Crown Crafts Announces Quarterly Cash Dividend
May 13 2021 - 4:15PM
Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) 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 2, 2021 to stockholders of record at the close of business
on June 11, 2021.
“Our quarterly dividend is the result of the
ongoing commitment of our Board and management team to deliver
solid and consistent returns to our shareholders,” said E. Randall
Chestnut, Chairman and Chief Executive Officer. “Crown Crafts
remains in strong financial position with a focus on generating
positive cash flow and long-term value.”
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 two
wholly owned subsidiaries, NoJo Baby & Kids, Inc., and Sassy
Baby, Inc., 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. 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, the
impact of the COVID-19 pandemic on the Company’s business
operations, 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. Also, in
regard to the Company’s dividend announced today and its history of
paying dividends, 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. 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: |
Craig J. DemarestVice President
and Chief Financial Officer(225)
647-9118cdemarest@crowncrafts.com |
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