Crown Crafts Board Reduces Its Size from Seven to Five Directors
- Board believes smaller size will reduce expenses and be more appropriate in the Company's continued pursuit of its strategic plans
- Chairman, President and CEO E. Randall Chestnut nominated for re-election at 2013 annual meeting
- Board thanks directors Jon C. Biro and Melvin L. Keating for their service
GONZALES, La., June 27, 2013 /PRNewswire/ -- The Crown Crafts, Inc. (NASDAQ-CM: CRWS) Board of Directors announced today that it will reduce its size from seven directors to five, effective following the Company's Annual Meeting of Shareholders on August 13, 2013.
As a result, Chairman, President and Chief Executive Officer E. Randall Chestnut will be the only director nominated for re-election to the Board at the Annual Meeting. Directors Jon C. Biro and Melvin L. Keating, whose terms expire at the Annual Meeting, will not be standing for re-election. Both have served on the Crown Crafts Board since 2010.
"The Board thanks Mr. Biro and Mr. Keating for their service as directors and for the valuable strategic insight they have provided over the past three years," Chestnut said. "In accordance with the Company's bylaws and established corporate governance best practices, we believe a smaller-sized Board will be more appropriate going forward as we continue to pursue our strategic plans for the Company, in addition to reducing our Board-related expenses."
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and distributes infant, toddler and juvenile consumer products, including crib and toddler bedding and blankets; nursery and bath accessories; reusable and disposable bibs and floor mats; burp cloths; room decor; and disposable placemats, toilet seat covers and changing mats. The Company's operating subsidiaries include Crown Crafts Infant Products, Inc. in California and Hamco, Inc. in Louisiana. Crown Crafts is among America's largest producers of infant bedding, bibs and bath items. The Company's products include licensed and branded collections as well as exclusive private label programs for certain of its customers. The latest news about Crown Crafts can be found at www.crowncrafts.com.
The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions. Words such as "expects," "believes," "anticipates" and variations of such words and similar expressions identify such forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. These risks include, among others, general economic conditions, including changes in interest rates, in the overall level of consumer spending and in the price of oil, cotton and other raw materials used in the Company's products, changing competition, changes in the retail environment, the level and pricing of future orders from the Company's customers, the extent to which the Company's business is concentrated in a small number of customers, the Company's dependence upon third-party suppliers, including some located in foreign countries, customer acceptance of both new designs and newly-introduced product lines, actions of competitors that may impact the Company's business, disruptions to transportation systems or shipping lanes used by the Company or its suppliers, and the Company's dependence upon licenses from third parties. Reference is also made to the Company's periodic filings with the Securities and Exchange Commission for additional factors that may impact the Company's results of operations and financial condition. The Company does not undertake to update the forward-looking statements contained herein to conform to actual results or changes in our expectations, whether as a result of new information, future events or otherwise.
Vice President and Chief Financial Officer
Halliburton Investor Relations
SOURCE Crown Crafts, Inc.
Released June 27, 2013