Crown Crafts Announces Special and Quarterly Cash Dividend
October 31 2019 - 6:45AM
Crown Crafts, Inc. (NASDAQ-CM: CRWS) announced today that its Board
of Directors has declared a special cash dividend on the Company’s
Series A common stock of $0.25 per share, along with a quarterly
cash dividend of $0.08 per share. Both dividends will be paid on
January 3, 2020 to shareholders of record at the close of business
on December 13, 2019.
“The Company’s financial health and exceptional
cash flow allow us to once again reward our stockholders with a
return on their investment. Upon payment of this special dividend,
Crown Crafts will have distributed more than $40 million in total
dividends to shareholders since 2010,” said E. Randall Chestnut,
Chairman, President and Chief Executive Officer. “We remain
committed to delivering value by operating our business in a
disciplined manner while continuing to invest in growth strategies.
We are pleased to announce this special dividend, which attests to
the Board’s ongoing confidence in the future of Crown Crafts.”
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and
distributes infant, toddler and juvenile consumer products. Founded
in 1957, Crown Crafts is one of America’s largest producers of
infant bedding, toddler bedding, bibs and developmental toys. The
Company operates through its three wholly owned subsidiaries, NoJo
Baby & Kids, Inc., Sassy Baby, Inc. and Carousel Designs, LLC,
which market a variety of infant, toddler and juvenile products
under Company-owned trademarks, as well as licensed collections and
exclusive private label programs. Sales are made directly to
retailers such as mass merchants, large chain stores and juvenile
specialty stores, as well as directly to consumers through
www.babybedding.com. For more information, visit the Company’s
website at www.crowncrafts.com.
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
Company’s ability to successfully integrate newly acquired
businesses, 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: |
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Olivia W. Elliott |
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Vice President and Chief Financial Officer |
or |
Halliburton Investor Relations |
(225) 647-9124 |
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(972) 458-8000 |
oelliott@crowncrafts.com |
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