-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KBD2ackfhg9Af19Z6EWNpGwENZtqJkdaN5MVNoNlxshWquIFepmPeMu0CJpH6PDU 4KneQw1lc9ttr5vvOxtyPg== 0000950134-03-011512.txt : 20030813 0000950134-03-011512.hdr.sgml : 20030813 20030813060117 ACCESSION NUMBER: 0000950134-03-011512 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030813 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CROWN CRAFTS INC CENTRAL INDEX KEY: 0000025895 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 580678148 STATE OF INCORPORATION: GA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07604 FILM NUMBER: 03838989 BUSINESS ADDRESS: STREET 1: 916 SOUTH BURNSIDE AVENUE CITY: GONZALES STATE: LA ZIP: 70737 BUSINESS PHONE: 225-647-9100 8-K 1 d08171e8vk.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 13, 2003 Crown Crafts, Inc. ------------------ (Exact name of registrant as specified in its charter) Georgia 1-7604 58-0678148 ------- ------ ---------- (State or other jurisdiction of (Commission File Number) IRS Employer incorporation) Identification Number) 916 South Burnside Avenue, Gonzales, LA 70737 - --------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (225) 647-9100 Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release dated August 13, 2003. Item 12. Results of Operations and Financial Conditions. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in this Current Report shall not be incorporated by reference into any registration statement or document pursuant to the Securities Act of 1933, as amended. On August 13, 2003, Crown Crafts, Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the first quarter of fiscal year 2004, which ended June 29, 2003. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CROWN CRAFTS, INC. Date: August 13, 2003 /s/ Amy Vidrine Samson ------------------ ----------------------------------- Amy Vidrine Samson Vice President, Chief Financial Officer Chief Accounting Officer 2 Exhibit Index
Exhibit No. Exhibit Description ----------- ------------------- 99.1 Press Release dated August 13, 2003
3 EX-99.1 3 d08171exv99w1.txt PRESS RELEASE EXHIBIT 99.1 FOR IMMEDIATE RELEASE AUGUST 13, 2003 CROWN CRAFTS, INC. REPORTS FIRST QUARTER 2004 RESULTS; IMPROVEMENT IN GROSS MARGIN Gonzales, Louisiana - Crown Crafts, Inc. (the "Company") (OTCBB: CRWS) today reported net sales for the first quarter of fiscal 2004, which ended June 29, 2003, of $18.5 million compared to $17.9 million for the first quarter of fiscal 2003. Net loss for the quarter was $114,000, or $0.01 per diluted share, compared to a net loss of $693,000, or $0.07 per diluted share, for the first quarter of fiscal 2003. "The Company is pleased to report a 3% increase in net sales in what has historically been our weakest quarter," said E. Randall Chestnut, Chairman, President and Chief Executive Officer. "In addition, our gross margin increased from 20.2% of net sales in the first quarter of the prior year to 22.5% of net sales as we began to see the benefits of global sourcing improvements. As a result, net loss for the current year as compared to the first quarter of the prior year decreased by 84% to be near break-even. During the first quarter, the Company also substantially completed the closure of its Mexican manufacturing facility, Burgundy Interamerica. The total cost of closure was in line with estimates announced in December 2002." The Company will host a teleconference today at 1:00 p.m. Central Daylight Time to discuss the Company's results and answer appropriate questions from shareholders. Interested investors may join the teleconference by dialing (888) 273-9891. Please refer to confirmation number 693648. The conference call can also be accessed in listen-only mode by visiting the Company's website at www.crowncrafts.com. The financial information to be discussed during the conference call may be found prior to the call on the investor relations portion of the Company's website. A telephone replay of the conference call will be available from 4:30 p.m. Central Daylight Time on August 13, 2003 through 11:59 p.m. Central Daylight Time on August 20, 2003. To access the replay, dial (800) 475-6701 in the United States or (320) 365-3844 from international locations. The access code for the replay is 693648. Crown Crafts, Inc. designs, markets and distributes infant and juvenile consumer products, including bedding, blankets, bibs, bath and accessories and luxury hand-woven home decor. Its subsidiaries include Hamco, Inc. in Louisiana, Crown Crafts Infant Products, Inc. in California and Churchill Weavers, Inc. in Kentucky. Crown Crafts is America's largest producer of infant bedding and infant bibs and bath items. The Company's products include licensed collections as well as exclusive private label programs for certain of its customers. Statements contained in this release that are not statements of historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "intend," "will" and similar expressions are examples of words that identify forward-looking statements. Forward-looking statements involve 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, general economic conditions, changing competition, the level and pricing of future orders from the Company's customers, the Company's dependence on third-party suppliers, including some located in foreign countries with unstable political situations, the Company's ability to successfully implement new information technologies and the Company's dependence on licenses from third parties. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS SELECTED FINANCIAL DATA In thousands, except per share data and percentages
Three Months Ended June 29, June 30, 2003 2002 ---------- ---------- Net sales $ 18,465 $ 17,928 Gross margin 4,161 3,619 Gross margin percentage 22.5% 20.2% Income from operations 1,000 459 Net (loss) (114) (693) Basic (loss) per share $ (0.01) $ (0.07) Diluted (loss) per share $ (0.01) $ (0.07) Weighted Average Shares Outstanding: Basic 9,427 9,421 Diluted 9,427 9,421
CONDENSED CONSOLIDATED BALANCE SHEETS SELECTED FINANCIAL DATA In thousands
June 29, 2003 March 30, 2003 -------------- -------------- Accounts receivable, net of allowances $ 12,037 $ 15,776 Inventories, net of reserves 18,759 15,548 Total current assets 32,050 32,632 Goodwill, net 22,974 22,974 Total assets 57,006 57,926 Current maturities of long-term debt 3,015 3,014 Total current liabilities 12,331 11,766 Long-term debt 29,457 30,895 Shareholders' equity 15,218 15,265 Total liabilities and shareholders' equity 57,006 57,926
Contact: Investor Relations Department (225) 647-9146 or Halliburton Investor Relations (972) 458-8000 -----END PRIVACY-ENHANCED MESSAGE-----