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CROWN CRAFTS ANNOUNCES FISCAL 1994 FIRST-QUARTER FINANCIAL RESULTS

 CALHOUN, Ga., July 21 /PRNewswire/ -- Crown Crafts, Inc. (AMEX: CRW) today announced financial results for its fiscal first quarter which ended June 27.
 For the quarter, net sales increased 17 percent to $34,543,000 from last year's $29,574,000. Strong sales growth was registered in both of the company's principal product categories, comforters and accessories, and jacquard-woven cotton products. Quarterly net income was $1,150,000, down 16 percent from the $1,364,000 recorded in the same period a year ago. Earnings per share were $0.14 for the current quarter, compared with $0.17 in last year's fiscal first quarter.
 "First quarter net income did not keep pace with sales growth because of higher costs associated with the phase-in of our new comforter manufacturing and warehousing facility in Roxboro, North Carolina," stated Michael H. Bernstein, Crown Crafts' president and chief executive officer. "All of our manufacturing operations are now in place in the new facility, and these are operating well. We recently began installing the warehouse management system software, a crucial component in maximizing the efficiency of the plant. Warehousing and cutting of fabric are now being controlled by the new software system. The balance of the system, which will include management of the warehousing and shipping of finished product, should be fully operational by the second half of the fiscal year. We anticipate significant cost savings and an improvement in profitability once we complete the software installation."
 Bernstein added: "We are quite optimistic about continued strong sales growth. Business activity remains brisk with our Royal Sateen and Bob Timberlake Home Collection lines. In addition, initial shipments are strong in our new Perry Ellis Collection, which we debuted at our industry's April market. We will be introducing another designer line of comforters at the October market, as well as a line of Colonial Williamsburg comforters and accessories to complement our exclusive line of Williamsburg throws and bedspreads."
 Summary results for the quarters ended June 27, 1993, and June 28, 1992, are as follows:
 Quarters ended 6/27/93 6/28/92
 Net sales $34,543,000 $29,574,000
 Net earnings 1,150,000 1,364,000
 Net earnings per share 0.14 0.17
 Average shares outstanding 8,333,311 8,259,050
 Crown Crafts, Inc., headquartered in Calhoun, designs, manufactures and markets bed covering products and related fashion accessories. The company's two principal product categories are comforters and coordinated accessories, and jacquard-woven cotton products.
 -0- 7/21/93
 /CONTACT: Paul A. Criscillis Jr., vice president - chief financial officer of Crown Crafts, 706-629-7941/
 (CRW)


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

BN-TG -- AT008 -- 3839 07/21/93 10:07 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
Words:448
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