Business
Crown Crafts Reports Fiscal 2022 First Quarter Results
Net sales increased 15.5% for the quarterCompany’s key subsidiaries continue to deliver strong resultsBoard declares a quarterly dividend of $0.08 per share
About this update from Crown Crafts, Inc.
[{"type":"text","content":"Net sales increased 15.5% for the quarterCompany’s key subsidiaries continue to deliver strong resultsBoard declares a quarterly dividend of $0.08 per share GONZALES, La., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the first quarter of fiscal year 2022, which ended June 27, 2021. “Once again, our entire organization worked together to deliver outstanding results for the first quarter,” said E. Randall Chestnut, Chairman and Chief Executive Officer. “This is a reflection of the ongoing strength of our wholly-owned subsidiaries, NoJo Baby & Kids, Inc. and Sassy Baby, Inc., which continue to offer a wide range of high-quality products and designs that are popular with consumers.” “Our strong momentum at the end of fiscal 2021 carried into the first quarter of the new fiscal year,” said Olivia Elliott, President and Chief Operating Officer. “While two events – the closure of Carousel Designs and the forgiveness of our loan under the federal government’s Paycheck Protection Program – also impacted our financial results for the quarter, our key businesses remained strong.” Financial Results Net income for the first quarter of fiscal 2022 was $2.7 million, or $0.27 per diluted share, on net sales of $18.7 million, compared with net income of $1.2 million, or $0.12 per diluted share, on net sales of $16.2 million for the first quarter of fiscal 2021. Gross profit for the current-year quarter was 24.9% of net sales, down from 31.0% of net sales in the prior-year quarter. Current-year net income was impacted favorably by a pre- and post-tax $1,985,000 gain on extinguishment of debt related to the forgiveness of the Company’s Paycheck Protection Program Loan (the “PPP Loan”). The current-year quarter also included net sales and a net loss of $631,000 and $802,000, respectively, associated with the Carousel Designs business, which ceased operations in May 2021. The prior-year quarter included net sales and a net loss of $1.5 million and $25,000, respectively, associated with Carousel. Excluding the impact of the PPP Loan and Carousel from both quarters, current-year net sales, gross margin percentage, net income and diluted earnings per share would have been $18.1 million, 29.3%, $1.5 million and $0.15, respectively, compared to prior-year net sales, gross margin percent...