Business
Crown Crafts Reports Fiscal 2020 Fourth Quarter and Full Year Results
Gross margin increased for the fiscal yearNet income increased for the quarter and fiscal yearReturned $5.8 million in cash dividends to shareholders during
About this update from Crown Crafts, Inc.
[{"type":"text","content":"Gross margin increased for the fiscal yearNet income increased for the quarter and fiscal yearReturned $5.8 million in cash dividends to shareholders during past 12 months GONZALES, La., June 10, 2020 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the fourth quarter and fiscal year 2020, which ended March 29, 2020.\n “We are very proud of our strong financial results in fiscal year 2020, which included increased gross margin and net income,” said E. Randall Chestnut, Chairman, President and Chief Executive Officer. “Because of the conservative way in which we operate and the hard work and dedication of our employees, we were able to continue to return long-term value to our stockholders.” Financial Results Net income for the fourth quarter of fiscal 2020 was $1.6 million, or $0.16 per diluted share, on net sales of $20.3 million, compared with net income of $1.4 million, or $0.14 per diluted share, on net sales of $21.7 million for the fourth quarter of fiscal 2019. Gross profit for the current-year quarter was 26.3% of net sales, down from 28.6% in the prior-year quarter. For the fiscal year, net income was $6.6 million, or $0.65 per diluted share, on net sales of $73.4 million, compared with net income of $5.0 million, or $0.50 per diluted share, on net sales of $76.4 million for fiscal 2019. Gross profit for the current year was 29.4% of net sales, up from 29.2% in the prior year. The current year quarter and year-to-date periods were impacted favorably by $276,000, or $0.03 per diluted share, and $568,000, or $0.06 per diluted share, respectively, due to the reversal of a portion of reserves for unrecognized tax benefits and the related interest and penalties that had been previously accrued. Current year net income for the year-to-date period was also impacted favorably by $273,000, or $0.03 per share, due to the effect of certain tax credits. Net income for the year-to-date period of the prior year was unfavorably impacted when the Company incurred $210,000 in pre-tax expenses to transfer its Sassy-branded inventory from Grand Rapids, Michigan to the Company’s facility in Compton, California. On an after-tax basis, these costs negatively affected the year-to-date period in the prior year by $156,000. Quarterly Cash Dividend In light of the uncertainty of the global effec...