Crown Crafts, Inc. reported net income of $0.83 million, or $0.08 per share, in its second fiscal quarter ending 9/27/2009. The company earned $1.04 million, or $0.11 per share, in the same quarter last year. Revenues were $21.7 million in the quarter, down from the $23.8 million reported last year.
Randall Chestnut, the CEO of Crown Crafts, Inc., cited weak demand from its customers in the retail sector. “We are responding to the challenging economic environment by aggressively managing our cash flow…we are confident that we are well positioned to benefit as the economy recovers,” said Chestnut.
Crown Crafts, Inc. has cut expenses to handle the lower business activity as a result of the recession. During the second quarter, the company cut inventory levels by $2.9 million. Crown Crafts, Inc. ended the quarter with $12.0 million in cash.
Crown Crafts, Inc. designs and sells toddler and infant products including blankets, bedding, bibs, and bath items. The company licenses popular characters from television and the movies, such as Winnie the Pooh and characters from the Disney catalogue.