American Greetings Announces Third Quarter Earnings

American Greetings Announces Third Quarter Earnings PR Newswire CLEVELAND, Dec. 20, 2012 CLEVELAND, Dec. 20, 2012 /PRNewswire/ -- American Greetings Corporation (NYSE: AM) today announced its results for the third fiscal quarter ended November 23, 2012. Third Quarter Results For the third quarter of fiscal 2013, the Company reported total revenue of $506.8 million, a pre-tax loss of $2.1 million, and a net loss of $0.8 million or 3 cents per share (all per-share amounts assume dilution). The Company announced, on June 7, 2012, the acquisition of certain assets of United Kingdom-based Clinton Cards, including approximately 400 stores and related overhead as well as the Clinton Cards and related brands. As a result of the acquisition, the Company recognized during the third quarter of fiscal 2013 a revenue increase of approximately $67.6 million from the operations of the Clintons retail stores, reflected in the Company's new Retail Operations segment. This revenue increase was partially offset by the revenue reduction of approximately $25.5 million from inter- segment sales eliminations, reflected in the Company's International Social Expressions segment, resulting in a net increase in consolidated revenue of approximately $42.1 million in the quarter. The revenue being eliminated would have been third party sales in the prior year quarter. The Company recognized a loss of $11.5 million (after-tax of approximately $7.