Crown Crafts prospers on Springs acquisition

-- Home Textiles Today, 6/11/2008 1:32:00 PM

Gonzales, La. – Calling the past 12 months “a very rewarding year,” Crown Crafts today 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 $0.39.

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 to be in the range of $0.41 to $0.46.