American Greetings Corp. (NYSE: AM) said Wednesday that it returned to a profit in the third quarter after the company recovered from a large impairment charge during the prior-year period.
The greeting card company earned $29.7 million, or 75 cents per share, during the quarter. That compares with a loss of $193.3 million, or $4.25 per share, a year earlier.
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The prior year's results included a $242.9 million impairment charge.
Revenue for the three months ended Nov. 27 slipped 3 percent to $440.2 million from $454.1 million.
The company lowered its material, labor and other production costs to $205 million from $223.2 million and reduced its selling, distribution and marketing expenses to $124.2 million from $159.8 million.
On Tuesday, American Greetings said it reached a deal with party goods maker Amscan Inc. and would stop making its own party goods. The move will result in a plant closing and about 225 facility-related job cuts.
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