Printer Friendly

CROWN CRAFTS REPORTS HIGHER EARNINGS ON LOWER SALES FOR FISCAL THIRD QUARTER

 CROWN CRAFTS REPORTS HIGHER EARNINGS ON LOWER SALES
 FOR FISCAL THIRD QUARTER
 CALHOUN, Ga., Jan. 21 /PRNewswire/ -- Crown Crafts, Inc. (AMEX: CRW) today announced financial results for the third quarter and first 39 weeks of fiscal 1992.
 Net earnings and earnings per share increased to record quarterly levels, but sales declined in the quarter because of a continued sluggish retailing environment.
 For the quarter which ended Dec. 29, 1991, net sales declined 3 percent to $34,291,000 from $35,200,000 in fiscal 1991's third quarter. An improved product mix resulted in a higher gross profit margin in the current year third quarter, with net earnings advancing to $2,203,000, or $0.32 per share, from $2,091,000, or $0.30 per share, in the third quarter a year ago.
 "With consumer activity down, we have focused on cutting expenses and reducing inventory," stated Michael H. Bernstein, Crown Crafts' president and chief executive officer. "Gross margins improved for the second consecutive quarter from the low of the first quarter of this fiscal year. Blowing Rock Crafts, Inc., which we acquired October 18, 1991, was also profitable, and contributed about $0.01 per share to the quarter's results. Inventory levels at December 29, 1991, including those of our new subsidiary, totaled $28,769,000, down from $31,000,000 at the end of December a year ago."
 For the 39 weeks that ended Dec. 29, 1991, net sales were $95,521,000, compared to $93,946,000 in the corresponding period a year ago. Net earnings were $4,872,000, or $0.71 per share, in the fiscal 1992 period, compared to $5,668,000, or $0.82 per share, in the same period in fiscal 1991.
 Summary results for the quarters and nine-month periods ended Dec. 29, 1991, and Dec. 30, 1990, are as follows:
 CROWN CRAFTS, INC.
 3rd quarter ended 12/29/91(a) 12/30/90
 Net sales $34,291,000 $35,200,000
 Net earnings $ 2,203,000 $ 2,091,000
 Net earnings per share $ 0.32 $ 0.30
 Avg. shares outstanding 6,876,243 6,888,711
 Nine months ended 12/29/91(a) 12/30/90
 Net sales $95,521,000 $93,946,000
 Net earnings $ 4,872,000 $ 5,668,000
 Net earnings per share $ 0.71 $ 0.82
 Avg. shares outstanding 6,847,258 6,941,377
 (a) Includes the operations of Blowing Rock Crafts, Inc. since Oct.
 18, 1991.
 Crown Crafts, Inc., headquartered in Calhoun, Ga., manufactures and distributes bed covering products and related fashion accessories.
 -0- 1/21/92
 /CONTACT: Paul A. Criscillis Jr., vice president and chief financial officer of Crown Crafts, 404-629-7941/
 (CRW) CO: Crown Crafts, Inc. ST: Georgia IN: SU: ERN


BN-BR -- AT004 -- 1668 01/21/92 09:28 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1992
Words:465
Previous Article:CATALINA LIGHTING ENTERS CANADIAN MARKET VIA JOINT VENTURE
Next Article:MESA MEDICAL REPORTS INCREASED THIRD QUARTER AND YEAR-TO-DATE EARNINGS


Related Articles
CROWN CRAFTS REPORTS FISCAL 1992 FINANCIAL RESULTS
CROWN CRAFTS REPORTS IMPROVED FINANCIAL RESULTS FOR FISCAL 1993 FIRST QUARTER
CROWN CRAFTS REPORTS RECORD QUARTERLY SALES AND NET EARNINGS
CROWN CRAFTS REPORTS RECORD QUARTERLY SALES AND EARNINGS
CROWN CRAFTS ANNOUNCES ANTICIPATED FOURTH QUARTER FINANCIAL RESULTS
CROWN CRAFTS ANNOUNCES FISCAL 1993 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
CROWN CRAFTS, INC. ANNOUNCES FISCAL 1996 THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS
CROWN CRAFTS, INC. ANNOUNCES EXPECTED DECLINE IN PROFITS; COMPANY SECURES $25 MILLION 10-YEAR FINANCING
Crown Crafts, Inc. Sets Quarterly Sales And Earnings Records in Fiscal Third Quarter
Crown Crafts, Inc. To Report Lower-Than-Expected Results For The Fiscal 1999 Second Quarter.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters