Gonzales children's apparel and products maker Crown Crafts Inc. reported record net income of $2.5 million for the second quarter, a 39.8% increase from $1.8 million posted a year ago.
Per-share earnings amounted to 24 cents compared to 18 cents a year ago.
Net sales increased 16.7% to $21.7 million from $18.6 million.
E. Randall Chestnut, chairman, president and CEO, said the results were driven by increased consumer demand for the company's products despite a challenging economic environment. “Our financial position remains strong and we will continue to maintain a tight control over costs," he said.
Crown's board also declared a special dividend of 25 per share, in addition to a quarterly dividend of 8 cents per share. The company had suspended its investor dividend earlier this year to save cash during the economic slowdown tied to the coronavirus pandemic.
The company ended the second quarter with a $6.8 million cash balance, up from $6.7 million in cash and cash equivalents as of June 28 and $282,000 as of March 29.
For the six-month fiscal period, net income was $3.7 million, or 36 cents per share, on net sales of $37.9 million, compared with net income of $2.9 million, or 28 cents per share, on net sales of $34.5 million for the same period a year ago.
Crown Crafts operates through subsidiaries NoJo Baby & Kids Inc., Sassy Baby Inc. and Carousel Designs LLC.