<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1997
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 033-64499
A. Full title of the plan and address of the plan, if different from
that of the insurer named below:
Crown Crafts, Inc. 401(k) Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Crown Crafts, Inc.
1600 RiverEdge Parkway
Suite 200
Atlanta, Georgia 30328
<PAGE> 2
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
CROWN CRAFTS, INC. 401(k)
RETIREMENT SAVINGS PLAN
BY: /s/ PAUL A. CRISCILLIS, JR.
------------------------------------
Paul A. Criscillis, Jr.
BY: /s/ ROBERT E. SCHNELLE
------------------------------------
Robert E. Schnelle
BY: /s/ BONNIE WASDIN
------------------------------------
Bonnie Wasdin
Date: July 13, 1998 (Each Member of the Administrative
--------------------- Committee appointed under and
Pursuant to the Crown Crafts, Inc.
401(k) Retirement Savings Plan)
<PAGE> 3
THE CROWN CRAFTS, INC. 401(k)
RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND AUDIT REPORT
DECEMBER 31, 1997
<PAGE> 4
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
CONTENTS
<TABLE>
<S> <C>
REPORT OF INDEPENDENT ACCOUNTANTS 1
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION 2/3
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS WITH FUND INFORMATION 4
NOTES TO FINANCIAL STATEMENTS 5/8
SUPPLEMENTAL SCHEDULES
Schedule of Assets Held for Investment Purposes 10
Schedule of Reportable Transactions 11/12
</TABLE>
<PAGE> 5
[JOSEPH DECOSIMO AND COMPANY LETTERHEAD]
REPORT OF INDEPENDENT ACCOUNTANTS
The Administrative Committee
The Crown Crafts, Inc. 401(k) Retirement Savings Plan
Atlanta, Georgia
We have audited the statements of net assets available for benefits with fund
information of The Crown Crafts, Inc. 401(k) Retirement Savings Plan (the Plan)
as of December 31, 1997 and 1996, and the related statement of changes in net
assets available for benefits with fund information for the year ended December
31, 1997. These financial statements are the responsibility of the
Administrative Committee. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits with fund
information of the Plan as of December 31, 1997 and 1996, and the changes in its
net assets available for benefits with fund information for the year ended
December 31, 1997, in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and of reportable transactions are presented for
purposes of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Joseph Decosimo and Company, LLP
JOSEPH DECOSIMO AND COMPANY, LLP
A GEORGIA LIMITED LIABILITY PARTNERSHIP
Atlanta, Georgia
July 2, 1998
1
<PAGE> 6
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1997
<TABLE>
<CAPTION>
AGGRESSIVE CROWN CRAFTS, LIFE LIFE
GROWTH INC. STAGE I STAGE II
PORTFOLIO COMMON STOCK PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value -
Short-Term Investments $ 770 $ 2,581 $ 3,174 $ 3,701
Crown Crafts, Inc.
Common Stock -- 189,703 -- --
Mutual Funds 893,931 -- 621,729 608,304
Participant Loans -- -- -- --
---------- ---------- ---------- ----------
894,701 192,284 624,903 612,005
Receivables -
Sponsor's Contributions 29,269 5,532 27,028 24,957
Participants' Contributions 22,851 7,428 28,429 24,532
Accrued Interest and
Dividends 184,336 20 30,463 28,478
---------- ---------- ---------- ----------
Total Assets 1,131,157 205,264 710,823 689,972
LIABILITIES
Due to Brokers 183,306 -- 30,426 28,444
---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 947,851 $ 205,264 $ 680,397 $ 661,528
========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 7
THE CROWN CRAFTS, INC. 401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1997
<TABLE>
<CAPTION>
LIFE LIFE STABLE
STAGE III STAGE IV VALUE PARTICIPANT
PORTFOLIO PORTFOLIO PORTFOLIO LOANS TOTAL
<S> <C> <C> <C> <C>
$ 461 $ 2,665 $ 2,710 $ 4 $ 16,066
-- -- -- -- 189,703
420,942 261,802 519,135 -- 3,325,843
-- -- -- 17,655 17,655
---------- ---------- ---------- ---------- ----------
421,403 264,467 521,845 17,659 3,549,267
12,674 9,514 7,871 -- 116,845
14,391 4,209 7,005 -- 108,845
18,813 10,904 12 -- 273,026
---------- ---------- ---------- ---------- ----------
467,281 289,094 536,733 17,659 4,047,983
18,793 10,889 -- -- 271,858
---------- ---------- ---------- ---------- ----------
$ 448,488 $ 278,205 $ 536,733 $ 17,659 $3,776,125
========== ========== ========== ========== ==========
</TABLE>
<PAGE> 8
