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Crown Crafts(CRWS) - 2025 Q1 - Quarterly Results
2024-08-14 20:35
Exhibit 99.1 For immediate release August 14, 2024 Crown Crafts Announces Financial Results for First Quarter Fiscal 2025 Gonzales, Louisiana – Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the "Company") today reported results for the first quarter of fiscal year 2025, which ended June 30, 2024. First Quarter Summary ● Net sales of $16.2 million, compared with $17.1 million in the prior-year quarter ● Gross profit was 24.5% of net sales in the current quarter, 27.7% in the prior-year quarter ● Net loss of $322,000 ...
Crown Crafts(CRWS) - 2025 Q1 - Quarterly Report
2024-08-14 20:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ Commission File No. 1-7604 Crown Crafts, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (I.R.S. Empl ...
CIT Commercial Services Provides Up to $48 Million in Financing to Crown Crafts
Prnewswire· 2024-07-30 13:00
"We are excited to extend our 20-year-plus relationship with Crown Crafts by providing this latest financing," said Mike Hudgens, president of CIT Commercial Services. "Their acquisition of the assets of Baby Boom Consumer Products is another milestone in Crown Crafts' growth trajectory and we look forward to continuing to serve their financing needs in the future." Crown Crafts, Inc. designs, markets and distributes infant, toddler and juvenile consumer products. Founded in 1957, Crown Crafts is one of Ame ...
Crown Crafts Acquires the Assets of Baby Boom Consumer Products
Newsfilter· 2024-07-22 10:57
GONZALES, La., July 22, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) ("Crown Crafts" or the "Company") today announced that it has acquired substantially all of the assets of Baby Boom Consumer Products, Inc. ("Baby Boom"), a leading provider in the toddler bedding and diaper bag categories. Baby Boom designs, sources, markets and sells high-quality and functional toddler bedding and diaper bags. In addition to its own brands, Baby Boom offers licensed products, including Bluey, Ms. Rachel, ...
Crown Crafts' (CRWS) Q4 Earnings Improve Y/Y, Gross Margin Up
ZACKS· 2024-07-02 09:11
Revenues in Detail Crown Crafts' operations consist of two business segments — Bedding, blankets and accessories, and Bibs, toys and disposable products. Crown Crafts' Gross Margin The marketing and administrative expenses during fiscal 2024 were $16.1 million, up 27.3% from the comparable fiscal 2023 period. The increase was primarily attributed to costs incurred by Manhattan and Manhattan Toy Europe Limited, which were $3.9 million higher than the prior fiscal year and included credit losses and advertisi ...
Crown Crafts(CRWS) - 2024 Q4 - Earnings Call Transcript
2024-06-28 14:34
Crown Crafts, Inc. (NASDAQ:CRWS) Q4 2024 Earnings Conference Call June 28, 2024 9:00 AM ET Company Participants John Beisler - Senior Vice President, Three Part Advisors Olivia Elliott - President and Chief Executive Officer Craig Demarest - Vice President and Chief Financial Officer Conference Call Participants Douglas Ruth - Lenox Financial Services John Deysher - Pinnacle Value Fund Dennis Scannell - Rutabaga Capital Operator Good day and welcome to the Crown Crafts, Inc. Fourth Quarter Fiscal Year 2024 ...
Crown Crafts(CRWS) - 2024 Q4 - Annual Results
2024-06-28 11:02
● Net sales of $87.6 million, compared to $75.1 million in fiscal 2023 About Crown Crafts, Inc. Fourth Quarter Summary Fiscal Year 2024 Results CROWN CRAFTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME SELECTED FINANCIAL DATA In thousands, except percentages and per share data For immediate release June 28, 2024 Gonzales, Louisiana – Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the "Company") today reported results for the fourth quarter and fiscal year 2024, which ended March 31, 2024. ● Gross margin ...
Crown Crafts(CRWS) - 2024 Q4 - Annual Report
2024-06-28 11:01
Acquisition and Investments - The Company acquired Manhattan Group, LLC for a purchase price of $17.0 million, funded by available cash and borrowings[25]. - The acquisition of Manhattan and MTE was completed, impacting cash flows significantly with a net cash outflow of $16,136,000 in fiscal year 2023[183]. - The Company's ability to pursue acquisitions and investments may be limited by debt covenants, affecting its growth strategy and financial flexibility[72]. Sales and Revenue - Total net sales increased to $87.6 million for the fiscal year ended March 31, 2024, compared to $75.1 million in the previous fiscal year, representing a 16.8% increase[95]. - International sales represented 8% of total gross sales in fiscal year 2024, up from 5% in fiscal year 2023[27]. - Sales of products marketed under the Company's trademarks accounted for 38% of total gross sales in fiscal year 2024, compared to 35% in fiscal year 2023[31]. - The Company's top two customers, Walmart Inc. and Amazon.com, represented approximately 61% of gross sales in fiscal year 2024, with Walmart at 42% and Amazon at 19%[36][44]. - Sales of licensed products constituted 40% of gross sales in fiscal year 2024, including 24% from agreements with Disney[34][45]. - Approximately 20% of annual gross sales typically occur during the first fiscal quarter (April through June)[37]. Financial Performance - Net income for the fiscal year was $4.9 million, down 13.4% from $5.7 million in the previous year[94]. - Gross profit increased by $3.2 million, with gross profit margin slightly decreasing from 26.4% to 26.2% of net sales[96]. - Marketing and administrative expenses rose by $3.5 million, increasing from 16.9% to 18.4% of net sales[97]. - The effective tax rate on continuing operations was 21.4% for the fiscal year ended March 31, 2024, down from 23.2% in the prior year[98]. - The Company reported a basic earnings per share of $0.48 for fiscal year 2024, down from $0.56 in fiscal year 2023[178]. - Net cash provided by operating activities decreased from $7.7 million to $7.1 million year-over-year[104]. - Net cash used in investing activities was $193,000, significantly lower than $16.9 million