Crown Crafts reports steady earnings on flat sales
Thomas Russell -- Furniture Today, June 20, 2007
Gonzales, La. -- Infant and juvenile home textiles producer Crown Crafts today reported pre-tax income for fiscal year 2007 of $7.6 million, or $0.76 per diluted share, compared to net income for fiscal year 2006 of $8.0 million, or $0.37 per diluted share.
As a result of the company's debt refinancing in fiscal year 2007, diluted shares decreased from 21.7 million to 10.0 million for the current year as compared to the prior year.
In a transition year, sales edged down to $72.0 million, compared to $72.6 million in 2006.
“We are extremely proud of all that we accomplished in fiscal year 2007. During this very successful year, the company celebrated its 50th anniversary, completed a transformational debt and capital restructuring, and saw its stock begin trading on NASDAQ,” said Randall Chestnut, chairman, president and ceo.
Pre-tax income increased by 71%, excluding the gain on debt refinancing, and the company finished the year with a strong balance sheet that included a lower debt balance of $5.8 million as compared to the prior year.
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