Hallmark Announces 2011 Results

Consolidated net revenue remains $4.1 billion, flat to 2010

Mar 08, 2012, 11:30 ET from Hallmark Cards, Inc.

KANSAS CITY, Mo., March 8, 2012 /PRNewswire/ -- Hallmark Cards, Inc., today announced consolidated revenue of $4.1 billion for the year, flat to 2010 performance.

Hallmark President and CEO Donald J. Hall, Jr., cited the still-slow economic recovery as a key factor in the company's results.

"Consumers in the U.S. and internationally remain cautious in their spending and retailers continue to face challenges drawing shoppers into stores," Hall said. Overcoming such challenges, he added, requires ongoing development of fresh new greeting cards as well as innovative new product categories Hallmark continues to introduce.

Kansas City-based Hallmark is privately held and does not release earnings.

The Hallmark North America business held steady, while Hallmark International finished the year with an 8 percent decline. Following six consecutive years of growth, Hallmark's Crayola® subsidiary saw a 3 percent decline in revenue due largely to lower results in the back-to-school selling season.

Results for real estate subsidiary Crown Center, which experienced a 4 percent decline, were related to a drop in citywide conventions and development of the SEA LIFE Kansas City Aquarium and LEGOLAND Discovery Center Kansas City, which are expected to increase visits to Crown Center in 2012 and beyond.

Crown Media Holdings posted a 13 percent revenue gain for the year based on improved viewership for the Hallmark Channel and Hallmark Movie Channel. Publicly traded Crown Media, in which Hallmark is a majority owner, reported 2011 fourth quarter results on Feb. 24, 2012.

About Hallmark
Hallmark makes the world a more caring place by helping people express what's in their hearts and connect in meaningful ways – a privilege few other companies in the world enjoy. Hallmark greeting cards and other products are found in 38,000 retail outlets in the United States, including the network of flagship Hallmark Gold Crown® stores. The brand also reaches people online at Hallmark.com and on television through Hallmark Hall of Fame original movies and cable's Hallmark Channels. Worldwide, Hallmark offers products in more than 30 languages available in 100 countries. This privately held company is based in Kansas City, Mo., and is led by the third generation of the founding Hall family. Visit http://corporate.hallmark.com for more details.

SOURCE Hallmark Cards, Inc.