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Crown Crafts Inc., established in 1957, stands as one of the leading producers of infant bedding, toddler bedding, bibs, and developmental toys in the United States. The company operates through its three wholly-owned subsidiaries: Crown Crafts Infant Products Inc., Hamco Inc. (including the Sassy product line), and Carousel Designs LLC. These subsidiaries market a diverse range of infant, toddler, and juvenile products under company-owned trademarks, licensed collections, and exclusive private label programs.
Crown Crafts Inc. serves an extensive customer base, including mass merchants, large chain stores, juvenile specialty stores, grocery and drug stores, restaurants, wholesale clubs, and internet-based retailers. Additionally, consumers can buy directly from the company's online store at www.babybedding.com.
The company's product portfolio features popular brands like NoJo, Neat Solutions, Sassy, and Carousel. Their offering includes infant and toddler bedding, soft bath products, disposable products, and accessories. Through strategic partnerships, Crown Crafts has managed to maintain a robust presence in the consumer products industry.
In recent years, Crown Crafts Inc. has made notable achievements, including expanding their product lines and reinforcing their market presence. The company's financial health remains steady, driven by consistent revenue from their established brands and products.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) has acquired substantially all assets of Baby Boom Consumer Products for $18 million. This acquisition enhances Crown Crafts' presence in the toddler bedding category and expands its product lineup to include diaper bags. Baby Boom offers branded and licensed products, including popular characters like Bluey and Paw Patrol.
The deal was financed through an $8 million term loan and additional borrowings from Crown Crafts' revolving line of credit. The acquisition is expected to be accretive to earnings and add approximately $20 million annually to Crown Crafts' net sales. The company's revolving line of credit has been extended to July 19, 2029, with an increased borrowing capacity of $40 million.
Crown Crafts (NASDAQ-CM: CRWS) has announced its financial results for Q4 and the full fiscal year 2024. Q4 net sales increased to $22.6 million from $21.6 million in the same period last year, with a gross margin improvement to 23.2% from 21.9%. Net income for Q4 was $1.0 million, or $0.10 per diluted share, up from $828,000, or $0.08 per share, last year.
For the fiscal year 2024, net sales rose to $87.6 million from $75.1 million in fiscal 2023, but gross margin slightly decreased to 26.2% from 26.4%. Net income for the year was $4.9 million, or $0.48 per diluted share, compared to $5.7 million, or $0.56 per share, in the previous year. Marketing and administrative expenses increased to $16.1 million from $12.7 million.
The company declared a quarterly dividend of $0.08 per share, payable on July 5, 2024. CEO Olivia Elliott highlighted the successful integration of Manhattan Toy and proactive management amid inflationary pressures.
Crown Crafts (NASDAQ-CM: CRWS) will release its fourth quarter and full year fiscal 2024 results on June 28, 2024, before market open. President and CEO Olivia W. Elliott, along with CFO Craig J. Demarest, will host a teleconference at 8:00 a.m. Central Daylight Time to discuss the results and answer questions. Interested parties can join the call by dialing (844) 861-5504 or by visiting the company's website. A replay will be available one hour after the call until September 28, 2024, by dialing (412) 317-0088 and entering code 2162656.
Crown Crafts (NASDAQ: CRWS) announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its Series A common stock.
The dividend will be paid on July 5, 2024, to shareholders of record as of June 14, 2024. This decision continues the Company's practice of rewarding its shareholders with regular dividend payments.
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