CROWN CRAFTS REPORTS FISCAL 1992 FINANCIAL RESULTS
CROWN CRAFTS REPORTS FISCAL 1992 FINANCIAL RESULTS CALHOUN, Ga., May 4 /PRNewswire/ -- Crown Crafts, Inc.
(AMEX: CRW) today announced financial results for the fourth quarter and fiscal year ended March 29.
For fiscal 1992, net sales increased slightly to $122,698,000 from $121,905,000 in fiscal 1991. While profit comparisons improved steadily during the year, low profitability in the first half of the year resulted in a decline in net income. Net income in fiscal 1992 was $6,313,000, or $0.91 per share, down 6 percent from $6,714,000, or $0.97 per share, a year ago. For the fiscal 1992 fourth quarter, net sales were $27,177,000 compared with $27,959,000 in the corresponding period a year ago. Net earnings were $1,441,000, or $0.20 per share, in the fiscal 1992 period, compared with $1,046,000, or $0.15 per share, in the same period in fiscal 1991. "Fiscal 1992 was a difficult year, particularly during the first six months when consumer demand and our margins were severely depressed," stated Michael H. Bernstein, Crown Crafts' president and chief executive officer. "Nevertheless, we continued to invest in Crown's future. In September, we broke ground on our new comforter facility in Roxboro, North Carolina, and in October, we made a strategic acquisition. To help finance the new plant and possible future acquisitions, we completed a public offering of common stock in March. The company's financial position is now the strongest in its history. "We look toward our new fiscal year with optimism," continued Bernstein. "By any measure, consumer sentiment is improving. Business at retail is on the upswing, and our order rates have started to improve. Financial results will also benefit from the inclusion of a full year's operations of Goodwin Weavers, the company we acquired last October. The new comforter facility, which will improve both manufacturing and warehousing efficiency, should be fully operational by the beginning of the fourth fiscal quarter. "Additionally, last month Crown introduced the Bob Timberlake Collection, an extensive line of products featuring coordinated comforters, sheets, throws, bedspreads, blankets, window coverings and hand-made quilts. Initial customer response to this program has been exceptional." Summary results for the quarters and fiscal years ended March 29, 1992, and March 31, 1991, are as follows: CROWN CRAFTS INC. Fiscal year ended 3/29/92 3/31/91 Net sales $122,698,000 $121,905,000 Net earnings $ 6,313,000 $ 6,714,000 Net earnings per share: Primary $ 0.91 $ 0.97 Fully-diluted $ 0.91 $ 0.97 Average shares: Primary 6,945,167 6,926,134 Fully-diluted 6,945,167 6,946,811 Fourth quarter ended 3/29/92 3/31/91 Net sales $ 27,177,000 $ 27,959,000 Net earnings $ 1,441,000 $ 1,046,000 Net earnings per share: Primary $ 0.20 $ 0.15 Fully-diluted $ 0.20 $ 0.15 Average shares: Primary 7,238,894 6,946,295 Fully-diluted 7,238,894 6,963,113 Crown Crafts Inc., headquartered in Calhoun, Ga., 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- 5/4/92 /CONTACT: Paul A. Criscillis Jr., vice president and chief financial officer of Crown Crafts, 706-629-7941/ (CRW) CO: Crown Crafts, Inc. ST: Georgia IN: TEX SU: ERN
BR-BN -- AT010 -- 6035 05/04/92 12:19 EDT
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|Date:||May 4, 1992|
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