Business
Crown Crafts Reports Fiscal 2023 Third Quarter Results
GONZALES, La., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) a designer, marketer and distributor of infant, toddler
About this update from Crown Crafts, Inc.
[{"type":"text","content":"GONZALES, La., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) a designer, marketer and distributor of infant, toddler and juvenile consumer products, today reported results for the third quarter of fiscal year 2023, which ended January 1, 2023. Fiscal 2023 Third Quarter Summary Net sales of $19.0 million compared to $22.7 million in the prior-year quarterNet income of $1.3 million or $0.13 per diluted shareCash and equivalents increased sequentially from $2.3 million to $3.1 millionInventories of $25.8 million compared to $27.7 million in the second quarter of fiscal 2023Declared quarterly dividend of $0.08 per share of Series A common stock “Our fiscal third quarter results reflect the ongoing macroeconomic challenges facing our customers and the overall retail industry. We believe that we are well-positioned to continue to navigate these issues thanks to our strong customer relationships and product offerings,” said Olivia W. Elliott, President and Chief Executive Officer of the Company. “We also effectively managed our inventory, reducing our balance in a quarter where levels historically rise, and increased our cash position versus the second quarter. We will continue our efforts to diligently manage our inventory levels and improve profitability across our business.” Financial Results Net income for the third quarter of fiscal 2023 was $1.3 million, or $0.13 per diluted share, on net sales of $19.0 million, compared with net income of $2.4 million, or $0.24 per diluted share, on net sales of $22.7 million for the third quarter of fiscal 2022. Gross profit for the current-year quarter was 23.7% of net sales, compared to 27.1% of net sales in the prior-year quarter. For the nine-month fiscal period, net income was $4.8 million, or $0.48 per diluted share, on net sales of $53.4 million, compared with net income of $7.5 million, or $0.74 per diluted share, on net sales of $61.7 million for the first nine months of fiscal 2022. Gross profit for the first nine months of fiscal 2023 was 28.3% of net sales, up from 27.4% of net sales in the prior-year period. Fiscal 2022 net income was impacted favorably by a pre- and post-tax $2.0 million gain on extinguishment of debt related to the forgiveness of the Company’s Paycheck Protection Program Loan (the “PPP Loan”). The prior year also included ...