Crown Crafts, Inc. Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended December 31, 2016: Provides Effective Tax Rate from Continuing Operations Guidance for the Year 2017
February 15, 2017 at 06:45 am EST
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Crown Crafts, Inc. reported unaudited consolidated earnings results for third quarter and nine months ended December 31, 2016. For the quarter, the company reported net sales of $17,262,000 against $20,691,000 a year ago. Income from operations was $3,063,000 against $3,070,000 a year ago. Income before income tax expense was $3,088,000 against $3,022,000 a year ago. Net income was $1,861,000 or $0.19 per basic and diluted share against $2,143,000 or $0.21 per basic and diluted share a year ago. The company finished the quarter with no debt, and $14.4 million in cash in the bank.
For the nine months, the company reported net sales of $48,670,000 against $59,265,000 a year ago. Income from operations was $6,059,000 against $7,188,000 a year ago. Income before income tax expense was $6,136,000 against $7,140,000 a year ago. Net income was $3,963,000 or $0.39 per basic and diluted share against $4,635,000 or $0.46 per basic and diluted share a year ago.
For the 2017, the company's provision for income taxes is based on an estimated annual effective tax rate from continuing operations of 37.3%.
Crown Crafts, Inc. designs, markets, and distributes infant, toddler and juvenile consumer products. It operates through its four subsidiaries, NoJo Baby & Kids, Inc., Sassy Baby, Inc., Manhattan Group, LLC, and Manhattan Toy Europe Limited in the infant, toddler and juvenile products segment. Its infant, toddler and juvenile products segment consists of infant and toddler bedding and blankets, bibs, soft bath products, disposable products, developmental toys and accessories. Its primary focus is on infant, toddler, and juvenile products, including infant and toddler bedding, blankets and swaddle blankets, nursery and toddler accessories, room decor, reusable and disposable bibs, burp cloths, hooded bath towels and washcloths, reusable and disposable placemats and floor mats, disposable toilet seat covers and changing mats, developmental toys, feeding and care goods and other infant, toddler and juvenile soft goods. It serves mass merchants, restaurants, and chain stores, among others.
Crown Crafts, Inc. Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended December 31, 2016: Provides Effective Tax Rate from Continuing Operations Guidance for the Year 2017