Crown Crafts Announces Quarterly Cash Dividend
May 17 2016 - 6:45AM
Crown Crafts, Inc. (NASDAQ:CRWS) announced today that its Board of
Directors has declared a quarterly cash dividend on its Series A
common stock of $0.08 per share to be paid on July 8, 2016 to
stockholders of record at the close of business on June 17, 2016.
Based on yesterday’s closing price per share of $9.28, this
dividend rate represents a return of 3.4% on an annualized basis.
“Once this dividend is paid, we will have
returned more than $23.3 million to stockholders since the Company
resumed paying dividends in 2010. We are very proud of this track
record, as we continue to operate our business in a manner that
generates strong cash flow and delivers sustainable value to our
stockholders,” said E. Randall Chestnut, Chairman, President and
Chief Executive Officer.
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and
distributes infant, toddler and juvenile consumer products,
including crib and toddler bedding and blankets; nursery and bath
accessories; reusable and disposable bibs and floor mats; burp
cloths; room décor; and disposable placemats, toilet seat covers
and changing mats. The Company’s operating subsidiaries
include Crown Crafts Infant Products, Inc. in California and Hamco,
Inc. in Louisiana. Crown Crafts is America’s largest producer
of infant bedding, bibs and bath items. The Company’s
products include licensed and branded collections as well as
exclusive private label programs for certain of its
customers. The latest news about Crown Crafts can be found at
www.crowncrafts.com.
Forward-Looking Statements
The foregoing contains forward-looking
statements within the meaning of the Securities Act of 1933, the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Such statements are based upon
management’s current expectations, projections, estimates and
assumptions. Words such as “expects,” “believes,” “anticipates” and
variations of such words and similar expressions identify such
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause future
results to differ materially from those suggested by the
forward-looking statements. These risks include, among others,
general economic conditions, including changes in interest rates,
in the overall level of consumer spending and in the price of oil,
cotton and other raw materials used in the Company’s products,
changing competition, changes in the retail environment, the level
and pricing of future orders from the Company’s customers, the
extent to which the Company’s business is concentrated in a small
number of customers, the Company’s dependence upon third-party
suppliers, including some located in foreign countries, customer
acceptance of both new designs and newly-introduced product lines,
actions of competitors that may impact the Company’s business,
disruptions to transportation systems or shipping lanes used by the
Company or its suppliers, and the Company’s dependence upon
licenses from third parties. Reference is also made to the
Company’s periodic filings with the Securities and Exchange
Commission for additional factors that may impact the Company’s
results of operations and financial condition. The Company does not
undertake to update the forward-looking statements contained herein
to conform to actual results or changes in our expectations,
whether as a result of new information, future events or
otherwise.
Contact:
Olivia Elliott
Vice President and Chief Financial Officer
(225) 647-9124
mailto:oelliott@crowncrafts.com
or
Halliburton Investor Relations
(972) 458-8000
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