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Crown Crafts Reports Fiscal 2018 Fourth Quarter and Full Year Results
Sales up 31.1% for the quarter and 6.5% for the yearNon-recurring charges impact quarter and fiscal year by $0.08 and $0.24, respectivelyExcluding non-recurring charges, gross margin improved for the quarter and fiscal yearGONZALES, La., June 13, 2018 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ:CRWS) (the "Company") today reported results for the fourth quarter and fiscal year 2018, which ended April 1, 2018."Fiscal 2018 has brought several challenges, including the bankruptcy and subsequent liquidation of one of our major customers, which negatively impacted net income by $1.3 million, including credit costs, uncollectible receivables and royalty shortfalls associated with licenses that relied heavily on Toys "R" Us.," said E. Randall Chestnut, Chairman, President and Chief Executive Officer. "Net income for the year was also negatively impacted by acquisition costs of $339,000 and non-cash charges to income tax expense of $497,000 related to recently enacted tax legislation.""Despite the challenges, we are confident that our future holds many exciting opportunities. The integration of our most recent acquisitions, Carousel Designs and Sassy, has resulted in exciting new products and distribution channels for our company. We now have a robust, direct-to-consumer sales channel through Carousel Designs, and we have expanded into new categories through the acquisition of Sassy. Both brands are well known and highly regarded in the industry, and we are thrilled to have them contributing to the future of Crown Crafts," continued Chestnut.Financial ResultsNet income for the fourth quarter of fiscal 2018 was $1.2 million, or $0.12 per diluted share, on net sales of $22.7 million, compared with net income of $1.6 million, or $0.16 per diluted share, on net sales of $17.3 million for the fourth quarter of fiscal 2017. Gross profit for the current-year quarter was 25.9% of net sales, down from 29.9% in the prior-year quarter. Excluding non-recurring expenses totaling $1.2 million pre-tax and $785,000 post-tax, the Company's gross profit percentage, net income and diluted earnings per share for the current year quarter would have been 29.0%, $2.0 million and $0.20, respectively.For the fiscal year, net income was $3.0 million, or $0.30 per diluted share, on net sales of $70.3 million, compared with net income of $5.6 million, or $0.55 per diluted share, on net sales of $66.0 million for fiscal 2017. Gross profit for the current year was 28.1% of net sales, down from 29.4% in the prior year. Excluding non-recurring expenses totaling $2.8 million pre-tax and $2.4 million post-tax, the Company's current year gross profit percentage, net income and diluted earnings per share would have been 29.8%, $5.4 million and $0.53, respectively.Quarterly Cash DividendAs announced on April 30, 2018, the Board of Directors declared a quarterly cash dividend on the Company's Series A common stock of $0.08 per share, which will be paid on July 6, 2018 to stockholders of record at the close of business on June 15, 2018. "We are pleased to once again announce this dividend payment, which reflects our Board's confidence in the business and rewards our stockholders for their support," Chestnut said.Conference CallThe Company will host a teleconference today at 11:00 a.m. Central Daylight Time to discuss the Company's results, during which interested individuals will be given the opportunity to ask appropriate questions. To join the teleconference, dial (844) 861-5504 and ask to be joined into the Crown Crafts, Inc. call. The teleconference can also be accessed in listen-only mode by visiting the Company's website at www.crowncrafts.com. The financial information to be discussed during the teleconference may be accessed prior to the call on the investor relations portion of the Company's website. A telephone replay of the teleconference will be available one hour after the end of the call through 4:00 p.m. Central Daylight Time on June 20, 2018. To access the replay, dial (877) 344-7529 in the United States or (412) 317-0088 from international locations and refer to conference number 10120114.About ...Full story available on Benzinga.com
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