(Source: Datamonitor)
American Greetings has reported a net income of $9.96 million, or $0.25 per diluted share, for the first quarter ended May 29, 2009, compared to $13.33 million, or $0.27 per diluted share, in the same quarter of fiscal 2009.
For the first quarter of fiscal 2010, total revenues were $412.92 million, compared to $428.30 million in the first quarter of fiscal 2009. Operating income was $22.61 million, compared to $22.25 million in the same quarter of fiscal 2009.
Zev Weiss, CEO of American Greetings, said: "I am very pleased with our performance this quarter. Specifically, sales of greeting cards increased primarily as a result of the additions of recycled paper greetings and papyrus as well as strength in our overall North American business despite weak economic conditions. We also realized improved margins as a result of our cost reduction activities last year and we will continue to focus on efficiencies this year."
A service of YellowBrix, Inc.
