Crown Crafts Boosts Sales, Profits Down
GONZALES, LA (AP) — Crown Crafts Inc., the Gonzales-based baby products company, reports its fiscal 2015 profit dipped to $5.7 million, or 57 cents per share, although sales increased by 5.5 percent.
A year earlier, Crown turned a profit of $5.8 million, or 59 cents per share. The company's 2015 fiscal year ended March 29.
However, the 2015 results included an after-tax charge of $530,000, or 5 cents per share, to settle a patent infringement lawsuit. Minneapolis-based BreathableBaby sued Crown in 2012 over some mesh crib liner innovations. The firms settled in December.
Without that charge, The Advocate’s Ted Griggs reports Crown's net income would have been $6.2 million, or 62 cents per share, an increase of more than 8 percent.