Infant apparel and accessories maker Crown Crafts Inc. in Gonzales reported fourth-quarter net income of $1.2 million, or 12 cents per share, on net sales of $22.7 million, compared with a $1.6 million profit, or 16 cents per share, on net sales of $17.3 million a year earlier.
For the fiscal year, net income was $3.0 million, or 30 cents per share, on net sales of $70.3 million, compared with net income of $5.6 million, or 55 cents per share, on net sales of $66.0 million for fiscal 2017.
Sales were up 31.1 percent for the quarter and 6.5 percent for the year, but non-recurring charges for the quarter and fiscal year trimmed 8 cents and 24 cents per share, respectively, off income.
Crown said $1.3 million of the reduced annual income came from credit costs, uncollectible receivables and royalty shortfalls associated with licenses that relied heavily on Toys R Us, which declared bankruptcy and was liquidated. Some acquisition costs and non-cash charges to income tax expenses also affected earnings.
The company said its recent acquisitions of Carousel Designs and Sassy have resulted in new products and distribution channels that will benefit the company.