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Article Excerpt
CSS Industries, Inc. (NYSE:CSS) announced the results of operations for the second quarter and six months ended September 30, 2009. For the quarter ended September 30, 2009, sales decreased 8% to $160,273,000 from $174,161,000 in 2008. Net income decreased 15% to $8,892,000, or $.92 per diluted share, compared to prior year net income of $10,504,000, or $1.03 per diluted share. For the six months ended September 30, 2009, sales decreased 6% to $213,950,000 from $228,808,000 in 2008. Net income for the six months ended September 30, 2009 decreased 27% to $4,402,000, or $.46 per diluted share in 2009 compared to prior year net income of $6,008,000, or $.58 per diluted share. 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. Second Quarter Results The decline in sales for the quarter ended September 30, 2009 was due to lower sales of Christmas products primarily as a result of reduced customer purchases following weak retail sales in the preceding Christmas selling season. Sales of all occasion...
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