Net income for the first six months of fiscal 2008 was $2.4 million, or $0.19 per diluted share, compared with $946,000, or $0.08 per diluted share, for the same period last year. Excluding restructuring and related charges, net income for the first six months of fiscal 2008 was $3.5 million, or $0.28 per diluted share. Excluding restructuring and related charges, net income for the first six months of fiscal 2007 was $2.2 million, or $0.19 per diluted share.
Frank Saxon, chief executive officer of Culp, Inc., said, 'We delivered a solid performance in the second quarter of fiscal 2008 during what has continued to be a challenging retail environment for the furniture industry. Our year over year sales gains and profitability improvement reflect continued growth in our mattress fabrics segment. While our upholstery fabrics sales have been affected by very difficult industry conditions, our China platform and lower operating cost structure have positioned us to operate more efficiently during the downturn, remain profitable on lower volumes and benefit from any upturn in demand. Additionally, we were pleased with the significant improvement in cash flow from operations during the first half of this year.'
Mattress Fabrics Segment
Mattress fabric (known as mattress ticking) sales for the second quarter were $36.0 million, a 53 percent increase compared with $23.5 million for the second quarter of fiscal 2007. This trend reflects the incremental sales related to the company's acquisition of ITG's mattress fabrics product line in January 2007 and some organic growth. Mattress fabric sales represented 56 percent of total company sales for the quarter. On a unit volume basis, total yards sold increased by 48 percent compared with the second quarter of fiscal 2007
Source link: http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20071128006098&newsLang=en
SAN FRANCISCO, Nov. 28, 2007 (Thomson Financial delivered by Newstex) -- Culp Inc. (NYSE:CFI) after Wednesday's closing bell reported fiscal second-quarter net earnings of $1.55 million, or 12 cents a share, up from $812,000, or 7 cents a share, during the year earlier.
The latest results include $503,000, or 4 cents a share, in after-tax restructuring and related charges. Excluding these charges, earnings were $2.1 million, or 16 cents a share.
The High Point, N.C.-based maker of upholstery and mattress fabrics posted revenue for the three months ended Oct. 28 of $64.3 million versus $59 million last year.
For the third quarter, sales in the mattress fabrics segment are expected to be up 30% to 35%, Culp said. Sales in the upholstery fabrics segment, are expected to be down about 15% to 20%, due mostly to lower sales of U.S.-produced fabrics.
Overall, the company said it expects sales for the quarter to be slightly higher than the year-ago period.
Net earnings are expected to come in between 4 cents and 8 cents a share, Culp said
Source link: http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-21292091.htm
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