Gross profit for the current-year quarter was 27.3% of net sales, down slightly from 27.5% in the prior-year quarter. For the six-month period, net income was $2.1 million, or $0.21 per diluted share, on net sales of $31.4 million, compared with net income of $2.5 million, or $0.25 per diluted share, on net sales of $38.6 million for the first six months of fiscal 2016. Gross profit for the six-month period was 27.4% of net sales, up from 27.2% in the prior-year period. Board Declares Special and Quarterly Dividends The Company also announced that its Board of Directors declared a special cash dividend on the Company’s Series A common stock of $0.40 per share, along with a quarterly cash dividend of $0.08 per share. Both dividends will be paid on January 6, 2017 to shareholders of record at the close of business on December 16, 2016. “We are pleased to announce this special dividend, which attests to the Board’s ongoing confidence in the long-term strength of our Company and its commitment to returning value to our shareholders. Upon payment of this special dividend, Crown Crafts will have distributed $28.9 million in total dividends to shareholders since 2010,” Chestnut said. The Company will host a teleconference today at 1:00 p.m. Central Standard Time to discuss the Company’s results, during which interested individuals will be given the opportunity to ask appropriate questions. To join the teleconference, dial (844) 861-5504 and ask to be joined into the Crown Crafts, Inc. call. The teleconference can also be accessed in listen-only mode by visiting the Company’s website at www.crowncrafts.com . The financial information to be discussed during the teleconference may be accessed prior to the call on the investor relations portion of the Company’s website. A telephone replay of the teleconference will be available one hour after the end of the call through 4:00 p.m. Central Standard Time on November 23, 2016. To access the replay, dial (877) 344-7529 in the United States or (412) 317-0088 from international locations and refer to conference number 10094449. Crown Crafts, Inc.
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