Crown Crafts, a Gonzales-based designer and distributor of baby products, says it plans to buy back up to $2 million in shares by the end of the year. E. Randall Chestnut, chairman, president and CEO, says he believes Crown Crafts is a good value during the recession. Shares of Crown Crafts, which were trading for a $2 a share for much of the spring, have shot up in recent days, closing at $3.25 a share on Monday. The company reported a 17% jump in net revenues for the fiscal year, which ended March 29, bringing in $87.4 million. But Crown Crafts wrote off $22.9 million in goodwill charges during the fiscal year because of a decline in market capitalization, eating away at what would have been a $5.8 million profit.
Crown Crafts announces share repurchase plan
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