Business
Crown Crafts Reports Fiscal 2021 First Quarter Results
Net sales increased 1.6% for the quarterImproved gross margin and an increase in net income of 12.6%Board declares a quarterly dividend of $0.08 per share
About this update from Crown Crafts, Inc.
[{"type":"text","content":"Net sales increased 1.6% for the quarterImproved gross margin and an increase in net income of 12.6%Board declares a quarterly dividend of $0.08 per share GONZALES, La., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the first quarter of fiscal year 2021, which ended June 28, 2020.\n “We are very pleased to begin our 2021 fiscal year with a strong performance in all metrics,” said E. Randall Chestnut, Chairman, President and Chief Executive Officer. “In spite of the ongoing pandemic impacting the economy, consumer demand for the Company’s products remained strong, and we continue to control our costs,” Chestnut continued. Financial Results Net income for the first quarter of fiscal 2021 was $1.2 million, or $0.12 per diluted share, on net sales of $16.2 million, compared with net income of $1.1 million, or $0.11 per diluted share, on net sales of $15.9 million for the first quarter of fiscal 2020. Prior year net income was impacted favorably by $292,000, or $0.03 per diluted share, due to a reversal of a portion of reserves for unrecognized tax benefits and the related interest and penalties that had been previously accrued. Gross profit for the current year quarter increased to 31.0% of net sales from 28.5% of net sales in the prior year quarter. Quarterly Cash Dividend The Company also announced that its Board of Directors declared a quarterly cash dividend on the Company’s Series A common stock of $0.08 per share, which will be paid on October 2, 2020 to stockholders of record at the close of business on September 11, 2020. “Due to our strong performance and financial position, the Board has decided to resume the payment of dividends as an appropriate return of value to our stockholders,” Chestnut said. Conference Call The Company will host a teleconference today at 1:00 p.m. Central Daylight Time to discuss the Company’s results, during which interested individuals will be given the opportunity to ask appropriate questions. To join the teleconference, dial (844) 861-5504 and ask to be joined into the Crown Crafts, Inc. call. The teleconference can also be accessed in listen-only mode by visiting the Company’s website at www.crowncrafts.com. The financial information to be discussed during the teleconference may be accessed prior to the call on the investor re...