Crown Crafts Grows Net in Fourth Quarter
June 29, 2010,
GONZALES, La.-Fourth-quarter net income for Crown Crafts totaled $2.3 million, reversing a net loss from last year's fourth quarter of $10.6 million.
The loss posted in the fourth quarter of last year included a $12.6 million charge related to impairment of goodwill. Absent this charge, Crown Crafts' net income was $2 million in that period.
For all of fiscal 2010, the company posted net income of $4.8 million, compared to a net loss in fiscal 2009 of $17.1 million; without a $21.6 million charge for impairment of goodwill, Crown Crafts had net income of $4.5 million. Net sales slipped 1.5 percent to $86.1 million for the fiscal year.