Crown Crafts Q2 net income $2.4M, EPS $0.24; declares special $0.35 dividend

CROWN CRAFTS INC

Net sales $20.2M, net income $2.4M ($0.24 diluted EPS) for Q2 fiscal 2022 vs $21.7M sales, $2.5M income in prior year Q2.
Excluding Carousel Designs (ceased May 2021), comparable net sales flat at $20.2M; gross margin fell to 30.2% from 32.1%.
Board declared special cash dividend of $0.35/share plus regular quarterly $0.08, payable Dec 31 to holders of record Dec 10.
Six-month net income $5.1M ($0.50 diluted) includes $1.985M PPP loan forgiveness gain; adjusted net income $3.9M vs $3.6M prior year.
CEO cites labor shortages and Hurricane Ida but delivers solid results; over $52.9M distributed in dividends since 2010.

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