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Crown Crafts fiscal Q4 profit climbs YOY

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Crown Crafts fiscal Q4 profit climbs YOY

Crown Crafts Inc. said its normalized net income for the fiscal fourth quarter ended March 29 amounted to 21 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS increased year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.2 million, an increase from $2.1 million in the year-earlier period.

The normalized profit margin dropped to 8.3% from 8.7% in the year-earlier period.

Total revenue grew 8.7% year over year to $26.1 million from $24.0 million, and total operating expenses climbed 9.4% on an annual basis to $22.6 million from $20.7 million.

Reported net income increased on an annual basis to $2.1 million, or 21 cents per share, from $2.1 million, or 21 cents per share.

For the year, the company's normalized net income totaled 62 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 63 cents.

EPS rose from 59 cents in the prior year.

Normalized net income was $6.3 million, a gain of 7.1% from $5.8 million in the prior year.

Full-year total revenue increased 5.8% on an annual basis to $86.0 million from $81.3 million, and total operating expenses rose 5.6% year over year to $75.9 million from $71.9 million.

The company said reported net income decreased year over year to $5.7 million, or 57 cents per share, in the full year, from $5.8 million, or 59 cents per share.