GONZALES, LA (AP) — A lawsuit settlement dropped Gonzales-based Crown Crafts Inc.'s profit to $830,000, or 8 cents per share, for the second quarter of its fiscal year.
The baby products maker reported a profit of $1.1 million, or 12 cents per share, a year ago.
Without the settlement, said E. Randall Chestnut, chairman, president and chief executive officer, tells The Advocate’s Ted Griggs Crown's net income would have been $1.4 million, an increase of 19.1 percent over the year-ago results.
The settlement ends a patent infringement dispute involving BreathableBaby LLC's air-permeable infant bedding. Under the agreement, Crown will make and sell a redesigned mesh crib liner and make a one-time payment of $850,000 — $530,000, or 5 cents per share, after taxes — to BreathableBaby.
