- Internet gross sales elevated 7.5% for the quarter and seven.9% for the total yr
- Gross revenue improved for the quarter and full yr
- Steadiness sheet stays robust
GONZALES, La., June 09, 2021 (GLOBE NEWSWIRE) — Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Firm”) at this time reported outcomes for the fourth quarter and financial yr 2021, which ended March 28, 2021.
“Fiscal 2021 was an exceptional yr for Crown Crafts. Our robust efficiency continued within the fourth quarter with increased internet gross sales and gross revenue, and improved buyer and product combine,” stated E. Randall Chestnut, Chairman and Chief Govt Officer. “We stay financially robust as we begin the brand new fiscal yr, and we’re pleased with the pliability and dedication our staff have proven all through this era of uncertainty.”
“Excluding the influence of the Carousel closure, we achieved enchancment in internet gross sales and internet earnings in each quarter of fiscal 2021 in contrast with the prior-year quarter,” stated Olivia Elliott, President and Chief Working Officer. “This was because of the ongoing reputation of our merchandise within the market and the excellent efficiency of our staff.”
Internet earnings for the fourth quarter of fiscal 2021 was $238,000, or $0.02 per diluted share, on internet gross sales of $21.8 million, in contrast with internet earnings of $1.6 million, or $0.16 per diluted share, on internet gross sales of $20.3 million for the fourth quarter of fiscal 2020. Gross revenue for the current-year quarter was 26.7% of internet gross sales, up from 26.3% within the prior-year quarter.
For the fiscal yr, internet earnings was $6.1 million, or $0.60 per diluted share, on internet gross sales of $79.2 million, in contrast with internet earnings of $6.6 million, or $0.65 per diluted share, on internet gross sales of $73.4 million for fiscal 2020. Gross revenue for the present yr was 30.4% of internet gross sales, up from 29.4% within the prior yr.
As beforehand introduced, the Firm closed the operations of its Carousel Designs subsidiary efficient Might 21, 2021. The present yr quarter and full yr intervals included a lack of $2.2 million from the impairment of Carousel’s long-lived property. The after-tax influence of this impairment was $1.7 million, or $0.17 per diluted share.
The present-year quarter and year-to-date intervals had been impacted favorably by $320,000, or $0.03 per diluted share because of the reversal of a portion of reserves for unrecognized tax advantages and the associated curiosity and penalties that had been beforehand accrued. Present-year internet earnings for the year-to-date interval was additionally impacted favorably by $74,000, or $0.01 per share, because of the impact of sure tax credit. The quarter and yr ended March 29, 2020 had been impacted favorably by $276,000, or $0.03 per diluted share, and $568,000, or $0.06 per diluted share, respectively, because of the reversal of a portion of reserves for unrecognized tax advantages and the associated curiosity and penalties that had been beforehand accrued. Internet earnings for fiscal 2020 was additionally impacted favorably by $273,000, or $0.03 per share, because of the impact of sure tax credit.
Quarterly Money Dividend
As introduced on Might 13, 2021, the Board of Administrators declared a quarterly money dividend on the Firm’s Collection A standard inventory of $0.08 per share, which can be paid on July 2, 2021 to stockholders of report on the shut of enterprise on June 11, 2021.
The Firm will host a teleconference at this time at 10:00 a.m. Central Daylight Time to debate the Firm’s outcomes, throughout which people can be given the chance to ask acceptable questions. To affix the teleconference, dial (844) 861-5504 and ask to be joined into the Crown Crafts, Inc. name. The teleconference can be accessed in listen-only mode by visiting the Firm’s web site at www.crowncrafts.com. The monetary info to be mentioned throughout the teleconference could also be accessed previous to the decision on the investor relations portion of the Firm’s web site. A phone replay of the teleconference can be obtainable one hour after the top of the decision by 4:00 p.m. Central Daylight Time on September 9, 2021. To entry the replay, dial (877) 344-7529 in the US or (412) 317-0088 from worldwide places and discuss with convention quantity 10157261.
