Crown Crafts Prospers on Springs Acquisition

By Staff -- Home Textiles Today, 6/23/2008 12:00:00 AM

Gonzales, La —

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.