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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) announced that CEO Olivia W. Elliott and CFO Craig J. Demarest will present at the 26th Annual Burkenroad Reports Investment Conference on April 28, 2023, at 9:30 a.m. CDT. The event will take place at The Ritz-Carlton New Orleans Hotel. Burkenroad Reports, founded in 1993, focuses on small-cap public companies, providing thorough investment research led by Freeman School of Business students. Crown Crafts is a leading producer of infant and juvenile consumer products, with a diverse portfolio including bedding, toys, and more, marketed through its subsidiaries. The company has established a strong retail presence in mass merchants and specialty stores.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) announced the appointment of Michael Benstock to its Board of Directors, effective May 1, 2023. Benstock, who has been President and CEO of Superior Group of Companies since 2003, fills the vacancy left by the passing of Sidney Kirschner in February 2023.
Benstock's extensive experience in executive management and strategic thinking is anticipated to enhance Crown Crafts' leadership. His background includes serving as Chairman of Superior and multiple roles within the organization since 1979. The Company sees this appointment as a way to strengthen its board ahead of the next Annual Meeting of Stockholders.
Crown Crafts designs, markets, and distributes juvenile consumer products, operating through its subsidiaries which include brands like NoJo Baby & Kids and Sassy Baby.
Crown Crafts has announced the acquisition of Manhattan Group, which operates as Manhattan Toy, for $17 million. This strategic move aims to enhance Crown Crafts’ offerings in the developmental toy market, targeting the growing demand for physical toys over electronic ones among parents. The acquisition is expected to add approximately $24 million to annual net sales, making the toy category the largest segment in Crown Crafts' portfolio. The funding for this acquisition comes from cash reserves and an increased line of credit. The deal positions Crown Crafts for international expansion and boosts its competitive edge in a promising market.
Crown Crafts, Inc. (CRWS) reported third-quarter fiscal 2023 results with net sales of $19.0 million, down from $22.7 million a year earlier. Net income also declined to $1.3 million or $0.13 per diluted share, compared to $2.4 million or $0.24 per diluted share in the prior-year quarter. Gross profit margin decreased to 23.7% from 27.1%. However, cash and equivalents rose from $2.3 million to $3.1 million, and inventories fell to $25.8 million. The board declared a quarterly dividend of $0.08 per share, payable on April 7, 2023.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) announced that it will release its third-quarter fiscal 2023 results on February 15, 2023, before market opening. CEO Olivia W. Elliott and CFO Craig J. Demarest will host a teleconference at 10:00 a.m. CST to discuss the results. Interested participants can join by calling (844) 861-5504 or listening online via the company's website. A replay of the call will be available after the event until 4:00 p.m. CDT on May 15, 2023. Crown Crafts is a leading producer of infant and juvenile consumer products, operating through subsidiaries NoJo Baby & Kids, Inc. and Sassy Baby, Inc.
Crown Crafts, Inc. (CRWS) reported second-quarter fiscal 2023 results, with net income at $2.0 million or $0.20 per diluted share, down from $2.4 million or $0.24 per share year-over-year. Net sales decreased to $18.7 million from $20.2 million. Despite challenges from inflation, the year-to-date gross profit improved to 30.8% of net sales. The company declared a quarterly dividend of $0.08 per share, payable on January 6, 2023. The balance sheet remains robust, positioning Crown Crafts well for future recovery.
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