Crown Crafts Announces Financial Results for Third Quarter Fiscal 2024
14 Février 2024 - 12:45PM
Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported
results for the third quarter fiscal year 2024, which ended
December 31, 2023.
Third Quarter Summary
- Net sales of $23.8 million, an
increase of 25.2% from the prior-year quarter
- Gross profit as a percentage of net
sales of 27.0%, up from 23.7% in the third quarter of fiscal
2023
- Net income of $1.7 million, or
$0.17 per diluted share, compared to $1.3 million or $0.13 per
diluted share in the prior-year quarter
- Declared quarterly dividend of $0.08 per share of Series A
common stock
“Our third quarter fiscal 2024 results reflect
the contribution of Manhattan Toy and the steps we have implemented
to achieve operating efficiencies and expand our toy offerings and
customer base,” said Olivia W. Elliott, President and Chief
Executive Officer. “Overall, the consumer continues to be impacted
by the ongoing inflationary pressures which has reduced their
discretionary income and overall purchasing power. Going
forward, we remain focused on delivering top and bottom-line
performance while positioning our brands for growth as conditions
improve.”
Third Quarter and Nine-Month Fiscal 2024
Results
Net sales for the third quarter of fiscal year
2024 were $23.8 million, compared to $19.0 million in the
prior-year quarter. Gross profit as a percentage of net sales was
27.0% versus 23.7% in the third quarter of 2023. Net income was
$1.7 million, or $0.17 per diluted share, compared with $1.3
million, or $0.13 per diluted share in the prior-year quarter.
Net sales for the first nine months of fiscal
2024 were $65.1 million, compared with $53.4 million in the
prior-year period. Gross profit was 27.3% of net sales for the
first nine months of fiscal 2024, as compared with 28.3% in the
prior-year period. Net income for the first nine months of fiscal
2024 was $3.9 million, or $0.38 per diluted share, compared with
$4.8 million, or $0.48 per diluted share, in the prior-year
period.
Quarterly Cash Dividend
The Company also announced that its 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
April 5, 2024 to stockholders of record at the close of business on
March 15, 2024.
Conference Call
The Company will host a teleconference today at
8:00 a.m. Central Standard 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 join 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 Standard Time on May 14, 2024. To access the replay, dial
(412) 317-0088 and enter replay access
code 3590233.
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and
distributes infant, toddler and juvenile consumer products. Founded
in 1957, Crown Crafts is one of America’s largest producers of
infant bedding, toddler bedding, bibs, toys and disposable
products. The Company operates through its four wholly owned
subsidiaries, NoJo Baby & Kids, Inc., Sassy Baby, Inc.,
Manhattan Group, LLC and Manhattan Toy Europe Limited, which market
a variety of infant, toddler and juvenile products under
Company-owned trademarks, as well as licensed collections and
exclusive private label programs. Sales are made directly to
retailers such as mass merchants, large chain stores and juvenile
specialty stores. For more information, visit the Company’s website
at www.crowncrafts.com.
Forward-Looking Statements
The foregoing contains forward-looking
statements within the meaning of the Securities Act of 1933, the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Such statements are based upon
management’s current expectations, projections, estimates and
assumptions. Words such as “expects,” “believes,” “anticipates” and
variations of such words and similar expressions identify such
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause future
results to differ materially from those suggested by the
forward-looking statements. These risks include, among others,
general economic conditions, including changes in interest rates,
in the overall level of consumer spending and in the price of oil,
cotton and other raw materials used in the Company’s products,
changing competition, changes in the retail environment, the
Company’s ability to successfully integrate newly acquired
businesses, the level and pricing of future orders from the
Company’s customers, the extent to which the Company’s business is
concentrated in a small number of customers, the Company’s
dependence upon third-party suppliers, including some located in
foreign countries, customer acceptance of both new designs and
newly-introduced product lines, actions of competitors that may
impact the Company’s business, disruptions to transportation
systems or shipping lanes used by the Company or its suppliers, and
the Company’s dependence upon licenses from third parties.
Reference is also made to the Company’s periodic filings with the
Securities and Exchange Commission for additional factors that may
impact the Company’s results of operations and financial condition.
