C
CROWN CRAFTS INC
CRWSCIK 0000025895NasdaqNon-AcceleratedSmaller ReportingBroadwoven Fabric Mills, CottonDelawareFY ends Mar 29
Period
FY 2025
Revenue
—
Net Income
$-9.36M
Total Assets
$81.15M
Equity
$39.62M
Shares Out
10.70M
Op. Cash Flow
$9.82M
Business
CROWN CRAFTS INC sells infant, toddler and juvenile consumer products through its operating subsidiaries, focusing on design, sourcing and distribution of soft goods and related juvenile items. Its main products include infant and toddler bedding, developmental toys, dolls and plush, bibs (reusable and disposable), diaper bags, feeding and care products, blankets, nursery accessories and related soft goods. The company operates in a single infant, toddler and juvenile products segment and markets both company-owned brands and licensed and private-label goods. It distributes predominantly to U.S. retailers — mass merchants, large chains, mid-tier and specialty stores, wholesale clubs and internet-based retailers — with limited international sales and third-party logistics support.
Summary from filing dated 2025-06-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Net sales | 87 | 88 | 75 | 87 | 79 | |
| Cost of products sold | 66 | 65 | 55 | 64 | 55 | |
| Gross profit | 21 | 23 | 20 | 23 | 24 | |
| Marketing and administrative expenses | 19 | 16 | 13 | 13 | 14 | |
| Goodwill impairment charge | 14 | 0 | — | — | — | |
| (Loss) income from operations | −11 | 7 | 7 | 10 | 8 | |
| Interest expense - net of interest income | −1 | −734,000 | 81,000 | −50,000 | 83,000 | |
| (Loss) gain on sale of property, plant and equipment | −2,000 | 58,000 | 2,000 | 18,000 | −4,000 | |
| Other (expense) income - net | −47,000 | 9,000 | 136,000 | 67,000 | −1,000 | |
| (Loss) income before income tax expense | −12 | 6 | 7 | 12 | 8 | |
| Income tax expense (benefit) | −3 | 1 | 2 | 2 | 2 | |
| Segment net income | −9 | 5 | 6 | 10 | 6 | |
| Basic (in shares) | 10 | 10 | 10 | 10 | 10 | |
| Effect of dilutive securities (in shares) | 0 | 4,000 | 18,000 | 29,000 | 6,000 | |
| Diluted (in shares) | 10 | 10 | 10 | 10 | 10 | |
| Basic (loss) earnings per share (in dollars per share) | −0.9 | 0.48 | 0.56 | 0.99 | 0.6 | |
| Diluted (loss) earnings per share (in dollars per share) | −0.9 | 0.48 | 0.56 | 0.98 | 0.6 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 521,000 | 829,000 | 2 | 2 | 613,000 | |
| Due from factor | 22 | 19 | 21 | 21 | 19 | |
| Other | 3 | 4 | 2 | 2 | 734,000 | |
| Inventory, Net | 28 | 30 | 34 | 21 | 20 | |
| Prepaid expenses | 2 | 2 | 2 | 1 | 1 | |
| Total current assets | 55 | 55 | 60 | 47 | 41 | |
| Operating lease right of use assets | 12 | 15 | 17 | 2 | 4 | |
| Leasehold improvements | 562,000 | 493,000 | 473,000 | 425,000 | 425,000 | |
| Machinery and equipment | 6 | 5 | 4 | 4 | 3 | |
| Furniture and fixtures | 518,000 | 477,000 | 408,000 | 367,000 | 345,000 | |
| Property, plant and equipment - gross | 7 | 6 | 5 | 5 | 4 | |
| Less accumulated depreciation | 5 | 4 | 4 | 3 | 3 | |
| Property, plant and equipment - net | 2 | 2 | 2 | 1 | 1 | |
| Customer relationships | 8 | 8 | 8 | 7 | 7 | |
| Other finite-lived intangible assets | 10 | 5 | 5 | 4 | 4 | |
| Finite-lived intangible assets - gross | 18 | 13 | 13 | 12 | 12 | |
| Less accumulated amortization | 11 | 10 | 9 | 9 | 8 | |
| Finite-lived intangible assets - net | 7 | 3 | 3 | 3 | 3 | |
| Goodwill | 0 | 8 | 8 | 7 | 7 | |
| Deferred income taxes | 5 | 277,000 | 0 | 0 | 706,000 | |
| Other | 152,000 | 202,000 | 188,000 | 88,000 | 92,000 | |
| Total Assets | 81 | 83 | 91 | 60 | 58 | |
| Accounts payable | 5 | 5 | 8 | 6 | 6 | |
| Accrued wages and benefits | 1 | 813,000 | 1 | 2 | 2 | |
| Accrued royalties | 2 | 290,000 | 614,000 | 462,000 | 410,000 | |
