Company Quick10K Filing
CSS Industries
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 9 $43
10-Q 2020-02-14 Quarter: 2019-12-31
10-Q 2019-11-14 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-K 2019-05-31 Annual: 2019-03-31
10-Q 2019-02-07 Quarter: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-K 2018-06-05 Annual: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-01 Quarter: 2017-06-30
10-K 2017-06-07 Annual: 2017-03-31
10-Q 2017-02-07 Quarter: 2016-12-31
10-Q 2016-10-25 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-K 2016-05-25 Annual: 2016-03-31
10-Q 2016-01-25 Quarter: 2015-12-31
10-Q 2015-10-27 Quarter: 2015-09-30
10-Q 2015-07-28 Quarter: 2015-06-30
10-K 2015-05-22 Annual: 2015-03-31
10-Q 2015-01-27 Quarter: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-K 2014-05-28 Annual: 2014-03-31
10-Q 2014-01-28 Quarter: 2013-12-31
10-Q 2013-10-30 Quarter: 2013-09-30
10-Q 2013-07-31 Quarter: 2013-06-30
10-K 2013-05-31 Annual: 2013-03-31
10-Q 2013-02-06 Quarter: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-K 2012-06-04 Annual: 2012-03-31
10-Q 2012-02-08 Quarter: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-K 2011-05-26 Annual: 2011-03-31
10-Q 2011-02-09 Quarter: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-K 2010-06-01 Annual: 2010-03-31
10-Q 2010-02-03 Quarter: 2009-12-31
8-K 2020-01-20 Enter Agreement, Shareholder Rights, Officers, Other Events, Exhibits
8-K 2019-11-14 Earnings, Exhibits
8-K 2019-11-05 Enter Agreement, Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-09-06 Exit Costs, Shareholder Vote
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-03 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2019-06-27 Officers, Regulation FD, Exhibits
8-K 2019-05-30 Earnings, Exhibits
8-K 2019-05-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-08 Earnings, Exit Costs, Regulation FD, Exhibits
8-K 2019-04-01 Officers, Exhibits
8-K 2019-03-13 Enter Agreement, Off-BS Arrangement, Officers, Regulation FD, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2019-01-29 Officers
8-K 2018-11-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-31 Officers, Regulation FD, Exhibits
8-K 2018-08-06 Officers, Shareholder Vote, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-04 Officers, Exhibits
8-K 2018-05-31 Earnings, Exhibits
8-K 2018-05-29 Officers, Exhibits
8-K 2018-03-28 Officers
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-01-25 Officers, Exhibits
CSS 2019-12-31
Item 2. Management's Discussion and Analysis of Financial
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 fy2020q310-qexhibit311.htm
EX-31.2 fy2020q310-qexhibit312.htm
EX-32.1 fy2020q310-qexhibit321.htm
EX-32.2 fy2020q310-qexhibit322.htm

CSS Industries Earnings 2019-12-31

CSS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ATAI 47 335 20 0 0 0 0 -144 0%
NETS 47 994 838 0 0 0 0 25 0%
UWN 44 43 6 62 17 1 2 24 27% 12.7 2%
FTD 44 387 388 1,014 609 -225 -183 246 60% -1.3 -58%
RVEN 44 93 64 0 0 -3 3 91 35.7 -3%
CSS 43 329 153 376 90 -49 -27 31 24% -1.2 -15%
BDL 43 68 31 114 0 5 9 31 0% 3.4 7%
BGFV 42 700 525 1,000 302 -0 25 35 30% 1.4 -0%
DAVE 41 66 42 63 0 4 6 32 0% 5.7 5%

css-20191231
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
________________________________________
FORM 10-Q
________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-2661
________________________________________
css-20191231_g1.jpg
CSS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
________________________________________
Delaware 13-1920657
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)

450 Plymouth RoadSuite 300Plymouth MeetingPA 19462
(Address of principal executive offices) (Zip Code)
(610) 729-3959
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class Trading SymbolName of each exchange on which registered
Common Stock, $.10 par valueCSSNew York Stock Exchange

________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   x  Yes    ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No
As of February 10, 2020, there were 8,880,297 shares of common stock outstanding which excludes shares which may still be issued upon exercise of stock options or upon vesting of restricted stock unit grants.



Table of Contents
CSS INDUSTRIES, INC. AND SUBSIDIARIES
INDEX
 
PAGE NO.


