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ARTISTIC GREETINGS INCORPORATED 1991 YEAR END RESULTS

 ARTISTIC GREETINGS INCORPORATED 1991 YEAR END RESULTS
 ELMIRA, N.Y., March 4 /PRNewswire/ -- Artistic Greetings


Incorporated (NASDAQ: ARTG) today announced record earnings for 1991. Earnings for the year ended Dec. 31 were 39 percent higher to $2,746,000, or $.46 per share, on sales of $63,174,000 versus $1,971,000, or $.40 per share, on sales of $44,158,000 for the previous year. All per share data has been adjusted to reflect a 3 for 2 stock split effective in June of 1991.
 Fourth quarter results were $872,000, or $.15 per share, on sales of $21,008,000 versus earnings of $1,071,000, or $.18 per share, on sales of $17,451,000 for the same quarter in 1990. The sales jump was due to increased advertising in the mass media markets and expanded mailings of its catalogs.
 A fourth quarter charge of $286,000 or $.05 per share resulted from the write-off of certain prepaid advertising money spent with a company that later filed for protection under Chapter 11 of the U.S. Bankruptcy Code and inventory associated with a discontinued product line.
 The company also said the recession severly impacted earnings as consumer response rates came in below expectations for the company's five catalogs.
 The company remains optimistic in 1992, planning tighter controls on spending in its catalog business to maximize returns from lower response rates.
 "The lessons we learned from 1991 should help us for 1992," Stuart Komer, president and chairman said.
 The company said it also plans to test its products in other countries, including the United Kingdom, where a test is currently underway to sell the company's two main products, mini printers and roll labels.
 The company said it also hopes to benefit in 1992 from the relocation of its offices to downtown Elmira, N.Y., and the installation of new computer and software equipment.
 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 brochures.
 ARTISTIC GREETINGS INCORPORATED
 Statements of Income
 (000s omitted except per share data)
 Income Statement Data Quarter Ended Twelve Months Ended
 December 31 December 31
 1991 1990 1991 1990
 NET SALES $21,008 $17,451 $63,174 $44,158
 INCOME BEFORE TAXES 1,345 1,676 4,153 3,092
 INCOME TAXES 473 605 1,407 1,121
 NET INCOME 872 1,071 2,746 1,971
 EARNINGS PER SHARE $0.15 $0.18 $0.46 $0.40
 WEIGHTED AVERAGE NUMBER OF
 COMMON & EQUIVALENT COMMON
 SHARES OUTSTANDING 6,000,321 5,883,245 5,905,899 4,946,894
 Balance Sheet Data December 31, 1991 December 31, 1990
 CASH OR EQUIVALENTS $6,330 $5,787
 CURRENT ASSETS 19,249 15,971
 CURRENT LIABILITIES 8,607 6,077
 WORKING CAPITAL 10,642 9,894
 LONG TERM DEBT 2,497 ---
 SHAREHOLDERS' EQUITY PER SHARE $2.75 $2.31
 All shares and per share data have been adjusted to reflect a 3-for-2 stock split effective June 10, 1991.
 -0- 3/4/92
 /CONTACT: Richard C. Bast of Artistic Greetings, 607-737-5235/
 (ARTG) CO: Artistic Greetings, Inc. ST: New York IN: SU: ERN


KK -- CL009 -- 5057 03/04/92 15:32 EST
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Date:Mar 4, 1992
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