Crown Crafts, inc. (CRWS)

[petermic]

So here's what happened:

CRWS has 9.5 milion shares outstanding. Until a month ago they had some old debt that had warrants associated with it to buy 22 million shares of common stock. That old debt went away, along with the warrants.

Because operations had improved since that old financing, the company was able to garner much better terms on their refinancing.

In summary, prior to the debt refinancing, the company showed 35mm shares outstanding. Subsequent to, only 10 million. EPS triples.

                                      July 10, 2006 (1)    July 11, 2006 (2) 
                                 -----------------    ----------------- 
  
  Outstanding Common Shares             9,505,937            9,505,937 
  
  Common Shares Issuable upon 
   Exercise of Warrants                22,345,536                    - 
  
  Shares Issuable to Management 
   upon Exercise of Warrants            3,550,000                    - 
  
  Stock Options Outstanding               536,100              536,100 
                                       ----------          ----------- 
                                       35,937,573  (3)      10,042,037