American Greetings Corporation today announced its results for the first fiscal quarter ended May 25, 2012.

For the first quarter of fiscal 2013, the Company reported total revenue of $393.1 million, pre-tax income of $10.4 million and net income of $7.3 million or 20 cents per share (all per-share amounts assume dilution).  Revenue was reduced by $1.4 million as a result of scan-based trading conversions that occurred during the quarter.  The pre-tax income impact of the scan-based trading conversions was $1.0 million (after-tax $0.6 million, reducing earnings per share by about 2 cents).  The Company also incurred pre-tax costs of $2.1 million (after-tax $1.3 million, reducing earnings per share by about 4 cents) associated with the termination of a contract within the Company's intellectual property licensing group.

Also during the first quarter, on May 9, 2012, the Company announced the acquisition for approximately $56.6 million of the senior secured debt of Clinton Cards PLC ("Clinton Cards"), one of the largest specialty retailers of greeting cards in the United Kingdom ("U.K.").  Subsequently, Clinton Cards was placed into administration, a procedure similar to Chapter 11 bankruptcy in the United States, which gives the company, under the control of its administrators, an opportunity to restructure its business.

The Company subsequently announced, on June 7, 2012, the acquisition of assets of Clinton Cards, including approximately 400 stores and related overhead as well as the Clinton Cards and related brands.  The impacts of this transaction will be reflected in the second quarter of fiscal 2013.

For the first quarter of fiscal 2012, the Company reported total revenue of $403.7 million, pre-tax income of $50.8 million, and net income of $32.6 million or 78 cents per share.  Revenue was reduced by $1.9 million as a result of scan-based trading conversions that occurred during the quarter.