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
AGGRESSIVE CROWN CRAFTS, LIFE
GROWTH INC. STAGE I
PORTFOLIO COMMON STOCK PORTFOLIO
<S> <C> <C> <C>
ASSETS
Investments, at fair value -
Short-Term Investments $ -- $ 347 $ 91
Crown Crafts, Inc. Common Stock -- 74,280 --
Mutual Funds 387,035 -- 220,382
-------- -------- --------
387,035 74,627 220,473
Contributions Receivable from Sponsor 33,630 6,949 19,477
Accrued Interest and Dividends 23,254 76 7,695
-------- -------- --------
Total Assets 443,919 81,652 247,645
LIABILITIES
Excess Contributions 38,015 1,044 10,394
-------- -------- --------
NET ASSETS AVAILABLE FOR BENEFITS $405,904 $ 80,608 $237,251
======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 9
THE CROWN CRAFTS, INC. 401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
LIFE LIFE LIFE STABLE
STAGE II STAGE III STAGE IV VALUE UNALLOCATED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO BALANCES TOTAL
<S> <C> <C> <C> <C> <C>
$ -- $ 12 $ 71 $ 39 $ 82,084 $ 82,644
-- -- -- -- -- 74,280
252,264 197,930 113,376 311,967 -- 1,482,954
---------- ---------- ---------- ---------- ---------- ----------
252,264 197,942 113,447 312,006 82,084 1,639,878
25,012 21,575 12,097 25,447 -- 144,187
6,988 4,174 1,611 80 142 44,020
---------- ---------- ---------- ---------- ---------- ----------
284,264 223,691 127,155 337,533 82,226 1,828,085
11,737 8,689 2,471 8,368 -- 80,718
---------- ---------- ---------- ---------- ---------- ----------
$ 272,527 $ 215,002 $ 124,684 $ 329,165 $ 82,226 $1,747,367
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE> 10
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
AGGRESSIVE CROWN CRAFTS, LIFE LIFE
GROWTH INC. STAGE I STAGE II
PORTFOLIO COMMON STOCK PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ADDITIONS
Investment Income -
Net Appreciation
(Depreciation) in Fair
Value of Investments $ (61,953) $ 56,931 $ 52,729 $ 49,109
Interest and Dividends 184,627 1,602 36,280 38,337
--------- --------- --------- ---------
122,674 58,533 89,009 87,446
--------- --------- --------- ---------
Contributions -
Sponsor's 129,496 22,377 97,239 90,877
Participants' 348,534 57,166 234,110 239,444
--------- --------- --------- ---------
478,030 79,543 331,349 330,321
--------- --------- --------- ---------
Total Additions 600,704 138,076 420,358 417,767
--------- --------- --------- ---------
DEDUCTIONS
Benefits Paid to Participants 30,599 4,534 22,275 33,821
Administrative Expenses 10,723 1,972 6,213 6,656
--------- --------- --------- ---------
Total Deductions 41,322 6,506 28,488 40,477
--------- --------- --------- ---------
NET INCREASE BEFORE
PORTFOLIO TRANSFERS 559,382 131,570 391,870 377,290
Portfolio Transfers (17,435) (6,914) 51,276 11,711
--------- --------- --------- ---------
NET INCREASE (DECREASE) 541,947 124,656 443,146 389,001
NET ASSETS AVAILABLE
FOR BENEFITS
BEGINNING OF YEAR 405,904 80,608 237,251 272,527
--------- --------- --------- ---------
END OF YEAR $ 947,851 $ 205,264 $ 680,397 $ 661,528
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 11
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
LIFE LIFE STABLE
STAGE III STAGE IV VALUE PARTICIPANT UNALLOCATED
PORTFOLIO PORTFOLIO PORTFOLIO LOANS BALANCES TOTAL
<S> <C> <C> <C> <C> <C>
$ 29,686 $ 10,115 $ 24,318 $ -- $ -- $ 160,935
29,417 18,584 904 -- -- 309,751
---------- ---------- ---------- ---------- ---------- ----------
59,103 28,699 25,222 -- -- 470,686
---------- ---------- ---------- ---------- ---------- ----------
60,841 39,779 81,788 -- -- 522,397
174,275 101,291 158,104 -- (82,224) 1,230,700
---------- ---------- ---------- ---------- ---------- ----------
235,116 141,070 239,892 -- (82,224) 1,753,097
---------- ---------- ---------- ---------- ---------- ----------
294,219 169,769 265,114 -- (82,224) 2,223,783
---------- ---------- ---------- ---------- ---------- ----------
32,786 8,218 21,608 -- -- 153,841
5,328 2,981 7,311 -- -- 41,184
---------- ---------- ---------- ---------- ---------- ----------
38,114 11,199 28,919 -- -- 195,025
---------- ---------- ---------- ---------- ---------- ----------
256,105 158,570 236,195 -- (82,224) 2,028,758
(22,619) (5,049) (28,627) 17,659 (2) --
---------- ---------- ---------- ---------- ---------- ----------
233,486 153,521 207,568 17,659 (82,226) 2,028,758
215,002 124,684 329,165 -- 82,226 1,747,367
---------- ---------- ---------- ---------- ---------- ----------