in the previous fiscal year, primarily due to the prior year's acquisition payment[105]. - Net cash used in financing activities was $7.8 million for the fiscal year ended March 31, 2024, compared to $9.3 million in cash provided by financing activities for the fiscal year ended April 2, 2023[106]. Assets and Liabilities - Total assets decreased from $90,972,000 as of April 2, 2023, to $82,706,000 as of March 31, 2024, representing a decline of approximately 9.3%[173]. - Current liabilities decreased from $13,057,000 to $10,461,000, a reduction of about 19.5%[173]. - Long-term debt decreased from $12,674,000 to $8,112,000, a decrease of approximately 36.1%[173]. - Cash and cash equivalents decreased from $1,742,000 to $829,000, a decline of about 52.5%[173]. - Accounts receivable decreased from $20,740,000 to $18,584,000, a reduction of approximately 10.4%[173]. - Inventories decreased from $34,211,000 to $29,709,000, a decline of about 13.1%[173]. - Total current assets decreased from $60,375,000 to $54,824,000, a reduction of approximately 9.2%[173]. - Operating lease liabilities decreased from $17,316,000 to $15,725,000, a decrease of about 9.2%[173]. Risks and Challenges - The Company's inability to adapt to changing consumer preferences could adversely affect revenues, as the industry is characterized by rapid product development[48]. - The decline in birthrate in the United States may lead to reduced demand for the Company's products, increased order cancellations, and pressure on product prices[51]. - Significant increases in freight costs and raw material prices, including cotton and oil, could adversely affect the Company's profitability if these costs cannot be passed on to customers[52]. - The Company faces risks related to intellectual property, including potential civil judgments and impairment charges that could adversely affect its competitive position[53]. - Disruptions from contagious diseases, such as COVID-19, could negatively impact the Company's revenues, earnings, and cash flows, necessitating significant operational adjustments[54][56]. - The competitive landscape in the infant and toddler consumer products industry is intense, with larger competitors potentially impacting the Company's sales and revenues[57]. - The Company's sourcing is heavily reliant on foreign manufacturers, particularly in China, which poses risks related to international trade regulations and potential disruptions[63][64]. - Recalls or product liability claims could lead to increased costs and decreased consumer demand, negatively impacting the Company's reputation and financial performance[60]. Employee and Operational Information - The Company had 162 full-time employees as of May 31, 2024, with no union representation[30]. - The Company maintains a foreign representative office in Shanghai, China, for production coordination and vendor oversight[33]. - The Company’s products are primarily sourced from foreign and domestic contract manufacturers, with a significant concentration in China[32]. - The Company is monitoring inflation's impact on operations and may need to adjust prices to mitigate future effects[100]. Financial Reporting and Compliance - The Company reported no changes in Internal Control over Financial Reporting during the fiscal quarter ended March 31, 2024[134]. - There were no modifications to trading arrangements by directors or officers during the quarter ended March 31, 2024[135]. - The consolidated financial statements include balance sheets as of March 31, 2024, and April 2, 2023, along with income statements for the fiscal years ended March 31, 2024, and April 2, 2023[144]. - The Company’s financial statement schedule includes valuation and qualifying accounts, with specific details on accounts receivable[145]. - The Company capitalizes patent costs to be amortized over the expected life of the patent, with significant management judgment involved in evaluating future economic benefits[205]. - The Company accounts for acquisitions using the acquisition method, measuring assets acquired and liabilities assumed at fair value as of the acquisition date[216]. - The Company calculates basic earnings per share using a weighted average of shares outstanding, with diluted shares calculated using the treasury stock method[217]. - The Company reviews inventory for obsolescence and establishes allowances as necessary, impacting the cost of products sold and net income[202]. - The Company adopted ASU No. 2016-13 effective April 3, 2023, with no significant impact on its financial position due to factoring agreements[218]. - ASU No. 2023-06 was issued in October 2023 to improve disclosure requirements, with no anticipated significant impact on the Company's financial position[219]. - The Company plans to adopt ASU No. 2023-07 effective April 1, 2024, to enhance reportable segment disclosures retrospectively[220]. - ASU No. 2023-09 was issued in December 2023 to improve income tax disclosures, with the Company currently evaluating its impact[221].
Crown Crafts Announces Financial Results for Fourth Quarter and Full Year Fiscal 2024
Newsfilter· 2024-06-28 10:54
Declared quarterly dividend of $0.08 per share of Series A common stock "Fiscal 2024 was a transitional year for our company, as we focused on the integration of Manhattan Toy and continued to proactively manage our business to address the ongoing effects of the inflationary environment and its negative impact on consumers' discretionary spending," said Olivia Elliott, President and Chief Executive Officer. "We are very encouraged by the progress with Manhattan Toy's product development and will continue to ...
Crown Crafts to Announce Fourth Quarter and Full Year Fiscal 2024 Results on June 28, 2024
Newsfilter· 2024-06-21 23:15
(817) 310-8776 Interested individuals may join the teleconference by dialing (844) 861-5504 and asking 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 found on the investor relations portion of the Company's website after earnings are released. About Crown Crafts, Inc. Contact: Investor Relations: CrownCrafts GONZALES, La., June ...