Crown Crafts, shorn of adult bedding, looks to significantly reduce losses
August 31, 2001-- Home Textiles Today,
Atlanta — Crown Crafts Inc., the surviving company of a complex two-way split in which the adult bedding business was spun off last month in a sale to former ceo Michael Bernstein, said it expects to record an estimated $3.5 million loss for the quarter ended July 1, a sharp improvement over a year-before loss of $10.9 million.
Sales during the same period declined by 33.2 percent, to $38.9 million form $58.2 million the prior year.
The company provided the sales and earnings snapshot in a filing with the Securities and Exchange Commission requesting a delay in filing the complete 10-Q quarterly earnings report.
The company said it expects to file the complete report by the end of September.