{"id":526432,"date":"2021-08-11T06:48:08","date_gmt":"2021-08-11T10:48:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/"},"modified":"2021-08-11T06:48:08","modified_gmt":"2021-08-11T10:48:08","slug":"crown-crafts-reports-fiscal-2022-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/","title":{"rendered":"Crown Crafts Reports Fiscal 2022 First Quarter Results"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li style=\"text-align:left\">Net sales increased 15.5% for the quarter<\/li>\n<li style=\"text-align:justify\">Company\u2019s key subsidiaries continue to deliver strong results<\/li>\n<li style=\"text-align:justify\">Board declares a quarterly dividend of $0.08 per share<\/li>\n<\/ul>\n<p align=\"justify\">GONZALES, La., Aug.  11, 2021  (GLOBE NEWSWIRE) &#8212; Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the \u201cCompany\u201d) today reported results for the first quarter of fiscal year 2022, which ended June 27, 2021.<\/p>\n<p align=\"justify\">\u201cOnce again, our entire organization worked together to deliver outstanding results for the first quarter,\u201d said E. Randall Chestnut, Chairman and Chief Executive Officer. \u201cThis is a reflection of the ongoing strength of our wholly-owned subsidiaries, NoJo Baby &amp; Kids, Inc. and Sassy Baby, Inc., which continue to offer a wide range of high-quality products and designs that are popular with consumers.\u201d<\/p>\n<p align=\"justify\">\u201cOur strong momentum at the end of fiscal 2021 carried into the first quarter of the new fiscal year,\u201d said Olivia Elliott, President and Chief Operating Officer. \u201cWhile two events \u2013 the closure of Carousel Designs and the forgiveness of our loan under the federal government\u2019s Paycheck Protection Program \u2013 also impacted our financial results for the quarter, our key businesses remained strong.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Financial Results<\/strong>\n      <\/p>\n<p align=\"justify\">Net income for the first quarter of fiscal 2022 was $2.7 million, or $0.27 per diluted share, on net sales of $18.7 million, compared with net income of $1.2 million, or $0.12 per diluted share, on net sales of $16.2 million for the first quarter of fiscal 2021. Gross profit for the current-year quarter was 24.9% of net sales, down from 31.0% of net sales in the prior-year quarter.<\/p>\n<p align=\"justify\">Current-year net income was impacted favorably by a pre- and post-tax $1,985,000 gain on extinguishment of debt related to the forgiveness of the Company\u2019s Paycheck Protection Program Loan (the \u201cPPP Loan\u201d). The current-year quarter also included net sales and a net loss of $631,000 and $802,000, respectively, associated with the Carousel Designs business, which ceased operations in May 2021. The prior-year quarter included net sales and a net loss of $1.5 million and $25,000, respectively, associated with Carousel.<\/p>\n<p align=\"justify\">Excluding the impact of the PPP Loan and Carousel from both quarters, current-year net sales, gross margin percentage, net income and diluted earnings per share would have been $18.1 million, 29.3%, $1.5 million and $0.15, respectively, compared to prior-year net sales, gross margin percentage, net income and diluted earnings per share of $14.7 million, 30.2%, $1.2 million and $0.12, respectively.<\/p>\n<p align=\"justify\">\n        <strong>Quarterly Cash Dividend<\/strong>\n      <\/p>\n<p align=\"justify\">The Company also announced that its Board of Directors declared a quarterly cash dividend on the Company\u2019s Series A common stock of $0.08 per share, which will be paid on October 1, 2021, to stockholders of record at the close of business on September 10, 2021. \u201cWe are pleased that the financial strength of the Company allows us to pay this dividend as part of our long-term commitment to provide value to stockholders,\u201d Chestnut said.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call<\/strong>\n      <\/p>\n<p align=\"justify\">The Company will host a teleconference today at 1:00 p.m. Central Daylight Time to discuss the Company\u2019s results, during which interested individuals will be given the opportunity to ask appropriate questions. To join the teleconference, dial (844) 861-5504 and ask to be joined into the Crown Crafts, Inc. call. The teleconference can also be accessed in listen-only mode by visiting the Company\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=g2C_P_r3oMsdPIEgfvV0Gj1qOX5rWjnRHeLoTChkAJHGEKrfUOsYelbWTtPn7aUShoFa2Sb3I2Dql0PJBKi0xIqMjvMhQWQvz5pXQ-pIs-c=\" rel=\"nofollow noopener\" target=\"_blank\">www.crowncrafts.com<\/a>. The financial information to be discussed during the teleconference may be accessed prior to the call on the investor relations portion of the Company\u2019s website.\u00a0\u00a0 A telephone replay of the teleconference will be available one hour after the end of the call through 4:00 p.m. Central Standard Time on November 11, 2021. To access the replay, dial (877) 344-7529 in the United States or (412) 317-0088 from international locations and refer to conference number 10159433.<\/p>\n<p align=\"justify\">\n        <strong>About Crown Crafts, Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">Crown Crafts, Inc. designs, markets and distributes infant, toddler and juvenile consumer products. Founded in 1957, Crown Crafts is one of America\u2019s largest producers of infant bedding, toddler bedding, bibs and developmental toys. The Company operates through its two wholly-owned subsidiaries, NoJo Baby &amp; Kids, Inc. and Sassy Baby, Inc., which market a variety of infant, toddler and juvenile products under Company-owned trademarks, as well as licensed collections and exclusive private label programs. Sales are made directly to retailers such as mass merchants, large chain stores and juvenile specialty stores. For more information, visit the Company\u2019s website at www.crowncrafts.com.