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and distributes toddler, toddler and juvenile shopper merchandise. Based in 1957, Crown Crafts is one among America’s largest producers of toddler bedding, toddler bedding, bibs and developmental toys. The Firm operates by its two wholly owned subsidiaries, NoJo Child & Children, Inc. and Sassy Child, Inc., which market quite a lot of toddler, toddler and juvenile merchandise beneath Firm-owned emblems, in addition to licensed collections and unique personal label packages. Gross sales are made on to retailers resembling mass retailers, massive chain shops and juvenile specialty shops. For extra info, go to the Firm’s web site at www.crowncrafts.com.
The foregoing comprises forward-looking statements throughout the which means of the Securities Act of 1933, the Securities Alternate Act of 1934 and the Non-public Securities Litigation Reform Act of 1995. Such statements are primarily based upon administration’s present expectations, projections, estimates and assumptions. Phrases resembling “expects,” “believes,” “anticipates” and variations of such phrases and comparable expressions establish such forward-looking statements. Ahead-looking statements contain identified and unknown dangers and uncertainties which will trigger future outcomes to vary materially from these prompt by the forward-looking statements. These dangers embody, amongst others, common financial situations, together with modifications in rates of interest, within the total stage of shopper spending and within the value of oil, cotton and different uncooked supplies used within the Firm’s merchandise, altering competitors, modifications within the retail surroundings, the Firm’s potential to efficiently combine newly acquired companies, the extent and pricing of future orders from the Firm’s clients, the extent to which the Firm’s enterprise is concentrated in a small variety of clients, the Firm’s dependence upon third-party suppliers, together with some positioned in international nations, buyer acceptance of each new designs and newly-introduced product strains, actions of opponents which will influence the Firm’s enterprise, disruptions to transportation methods or transport lanes utilized by the Firm or its suppliers, and the Firm’s dependence upon licenses from third events. Reference can be made to the Firm’s periodic filings with the Securities and Alternate Fee for added components which will influence the Firm’s outcomes of operations and monetary situation. The Firm doesn’t undertake to replace the forward-looking statements contained herein to adapt to precise outcomes or modifications in our expectations, whether or not on account of new info, future occasions or in any other case.
Craig J. Demarest
Vice President and Chief Monetary Officer
|CROWN CRAFTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
SELECTED FINANCIAL DATA
In hundreds, besides percentages and per share information
|Three-Month Durations Ended||Twelve-Month Durations Ended|
|March 28, 2021||March 29, 2020||March 28, 2021||March 29, 2020|
|Internet gross sales||$||21,824||$||20,307||$||79,164||$||73,396|
|Gross revenue share||26.7||%||26.3||%||30.4||%||29.4||%|
|Advertising and administrative bills||3,616||3,510||14,218||13,853|
|Loss from impairment of long-lived property||2,234||–||2,234||–|
|(Loss) earnings from operations||(23||)||1,840||7,645||7,737|
|Revenue earlier than earnings tax expense||70||1,873||7,723||7,768|
|Revenue tax (profit) expense||(168||)||265||1,642||1,207|
|Primary earnings per share||$||0.02||$||0.16||$||0.60||$||0.65|
|Diluted earnings per share||$||0.02||$||0.16||$||0.60||$||0.65|
|Weighted Common Shares Excellent:|
|CONSOLIDATED BALANCE SHEETS
SELECTED FINANCIAL DATA
|March 28, 2021
||March 29, 2020
|Money and money equivalents||$||613||$||282|
|Accounts receivable, internet of allowances||19,338||17,803|
|Whole present property||41,470||37,041|
|Working lease proper of use property||4,068||4,896|
|Finite-lived intangible property – internet||3,163||5,577|
|Whole present liabilities||12,946||6,479|
|Working lease liabilities, noncurrent||2,641||4,959|
|Whole liabilities and shareholders’ fairness||$||58,082||$||57,173|