2

Table of Contents

CSS INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands, except per share amounts)
 Three Months Ended December 31,Nine Months Ended December 31,
 2019201820192018
Net sales$112,932  $133,231  $266,443  $310,259  
Cost of sales82,945  99,768  199,631  240,468  
Gross profit29,987  33,463  66,812  69,791  
Selling, general and administrative expenses21,654  28,718  65,140  85,995  
Restructuring expenses604  1,050  3,399  3,177  
Impairment of goodwill      1,390  
Operating income (loss)7,729  3,695  (1,727) (20,771) 
Interest expense (income), net798  784  2,447  1,480  
Other expense (income), net(649) (154) (1,725) (437) 
Income (loss) before income taxes
7,580  3,065  (2,449) (21,814) 
Income tax expense339  9,835  1,076  8,342  
Net income (loss)$7,241  $(6,770) $(3,525) $(30,156) 
Net income (loss) per common share:
Basic
$0.82  $(0.77) $(0.40) $(3.35) 
Diluted
$0.81  $(0.77) $(0.40) $(3.35) 
 
Weighted average shares outstanding:
Basic
8,880  8,845  8,865  9,007  
Diluted
8,902  8,845  8,865  9,007  
Net income (loss)
$7,241  $(6,770) $(3,525) $(30,156) 
Other comprehensive income (loss), net:
Currency translation adjustments:
Total currency translation gain (loss)449  (183) (70) (1,149) 
Pension and postretirement benefits:
Net income arising from pension and postretirement benefits, net of tax $9 for the three- and nine months ended December 31, 201928    28    
Interest rate swap agreement:
Fair value adjustment, net of tax $(185) for the three months, and $(87) for the nine months ended December 31, 2018
  (585)   (109) 
Other comprehensive income (loss), net:477  (768) (42) (1,258) 
Comprehensive income (loss)
$7,718  $(7,538) $(3,567) $(31,414) 
See accompanying notes to consolidated financial statements.
3

Table of Contents
CSS INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
December 31,
2019
March 31,
2019
December 31,
2018
ASSETS
Current assets:
Cash and cash equivalents$12,346  $17,100  $18,917  
Accounts receivable, net of allowances of $231, $2,198 and $1,75785,111  53,835  119,600  
Inventories86,990  96,231  94,902  
Asset held for sale  131  2,514  
Prepaid expenses and other current assets9,905  12,568  12,445  
Total current assets194,352  179,865  248,378  
Property, plant and equipment, net48,771  50,920  49,407  
Operating lease right-of-use assets44,702      
Intangible assets, net35,025  40,285  55,200  
Other assets15,571  14,525  10,288  
Total assets$338,421  $285,595  $363,273  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings$38,805  $26,139  $58,695  
Current portion of long-term debt11  316  305  
Accounts payable28,509  27,916  36,658  
Accrued payroll and other compensation5,518  6,962  8,513  
Accrued customer programs12,809  12,101  16,501  
Accrued income taxes620      
Accrued other expenses14,333  14,468  19,404  
Current portion of operating lease liabilities7,207      
Total current liabilities107,812  87,902  140,076  
Long-term debt, net of current portion4  13  16  
Deferred income taxes610  619  1,189  
Operating lease liabilities37,692      
Other long-term obligations5,316  7,130  7,800  
Total liabilities151,434  95,664  149,081  
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, Class 2, $0.01 par, 1,000,000 shares authorized, no shares issued
      
