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AMERICAN GREETINGS REPORTS HIGHEST FIRST HALF REVENUES, NET INCOME IN 86-YEAR HISTORY

 AMERICAN GREETINGS REPORTS HIGHEST
 FIRST HALF REVENUES,
 NET INCOME IN 86-YEAR HISTORY
 CLEVELAND, Sept. 17 /PRNewswire/ -- Record revenues, net income and net income per share for both the second quarter and the first six months of Fiscal 1993 were reported today by American Greetings (NASDAQ: AGREA).
 Revenues for the second quarter, ended August 31, 1992, increased 8.8 percent to $370.6 million, up from $340.8 million reported during the same period a year ago.
 Pre-tax income increased substantially over last year's second quarter, up 13.8 percent to $14.9 million from $13.1 million.
 Net income was also significantly higher, up 7.1 percent to $8.9 million from $8.3 million in the second quarter last year.
 Second quarter earnings per share were 24 cents, compared to 21 cents a year ago.
 "It was a very good quarter for us," said Morry Weiss, Chairman and Chief Executive Officer. "We are pleased with the results, which keep us on track for another record year in revenues and net income."
 For the first six months of Fiscal 1993, total revenues were $746.7 million, a 9.9 percent increase over $679.2 million last year.
 Pre-tax income improved from $47.1 million last year to $54.9 million, up 16.6 percent.
 Net income was up 15.1 percent to $34.4 million, from $29.9 million last year, and earnings per share were 95 cents versus 89 cents a year ago.
 President and Chief Operating Officer Ed Fruchtenbaum said results were in line with the Company's expectations.
 "Our performance was driven by excellent sales of everyday and seasonal greeting cards, which are our core products," said Fruchtenbaum.
 "In addition to our excellent sales and earnings, the company has continued to manage its balance sheet extremely well. In particular, total inventories as of August 31, 1992, were down $22 million from a year ago while our revenues increased."
 Fruchtenbaum said the inventory improvements, which have been gained through Just-In-Time Manufacturing and more efficient production from the creative area to retail delivery, should continue to contribute meaningfully to inventory reductions.
 American Greetings, a Fortune 300 firm, is the world's largest publicly owned manufacturer and distributor of greeting cards and related personal expression products. The Company had record revenues of $1.57 billion and net income of $97.5 million during Fiscal 1992.
 AMERICAN GREETINGS CORPORATION
 SECOND QUARTER REPORT OF CONSOLIDATED REVENUE AND INCOME
 FISCAL YEAR ENDING FEBRUARY 28, 1993
 (In thousands of dollars except per share amounts)
 (Unaudited)
 Three Months Ended Percent
 August 31, Increase
 1992 1991
 Total revenue $370,624 $340,777 8.8
 Income before income taxes 14,887 13,078 13.8
 Income taxes 5,993 4,773 25.6
 Net income 8,894 8,305 7.1
 Per share .24 .21 14.3
 Average number of common
 shares outstanding during
 each period 36,085,018 35,707,692
 (Unaudited)
 Six Months Ended Percent
 August 31, Increase
 1992 1991
 Total revenue $746,686 $679,173 9.9
 Income before income taxes 54,881 47,059 16.6
 Income taxes 20,471 17,176 19.2
 Net income 34,410 29,883 15.1
 Per share .95 .89 6.7
 Average number of common
 shares outstanding during
 each period 36,040,172 33,760,044
 -0- 9/17/92
 /CONTACT: John Hernandis of American Greetings Corporation, 216-252-7300/
 (AGREA) CO: American Greetings Corporation ST: Ohio IN: REA SU: ERN


LC -- CL005 -- 0491 09/17/92 09:40 EDT
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Date:Sep 17, 1992
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