American Greetings ends year with $640 million of available credit

By Lisa Kerner

Charlotte, N.C., June 6 – American Greetings Corp. ended its fiscal year on Feb. 28 with cash and cash equivalents of about $64 million and long-term debt of $539 million.

This compares to $86 million and $286 million, respectively, for the year ended Feb. 28, 2013, according to a form 10-K filed with the Securities and Exchange Commission.

Sources of available credit at the end of the fiscal year totaled $640 million and included a $340 million term loan facility, a $250 million revolving credit facility and a $50 million accounts receivable securitization facility, of which $267.8 million was unused as of Feb. 28, the filing stated.

During the year, the Cleveland-based greeting card company used $32.7 million of cash in investing activities, compared to $163.2 million of cash used in 2013 and $70.3 million of cash used in 2012.

Financing activities used $153 million of cash during 2014 compared to $42 million in 2013. The increase was attributed to merger costs.

In 2013, American Greetings repurchased 5.3 million of its class A common shares for $81 million and paid cash dividends of about $20 million, according to the filing.

Cash flow from operating activities provided cash of $160.1 million compared to $162.8 million in 2013.

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