GIBSON GREETINGS INC
10-Q/A, 1995-06-20
GREETING CARDS
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                                UNITED STATES

                      SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549

                                 FORM 10-Q/A

                              (AMENDMENT NO. 1)

  [ X ]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

  For the quarterly period ended March 31, 1993

           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 0-11902

                            GIBSON GREETINGS, INC.

  Incorporated under the laws                   IRS Employer
    of the State of Delaware          Identification No. 52-1242761

                  2100 Section Road, Cincinnati, Ohio 45237

                   Telephone Number: Area Code 513-841-6600

          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.  Yes [X] No [ ]

          Indicate the number  of shares outstanding  of each of  the issuer's
classes of common stock, as of the latest practicable date:  16,089,829 shares
of common stock, par value $.01, outstanding at June 12, 1995.


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In late March 1995, the  Securities and Exchange Commission (SEC)  advised the
Company that it believed that the Company should restate its 1993 consolidated
financial statements due to the SEC's allegation that Bankers Trust caused the
Company  to  materially  understate  its  unrealized losses related to certain
derivative transactions during 1993.   The Company has restated its  condensed
consolidated  financial  statements  for  the  period  ended March 31, 1993 to
reflect  unrealized  losses  on  certain  derivative  transactions during that
period.    The  restated  condensed  consolidated financial statements for the
period  ended  March  31,  1993  can  be  found  in  the Comapny's Form 10-Q/A
(Amendment No. 2) for the period ended March 31, 1994 and reference should  be
made to that document for the restated financial results for the period  ended
March 31, 1993.

The restatement affects the following items:

Item 1.  Financial Statements

Item 2.  Management's Discussion and Analysis of Results of Operations and
         Financial Condition
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                                   SIGNATURES


Pursuant to the  requirements of the  Securities Exchange Act  of 1934, Gibson
Greetings, Inc. has duly caused this amended report to be signed on its behalf
by the undersigned thereunto duly authorized.

                                       GIBSON GREETINGS, INC.

Date    June 19, 1995
                                       By:/s/ William L. Flaherty
                                          ------------------------
                                          William L. Flaherty
                                          Vice President-Finance
                                          Principal Financial
                                          and Accounting Officer








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