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American Greetings to Miss Estimates

February 06, 2001|Bloomberg News

American Greetings Corp. said it will miss fiscal fourth-quarter and full-year profit estimates because of a $33-million charge to revise the value of its investment in Egreetings Network Inc. The company, which acquired 20% of Egreetings with the purchase of Gibson Greetings last year, also said its online unit will acquire the rest of Egreetings for about $28.6 million, or 85 cents a share. Cleveland-based American Greetings said it expects earnings in the range of 79 to 84 cents for the full year after the charge. It did not give an estimate for its fourth quarter. Analysts had expected a profit of 74 cents for its fourth quarter and $1.27 for the year, excluding charges, according to research firm First Call/Thomson Financial. Shares of San Francisco-based Egreetings rose 13 cents to close at 63 cents, off a 52-week high of $9.13 on Nasdaq. American Greetings closed up 30 cents at $12.60 on the New York Stock Exchange, up from a low of $8.19.

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