Crown Crafts, Inc. (NASDAQ:CRWS) Q4 2019 Earnings Conference Call Transcript

Jun 13, 2019 • 02:00 pm ET

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Crown Crafts, Inc. (NASDAQ:CRWS) Q4 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Hello, ladies and gentlemen, and welcome to the Crown Crafts Incorporated Investors Conference Call. Your host for today's call is Mr. Randall Chestnut, Chairman, President and Chief Executive Officer. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Any reproduction of this call in whole or in part is not permitted without prior written authorization from Crown Crafts Incorporated.

As a reminder, this conference is being recorded today, June 13th. 2019. And at this time, I would now like to turn the call over to Ms. Olivia Elliott, Vice President and CFO, who will begin the call. Please proceed.

Executive
Olivia W. Elliott

Thank you. Welcome to the Crown Crafts Investor Call for the Fourth Quarter and Full Fiscal Year 2019. With me today is Randall chestnut, the Company's President and Chief Executive Officer.

Executive
E. Randall Chestnut

Good afternoon.

Executive
Olivia W. Elliott

A telephone replay of the call will be available one hour after the end of the call, through 4:00 p.m. Central time on June 20th, 2019. A web replay of the call will be available for 90 days and can be accessed by visiting our website at www.crowncrafts.com.

Before we begin, I would like to remind listeners of the cautionary language regarding forward-looking statements contained in the press release. That same language applies to comments made in today's conference call.

Also, in regard to comments made in today's conference call that are related to the Company's recently announced dividend, its history of paying dividends and the annualized yield on the Company's stock, we remind listeners that the declaration of each dividend is at the discretion of the Company's Board of Directors and the Company expressly disclaims any assurances as to the frequency and amount of any future dividends.

I will now turn the call over to Randall.

Executive
E. Randall Chestnut

Olivia, thank you, and good afternoon, again, to everyone. Before the market opened this morning, we released a -- our press release for the fourth quarter and full year of FY '19 ending March the 31st of this year, 2019. I will touch on the numbers for the quarter and the year, a few comments, and then Olivia will come back with more detail.

Net sales for the quarter in the current year were $21,717,000 as opposed to $22,686,000 in the same quarter last year or down $969,000 or 4.3%. Net income for FY '19 was $1,392,000 as opposed to $1,247,000 in the same quarter last year, or up $145,000 or 11.6%. Diluted earnings per share in the current year were $0.14 as opposed to $0.12 last year same quarter.

Turning to the full year, net sales for the full year were $76,381,000 as opposed to last year FY '18 of $70,270,000, or up $6,111,000 or 8.7%. Net income for FY '19 was $5,019,000 as opposed to FY '18 of $3,021,000 or up $1,998,000 or 66.1%.

Diluted earnings per share for the current year were $0.50 and in the previous year FY '18, were $0.30. As we began