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|For immediate release||February 7, 2019|
Crown Crafts Reports Fiscal 2019 Third Quarter Results
● Sales increase 6.8% for the quarter and 14.9% year-to-date
● Net income increases 192.7% for the quarter and 104.5% year-to-date
● Board declares a quarterly dividend of $0.08 per share
Gonzales, Louisiana – Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the fiscal 2019 third quarter, which ended December 30, 2018.
“We are proud of our third quarter performance, which includes a sales increase of 6.8% and net income that is almost triple the same quarter from the previous year.” said E. Randall Chestnut, Chairman, President and Chief Executive Officer. “Throughout the last year, Crown Crafts has navigated a rapidly changing retail landscape. Customer bankruptcies, store closings and liquidations have all presented unusual challenges, but our team has adjusted and performed well. We are very pleased to share the results of a strong third quarter.”
Net income for the third quarter of fiscal 2019 was $1.6 million, or $0.15 per diluted share, on net sales of $18.7 million, compared with net income of $531,000, or $0.05 per diluted share, on net sales of $17.5 million for the third quarter of fiscal 2018. Gross profit of 30.0% of net sales for the current year quarter was comparable to the prior year quarter gross profit of 30.1% of net sales.
For the nine-month fiscal period, net income was $3.6 million, or $0.36 per diluted share, on net sales of $54.7 million, compared with net income of $1.8 million, or $0.18 per diluted share, on net sales of $47.6 million for the first nine months of fiscal 2018. Gross profit for the nine-month period was 29.4% of net sales, up slightly from 29.2% in the prior-year period.
During the current year-to-date period, the Company incurred $210,000 in pre-tax expenses to move Sassy-branded inventory from Grand Rapids, Michigan to the Company’s facility in Compton, California. On an after-tax basis, these costs negatively affected the year-to-date period by $156,000. In the prior year, the Company recorded certain post-tax expenses totaling $170,000 and $1.2 million in the three and nine-month periods of fiscal year 2018, respectively, which did not reoccur in fiscal year 2019.
The following information was filed by Crown Crafts Inc (CRWS) on Thursday, February 7, 2019 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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