Crown Crafts Q1 diluted EPS $0.14 vs $0.27; revenue $15.7M down from $18.7M

CROWN CRAFTS INC

Net income $1.4M ($0.14 diluted EPS) vs $2.7M ($0.27) in prior-year quarter; net sales $15.7M vs $18.7M.
Gross profit margin improved to 32.8% of sales from 24.9% in prior-year quarter.
Prior-year quarter included $1.985M gain on PPP loan forgiveness and $631K sales from Carousel Designs (ceased); excluding those, adjusted net income would have been $1.5M.
Board declared $0.08 per share quarterly dividend, payable Oct 7, 2022 to holders of record Sep 16, 2022.
CEO cites inflation and retailer inventory reductions as challenges; company maintains strong shelf space and customer relationships.

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