| Dividends payable | 876,000 | 843,000 | 815,000 | 827,000 | 800,000 | |
| Operating lease liabilities, current | 4 | 4 | 2 | 2 | 2 | |
| Other accrued liabilities | 595,000 | 426,000 | 566,000 | 94,000 | 215,000 | |
| Current maturities of long-term debt | 2 | 0 | — | — | — | |
| Total current liabilities | 16 | 10 | 13 | 12 | 13 | |
| Long-term debt | 17 | 8 | 13 | 0 | — | |
| Operating lease liabilities, noncurrent | 9 | 12 | 15 | 809,000 | 3 | |
| Reserve for unrecognized tax liabilities | 411,000 | 394,000 | 323,000 | 739,000 | 630,000 | |
| Total non-current liabilities | 26 | 21 | 29 | 3 | 3 | |
| Common stock - $0.01 par value per share; Authorized 40,000,000 shares at March 30, 2025 and March 31, 2024; Issued 13,478,402 shares at March 30, 2025 and 13,208,226 shares at March 31, 2024 | 135,000 | 132,000 | 131,000 | 129,000 | 128,000 | |
| Additional paid-in capital | 59 | 58 | 57 | 56 | 55 | |
| Treasury stock - at cost - 2,910,859 shares at March 30, 2025 and 2,897,507 shares at March 31, 2024 | −16 | −16 | −16 | −16 | — | |
| Retained Earnings (accumulated deficit) | −3 | 9 | 8 | 5 | 2 | |
| Total shareholders' equity | 40 | 52 | 49 | 46 | 42 | |
| Total Liabilities and Shareholders' Equity | 81 | 83 | 91 | 60 | 58 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Depreciation of property, plant and equipment | 704,000 | 835,000 | 688,000 | 652,000 | 741,000 | |
| Amortization of intangibles | 772,000 | 601,000 | 481,000 | 509,000 | 790,000 | |
| Amortization of debt issuance costs | 7,000 | 0 | — | — | — | |
| Reduction in the carrying amount of right of use assets | 5 | 4 | 2 | — | — | |
| Deferred income taxes | −4 | −1 | −205,000 | 2 | −267,000 | |
| Reserve for unrecognized tax liabilities | 17,000 | 71,000 | −416,000 | 109,000 | −91,000 | |
| Stock-based compensation | 752,000 | 763,000 | 1 | 834,000 | 394,000 | |
| Accounts receivable | 2 | 453,000 | 4 | −4 | −2 | |
| Inventories | 4 | 4 | −593,000 | −318,000 | −3 | |
| Prepaid expenses | −237,000 | −269,000 | −233,000 | 153,000 | 40,000 | |
| Other assets | 50,000 | −14,000 | −9,000 | 4,000 | 3,000 | |
| Lease liabilities | −4 | −4 | −2 | — | — | |
| Accounts payable | 55,000 | −3 | −854,000 | 793,000 | 3 | |
| Accrued liabilities | 2 | −738,000 | −1 | −68,000 | 335,000 | |
| Net cash provided by operating activities | 10 | 7 | 8 | 8 | 9 | |
| Capital expenditures for property, plant and equipment | −872,000 | −786,000 | −813,000 | −531,000 | −733,000 | |
| Proceeds from sale of property, plant and equipment | 0 | 105,000 | 2,000 | 41,000 | 0 | |
| Payment to acquire Baby Boom | −16 | 0 | −16 | 0 | — | |
| Aggregate adjustment from the Manhattan and MTE acquisition | 0 | 488,000 | 0 | — | — | |
| Net cash used in investing activities | −17 | −193,000 | −17 | −490,000 | −733,000 | |
| Repayments under revolving line of credit | −82 | −75 | −2 | −25 | −22 | |
| Borrowings under revolving line of credit | 86 | 71 | 14 | 25 | 20 | |
| Payments on term loan | −1 | 0 | — | — | — | |
| Proceeds from term loan, net of issuance costs | 8 | 0 | — | — | — | |
| Shares withheld to pay taxes on stock compensation | −59,000 | 0 | — | — | — | |
| Dividends paid | −3 | −3 | −3 | −7 | −5 | |
| Net cash provided (used in) by financing activities | 7 | −8 | 9 | −7 | −8 | |
| Net decrease in cash and cash equivalents | −308,000 | −913,000 | 144,000 | 985,000 | 331,000 | |
| Income taxes paid | 633,000 | 3 | 1 | 2 | 2 | |
| Interest paid | 1 | 818,000 | 45,000 | 18,000 | 21,000 | |
| Property, plant and equipment purchased but unpaid | −67,000 | −32,000 | −43,000 | −43,000 | −47,000 |
Filings
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