$ 448,488 $ 278,205 $ 536,733 $ 17,659 $ -- $3,776,125
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE> 12
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
PLAN DESCRIPTION
The following description of The Crown Crafts, Inc. 401(k) Retirement Savings
Plan provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
The Plan is a defined contribution retirement savings plan with a cash or
deferred arrangement covering substantially all employees of Crown Crafts, Inc.
and affiliates (the sponsor) meeting minimum age and service requirements. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA). The Plan was established effective January 1, 1996, and initial
contributions were made into the trust fund in January, 1996. The Plan was
amended on September 22, 1997, to provide for the entry of employees of acquired
and affiliated companies.
The Plan allows contributions by participating employees of an amount equal to
not less than 1% and not greater than 15% of their eligible compensation.
Matching contributions are made at the discretion of the sponsor. The sponsor
matches participants' elective contributions at the rate of 100% of the first 2%
of compensation deferred by each participant. The participants direct their
elective contributions and related matching contributions to several investment
options designed by the investment advisor. All contributions are limited to the
maximum amount deductible under the applicable provisions of the Internal
Revenue Code of 1986 (the Code).
Each participant's account is credited with the participant's contribution, the
sponsor's matching contribution, and earnings thereon less administrative
expenses. Each participant has a fully vested, nonforfeitable right to all
amounts credited to his account under the elective salary reduction portion of
the Plan. Each participant's right in sponsor contributions vests ratably over a
five year period. Forfeitures are applied to reduce the sponsor's matching
contribution.
Upon service or disability retirement, death or termination, the participant or
beneficiary will receive a lump-sum amount equal to the value of the
participant's vested account.
Although it has not expressed any intent to do so, the sponsor has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
5
<PAGE> 13
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
PLAN DESCRIPTION - continued
The Plan offers participants seven investment options which consist of shares of
the sponsor's common stock and six portfolios of mutual funds which are managed
by an investment advisor:
CROWN CRAFTS, INC. COMMON STOCK - Funds are invested in common stock of Crown
Crafts, Inc.
AGGRESSIVE GROWTH PORTFOLIO - Diverse growth-oriented portfolio invested in the
stocks of large U.S. companies, small-medium companies and international
companies.
LIFE STAGE I PORTFOLIO - Invests in common stock of large U.S. companies,
small-medium companies and international companies.
LIFE STAGE II PORTFOLIO - Invests in common stocks and bonds of small, medium
and large U.S. and international companies.
LIFE STAGE III PORTFOLIO - Invests in common stocks and bonds of large U.S.
companies, small-medium companies and international companies.
LIFE STAGE IV PORTFOLIO - Invests in medium term bonds and the common stocks of
small, medium and large U.S. and international companies.
STABLE VALUE PORTFOLIO - Invests in a mixture of contracts with major banks and
insurance companies which, in turn, invest in high grade bonds.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies and practices followed by the Plan are as
follows:
BASIS OF ACCOUNTING - The financial statements of the Plan are prepared under
the accrual method of accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION - The Plan's investments are stated
at fair value. Shares of registered investment companies are valued at quoted
market prices which represent the net asset value of shares held by the Plan at
year end. The company stock is valued at its quoted market price.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
NET APPRECIATION (DEPRECIATION) IN THE FAIR VALUE OF INVESTMENTS - The Plan
presents in the statements of changes in net assets available for benefits the
net appreciation (depreciation) in the fair value of its investments, which
consists of the realized gains (losses) and the unrealized appreciation
(depreciation) on those investments.
