Earnings Call Excerpt
Crown Crafts, Inc. (CRWS)
F4Q08 Earnings Call
June 11, 2008 3:00 PM CST
Executives
E. Randall Chestnut – Chairman of the Board, President, Chief Executive Officer
Amy Vidrine Samson – Chief Financial Officer, Vice President
Analysts
Bobby Melnick – Terrier Partners, LP
Charles Levy - Smith Barney
[Phil Lantis - Lantis and Walker]
Nelson Obis - [Inaudible]
[Gary Steiner - Huber Capital Management]
Presentation
Operator
Ladies and Gentlemen, thank you for standing by and welcome to the Crown Craft, Inc. investment conference call. (Operator Instructions) I would now like to turn the conference over to our host, Vice President and Chief Financial Officer, Amy Samson.
Amy Vidrine Samson
Welcome to the Crown Craft investor conference call for the fourth quarter and the year ended March 2008. With me today is Randall Chestnut, President & CEO of Crown Craft.
E. Randall Chestnut
Good afternoon.
Amy Vidrine Samson
A telephone replay of this call will be available after 4:00 Central Daylight Time today through the end of the day on June 18. A web replay of this call will be available for 60 days. You can access it by visiting our web site at www.CrownCraft.com. Before we begin I would like to remind everyone of the cautionary language regarding forward-looking statements contained in the press release. That same language applies to the comments made in today's conference call. I would also like to remind everyone that we do not undertake to update forward-looking statements to conform to actual results or changes in our expectations whether as a result of new information, future events or otherwise. I will now turn the call over to Randall.
E. Randall Chestnut
Good afternoon again. Early today the company reported its results for Q4 and the full year FY09 which ended March 30, 2008. I'd like to make a number of comments and touch on a few of the financials. After that Amy will come back and she will give more detailed information on the financial side of the business, and then after that we'll open up any questions that anyone on the line may have.
We're extremely pleased with the results. EBITDA as a percent of net sales for the past two years have been the highest that the company has achieved this decade, an impressive 12%. For the current year I'd like to point out that included in that number that would add back and be above the 12% is one, $476,000 associated with the proxy contest that the company had last year; two, $225,000 associated with vinyl bibs where we had problems with that early in mid year; and both years include stock-based compensation costs. But in FY07 the prior year it had $300,000 and in FY08 that number was $588,000 and this is based on the new accounting regulations.
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