Crown Crafts Logs a Profit in 3Q
Home & Textiles Today Staff -- Home Textiles Today, February 22, 2010
Crown Crafts reported third quarter net income of $1.1 million, or 12 cents per share, reversing a loss in last year’s 3Q of $8.2 million.
Sales were $20.6 million for the quarter ended Dec. 27, up 6.7% from $19.3 million in the year-ago quarter.
The company also announced its first quarterly cash dividend in more than a decade of 2 cents per share.
“We are confident that our strong balance sheet puts us in a position to benefit as the economy recovers. In December 2009, upon the emergence of the company’s lender from bankruptcy, we returned the bulk of the excess funds that we had borrowed under our credit agreement as a protective measure. The repayment of these funds will result in a significant reduction in our interest expense in future reporting periods,” said Randall Chestnut, chairman, president and ceo.