Crown Crafts(US:CRWS) Newsfilter·2024-06-28 10:54Core Insights - The company declared a quarterly dividend of $0.08 per share of Series A common stock, indicating a commitment to returning value to shareholders [7] - Fiscal 2024 was characterized as a transitional year, focusing on the integration of Manhattan Toy and managing the impacts of inflation on consumer spending [1] - The company remains optimistic about product development and cross-selling opportunities, aiming to capitalize on favorable macroeconomic conditions in the future [1] Financial Performance - For the fourth quarter of fiscal 2024, net sales were $22.6 million, an increase from $21.6 million in the same quarter of the previous year [3][6] - Gross margin improved to 23.2% in the fourth quarter of fiscal 2024, up from 21.9% in the fourth quarter of fiscal 2023 [2][3] - Net income for the fourth quarter was $1.0 million, or $0.10 per diluted share, compared to $828,000, or $0.08 per diluted share in the prior-year quarter [3][6] Annual Results - For fiscal year 2024, net sales reached $87.6 million, compared to $75.1 million in fiscal 2023 [6][13] - Gross profit margin for the fiscal year was 26.2%, slightly down from 26.4% in the previous year [12][13] - Net income for fiscal year 2024 was $4.9 million, or $0.48 per diluted share, compared to $5.7 million, or $0.56 per diluted share in fiscal 2023 [13] Operational Insights - Marketing and administrative expenses for the fourth quarter were $3.9 million, remaining relatively unchanged from the previous year [3] - For the fiscal year, these expenses totaled $16.1 million, an increase from $12.7 million in the prior year [13] - The company operates with a strong balance sheet, indicating financial stability despite the transitional challenges faced [1]