Crown Crafts Names Craig Demarest Chief Financial Officer
February 22 2021 - 4:15PM
Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today
announced the appointment of Craig Demarest as Vice President and
Chief Financial Officer of the Company effective February 22, 2021.
Demarest has more than 30 years of experience in financial
positions including auditor, controller and chief financial
officer. He replaces former CFO Olivia Elliott, who became
President and Chief Operating Officer of the Company on January 4,
2021.
Most recently, Demarest was Chief Financial
Officer of Carbo Ceramics Inc., based in Houston, Texas. Prior to
that, he served almost 15 years in corporate controller positions
at Tidewater Inc., based in New Orleans, Louisiana. At Tidewater,
he advanced to Vice President, Controller and Principal Accounting
Officer, a position that he held from June 2008 to December 2018.
He also spent almost 17 years with KPMG LLP in New Orleans,
beginning in 1987 as a staff auditor and serving as an Audit
Partner of the firm from 1999 to 2004.
“Craig’s broad financial expertise will be a
valuable addition to our management team. We look forward to his
contributions and leadership as we continue to manage Crown Crafts
as a financially strong company dedicated to providing consistent
returns to shareholders,” said Elliott.
Demarest earned a bachelor’s degree in
accounting at Louisiana State University. He is a member of the
American Institute of Certified Public Accountants and the Society
of Louisiana Certified Public Accountants.
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. Elliott |
|
President
and Chief Operating Officer |
|
(225)
647-9124 |
|
oelliott@crowncrafts.com |
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