Gonzales-based Crown Crafts Inc. reports today that its earnings rose in the fiscal year 2016 fourth quarter to $2.2 million, or 22 cents per diluted share, up from $2.1 million, or 21 cents per diluted share in 2015, according to its quarterly and yearend report.
Gross profits for the quarter were 28.2% of its net sales.
Crown Crafts also reports having net income of $6.8 million, or 68 cents per diluted share, for fiscal year 2016, compared to net income of $5.7 million, or 57 cents per diluted share for fiscal year 2015.
Crown Crafts is among the country’s largest producers of infant bedding, bibs and bath items. It designs, markets and distributes infant and children’s products.
E. Randall Chestnut, Crown Crafts’ chairman, president and CEO, says the company is being managed in a conservative manner.
“We also work aggressively to maintain our strong market position by understanding our customers’ needs and offering a broad range of highly popular products,” Chestnut says in a statement.
A change in how Crown Crafts calculates the state portion of its income tax favorably affected the company’s net income for fiscal year 2016.