<\/p>\n<p align=\"justify\">\n        <em>The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management\u2019s current expectations, projections, estimates and assumptions. Words such as \u201cexpects,\u201d \u201cbelieves,\u201d \u201canticipates\u201d and variations of such words and similar expressions identify such forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. These risks include, among others, general economic conditions, including changes in interest rates, in the overall level of consumer spending and in the price of oil, cotton and other raw materials used in the Company\u2019s products, changing competition, changes in the retail environment, the Company\u2019s ability to successfully integrate newly acquired businesses, the level and pricing of future orders from the Company\u2019s customers, the extent to which the Company\u2019s business is concentrated in a small number of customers, the Company\u2019s dependence upon third-party suppliers, including some located in foreign countries, customer acceptance of both new designs and newly-introduced product lines, actions of competitors that may impact the Company\u2019s business, disruptions to transportation systems or shipping lanes used by the Company or its suppliers, and the Company\u2019s dependence upon licenses from third parties. Reference is also made to the Company\u2019s periodic filings with the Securities and Exchange Commission for additional factors that may impact the Company\u2019s results of operations and financial condition. The Company does not undertake to update the forward-looking statements contained herein to conform to actual results or changes in our expectations, whether as a result of new information, future events or otherwise.<\/em>\n      <\/p>\n<p>Contact:<\/p>\n<p>Craig J. Demarest<br \/>Vice President and Chief Financial Officer <br \/>(225) 647-9118<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gxgZLmHjPRD48y7twpCoGvx3nRReQoVETi6tmSIkBMrZ3Yxr94QWzFZt5OrXOPpduhwPj4AWrk9ra4L2RTRiSn1_QrT_P0WcJUM3EE9qTlQ=\" rel=\"nofollow noopener\" target=\"_blank\">cdemarest@crowncrafts.com<\/a><\/p>\n<p align=\"center\">CROWN CRAFTS, INC. AND SUBSIDIARIES<br \/>CONSOLIDATED STATEMENTS OF INCOME<br \/>SELECTED FINANCIAL DATA<br \/>In thousands, except percentages and per share data<br \/>(Unaudited)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle\">\n            <u><br \/>\n              <strong>Three-Month Periods Ended<\/strong><br \/>\n            <\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <u><br \/>\n              <strong>June 27, 2021<\/strong><br \/>\n            <\/u>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <u><br \/>\n              <strong>June 28, 2020<\/strong><br \/>\n            <\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;text-align: left;vertical-align: middle\">Net sales<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">18,712<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">16,205<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Gross profit<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">4,656<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">5,023<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Gross profit percentage<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">24.9%<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">31.0%<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Income from operations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,290<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,643<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Gain on extinguishment of debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,985<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Income before income tax expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">3,274<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,640<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Income tax expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">609<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">425<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Net income<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,665<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,215<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Basic and diluted earnings per share<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">0.27<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">0.12<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Weighted Average Shares Outstanding:<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Basic<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">10,004<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">10,171<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Diluted<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">10,056<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">10,171<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">CONSOLIDATED BALANCE SHEETS<br \/>SELECTED FINANCIAL DATA<br \/>In thousands<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <strong>June 27, 2021<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <u><br \/>\n              <strong>(Unaudited)<\/strong><br \/>\n            <\/u>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <u><br \/>\n              <strong>March 28, 2021<\/strong><br \/>\n            <\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;text-align: left;vertical-align: middle\">Cash and cash equivalents<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">4,702<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">613<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Accounts receivable, net of allowances<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">17,470<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">19,338<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Inventories<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">21,955<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">20,335<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total current assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">45,084<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">41,470<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Operating lease right of use assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">3,660<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">4,068<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Finite-lived