Crown Crafts files audited financials of acquired Manhattan Toy; FY22 sales $25.8M, net loss $2.7M

CROWN CRAFTS INC

Manhattan Group net sales $25.78M, net loss $2.70M for year ended Dec 31, 2022.
Total assets $19.71M, member's equity $16.28M; accumulated deficit $(15.43M).
Operating loss $(1.95M); interest expense $642k; cash used in operations $5.38M.
Manhattan restated FY2021 financials to correct sales commission accrual, reducing accumulated deficit by $399k.
Pro forma financials combine Crown Crafts and Manhattan as if acquisition occurred earlier; deal announced March 20, 2023.

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