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Crown Crafts Q4'FY14 net income lifts 9.4% to $2mn
18
Jun '14
Crown Crafts, Inc. reported results for the fourth quarter and full fiscal year ended March 30, 2014.
 
Financial Results
Net income for the fourth quarter of fiscal 2014 increased $174,000, or 9.4%, to $2.0 million, or $0.21 per diluted share, on net sales of $24.0 million, compared with net income of $1.9 million, or $0.19 per diluted share, on net sales of $23.6 million for the fourth quarter of fiscal 2013.  Gross margin improved to 26.5% of net sales for the quarter, compared with 26.0% for the prior-year period.
 
Net income for full-year fiscal 2014 increased 12.9% to $5.8 million, or $0.59 per diluted share, on net sales of $81.3 million, compared with net income of $5.1 million, or $0.52 per diluted share, on net sales of $78.4 million for fiscal 2013.  Gross margin for the full year improved to 27.7% of net sales, compared with 25.2% for the prior-year period.  
 
The Company's net income, both in dollars and as a percentage of net sales, reached its highest level in more than a decade, excluding certain one-time effects in fiscal 2006 and 2007.Adjusted net income for fiscal years 2007 and 2006 are non-GAAP financial measures.  
 
Reported net income for fiscal years 2007 and 2006 was $7.6 million and $8.0 million, respectively.  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, adjusted net income for fiscal years 2007 and 2006 was $3.9 million and $3.8 million, respectively.
 
Quarterly Cash Dividend
As announced on May 13, 2014, the Board of Directors declared a quarterly cash dividend on the Company's Series A common stock of $0.08 per share, which will be paid on July 3, 2014 to shareholders of record at the close of business on June 13, 2014.  "We are pleased that our strong financial position and business growth have allowed us to provide what we believe to be an attractive return to shareholders through a combination of dividends and share price appreciation," Chestnut said.
 
 

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