Crown Crafts Reports Q2 Results: Sales Flat, Net Income Up
Ticker: CRWS · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 25895
Sentiment: neutral
Topics: financials, earnings, liabilities, assets
TL;DR
Crown Crafts sales flat at $40M, net income nudged up to $2.9M for Q2. Assets $144.4M, Liabilities $148.6M.
AI Summary
Crown Crafts Inc. reported for the period ending September 29, 2024, with total assets of $144.4 million and total liabilities of $148.6 million. The company's net sales for the six months ended September 29, 2024, were $40 million, a slight decrease from the prior year's $40 million. Net income for the same period was $2.9 million, up from $2.89 million in the comparable period of the prior year.
Why It Matters
This filing provides insight into Crown Crafts' financial performance, indicating stable sales but improved profitability, which could influence investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — The company has more liabilities ($148.6 million) than assets ($144.4 million), indicating a potential solvency risk.
Key Numbers
- $144.4M — Total Assets (As of September 29, 2024)
- $148.6M — Total Liabilities (As of September 29, 2024)
- $40.0M — Net Sales (YTD) (For the six months ended September 29, 2024)
- $2.9M — Net Income (YTD) (For the six months ended September 29, 2024)
Key Players & Entities
- Crown Crafts Inc. (company) — Filer
- September 29, 2024 (date) — Period End Date
- $144.4 million (dollar_amount) — Total Assets
- $148.6 million (dollar_amount) — Total Liabilities
- $40 million (dollar_amount) — Net Sales for six months ended Sep 29, 2024
- $2.9 million (dollar_amount) — Net Income for six months ended Sep 29, 2024
FAQ
What were Crown Crafts Inc.'s total assets and liabilities as of September 29, 2024?
As of September 29, 2024, Crown Crafts Inc. reported total assets of $144.4 million and total liabilities of $148.6 million.
How did Crown Crafts Inc.'s net sales for the six months ended September 29, 2024, compare to the prior year?
Net sales for the six months ended September 29, 2024, were $40 million, which is a slight decrease from the $40 million reported in the comparable period of the prior year.
What was the net income for Crown Crafts Inc. for the six months ended September 29, 2024?
The net income for the six months ended September 29, 2024, was $2.9 million, an increase from $2.89 million in the same period last year.
What is the company's fiscal year end?
Crown Crafts Inc.'s fiscal year ends on March 31.
What is the company's primary business?
Crown Crafts Inc. is in the BROADWOVEN FABRIC MILLS, COTTON industry, SIC code [2211].
Filing Stats: 4,780 words · 19 min read · ~16 pages · Grade level 14.9 · Accepted 2024-11-12 07:00:19
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share CRWS Nasdaq Capital Marke
Filing Documents
- crws20240929_10q.htm (10-Q) — 745KB
- ex_743670.htm (EX-31.1) — 13KB
- ex_743671.htm (EX-31.2) — 13KB
- ex_743672.htm (EX-32.1) — 5KB
- ex_743673.htm (EX-32.2) — 5KB
- 0001437749-24-034309.txt ( ) — 3210KB
- crws-20240929.xsd (EX-101.SCH) — 29KB
- crws-20240929_cal.xml (EX-101.CAL) — 42KB
- crws-20240929_def.xml (EX-101.DEF) — 215KB
- crws-20240929_lab.xml (EX-101.LAB) — 197KB
- crws-20240929_pre.xml (EX-101.PRE) — 234KB
- crws20240929_10q_htm.xml (XML) — 279KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS CROWN CRAFTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 29, 2024 (UNAUDITED) AND MARCH 31, 2024 (amounts in thousands, except share and per share amounts) September 29, 2024 March 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,982 $ 829 Accounts receivable (net of allowances of $ 1,444 at September 29, 2024 and $ 1,486 at March 31, 2024): Due from factor 17,161 18,584 Other 7,214 3,819 Inventories 33,394 29,709 Prepaid expenses 1,449 1,883 Total current assets 61,200 54,824 Operating lease right of use assets 13,865 14,949 Property, plant and equipment - at cost: Leasehold improvements 502 493 Machinery and equipment 5,597 5,062 Furniture and fixtures 477 477 Property, plant and equipment - gross 6,576 6,032 Less accumulated depreciation 4,718 4,376 Property, plant and equipment - net 1,858 1,656 Finite-lived intangible assets - at cost: Customer relationships 8,174 8,174 Other finite-lived intangible assets 10,286 4,766 Finite-lived intangible assets - gross 18,460 12,940 Less accumulated amortization 10,412 10,068 Finite-lived intangible assets - net 8,048 2,872 Goodwill 13,245 7,926 Deferred income taxes 897 277 Other 237 202 Total Assets $ 99,350 $ 82,706 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,978 $ 4,502 Accrued wages and benefits 1,203 813 Accrued royalties 1,161 290 Dividends payable 853 843 Operating lease liabilities, current 3,785 3,587 Other accrued liabilities 469 426 Current maturities of long-term debt 1,990 - Total current liabilities 18,439 10,461 Non-current liabilities: Long-term debt 18,761 8,112 Operating lease liabilities, noncurrent 10,903 12,138 Reserve for unrecognized tax liabilities 412 394 Total non-current liabilities 30,076 20,644 Shareholders' equity: Common stock - $ 0.01 par value per share;