Crown Crafts, Inc. (NASDAQ:CRWS) revealed net income for the fourth quarter of $ 1.25 million or 12 cents per share, compared to income of $ 1.61 million or 16 cents per share, in the year-ago period.
Headquartered in Gonzales, Louisiana, the company disclosed, net sales that reached $ 22.67 million, rose 31% from $ 17.31 million a year ago.
The consensus estimates from Thomson Reuters are income of $ 0.13 per share from $ 19.46 million in revenue.
Top line results for the full year were $70.3 million versus $66.0 million in the previous year.
For the fiscal year, net income was $3.0 million, or $0.30 per diluted share compared with net income of $5.6 million, or $0.55 per diluted share for fiscal 2017.
E. Randall Chestnut, Chairman, President and Chief Executive Officer, stated, Fiscal 2018 has brought several challenges, including the bankruptcy and subsequent liquidation of one of our major customers, which negatively impacted net income by $1.3 million, including credit costs, uncollectible receivables and royalty shortfalls associated with licenses that relied heavily on Toys “R” Us. Net income for the year was also negatively impacted by acquisition costs of $339,000 and non-cash charges to income tax expense of $497,000 related to recently enacted tax legislation.