Crown Crafts Prospers on Springs Acquisition
Staff Staff -- Furniture Today, June 23, 2008
Calling the past 12 months "a very rewarding year," Crown Crafts reported fiscal 2008 full year net earnings of $4.4 million, up 12.8% from $3.9 million in the prior year. Earnings per diluted share were 39 cents.
Sales of $74.9 million grew 8.2% from $69.2 million.
"Much of this increase is related to the acquisition of the baby product line from Springs Global in November 2007, which we are proud to say has proven to be a great strategic addition," said Randall Chestnut, chairman, president and ceo of the infant and toddler products supplier.
Crown Crafts projected revenue of $90 million to $93 million for the fiscal year ending March 29, 2009, with diluted earnings per share in the range of 41 cents to 46 cents.
Furniture Today's Ray Allegrezza Speaks with Stephen Bogart about Fine Furniture's New Bogart Line