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CROWN CRAFTS REPORTS RECORD QUARTERLY SALES AND EARNINGS

 CALHOUN, Ga., Jan. 19 /PRNewswire/ -- Crown Crafts, Inc. (AMEX: CRW) today announced financial results for the third quarter and first nine months of the company's 1993 fiscal year.
 For the quarter ended Dec. 27, 1992, net sales were $43.5 million, a quarterly record and an increase of 27 percent from $34.3 million in the prior year's third quarter. Sales of comforter products advanced 21 percent while sales of jacquard-woven cotton products grew 41 percent, compared with sales during last year's third fiscal quarter. Sales by Goodwin Weavers, which was acquired in October 1991, were included in both years' quarterly periods.
 Net earnings and earnings per share for the fiscal 1993 third quarter also established quarterly records. For the three months, net earnings were $2.8 million, an increase of 29 percent from last year's third quarter net earnings of $2.2 million. Earnings per share rose 6 percent to $0.34, from last year's $0.32 per share. Because of the company's March 1992 public offering of common stock the weighted average number of shares outstanding increased 21 percent from the same quarter a year ago.
 For the first nine months of fiscal 1993, net sales grew 19 percent to $114.1 million from $95.5 million in the corresponding period last year. Nine-month net earnings increased 35 percent to $6.6 million, exceeding net earnings for the entire 1992 fiscal year. In the nine- month period a year ago, net earnings were $4.9 million. Earnings per share grew to $0.79 for the fiscal 1993 nine-month period, up 11 percent from $0.71 in the same period a year ago.
 "Our sales growth rate is gaining momentum," stated Michael H. Bernstein, Crown Crafts' president and chief executive officer, "and we are seeing this momentum continue into the fourth quarter. New product introductions are fueling sales growth and enhancing the company's long- term financial outlook. Orders have been extremely strong for our licensed products, including the Bob Timberlake Collection and our cotton throw depicting the Elvis Presley postage stamp."
 Bernstein continued: "During the quarter, construction was completed on our new 328,000-square-foot comforter manufacturing facility in Roxboro, North Carolina. Between Thanksgiving and New Year's, several manufacturing and administrative operations were moved into the building, as was the warehousing of some raw materials. These operations are already functioning smoothly in their new location. Additional manufacturing operations will be relocated to the new facility during the fourth quarter. Programming and testing of our new automated sortation and high-rack warehousing system are proceeding as planned. The most significant benefits of the new facility will begin to accrue only after this warehouse management system is fully operational. We expect to implement the system during next fiscal year's first quarter."
 Summary results for the quarters and nine-month periods ended Dec. 27, 1992, and Dec. 29, 1991, are as follows:
 3rd qtr. ended 9 mos. ended
 12/27/92 12/29/91 12/27/92 12/29/91
 Net sales $43,527,000 $34,291,000 $114,087,000 $95,521,000
 Net earnings $ 2,842,000 $ 2,203,000 $ 6,575,000 $ 4,872,000
 Net earns. per shr. $0.34 $0.32 $0.79 $0.71
 Average shares 8,295,628 6,876,243 8,277,149 6,847,258
 Crown Crafts, Inc., headquartered in Calhoun, 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- 1/19/93
 /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-RA -- AT001 -- 6138 01/19/93 08:33 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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