of 60 of its retail outlets.

The firm is forecasting earnings of $1.60 to $1.85 per share for fiscal 2009, according to Reuters.


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