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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) will close its subsidiary Carousel Designs, effective May 21, 2021, due to high costs and declining sales. Net sales fell from $6.6 million in FY 2019 to $4.8 million in FY 2020. Closing Carousel Designs is expected to improve consolidated earnings per share by $0.06 and $0.04 for FY 2019 and FY 2020, respectively. The Company anticipates incurring charges of $2.8 million to $3.4 million in FY 2021 and 2022, primarily non-cash charges for asset impairment.
Crown Crafts (NASDAQ-CM: CRWS) announced the appointment of Craig Demarest as Vice President and Chief Financial Officer, effective February 22, 2021. Demarest brings over 30 years of financial experience, previously serving as CFO at Carbo Ceramics Inc. and holding various roles at Tidewater Inc.. He replaces Olivia Elliott, who became President and COO on January 4, 2021. Elliott emphasized that Demarest's expertise will enhance the company's financial strength and shareholder returns. Crown Crafts designs and distributes infant and juvenile products.
Crown Crafts, Inc. (CRWS) reported a net sales increase of 4.8% for Q3 FY2021, totaling $19.5 million, and 8.0% year-to-date, reaching $57.3 million. Net income remained steady at $2.1 million, or $0.21 per diluted share, with gross profit margins improving to 31.6% for the quarter and 31.9% year-to-date. The company also declared a quarterly dividend of $0.08 per share, reflecting confidence in its financial position. The positive financial performance is attributed to strong consumer demand and effective cost control strategies.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) will release its third quarter fiscal year 2021 results before the market opens on February 10, 2021. CEO E. Randall Chestnut and CFO Olivia W. Elliott will host a teleconference at 1:00 p.m. CST to discuss these results. Interested parties can join the teleconference by calling (844) 861-5504 or accessing it online at the Company’s website. A replay of the call will be available from one hour after the conclusion until May 11, 2021. Crown Crafts specializes in designing and distributing infant and juvenile products.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) announced the appointment of Olivia Elliott as President and Chief Operating Officer effective January 4, 2021. With 19 years at the company, she will oversee all operations while continuing her financial duties. E. Randall Chestnut remains Chairman and CEO. The company reported a reduction in debt from $47.7 million to a net cash position of $4.9 million and returned $46 million in dividends to shareholders. Elliott aims to maintain strong cash flow and profitability, focusing on operational excellence.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) reported a strong second quarter for fiscal year 2021, with net sales increasing 16.7% to $21.7 million and net income reaching a record $2.5 million, a 39.8% increase year-over-year. The gross profit margin improved to 32.8% from 31.6% in the prior year. The company's board declared a special dividend of $0.25 per share, in addition to a quarterly dividend of $0.08. Cash balance at quarter-end stood at $6.8 million. The results reflect strong consumer demand and effective cost control.
Crown Crafts, Inc. (NASDAQ-CM: CRWS) announced the upcoming release of its Q2 fiscal 2021 results on November 10, 2020, after market close. The company will hold a teleconference at 1:00 PM CST on November 11, 2020, featuring E. Randall Chestnut and Olivia W. Elliott to discuss the results and answer questions. Interested parties can join by phone or listen via the company's website. A replay will be available until November 18, 2020. Founded in 1957, Crown Crafts specializes in infant and juvenile products and markets through various subsidiaries.
Crown Crafts reported a 1.6% increase in net sales for Q1 FY2021, totaling $16.2 million. Gross profit improved to 31.0% of net sales, up from 28.5% the previous year. The company also posted a 12.6% rise in net income, amounting to $1.2 million or $0.12 per diluted share. The Board declared a quarterly dividend of $0.08 per share, scheduled for October 2, 2020. Despite pandemic challenges, management highlighted strong consumer demand and effective cost control.
Crown Crafts, Inc. (CRWS) will release its first-quarter fiscal year 2021 results on August 12, 2020, before market opening. The company’s Chairman and CEO, E. Randall Chestnut, along with CFO Olivia W. Elliott, will host a teleconference at 1:00 PM CDT to discuss the results and answer questions from participants. Interested parties can access the call by phone or listen online through the company's website. A replay will be available shortly after the call until November 13, 2020.
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