6
<PAGE> 14
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
PARTICIPANT LOANS - Participants may borrow from their fund accounts a minimum
of $1,000, or such lesser amount as established by the Administrative Committee,
up to a maximum equal to the lesser of $50,000 or 50% of their account balance.
Loan transactions are treated as a transfer to (from) the investment funds from
(to) Participant Loans. Loan terms range up to 5 years or up to 10 years for the
purchase of a primary residence. The loans are secured by the balance in the
participant's account and bear interest at a rate commensurate with local
prevailing rates as determined by the Administrative Committee. Principal and
interest are paid ratably through monthly payroll deductions.
RISKS AND UNCERTAINTIES - The Plan provides for various investment options in a
combination of mutual funds and other investment securities. Investment
securities are exposed to various risks, such as interest rate, market and
credit. Due to the level of risk associated with certain investment securities
and the level of uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in risks in the near
term would materially affect participants' account balances and the amounts
reported in the statement of net assets available for benefits and the statement
of changes in net assets available for benefits.
PAYMENT OF BENEFITS - Benefits are recorded when paid. As of December 31, 1997,
$76,432 has been allocated to participants who have elected to withdraw from the
Plan but have not been paid.
FORFEITED ACCOUNTS - As of December 31, 1997, forfeited nonvested accounts
totalled $61,572. These accounts will be used to reduce future sponsor
contributions.
ESTIMATES - The preparation of financial statements in conformity with generally
accepted accounting principles requires the Administrative Committee to make
estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results may differ from those estimates.
TAX STATUS
The Administrative Committee for the sponsor believes the Plan meets the
requirements for tax qualification described in Section 401(a) of the Internal
Revenue Code of 1986 (the Code). Accordingly, the Plan's related trust is exempt
from tax under Section 501(a) of the Code. A favorable determination letter has
been received from the Internal Revenue Service on the tax qualification of the
Plan as amended through September 22, 1997. Continued qualification of the Plan
will depend upon its operation in accordance with applicable requirements of the
Code.
INVESTMENTS
Under the terms of an agreement between Reiser, Builder & Douglas, Inc.
Investment Advisors and the sponsor, the investment advisor establishes
investment portfolios and selects specific investment vehicles (primarily equity
mutual funds). The assets are held in a trust fund by SouthTrust Bank, N.A.
7
<PAGE> 15
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
INVESTMENTS - continued
The following table presents the fair value of investments as of December 31,
1997 and 1996:
<TABLE>
<CAPTION>
1997 1996
NUMBER OF NUMBER OF
SHARES/UNITS FAIR VALUE SHARES/UNITS FAIR VALUE
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS
Atlanta Money Market 16,066 $ 16,066 82,644 $ 82,644
---------- -----------
COMMON STOCKS
Crown Crafts, Inc. 12,141 189,703 7,428 74,280
---------- -----------
MUTUAL FUNDS
EuroPacific Growth Fund 10,899 283,584 4,411 114,855
Federated Max-Cap Fund 40,879 825,750 20,949 334,138
Federated Mini-Cap Fund 11,934 181,875 4,865 68,299
Stable Value Fund 27,592 519,135 17,574 311,967
Dreyfus MidCap Index Fund 7,375 189,085 3,354 71,210
PIMCO Total Return 40,800 432,484 18,614 195,450
Twentieth Century Ultra 32,745 893,930 13,778 387,035
---------- -----------
3,325,843 1,482,954
---------- -----------
PARTICIPANT LOANS 17,655 --
---------- -----------
$3,549,267 $ 1,639,878
========== ===========
</TABLE>
ADMINISTRATIVE EXPENSES
The Plan sponsor paid $74,315 and $58,905 of administrative expenses incurred by
the Plan during 1997 and 1996, respectively.
