Printer Friendly

ARTISTIC GREETINGS INCORPORATED FIRST QUARTER RESULTS

 ARTISTIC GREETINGS INCORPORATED FIRST QUARTER RESULTS
 ELMIRA, N.Y., April 24 /PRNewswire/ -- Artistic Greetings Incorporated (NASDAQ: ARTG) today reported first quarter sales of $18,019,000 compared to $16,530,000 for the prior year. First quarter net income of $914,000 produced earnings per share of 15 cents compared to a net income of $1,255,000, which generated 22 cents per share for the prior year. Average shares outstanding were 5,967,411 versus 5,585,549 for the year earlier.
 While all operational expenses other than advertising showed over a 6 percent improvement as a percentage of sales when compared to the prior year, the advertising expense incurred to generate the first quarter sales during the prolonged recession increased substantially as the company sought to increase its existing market share and overcome anticipated poor consumer response.
 Artistic Greetings, specializes in mail order of personalized products such as name and address labels, stationery, pens, pencils, luggage tags and a host of other products. It sells through catalogs, newspapers and magazines.
 ARTISTIC GREETINGS INCORPORATED
 Statement of Income
 (Unaudited)
 (000s omitted except per share data)
 Income Statement Data Quarter Ended
 March 31
 1992 1991
 Net sales $18,019 $16,530
 Income before taxes 1,385 1,925
 Income taxes 471 670
 Net Income 914 1,255
 Earnings per share $.15 $.22
 Weighted average number of
 common & equivalent common
 shares outstanding 5,967,411 5,585,549
 Balance Sheet Data March 31, 1992 March 31, 1991
 Cash or equivalents $6,269 $6,416
 Current assets 18,735 15,159
 Current liabilities 7,062 4,910
 Working capital 11,673 10,249
 Long term debt 2,409 ---
 Shareholders' equity per share 2.91 2.53
 All shares and per share data have been adjusted to reflect a
 3-for-2 stock split effective June 10, 1991.
 -0- 4/24/92
 /CONTACT: Richard C. Bast, vice president - finance of Artistic Greetings, 607-737-5235, ext. 268/
 (ARTG) CO: Artistic Greetings, Inc. ST: New York IN: REA SU: ERN


CG -- CL003 -- 2376 04/24/92 11:03 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 24, 1992
Words:340
Previous Article:SANCTUARY WOODS MULTIMEDIA CORPORATION APPOINTS NEW VICE PRESIDENT PROFESSIONAL SERVICES
Next Article:DRECO ENERGY SERVICES SUBSIDIARY SIGNS CONTRACT


Related Articles
ARTISTIC GREETINGS INCORPORATED SECOND QUARTER 1992 RESULTS
ARTISTIC GREETINGS INCORPORATED FIRST QUARTER 1993 RESULTS
ARTISTIC GREETINGS INCORPORATED FIRST QUARTER 1994 RESULTS
ARTISTIC GREETINGS INCORPORATED SECOND QUARTER 1994 RESULTS
ARTISTIC GREETINGS, INC. - RESULTS 2ND QUARTER
ARTISTIC GREETINGS REPORTS EARNINGS
Artistic Greetings Announces Quarterly Results
Artistic Greetings Announces Quarterly Results
Artistic Greetings Announces Quarterly Results
Artistic Greetings Announces Quarterly Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters