Craftmade International Announces Net Sales and Earnings Results for Its Fiscal 2009 Fourth Quarter and Year End

COPPELL, Texas, Sept. 28 /PRNewswire-FirstCall/ -- Craftmade International, Inc. (Nasdaq: CRFT - News) today reported the following results for its fourth quarter and fiscal year ended June 30, 2009: Fiscal Year 2009 Consolidated ResultsNet loss for the fiscal year was $1,088,000 as compared to a net income of $2,112,000 for the 2008 fiscal year. On a fully diluted basis, net loss per share was $0.19 for the 2009 fiscal year, compared to net income of $0.39 for the 2008 fiscal year. Weighted average diluted shares outstanding for the current fiscal year were 5,705,000 versus 5,451,000 for the 2008 fiscal year.Net sales for the fiscal year increased $12,102,000, or 8.8%, to $149,692,000, compared to $137,590,000 reported in the last fiscal year. This increase was due to the inclusion of two additional quarters of outdoor furniture sales stemming from the January 2008 acquisition of the assets of Woodard, LLC. The increase is partially offset by declines in sales of ceiling fans, lighting and accessories. Due to the timing of the acquisition, fiscal 2008 only included two quarters of Woodard furniture sales, while fiscal 2009 includes four quarters."Despite the precipitous decline in the housing market during our fiscal year, we have maintained a clear focus on leveraging the January 2008 Woodard acquisition, rightsizing our corporate structure, driving operational efficiencies, and enhancing our overall liquidity," commented J. Marcus Scrudder, Craftmade's Chief Executive Officer. "We are pleased that t...
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CRAFTMADE INTERNATIONAL INC Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. The following discussion should be read in conjunction with the information contained in our consolidated financial statements, including the notes thereto. Statements regarding future economic performance, management's plans and objectives, and any statements concerning assumptions related to the foregoing contained in Management's Discussion and Analysis of Financial Condition and Results of Operation constitute forward-looking statements. Certain factors, which may cause actual results to vary materially from these forward-looking statements, accompany such statements or appear elsewhere in this Form 10-K, including the factors disclosed under "Item 1A. Risk Factors." Critical Accounting Policies and Estimates Management's discussion and analysis of the Company's financial condition and results of operations are based upon the Company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company's management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The Company's estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for the Company's conclusions. The Company continually evaluates the information used to make these estimates as its business and the economic environment changes. The Company's management believes that the estimates, assumptions and judgments involved in the accounting policies described below have the greatest potential impact on its financial statements, so the Company considers these to be its critical accounting policies. Revenue Recognition ...
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Craftmade voluntary delists from Nasdaq

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CRAFTMADE INTERNATIONAL INC Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or

Show all filings for CRAFTMADE INTERNATIONAL INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CRAFTMADE INTERNATIONAL INC 9-Nov-2009Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All infor...
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CRAFTMADE INTERNATIONAL INC Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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CRAFTMADE INTERNATIONAL INC Files SEC form 8-K, Regulation FD Disclosure, Financial Statements and Exhibits

Show all filings for CRAFTMADE INTERNATIONAL INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CRAFTMADE INTERNATIONAL INC 29-Sep-2009Regulation FD Disclosure, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provide...
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/C O R R E C T I O N -- Craftmade International, Inc./

In the news release, "Craftmade International, Inc. to Move Its Stock Listing to OTCQX," issued 09-Nov-2009 by Craftmade International, Inc. over PR Newswire, we are advised by the company that the dates in the seventh paragraph under the heading, " PROCEDURAL DETAILS," have been updated. The complete, corrected release follows: Craftmade International, Inc. to Move Its Stock Listing to OTCQXCOPPELL, Texas, Nov. 9 /PRNewswire-FirstCall/ -- Craftmade International, Inc. (Nasdaq: CRFT - News; the "Company") today announced that it has notified the NASDAQ Stock Market ("Nasdaq") of its intent to voluntarily delist its common stock from the NASDAQ Global Market. The Company also intends to subsequently deregister its common stock with the SEC and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company expects that its shares will continue to trade under the "CRFT" ticker symbol (OTCQX: CRFT).Craftmade is delisting from Nasdaq and deregistering with the SEC as part its ongoing efforts to reduce expenses and improve financial results. The Company intends to move its common stock listing to OTCQX, the premier tier of the U.S. over-the-counter market, operated by Pink OTC Markets Inc. Pink OTC Markets reports that small companies typically save $500,000 to $750,000 annually by moving their listing from a national exchange and deregistering under the Exchange Act. Craftmade anticipates realizing annual savings at the high end of this range, w...
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Craftmade International Announces Fiscal First Quarter 2010 Earnings Conference Call and Webcast

COPPELL, Texas, Nov. 11 /PRNewswire-FirstCall/ -- Craftmade International, Inc. (Nasdaq: CRFT - News) will host its fiscal first quarter 2010 earnings results conference call on Thursday, November 12, 2009 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time.) The call will be hosted by J. Marcus Scrudder, Chief Executive Officer; Brad Heimann, President and Chief Operating Officer; and C. Brett Burford, Chief Financial Officer. The related earnings release will be issued after the market closes on Wednesday, November 11, 2009. Interested participants should dial 800-860-2442 a few minutes before the start time. Please refer to the Craftmade International event.A webcast of the conference call can also be accessed by visiting the company's Web site at www.craftmade.com. Additionally, a replay of the earnings conference call will be available two hours after the completion of the call through November 18, 2009 at 9:00 a.m. Eastern Time. To access the replay, interested parties should dial 877-344-7529 and reference conference number 435694. Participants will be required to state their name and company affiliation prior to entering the call.Founded in 1985, Craftmade International, Inc. is engaged in the design, manufacturing, distribution and marketing of a broad r...
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CRAFTMADE INTERNATIONAL INC Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Disclosure Regarding Forward-looking Statements With the exception of historical information, the matters discussed in this document contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Craftmade to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements include, but are not limited to, (i) statements concerning future financial condition and operations, including future cash flows, revenues, gross margins, earnings and variations in quarterly results, (ii) statements relating to anticipated completion dates for new products and (iii) other statements identified by words such as "may," "will," "should," "could," "might," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "forecasts," "intends," "potential," "continue," and similar words or phrases. These factors that could affect our financial and other results can be found in the risk factors section of our Annual Report on Form 10-K for the fiscal year ended June 30, 2009, filed with the SEC on September 28, 2009. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this filing with the SEC, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or other circumstances. Critical Accounting Policies and Estimates Management's discussion an...
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Craftmade International Announces Net Sales and Earnings Results for Its Fiscal 2010 First Quarter

COPPELL, Texas, Nov. 12 /PRNewswire-FirstCall/ -- Craftmade International, Inc. (Nasdaq: CRFT - News) today reported the following results for its fiscal 2010 first quarter ended September 30, 2009: First Quarter 2010 Consolidated ResultsNet loss for the first quarter was $595,000 as compared to a net loss of $129,000 for the first quarter of 2009. On a fully diluted basis, net loss per share was $0.10 for the 2010 first quarter, compared to a net loss of $0.02 in the year-ago quarter. Weighted average diluted shares outstanding remained at 5,705,000 and did not change on a quarter-over-quarter basis.Net sales for the quarter decreased $9,117,000, or 30%, to $21,048,000, compared to $30,165,000 reported in the same quarterly period last year. This decrease was due to reduced sales in both Specialty and Mass segments, as a result of the extreme decline in the housing market, dramatic overall economic downturn experienced in the last year and the slower seasonal nature of Mass outdoor furniture sales."As we have previously stated, our financial results continue to be largely impacted by the negative effects of the weak housing market and overall economic decline," commented J. Marcus Scrudder, Craftmade's Chief Executive Officer. "Management has taken critical steps in aligning its operational structure within this challenging market environment while positioning the company for sustained long-term growth and return to profitability. To this end, we recently announced the Board's decision to voluntarily d...
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