8
<PAGE> 16
SUPPLEMENTAL SCHEDULES
<PAGE> 17
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
ITEM 27a OF FORM 5500
DECEMBER 31, 1997
EMPLOYER IDENTIFICATION NUMBER: 58-0678148 PLAN NUMBER: 334
<TABLE>
<CAPTION>
CURRENT
IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT COST VALUE
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS
SouthTrust Bank, N.A. Atlanta Money Market $ 16,066 $ 16,066
---------- ----------
COMMON STOCKS
Crown Crafts, Inc. Common Stock 130,344 189,703
---------- ----------
MUTUAL FUNDS
The American Funds Group EuroPacific Growth Fund 287,976 283,584
Federated Investors Federated Max-Cap Fund 687,853 825,750
Federated Investors Federated Mini-Cap Fund 175,982 181,875
Morley Institutional
Investors Stable Value Fund 486,410 519,135
Dreyfus Family of Funds Dreyfus MidCap Index Fund 166,637 189,085
PIMCO PIMCO Total Return 427,208 432,484
American Century
Investments Twentieth Century Ultra 956,758 893,930
---------- ----------
3,188,824 3,325,843
---------- ----------
PARTICIPANT LOANS
Participant Loans 9.5% Notes Receivable
from Participants -- 17,655
---------- ----------
TOTAL INVESTMENTS $3,335,234 $3,549,267
========== ==========
</TABLE>
10
<PAGE> 18
THE CROWN CRAFTS, INC. 401(K) RETIREMENT SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
ITEM 27d OF FORM 5500
YEAR ENDED DECEMBER 31, 1997
EMPLOYER IDENTIFICATION NUMBER: 58-0678148 PLAN NUMBER: 334
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET
IDENTITY OF PURCHASE SELLING COST OF ON TRANSACTION NET
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE ASSET DATE GAIN
<S> <C> <C> <C> <C> <C> <C>
The American Funds
Group EuroPacific Growth Fund $ 179,760 $ 179,760 $ 179,760
The American Funds
Group EuroPacific Growth Fund $ 4,939 $ 4,370 $ 4,939 $ 569
Federated Investors Federated Max-Cap Fund $ 389,229 $ 389,229 $ 389,229
Federated Investors Federated Max-Cap Fund $ 24,118 $ 19,499 $ 24,118 $ 4,619
Federated Investors Federated Mini-Cap Fund $ 102,751 $ 102,751 $ 102,751
Federated Investors Federated Mini-Cap Fund $ 2,954 $ 2,780 $ 2,954 $ 174
Morley Institutional
Investors Stable Value Fund $ 201,448 $ 201,448 $ 201,448
Morley Institutional
Investors Stable Value Fund $ 18,600 $ 17,478 $ 18,600 $ 1,122
PIMCO PIMCO Total Return $ 241,437 $ 241,437 $ 241,437
PIMCO PIMCO Total Return $ 8,984 $ 8,812 $ 8,984 $ 172
American Century
Investments Twentieth Century Ultra $ 569,957 $ 569,957 $ 569,957
</TABLE>
11
<PAGE> 19
THE CROWN CRAFTS, INC. 401(k) RETIREMENT SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
ITEM 27d OF FORM 5500
YEAR ENDED DECEMBER 31, 1997
EMPLOYER IDENTIFICATION NUMBER: 58-0678148 PLAN NUMBER: 334
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET
IDENTITY OF PURCHASE SELLING COST OF ON TRANSACTION NET
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE ASSET DATE GAIN
<S> <C> <C> <C> <C> <C> <C>
American Century
Investments Twentieth Century Ultra $ 24,360 $ 22,041 $ 24,360 $ 2,319
Dreyfus Family
of Funds Dreyfus MidCap Index Fund $ 95,495 $ 95,495 $ 95,495
Dreyfus Family
of Funds Dreyfus MidCap Index Fund $ 3,010 $ 2,665 $ 3,010 $ 345
</TABLE>
12
<PAGE> 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33- 64499) pertaining to The Crown Crafts, Inc. 401(k) Retirement
Savings Plan of our report dated July 2, 1998, with respect to the financial
statements and schedules of The Crown Crafts, Inc. 401(k) Retirement Savings
Plan included in this Annual Report (Form 11-K) for the year ended December 31,
1997.
/s/ Joseph Decosimo and Company, LLP
JOSEPH DECOSIMO AND COMPANY
A GEORGIA LIMITED LIABILITY PARTNERSHIP
Atlanta, Georgia
July 13, 1998
