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Crown Crafts profit misses consensus by 26.1% in fiscal Q1

Crown Crafts Inc. said its normalized net income for the fiscal first quarter ended June 29 amounted to 7 cents per share, compared with the S&P Capital IQ consensus estimate of 10 cents per share.

EPS declined 15.5% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $704,380, a decline of 13.9% from $818,130 in the prior-year period.

The normalized profit margin rose to 5.1% from 4.9% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to $15.7 million from $16.6 million, and total operating expenses decreased year over year to $14.6 million from $15.3 million.

Reported net income decreased 10.8% year over year to $702,030, or 7 cents per share, from $787,200, or 8 cents per share.