Quarterly Financial Data (Unaudited)

12 Months Ended

Mar. 31, 2013

Quarterly Financial Data (Unaudited) [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

(16) QUARTERLY FINANCIAL DATA (UNAUDITED)

2013	Quarters
	First			Second		Third		Fourth
	(in thousands, except per share amounts)
Net sales	$	61,067		$	133,485	$	116,020	$	53,621
Gross profit	$	17,198		$	40,831	$	37,613	$	13,449
(Loss) income from continuing operations	$	(867	)	$	6,840	$	11,600	$	(1,985	)
(Loss) income from discontinued operations, net of tax	$	(37	)	$	81	$	11	$	(416	)
Net (loss) income	$	(904	)	$	6,921	$	11,611	$	(2,401	)
Net (loss) income per common share:
Basic:
Continuing operations (1)	$	(.09	)	$	.71	$	1.21	$	(.21	)
Discontinued operations (1)	$	.00		$	.01	$	.00	$	(.04	)
Total (1) (2)	$	(.09	)	$	.72	$	1.22	$	(.25	)
Diluted:
Continuing operations (1)	$	(.09	)	$	.71	$	1.21	$	(.21	)
Discontinued operations (1)	$	.00		$	.01	$	.00	$	(.04	)
Total (1) (2)	$	(.09	)	$	.72	$	1.22	$	(.25	)

2012	Quarters
	First			Second		Third			Fourth
	(in thousands, except per share amounts)
Net sales	$	54,569		$	139,725	$	129,240		$	61,129
Gross profit	$	14,136		$	40,062	$	41,578		$	15,674
(Loss) income from continuing operations	$	(3,447	)	$	10,314	$	12,109		$	(2,747	)
(Loss) income from discontinued operations, net of tax	$	(4,122	)	$	5,171	$	(1,131	)	$	(477	)
Net (loss) income	$	(7,569	)	$	15,485	$	10,978		$	(3,224	)
Net (loss) income per common share:
Basic:
Continuing operations (1)	$	(.35	)	$	1.06	$	1.25		$	(.28	)
Discontinued operations (1)	$	(.42	)	$	.53	$	(.12	)	$	(.05	)
Total (1) (2)	$	(.78	)	$	1.59	$	1.13		$	(.33	)
Diluted:
Continuing operations (1)	$	(.35	)	$	1.06	$	1.24		$	(.28	)
Discontinued operations (1)	$	(.42	)	$	.53	$	(.12	)	$	(.05	)
Total (1) (2)	$	(.78	)	$	1.59	$	1.13		$	(.33	)

(1) Net (loss) income per common share amounts for each quarter are required to be computed independently and may not equal the amount computed for the total year.

(2) Total net (loss) income per common share may not foot due to rounding.

The third and fourth quarters of fiscal 2013 net (loss) income included favorable income tax rate adjustments primarily attributable to the release of valuation allowances related to state net operating loss carryforwards and lower federal and state income taxes, partially offset by a portion of the goodwill reduction being non-deductible for tax purposes.

The second quarter of fiscal 2013 net income from continuing operations included net charges of $6,764,000 related to the sale of the Halloween portion of Paper Magic’s business as further described in Note 4 to the consolidated financial statements.

The fourth quarter of fiscal 2012 net loss from continuing operations included expenses of $706,000 related to the combination of operations of the Company’s Berwick Offray and Paper Magic subsidiaries as further described in Note 3 to the consolidated financial statements.

The seasonal nature of CSS’ business has historically resulted in comparatively lower sales and operating losses in the first and fourth quarters and comparatively higher sales levels and operating profits in the second and third quarters of the Company’s fiscal year, thereby causing significant fluctuations in the quarterly results of operations of the Company.