Common stock, $0.10 par, 25,000,000 shares authorized, 14,703,084 shares issued at December 31, 2019, March 31, 2019 and December 31, 2018
1,470  1,470  1,470  
Additional paid-in capital61,590  60,921  60,571  
Retained earnings272,318  277,613  302,845  
Accumulated other comprehensive income (loss), net of tax423  465  (95) 
Common stock in treasury, 5,822,790 shares at December 31, 2019, 5,865,846 shares at March 31, 2019 and 5,867,184 shares at December 31, 2018, at cost
(148,814) (150,538) (150,599) 
Total stockholders' equity186,987  189,931  214,192  
Total liabilities and stockholders' equity$338,421  $285,595  $363,273  
See accompanying notes to consolidated financial statements.
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Table of Contents
CSS INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 Nine Months Ended December 31,
 20192018
Cash flows from operating activities:
Net income (loss)$(3,525) $(30,156) 
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Depreciation and amortization 9,863  10,264  
Amortization of operating lease right-of-use assets7,518    
Amortization of inventory step-up284  9,830  
Amortization of financing transaction costs421  85  
Write-off of deferred financing transaction costs344    
Accretion of asset retirement obligation97  95  
Accretion of contingent earn-out consideration26  44  
Change in valuation of contingent earn-out consideration(1,392)   
Impairment of property, plant and equipment  1,398  
Impairment of goodwill  1,390  
Provision for accounts receivable allowances2,470  4,386  
Deferred tax (benefit) provision(11) 10,050  
Share-based compensation expense669  1,694  
Loss (gain) on sale or disposal of assets(553) 4  
Changes in assets and liabilities, net of effects of purchase of a business:
Accounts receivable(33,768) (60,718) 
Inventories8,984  (2,222) 
Prepaid expenses and other assets2,929  (615) 
Accounts payable2,216  15,865  
Lease liabilities(6,013)   
Accrued expenses and long-term obligations855  4,093  
Net cash used for operating activities (8,586) (34,513) 
Cash flows from investing activities:
Final payment of purchase price for a business previously acquired  (2,500) 
Purchase of a business  (2,500) 
Purchase of property, plant and equipment(6,966) (7,757) 
Purchase of company owned life insurance policy  (750) 
Proceeds from sale of fixed assets1,025    
Net cash used for investing activities (5,941) (13,507) 
Cash flows from financing activities:
Borrowings on credit facility172,919  33,695  
Payments on credit facility(160,253) (15,000) 
Payments on long-term debt(314) (136) 
Dividends paid  (5,401) 
Purchase of treasury stock  (4,372) 
Payment of financing transaction costs(2,425) (425) 
Tax effect on stock awards(46)   
Net cash provided by financing activities9,881  8,361  
Effect of exchange rate changes on cash(108) 16  
Net decrease in cash and cash equivalents(4,754) (39,643) 
Cash and cash equivalents at beginning of period17,100  58,560  
Cash and cash equivalents at end of period$12,346  $18,917  
See accompanying notes to consolidated financial statements.
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Table of Contents
CSS INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands, except share and per share amounts)
 
Accumulated
   Additional OtherCommon Stock 
 Common StockPaid-inRetainedComprehensivein Treasury 
 SharesAmountCapitalEarningsIncome (Loss)SharesAmountTotal
Balance, March 31, 201914,703,084  $1,470  $60,921  $277,613  $465  (5,865,846) $(150,538) $189,931  
Share-based compensation expense—  —  73  —  —  —  —  73  
Issuance of common stock under equity plan
—  —  —  (782) —  15,611  740  (42) 
Other comprehensive income (loss) —  —  —  —  (215) —  —  (215) 
Net income (loss)—  —  —  (14,248) —  —  —  (14,248) 
Balance, June 30, 201914,703,084  1,470  60,994  262,583  250  (5,850,235) (149,798) 175,499  
Share-based compensation expense—  —  191  —  —  —  —  191  
Issuance of common stock under equity plan
—  —  —  (918) —  26,210  918    
Other comprehensive income (loss) —  —  —  —  (304) —  —  (304) 
Net income (loss)—  —  —  3,482  —  —  —  3,482  
Balance, September 30, 201914,703,084  1,470  61,185  265,147  (54) (5,824,025) (148,880) 178,868  
Share-based compensation expense—  —  405  —  —  —  —  405  
Issuance of common stock under equity plan
—  —  —  (70) —  1,235  66  (4) 
Other comprehensive income (loss)—  —  —  —  477  —  —  477  
Net income (loss)—  —  —  7,241  —  —  —  7,241  
Balance, December 31, 201914,703,084  $1,470  $61,590  $272,318  $423  (5,822,790) $(148,814) $186,987  

Accumulated
   Additional OtherCommon Stock 
 Common StockPaid-inRetainedComprehensivein Treasury 
 SharesAmountCapitalEarningsIncome (Loss)SharesAmountTotal
Balance, March 31, 201814,703,084  $1,470  $58,877  $339,088  $1,163  (5,583,338) $(146,903) $253,695  
Share-based compensation expense—  —  471  —  —  —  —  471  
Cash dividends ($.20 per common share)
—  —  —  (1,827) —  —  —  (1,827) 
Other comprehensive income (loss) —  —  —  —  (455) —  —  (455) 
Net income (loss)—  —  —  (18,476) —  —  —  (18,476) 
Balance, June 30, 201814,703,084  1,470  59,348  318,785  708  (5,583,338) (146,903) 233,408  
Share-based compensation expense—  —  586  —  —  —  —  586  
Purchase of treasury shares—  —  —  —  —  (249,908) (3,628) (3,628) 
Issuance of common stock under equity plan
—  —  —  (676) —  19,320  676    
Cash dividends ($.20 per common share)
—  —  —  (1,812) —  —  —  (1,812) 
Other comprehensive income (loss) —  —  —  —  (35) —  —  (35) 
Net income (loss)—  —  —  (4,910) —  —  —  (4,910) 
Balance, September 30, 201814,703,084  1,470  59,934