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CROWN CRAFTS ANNOUNCES FISCAL 1993 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS

 CALHOUN, Ga., May 5 /PRNewswire/ -- Crown Crafts, Inc. (AMEX: CRW) today announced financial results for the fourth quarter and fiscal year ended March 28, 1993. As anticipated, the company achieved record annual net sales and net earnings. Full year net earnings per share declined slightly due to higher average shares outstanding and an unanticipated fourth quarter inventory write down.
 For fiscal 1993, net sales were $151,256,000 up 23 percent from $122,698,000 in fiscal 1992. Net income in the 1993 fiscal year increased 16 percent to $7,339,000, from $6,313,000 in the fiscal year ended March 29, 1992. On a per share basis, net earnings declined to $0.89 in fiscal 1993 from $0.91 in fiscal 1992, on 19 percent higher average shares outstanding.
 For the quarter ended March 28, 1993, net sales grew 37 percent to $37,169,000 from $27,177,000 in the corresponding period last year. Quarterly net earnings were $764,000, or $0.09 per share, in fiscal 1993 compared with $1,441,000, or $0.20 per share in the same period a year ago. Fourth quarter sales were strong in both of the company's major product groups: comforters and accessories sales grew 32 percent for the quarter, while sales of jacquard woven cotton products increased 56 percent in comparison with the prior year's fourth quarter.
 Both fourth quarter and full year operating results were negatively impacted by an unanticipated inventory write down of approximately $1.4 million at the company's comforters and accessories facilities in Roxboro, N.C.
 "The fourth quarter inventory write off in Roxboro reduced net earnings per share by about $0.10 for both the quarter and the full fiscal year," stated Michael H. Bernstein, Crown Crafts' president and chief executive officer. "Our conclusion, after reasonable investigation, is that a significant portion of the inventory shortage is probably the result of theft.
 "We have taken immediate action to improve our inventory handling procedures and add to the security of our merchandise," Bernstein emphasized.
 "On a much more positive note, the fourth quarter's strong sales growth was followed immediately by enthusiastic customer reaction to our new product offerings during the industry's spring market. The new Perry Ellis collection and new Royal Sateen patterns were a highlight of the market. Our other lines, including The Bob Timberlake Home Collection and our jacquard cotton throw assortment, also saw good demand.
 "The installation of warehouse management system software in our new Roxboro plant is now scheduled to begin in June. The `ramp-up' will occur in stages over several months, and we should be fully-operational in the second fiscal quarter," Bernstein concluded.
 Summary results for the quarters and annual fiscal periods ended March 28, 1993, and March 29, 1992, are as follows:
 Fiscal Year Ended Fourth Quarter Ended
 3-28-93 3-29-92 3-28-93 3-29-92
 Net sales $151,256,000 $122,698,000 $37,169,000 $27,177,000
 Net earnings $ 7,339,000 $ 6,313,000 $ 764,000 $ 1,441,000
 Net earnings per
 share $ 0.89 $ 0.91 $ 0.09 $ 0.20
 Average shares 8,287,068 6,945,167 8,316,823 7,238,894
 Crown Crafts, Inc., headquartered in Calhoun, Ga., designs, manufactures and markets bed covering products and related home fashions accessories. The company's two principal product categories are comforters and coordinated accessories, and jacquard-woven cotton products.
 -0- 5/5/93
 /CONTACT: Paul A. Criscillis, Jr., Vice President-Chief Financial Officer, 706-629-7941/
 (CRW)


CO: Crown Crafts, Inc. ST: Georgia IN: TEX SU: ERN

SB-CM -- AT013 -- 5045 05/05/93 16:49 EDT
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Date:May 5, 1993
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