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Crown Crafts Announces Financial Results for Second Quarter Fiscal 2025
Crown HoldingsCrown Holdings(US:CCK) GlobeNewswire News Roomยท2024-11-12 11:33

Core Viewpoint - Crown Crafts, Inc. reported a net sales increase in the second quarter of fiscal year 2025, driven by the acquisition of Baby Boom Consumer Products, despite facing challenges in its legacy businesses [2][4][5]. Financial Performance - Net sales for the second quarter of fiscal 2025 were $24.5 million, up from $24.1 million in the same quarter of the previous year, with Baby Boom contributing $3.4 million to this increase [2][4]. - Gross profit margin improved to 28.4% compared to 27.3% in the prior-year quarter, attributed to minor changes in product mix and increased costs at the Compton facility [5]. - Net income for the quarter was $860,000, or $0.08 per diluted share, down from $1.8 million, or $0.18 per diluted share in the prior-year quarter, impacted by $788,000 in acquisition-related costs [2][5][12]. Acquisition Impact - The acquisition of Baby Boom on July 19, 2024, is seen as a key factor in the company's performance, providing immediate sales contributions and potential for cross-selling opportunities [3][4]. - The company is optimistic about future growth prospects, including product development and expanded distribution channels [3]. Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.08 per share, to be paid on January 3, 2025, to shareholders of record as of December 13, 2024 [6]. Company Overview - Crown Crafts, Inc. specializes in designing, marketing, and distributing infant, toddler, and juvenile consumer products, operating through subsidiaries NoJo Baby & Kids, Inc. and Sassy Baby, Inc. [8].