CSS Industries, Inc. Reports Results of Operations for the Three Months Ended June 30, 2015

PHILADELPHIA–(BUSINESS WIRE)–CSS Industries, Inc. (NYSE:CSS) announced today its results of operations for the three months ended June30, 2015, which is the first quarter of its fiscal year ending March31, 2016. Sales for the first quarter of fiscal 2016 decreased 8.3% to $44,228,000 from $48,257,000 in the first quarter of fiscal 2015, primarily due to lower shipments of all occasion stationery and ribbon products. Based on new program placements and the expected seasonal shipments attributable to our acquisition of the business and assets of Hollywood Ribbon Industries, Inc. as announced on February 19, 2015, we currently expect sales for the second quarter of fiscal 2016 to exceed sales in the second quarter of the prior year, which is expected to largely offset the lower first quarter sales. We also incurred expenses in the first quarter of fiscal year 2016 which are expected to benefit the remainder of the year. The loss before income taxes for the first quarter of fiscal 2016 was $(4,738,000) compared to $(2,058,000) in the first quarter of fiscal 2015. The net loss for the first quarter of fiscal 2016 was $(3,068,000), or $(0.33) per diluted share, versus $(1,325,000), or $(0.14) per diluted share, in the first quarter of fiscal 2015.

CSS Design Tools a consumer products company primarily engaged in the design, manufacture, procurement, distribution and sale of all occasion and seasonal social expression products, principally to mass market retailers. These all occasion and seasonal products include decorative ribbons and bows, journals, boxed greeting cards, classroom exchange Valentines, gift tags, gift bags, gift card holders, gift wrap, decorations, floral accessories, craft and educational products, Easter egg dyes and novelties, memory books, scrapbooks, stickers, infant and wedding photo albums, stationery, and other gift items that commemorate lifes celebrations.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to CSS’ expected sales growth for the second quarter of fiscal 2016 and expected benefits during the remainder of fiscal 2016 from expenses incurred in the first quarter of fiscal 2016. Forward-looking statements are based on the beliefs of the Companys management as well as assumptions made by and information currently available to the Companys management as to future events and financial performance with respect to the Companys operations. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which Company Website were made. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including without limitation, inherent uncertainties associated with estimating the timing and amount of future sales and estimating the extent to which, and when (if at all), benefits will be derived in future periods from expenses incurred in the first quarter of fiscal 2016; general market and economic conditions; increased competition (including competition from foreign products which may be imported at less than fair value and from foreign products which may benefit from foreign governmental subsidies); increased operating costs, including labor-related and energy costs and costs relating to the imposition or retrospective application of duties on imported products; currency risks and other risks associated with international markets; risks associated with acquisitions, including acquisition integration costs and the risk that the Company may not be able to integrate and derive the expected benefits from such acquisitions; the risk that customers may become insolvent, may delay payments or may impose deductions or penalties on amounts owed to the Company; costs of compliance with governmental regulations and government investigations; liability associated with non-compliance with governmental regulations, including regulations pertaining to the environment, Federal and state employment laws, and import and export controls and customs laws; and other factors described more fully in the Companys annual report on Form 10-K for the fiscal year ended March 31, 2015 and elsewhere in the Companys filings with the Securities and Exchange Commission. When trying to find High Quality, online search engine friendly and mobile friendly web sites you need to have a look at working with the top Web Design Company in Traverse city.

As a result of these factors, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the. <div class=" web development Custom Web websites -post” data-href=”https://embed.tumblr.com/embed/post/GLsj3oN_sSRhR0-8wx6ZRQ/123644328701&#8243; data-did=”dc83b9e166bc55e57bef9c7fb36fc4595dd8b70c”>http://seotraversecity.tumblr.com/post/123644328701/seo-friendly-web-design-and-development-services


CSS consolidated results of operations for the three months ended June30, 2015 and 2014 and condensed consolidated balance sheets as of June30, 2015, March31, 2015 and June30, 2014 follow:



(Unaudited) (In thousands, except per share data) Three Months Ended June 30, 2015 2014 Sales $ 44,228 $ 48,257 Costs and expenses Cost of sales 31,786 33,658 Selling, general and administrative expenses 17,300 16,757 Interest income, net (72 ) (21 ) Other income, net (48 ) (79 ) 48,966 50,315 Loss before income taxes (4,738 ) (2,058 ) Income tax benefit (1,670 ) (733 ) Net loss $ (3,068 ) $ (1,325 ) Basic and diluted net loss per common share $ (0.33 ) $ (0.14 ) Weighted average basic and diluted shares outstanding 9,342 9,308 Cash dividends per share of common stock $ 0.18 $ 0.15 CSS INDUSTRIES, INC. AND SUBSIDIARIES


(In thousands) June 30, March 31, June 30, 2015 2015 2014 (Unaudited) (Audited) (Unaudited) Assets

Current assets Cash and cash equivalents $ 33,368 $ 36,429 $ 47,176 Short-term investments 49,939 69,845 29,911 Accounts receivable, net 36,363 42,052 42,737 Inventories 82,093 65,491 76,967 Deferred income taxes 4,430 4,375 4,329 Other current assets 14,218 11,235 15,565 Total current assets 220,411 229,427 216,685 Property, plant and equipment, net 25,510 25,493 26,797 Deferred income taxes 89 582 1,639 Other assets Goodwill 15,820 15,820 15,083 Intangible assets, net 32,409 33,048 27,505 Other 5,529 5,103 4,175 Total other assets 53,758 53,971 46,763 Total assets $ 299,768 $ 309,473 $ 291,884 Liabilities and Stockholders Equity

Current liabilities Accounts payable $ 16,467 $ 12,917 $ 17,031 Accrued payroll and other compensation 5,207 9,054 5,002 Accrued customer programs 3,381 4,042 3,571 Other current liabilities 7,432 8,992 6,793 Total current liabilities 32,487 35,005 32,397 Long-term obligations 4,223 4,213 4,618 Stockholders equity 263,058 270,255 254,869 Total liabilities and stockholders equity $ 299,768 $ 309,473 $ 291,884

web page templates