Key Developments For Crown Crafts, Inc.
Crown Crafts, Inc. (CRWS.O) (Consolidated Issue listed on NASDAQ Capital Market)
Crown Crafts, Inc. Enters Into Licensing Agreement With The Procter & Gamble Company
Crown Crafts, Inc. announced it has entered into a licensing agreement with The Procter & Gamble Company (P&G). Under the agreement, Crown Crafts will develop, produce, market and sell an assortment of infant products under the Pampers brand name. Such products will include infant bedding, blankets, bibs, bath goods and slings, and will be developed by Crown Crafts Infant Products, Inc. and Hamco, Inc., wholly owned subsidiaries of Crown Crafts. Crown Crafts anticipates that these products will be available for distribution to retailers in the spring of 2010.
Crown Crafts, Inc. Adopts Share Repurchase Program
Crown Crafts, Inc. announced that its Board of Directors has authorized a new share repurchase program pursuant to which the Company may spend up to $2 million in the aggregate to repurchase outstanding shares of the common stock of the Company through December 31, 2009.
Crown Crafts, Inc. Acquires Assets Of Neat Solutions, Inc.
Crown Crafts, Inc. announced the acquisition, through its wholly owned subsidiary, Hamco, Inc., of substantially all of the assets of Neat Solutions, Inc., the privately-held developer of the Table Topper Stay-in-Place Mat. At closing, which was effective as of the close of business on July 2, 2009, the Company paid a preliminary purchase price of $4.4 million, net of certain specified liabilities assumed, for substantially all of the assets of Neat Solutions. The final purchase price is subject to adjustment pending the preparation and satisfactory review of the financial statements of Neat Solutions as of and through the closing date. The management and employees of Neat Solutions will be retained for a transitional period of three to six months to assist with the integration of the operations of Neat Solutions with those of Hamco.
Crown Crafts, Inc. Lowers FY 2009 Outlook
Crown Crafts, Inc. revised its fiscal 2009 outlook and expects net revenues to be in the range of $84.0-$87.0 million, EBITDA to be in the range of $9.3-$9.9 million and diluted earnings per share (EPS), excluding the effect of the $9.0 million impairment charge, to be in the range of $0.40-$0.44. The Company cited current economic environment has led the Company's customers to delay shipments as the primary reason for negative outlook.
Crown Crafts, Inc. Reaffirms FY 2009 Guidance
Crown Crafts, Inc. announced that for fiscal 2009 it has reaffirmed revenue, EBITDA and EPS guidance. The Company expects net revenues for fiscal 2009 to be in the range of $90.0 million to $93.0 million, EBITDA to be $10.2 million to $10.8 million and diluted earnings per share to be in the range of $0.41 to $0.46.
