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ARTISTIC GREETINGS INCORPORATED FIRST QUARTER 1993 RESULTS

 ELMIRA, N.Y., April 26 /PRNewswire/ -- Artistic Greetings Incorporated (NASDAQ: ARTG) today announced first quarter operating results of $1,148,000, or $.19 per share, versus $914,000, or $.15 per share, a 26 percent increase over the year earlier.
 Although the quarter represents one of the best first quarters in the company's 68-year-old history, officials said several factors prevented Artistic from having a record quarter.
 Company officials said earnings would have been as much as $.02 per share better had it not been for a severe snowstorm that hit the northeast United States the weekend of March 13th and 14th. The storm made it difficult for newspapers, carrying advertisements for Artistic's products, to be delivered.
 For the quarter ended March 31, 1993, sales were a record $22,457,000 versus $18,019,000, an increase of 24 percent.
 Richard Bast, vice president of finance, said the company was satisfied with the improvements in its gross margins.
 However, Bast said, Artistic was somewhat disappointed in the response rates from its advertising, blaming the current economic environment. The company had been anticipating "a more robust economic turnaround," Bast said.
 "The economy seems to be rather stagnant," Bast said, "and response rates were not as planned."
 The company sells and markets personalized products such as re- inkable stamps, address labels, Christmas and everyday greeting cards, stationery, pens, pencils, luggage tags, and hundreds of gift items that feature personalization. The items are sold via newspapers, magazines and catalogs.
 ARTISTIC GREETINGS INCORPORATED
 Statement of Income
 (Unaudited)
 (000's omitted except per share data)
 Income Statement Data Quarter Ended
 March 31
 1993 1992
 Net Sales $22,457 $18,019
 Income Before Taxes 1,675 1,385
 Income Taxes 527 471
 Net Income 1,148 914
 Earnings per share $.19 $.15
 Weighted Average Number of
 Common and Equivalent Common
 Shares Outstanding 6,016,076 5,967,411
 Balance Sheet Data March 31, 1993 March 31, 1992
 Cash and Marketable
 Securities $10,445 $ 6,268
 Current Assets 24,940 18,735
 Current Liabilities 9,851 7,062
 Working Capital 15,089 11,673
 Long Term Debt 2,080 2,409
 Shareholders' Equity Per Share $ 3.59 $ 2.91
 -0- 4/26/93
 /CONTACT: Richard Bast, vice president finance, Artistic Greetings Incorporated, 607-737-5235, ext. 268/
 (ARTG)


CO: Artistic Greetings Incorporated ST: New York IN: REA SU: ERN

BM -- CL023 -- 0882 04/26/93 15:39 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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