Business
Crown Crafts Reports Fiscal 2021 Second Quarter Results
Net sales increased 16.7% for the quarterRecord net income of $2.5 million for the quarter, an increase of 39.8%Company ended the quarter with a $6.8 million
About this update from Crown Crafts, Inc.
[{"type":"text","content":"Net sales increased 16.7% for the quarterRecord net income of $2.5 million for the quarter, an increase of 39.8%Company ended the quarter with a $6.8 million cash balanceBoard declares a special dividend of $0.25 per share in addition to a quarterly dividend of $0.08 per share GONZALES, La, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the second quarter of fiscal year 2021, which ended September 27, 2020.\n “We once again demonstrated strong performance with improvements in net sales, gross margin and net income for both the quarter and year-to-date periods. We are pleased with this performance, which has been driven by increased consumer demand for our products despite the challenging economic environment,” said E. Randall Chestnut, Chairman, President and Chief Executive Officer. “Our financial position remains strong and we will continue to maintain a tight control over costs. Additionally, our continued focus on developing products that meet the high standards of parents has led to our Sassy® Stacks of Circles™ Ring Stacker being awarded Newsweek’s Best in STEM 2021 Award for all age groups,” Chestnut continued. Financial Results Net income for the second quarter of fiscal 2021 was $2.5 million, or $0.24 per diluted share, on net sales of $21.7 million, compared with net income of $1.8 million, or $0.18 per diluted share, on net sales of $18.6 million for the second quarter of fiscal 2020. Gross profit for the current year quarter increased to 32.8% of net sales, up from 31.6% of net sales in the prior-year quarter. The net income of $2.5 million for the quarter was the best second quarter since 2002, excluding the effect of a gain on debt refinancing in the second quarter of fiscal 2007*, and the best of any quarter in more than ten years. For the six-month fiscal period, net income was $3.7 million, or $0.36 per diluted share, on net sales of $37.9 million, compared with net income of $2.9 million, or $0.28 per diluted share, on net sales of $34.5 million for the first six months 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 liabilities and the related interest and penalties that had been previously accrued. Gross profit for the six-mont...