Crown Crafts Q3 net sales up 16%; appoints Olivia Elliott CEO effective March 1

CROWN CRAFTS INC

Q3 net sales $22.7M vs $19.5M (+16% YoY); net income $2.4M ($0.24 diluted EPS) vs $2.1M ($0.21).
Ex-Carousel Designs, net sales up 23.8% in Q3, 14.6% YTD; gross margin fell to 27.1% from 31.6%.
YTD net income $7.5M ($0.74) includes $1.985M PPP loan forgiveness; adjusted net income $6.3M ($0.63) vs $5.9M ($0.58).
Olivia Elliott named CEO effective March 1, 2022; E. Randall Chestnut remains Chairman.
Quarterly dividend of $0.08/share declared, payable April 8 to shareholders of record March 18.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Olivia W. Elliott

Chief Executive Officer

CRWS · CROWN CRAFTS INC

Effective: 2022-03-01
Successor: E. Randall Chestnut
Filed: February 9, 2022, 6:59 PM ET

On February 8, 2022, the Company’s Board of Directors appointed Olivia W. Elliott to serve as the Company’s Chief Executive Officer, effective March 1, 2022.

Role change

Olivia W. Elliott

Chief Operating Officer

CRWS · CROWN CRAFTS INC

Effective: 2022-03-01
Filed: February 9, 2022, 6:59 PM ET

Ms. Elliott currently serves as the Company’s President and Chief Operating Officer, but will cease serving as Chief Operating Officer on such date.

Role change

E. Randall Chestnut

Chief Executive Officer

CRWS · CROWN CRAFTS INC

Effective: 2022-03-01
Successor: Olivia W. Elliott
Filed: February 9, 2022, 6:59 PM ET

Upon effectiveness of Ms. Elliott’s appointment as Chief Executive Officer, E. Randall Chestnut, who has served as the Company’s Chief Executive Officer since 2001, will no longer serve in such role but will continue to serve as Chairman of the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Olivia W. Elliott was appointed as Chief Executive Officer at CROWN CRAFTS INC.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On February 8, 2022, the Company’s Board of Directors appointed Olivia W. Elliott to serve as the Company’s Chief Executive Officer, effective March 1, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Olivia W. Elliott changed role as Chief Operating Officer at CROWN CRAFTS INC.

Action: cease serving as
Role: Chief Operating Officer

Exact text from the filing

Ms. Elliott currently serves as the Company’s President and Chief Operating Officer, but will cease serving as Chief Operating Officer on such date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

E. Randall Chestnut changed role as Chief Executive Officer at CROWN CRAFTS INC.

Action: will no longer serve as
Role: Chief Executive Officer

Exact text from the filing

Upon effectiveness of Ms. Elliott’s appointment as Chief Executive Officer, E. Randall Chestnut, who has served as the Company’s Chief Executive Officer since 2001, will no longer serve in such role but will continue to serve as Chairman of the Board.

View on SEC.gov

CROWN CRAFTS INC filing history →

Source: SEC EDGAR

accession 0001437749-22-002792

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