intangible assets &#8211; net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">3,034<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">3,163<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Goodwill<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">7,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">7,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">61,277<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">58,082<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total current liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">14,595<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">12,946<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Operating lease liabilities, noncurrent<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,189<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,641<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Shareholders&#8217; equity<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">43,826<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">41,865<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total liabilities and shareholders&#8217; equity<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">61,277<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">58,082<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNjgyNiM0MzUyMjcxIzIwMTg3Mjc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NjdmYTY2YTItNzI1ZC00YmQ5LTk3NzEtNTk0MDBkMDk4YzYwLTEwMzAzMDA=\/tiny\/Crown-Crafts-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Net sales increased 15.5% for the quarter Company\u2019s key subsidiaries continue to deliver strong results Board declares a quarterly dividend of $0.08 per share GONZALES, La., Aug. 11, 2021 (GLOBE NEWSWIRE) &#8212; Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the \u201cCompany\u201d) today reported results for the first quarter of fiscal year 2022, which ended June 27, 2021. \u201cOnce again, our entire organization worked together to deliver outstanding results for the first quarter,\u201d said E. Randall Chestnut, Chairman and Chief Executive Officer. \u201cThis is a reflection of the ongoing strength of our wholly-owned subsidiaries, NoJo Baby &amp; Kids, Inc. and Sassy Baby, Inc., which continue to offer a wide range of high-quality products and designs that are popular with consumers.\u201d \u201cOur strong momentum &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Crown Crafts Reports Fiscal 2022 First Quarter Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-526432","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crown Crafts Reports Fiscal 2022 First Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crown Crafts Reports Fiscal 2022 First Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Net sales increased 15.5% for the quarter Company\u2019s key subsidiaries continue to deliver strong results Board declares a quarterly dividend of $0.08 per share GONZALES, La., Aug. 11, 2021 (GLOBE NEWSWIRE) &#8212; Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the \u201cCompany\u201d) today reported results for the first quarter of fiscal year 2022, which ended June 27, 2021. \u201cOnce again, our entire organization worked together to deliver outstanding results for the first quarter,\u201d said E. Randall Chestnut, Chairman and Chief Executive Officer. \u201cThis is a reflection of the ongoing strength of our wholly-owned subsidiaries, NoJo Baby &amp; Kids, Inc. and Sassy Baby, Inc., which continue to offer a wide range of high-quality products and designs that are popular with consumers.\u201d \u201cOur strong momentum &hellip; Continue reading &quot;Crown Crafts Reports Fiscal 2022 First Quarter Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-11T10:48:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNjgyNiM0MzUyMjcxIzIwMTg3Mjc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/crown-crafts-reports-fiscal-2022-first-quarter-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/crown-crafts-reports-fiscal-2022-first-quarter-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Crown Crafts Reports Fiscal 2022 First Quarter Results\",\"datePublished\":\"2021-08-11T10:48:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/crown-crafts-reports-fiscal-2022-first-quarter-results\\\/\"},\"wordCount\":1094,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/crown-crafts-reports-fiscal-2022-first-quarter-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMwNjgyNiM0MzUyMjcxIzIwMTg3Mjc=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/crown-crafts-reports-fiscal-2022-first-quarter-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/crown-crafts-reports-fiscal-2022-first-quarter-results\\\/\",\"name\":\"Crown Crafts Reports Fiscal 2022 First Quarter Results - 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(NASDAQ-CM: CRWS) (the \u201cCompany\u201d) today reported results for the first quarter of fiscal year 2022, which ended June 27, 2021. \u201cOnce again, our entire organization worked together to deliver outstanding results for the first quarter,\u201d said E. Randall Chestnut, Chairman and Chief Executive Officer. \u201cThis is a reflection of the ongoing strength of our wholly-owned subsidiaries, NoJo Baby &amp; Kids, Inc. and Sassy Baby, Inc., which continue to offer a wide range of high-quality products and designs that are popular with consumers.\u201d \u201cOur strong momentum &hellip; Continue reading \"Crown Crafts Reports Fiscal 2022 First Quarter Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-11T10:48:08+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNjgyNiM0MzUyMjcxIzIwMTg3Mjc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Crown Crafts Reports Fiscal 2022 First Quarter Results","datePublished":"2021-08-11T10:48:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/"},"wordCount":1094,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNjgyNiM0MzUyMjcxIzIwMTg3Mjc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-crafts-reports-fiscal-2022-first-quarter-results\/","name":"Crown Crafts Reports Fiscal 2022 First Quarter Results - 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