The Company does not undertake to update the forward-looking
statements contained herein to conform to actual results or changes
in our expectations, whether as a result of new information, future
events or otherwise.
Contact:
Craig J. DemarestVice President and
Chief Financial Officer (225) 647-9118cdemarest@crowncrafts.com
Investor Relations:
Three Part AdvisorsSteven Hooser,
Partner, or John Beisler, Managing Director(817) 310-8776
|
CROWN CRAFTS, INC.
AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF INCOME |
SELECTED FINANCIAL
DATA |
In thousands, except
percentages and per share amounts |
(Unaudited) |
|
|
|
Three-Month Periods Ended |
|
Nine-Month Periods Ended |
|
|
December 31, 2023 |
|
January 1, 2023 |
|
December 31, 2023 |
|
January 1, 2023 |
Net sales |
|
$ |
23,801 |
|
|
$ |
19,004 |
|
|
$ |
65,053 |
|
|
$ |
53,440 |
|
Gross
profit |
|
|
6,434 |
|
|
|
4,506 |
|
|
|
17,772 |
|
|
|
15,105 |
|
Gross profit
percentage |
|
|
27.0% |
|
|
|
23.7% |
|
|
|
27.3% |
|
|
|
28.3% |
|
Marketing
and administrative expenses |
|
|
4,107 |
|
|
|
2,742 |
|
|
|
12,189 |
|
|
|
8,891 |
|
Income from
operations |
|
|
2,327 |
|
|
|
1,764 |
|
|
|
5,583 |
|
|
|
6,214 |
|
Income
before income tax expense |
|
|
2,194 |
|
|
|
1,768 |
|
|
|
5,072 |
|
|
|
6,379 |
|
Income tax
expense |
|
|
492 |
|
|
|
420 |
|
|
|
1,182 |
|
|
|
1,557 |
|
Net
income |
|
|
1,702 |
|
|
|
1,348 |
|
|
|
3,890 |
|
|
|
4,822 |
|
Basic and
diluted earnings per share |
|
$ |
0.17 |
|
|
$ |
0.13 |
|
|
$ |
0.38 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding: |
|
|
|
|
|
|
Basic |
|
|
10,241 |
|
|
|
10,118 |
|
|
|
10,198 |
|
|
|
10,096 |
|
Diluted |
|
|
10,241 |
|
|
|
10,133 |
|
|
|
10,200 |
|
|
|
10,116 |
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE
SHEETS |
SELECTED FINANCIAL
DATA |
In thousands |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
December 31, 2023 |
|
April 2, 2023 |
Cash and
cash equivalents |
|
|
|
|
$ |
683 |
|
|
$ |
1,742 |
|
Accounts
receivable, net of allowances |
|
|
|
|
|
22,044 |
|
|
|
22,808 |
|
Inventories |
|
|
|
|
|
34,935 |
|
|
|
34,211 |
|
Total
current assets |
|
|
|
|
|
60,406 |
|
|
|
60,375 |
|
Operating
lease right of use assets |
|
|
|
|
|
15,813 |
|
|
|
17,305 |
|
Finite-lived
intangible assets - net |
|
|
|
|
|
3,022 |
|
|
|
3,473 |
|
Goodwill |
|
|
|
|
|
7,874 |
|
|
|
7,912 |
|
Total
assets |
|
|
|
|
$ |
89,304 |
|
|
$ |
90,972 |
|
|
|
|
|
|
|
|
Total
current liabilities |
|
|
|
|
|
14,630 |
|
|
|
13,057 |
|
Long-term
debt |
|
|
|
|
|
10,014 |
|
|
|
12,674 |
|
Operating
lease liabilities, noncurrent |
|
|
|
|
|
13,056 |
|
|
|
14,889 |
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
51,225 |
|
|
|
49,214 |
|
Total
liabilities and shareholders' equity |
|
|
|
|
$ |
89,304 |
|
|
$ |
90,972 |
|
|
|
|
|
|
|
|
Crown Crafts (NASDAQ:CRWS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Crown Crafts (NASDAQ:CRWS)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024