Crown Crafts – CRWS – Delivered strong gross margin and net income improvements in fiscal 201

Crown Crafts, Inc. (NASDAQ: CRWS) reported operating results for the fourth quarter and fiscal year ended April 1, 2012.

• CRWS Net Income Up 17% and EPS Up More Than 15% in Fiscal 2012
• CRWS continues to generate strong cash flow from operations
• Quarterly cash dividend on common stock doubled to $0.08 per share

“By aggressively managing our business we were able to deliver strong gross margin and net income improvements in fiscal 2012 despite the difficult macroeconomic conditions that continue to challenge our industry, such as record-setting cotton prices,” said E. Randall Chestnut, Chairman, President and Chief Executive Officer. “For example, while the strength of our products allowed us to pass along price increases when and where we could, we also quickly redesigned several product lines to reduce our dependency on cotton without sacrificing the quality or value being offered to the consumer.”

Chestnut added, “The positive operational momentum we built last year served us well in fiscal 2012. As we head into the new fiscal year, we will remain vigilant in our execution and opportunistic in our pursuit of compelling growth opportunities as we seek sustained, long-term value creation for our stockholders.”

CRWS – Financial Results

Operating results for the fourth quarter and fiscal year 2012 represent the 13- and 52-week periods ended April 1, 2012, and operating results for the fourth quarter and fiscal year 2011 represent the 14- and 53-week periods ended April 3, 2011.

Net income for the fourth quarter of fiscal 2012 was $1.9 million, or $0.19 per diluted share, on net sales of $24.8 million, compared with net income of $1.6 million, or $0.16 per diluted share, on net sales of $27.2 million in the fourth quarter of fiscal 2011.

Net income for fiscal 2012 was $5.0 million, or $0.52 per diluted share, on net sales of $85.3 million, compared with $4.3 million, or $0.45 per diluted share, on net sales of $90.0 million a year ago.

CRWS Declaration of Quarterly Cash Dividend

As previously announced, the Company’s Board of Directors has increased the Company’s quarterly cash dividend on its common stock to $0.08 per share, doubling the previous rate of $0.04 per share. Based on yesterday’s closing share price of $5.55, this new rate represents an annualized return of approximately 5.8%.  The next quarterly dividend will be paid on July 6, 2012 to stockholders of record at the close of business on June 15, 2012.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.