Crown Crafts Approves $10M Stock Repurchase Program
Ticker: CRWS · Form: 8-K · Filed: Aug 14, 2024 · CIK: 25895
Sentiment: bullish
Topics: stock-repurchase, shareholder-return, board-approval
Related Tickers: CRWS
TL;DR
Crown Crafts just authorized a $10M buyback, good through next August. Bullish.
AI Summary
Crown Crafts, Inc. announced on August 13, 2024, that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $10.0 million of the company's common stock. This program is effective immediately and will continue until August 13, 2025, or until the authorized amount is fully utilized.
Why It Matters
This significant stock repurchase authorization signals management's confidence in the company's valuation and its commitment to returning capital to shareholders, potentially boosting share price.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is generally a positive but low-risk event.
Key Numbers
- $10.0M — Stock Repurchase Authorization (Amount authorized for share buybacks)
- 1 year — Program Duration (The repurchase program is effective until August 13, 2025.)
Key Players & Entities
- Crown Crafts, Inc. (company) — Registrant
- $10.0 million (dollar_amount) — Authorized stock repurchase amount
- August 13, 2024 (date) — Date of Board approval and program announcement
- August 13, 2025 (date) — Expiration date of the stock repurchase program
FAQ
What is the total amount authorized for the new stock repurchase program?
The Board of Directors approved a new stock repurchase program authorizing the repurchase of up to $10.0 million of the company's common stock.
When is the new stock repurchase program effective?
The program is effective immediately as of August 13, 2024.
When does the stock repurchase program expire?
The program will continue until August 13, 2025, or until the authorized amount is fully utilized.
Who approved the stock repurchase program?
The Board of Directors of Crown Crafts, Inc. approved the stock repurchase program.
What type of security is eligible for repurchase under this program?
The program authorizes the repurchase of the company's common stock.
Filing Stats: 785 words · 3 min read · ~3 pages · Grade level 11.1 · Accepted 2024-08-14 16:35:24
Key Financial Figures
- $0.01 — ch registered Common Stock , par value $0.01 per share CRWS Nasdaq Capital Market
Filing Documents
- crws20240809_8k.htm (8-K) — 38KB
- ex_711910.htm (EX-99.1) — 70KB
- ex_711910img001.jpg (GRAPHIC) — 4KB
- 0001437749-24-026843.txt ( ) — 251KB
- crws-20240813.xsd (EX-101.SCH) — 3KB
- crws-20240813_def.xml (EX-101.DEF) — 11KB
- crws-20240813_lab.xml (EX-101.LAB) — 15KB
- crws-20240813_pre.xml (EX-101.PRE) — 11KB
- crws20240809_8k_htm.xml (XML) — 3KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On August 14, 2024, Crown Crafts, Inc. (the "Company") issued a press release announcing its financial results for the first quarter of fiscal year 2025, which ended June 30, 2024. A copy of that press release is attached hereto as Exhibit 99.1. The information in this Item 2.02 and in Exhibit 99.1 attached hereto is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in this Item 2.02 and in Exhibit 99.1 attached hereto shall not be incorporated by reference into any registration statement or document pursuant to the Securities Act of 1933, as amended.
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. The 2024 Annual Meeting of Stockholders (the "Annual Meeting") of the Company was held on August 13, 2024 at the Company's executive offices, located at 916 South Burnside Avenue, Third Floor, Gonzales, Louisiana. The following tables reflect the tabulation of the votes with respect to each proposal submitted to a vote of the Company's stockholders at the Annual Meeting. At the Annual Meeting, the Company's stockholders: (i) elected two Class II director nominees to the Company's Board of Directors (the "Board"); (ii) approved (on an advisory basis) the compensation of the Company's named executive officers; and (iii) ratified the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending March 30, 2025. PROPOSAL 1: ELECTION OF DIRECTOR To elect two Class II director to the Company's Board of Directors (the "Board") to serve until the Company's Annual Meeting of Stockholders to be held in 2027 and until their successor is elected and qualified or until their earlier death, resignation or removal from office. Nominee For Authority Withheld Broker Non-Votes Michael Benstock 4,528,267 263,426 2,781,940 Zenon S. Nie 4,193,687 598,006 2,781,940 PROPOSAL 2: APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS To approve, on an advisory basis, the compensation of the Company's named executive officers. For Against Abstain Broker Non-Votes 4,480,769 205,577 105,347 2,781,940 PROPOSAL 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending March 30, 2025. For Against Abstain Broker Non-Votes 7,350,913 207,770 14,950 0
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated August 14, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CROWN CRAFTS, INC. Date: August 14, 2024 /s/ Craig J. Demarest CRAIG J. DEMAREST Vice President and Chief Financial Officer