Crown Crafts Dodges Some Headwinds in Q4

摘要

Impacted by several external challenges in the marketplace, Crown Crafts Inc. managed through its fourth quarter with a few bruises as it laid the groundwork for better results in the near future. Net income for the quarter, ended March 31, was flat to last year's same period - $1.9 million, or $0.19 per diluted share. Net sales, however, declined 4.8% to $23.6 million, compared with $24.8 million a year ago. The best news stemmed from the full-year's net income, which reached $5.1 million, or $0.52 per diluted share - the company's highest rate since fiscal 2002, excluding an after-tax gain on debt restructuring of $3.7 million in fiscal 2007 and a $4.2 million income tax benefit in fiscal 2006.