Exhibit 99.1
For Immediate Release
Crown Crafts, Inc. Extends Financing Agreement with CIT
Gonzales, Louisiana — March 8, 2010 — Crown Crafts, Inc. (the “Company”) (NASDAQ-CM: CRWS) today
announced that it amended its financing agreement with CIT Commercial Services, a subsidiary of CIT
Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market
companies, that extends the termination date of the agreement to July 11, 2013. The amendment,
which will become effective on July 11, 2010, also permits the Company to declare cash dividends on
its common stock of up to $500,000 in any calendar quarter.
Commenting on the amendment, E. Randall Chestnut, Chairman, President & Chief Executive Officer of
the Company, stated, “We are very pleased to announce this extension of our financing agreement and
the continuation of our long-valued relationship with CIT. We believe that this extension gives us
the flexibility to expand our business and the opportunity to make targeted acquisitions. We have
renewed confidence that the emergence of CIT’s parent from bankruptcy has strengthened its
financial position and places it in a position to succeed as it services our liquidity needs.”
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and distributes infant and toddler consumer products, including
bedding, blankets, bibs, bath items and the recently-acquired portfolio of the disposable germ
protection products of Neat Solutions. Its operating subsidiaries include Hamco, Inc. in Louisiana
and Crown Crafts Infant Products, Inc. in California. Crown Crafts is America’s largest
distributor 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.
www.crowncrafts.com
About CIT Commercial Services
CIT Commercial Services is the nation’s leading provider of factoring and credit protection
services to consumer products companies. It specializes in serving the apparel, footwear,
furniture, home furnishings, consumer electronics and other consumer products industries that sell
into retail channels of distribution.
About CIT
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets
that provides financial products and advisory services to small and middle market businesses.
Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination
of relationship, intellectual and financial capital to its customers worldwide. CIT maintains
leadership positions in small business and middle market lending, factoring, retail finance,
aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in
New York City, CIT is a member of the Fortune 500. www.cit.com