Strong sales helped Crown Crafts Inc., a Gonzales-based baby products company, up its fiscal first-quarter profit to $927,000, or 9 cents per share, compared to $703,000, or 7 cents per share, a year ago.
Crown’s net sales rose to $17.9 million for the three months ending June 28, compared to $15.7 million a year ago. However, the results from a year ago included a $91,000 after-tax charge for legal fees related to a patent-infringement lawsuit Crown settled late in 2014.
“Our performance in the first quarter was strong compared with the same quarter last year, as net sales increased by 13.7 percent and net income improved significantly in what is typically our softest quarter of the year,” said E. Randall Chestnut, chairman, president and chief executive officer.
Crown’s first-quarter results outperformed Wall Street’s expectations. Stock analysts surveyed by Zacks Investment Research had forecast earnings of 7 cents per share.
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