Exhibit 99.1
| For Immediate Release | December 24, 2007 |
Crown Crafts Announces Final Purchase Price for Springs Infant and Toddler Product Line
Gonzales, Louisiana — Crown Crafts, Inc. (“Crown Crafts” or the “Company”) (NASDAQ-CM: CRWS) today
announced the final purchase price for its acquisition, through its wholly-owned subsidiary, Crown
Crafts Infant Products, Inc., of the infant and toddler product line of Springs Global US, Inc.
(“Springs”).
At closing, the Company paid approximately $12.4 million for the inventory, intellectual property
and certain other assets associated with the Springs’ infant and toddler product line and assumed
certain liabilities. The final purchase price, which was subject to adjustment pending the
completion of the final inventory valuation, was $11.0 million, a reduction of $1.4 million.
“The Company is very excited about the future of this product category,” said E. Randall Chestnut,
Chairman, President and Chief Executive Officer of the Company. “As we reported earlier, a
projected future EBITDA (Earnings before interest, taxes and depreciation) of approximately $4.4
million annually after the effects of the shared services agreement versus a final purchase price
of $11.0 million presents a significant opportunity for the Company.”
About Crown Crafts
Crown Crafts, Inc. designs, markets and distributes infant consumer products, including bedding,
blankets, bibs, bath items and accessories. Its 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.
This release 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-