Crown Crafts, Inc. Extends Financing Agreement With CIT
GONZALES, La., March 8 /PRNewswire-FirstCall/ -- Crown Crafts, Inc. (the "Company") (Nasdaq: 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.comAbout 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.
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