Exhibit 99.1

 

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For immediate release June 9, 2021

         

Crown Crafts Reports Fiscal 2021 Fourth Quarter and Full Year Results

 

 

Net sales increased 7.5% for the quarter and 7.9% for the full year

 

Gross profit improved for the quarter and full year

 

Balance sheet remains strong

 

Gonzales, Louisiana – Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the fourth quarter and fiscal year 2021, which ended March 28, 2021.

 

“Fiscal 2021 was a phenomenal year for Crown Crafts. Our strong performance continued in the fourth quarter with higher net sales and gross profit, and improved customer and product mix,” said E. Randall Chestnut, Chairman and Chief Executive Officer. “We remain financially strong as we start the new fiscal year, and we are proud of the flexibility and commitment our employees have shown throughout this period of uncertainty.”

 

“Excluding the impact of the Carousel closure, we achieved improvement in net sales and net income in every quarter of fiscal 2021 compared with the prior-year quarter,” said Olivia Elliott, President and Chief Operating Officer. “This was due to the ongoing popularity of our products in the marketplace and the outstanding performance of our employees.”

 

Financial Results

 

Net income for the fourth quarter of fiscal 2021 was $238,000, or $0.02 per diluted share, on net sales of $21.8 million, compared with net income of $1.6 million, or $0.16 per diluted share, on net sales of $20.3 million for the fourth quarter of fiscal 2020. Gross profit for the current-year quarter was 26.7% of net sales, up from 26.3% in the prior-year quarter.

 

For the fiscal year, net income was $6.1 million, or $0.60 per diluted share, on net sales of $79.2 million, compared with net income of $6.6 million, or $0.65 per diluted share, on net sales of $73.4 million for fiscal 2020. Gross profit for the current year was 30.4% of net sales, up from 29.4% in the prior year.

 

As previously announced, the Company closed the operations of its Carousel Designs subsidiary effective May 21, 2021. The current year quarter and full year periods included a loss of $2.2 million from the impairment of Carousel’s long-lived assets. The after-tax impact of this impairment was $1.7 million, or $0.17 per diluted share.

 

The current-year quarter and year-to-date periods were impacted favorably by $320,000, or $0.03 per diluted share due to the reversal of a portion of reserves for unrecognized tax benefits and the related interest and penalties that had been previously accrued. Current-year net income for the year-to-date period was also impacted favorably by $74,000, or $0.01 per share, due to the effect of certain tax credits. The quarter and year ended March 29, 2020 were impacted favorably by $276,000, or $0.03 per diluted share, and $568,000, or $0.06 per diluted share, respectively, due to the reversal of a portion of reserves for unrecognized tax benefits and the related interest and penalties that had been previously accrued. Net income for fiscal 2020 was also impacted favorably by $273,000, or $0.03 per share, due to the effect of certain tax credits.

 

 

The following information was filed by Crown Crafts Inc (CRWS) on Wednesday, June 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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