Crown Crafts Names Olivia Elliott President and Chief Operating Officer, Effective January 4, 2021
December 17 2020 - 6:45AM
Crown Crafts, Inc. (NASDAQ-CM: CRWS) announced today that the Board
of Directors has appointed Olivia Elliott to be President and Chief
Operating Officer of the Company, effective January 4, 2021.
Elliott has been with Crown Crafts for 19 years and has served as
the Company’s Vice President and Chief Financial Officer since
2008. She will assume responsibility of all day-to-day operations
and continue to oversee financial activities for the Company.
E. Randall Chestnut, the Company’s current
Chairman, President and Chief Executive Officer, will continue as
Chairman and CEO after January 4, 2021. Chestnut joined Crown
Crafts in 1995 and has been Chairman, President and CEO of the
Company since July 2001.
“In the 19 years that Olivia and I have worked
together at Crown Crafts, we have been focused on strengthening the
business, generating cash flow and providing long-term positive
returns for shareholders. This has allowed the Company to retire
its high-interest debt, reduce its debt level from $47.7 million to
a net cash position of $4.9 million as of September 27, 2020 (the
most recent quarter end) and return $46 million in dividends to
shareholders during that time period,” Chestnut said. “The Company
has remained consistently profitable, and we have successfully
grown the Company with seven acquisitions and a strengthened
product portfolio. In addition, the stock price has climbed from
under 20 cents per share in 2001 to $6.94 per share yesterday.”
Chestnut continued, “Olivia has contributed to
this phenomenal period of success for the Company every step of the
way. With her vast financial knowledge and experience in our
industry and our business, she is exceptionally qualified to lead
our Company to continued profitable growth in her new role.”
Elliott joined the Company in 2001 as Treasurer.
Prior to that, she was Corporate Controller of Amedisys, a public
home healthcare company, from 1999 to 2001. She also served in
various positions at United Companies Financial Corporation and
began her career in public accounting at Deloitte & Touche LLP.
She is a Certified Public Accountant.
“For 19 years, I have been privileged to work
with Randall and everyone on our team to build Crown Crafts as a
profitably run business that consistently rewards its shareholders,
customers and employees,” Elliott said. “We remain excited about
the Company’s future as we continue to focus on generating strong
cash flow, controlling expenses and serving all of our
stakeholders.”
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, 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.
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 W. ElliottVice President and Chief Financial Officer(225)
647-9124oelliott@crowncrafts.com
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