Leaner Culp posts profit in latest qtr.
By Furniture Today Staff -- Furniture Today, February 24, 2002
HIGH POINT — HIGH POINT — Fabric and ticking supplier Culp Inc. turned a profit in its third quarter, a sign its restructuring is working, the company said.
Culp reported net income of $170,000 on sales of $90.6 million in the quarter ended Jan. 27, compared with a net loss of $5.5 million on sales of $95.9 million in the previous year's third quarter. Excluding restructuring and related charges, the net loss in the previous quarter was $3.4 million.
The company has consolidated capacity in its Culp Decorative Fabrics division, closed one of four plants in its yarn division, and slashed sales, administrative and operational expenses.
"Culp is a different company than we were 18 months ago," said Rob Culp, chief executive officer. International sales were down 40% largely because of the strong dollar, but he said Culp is gaining domestic market share, with third-quarter domestic shipments up 5% over last year.
| Quarter ended 1/27 | 2002 | 2001 | Change |
|---|---|---|---|
| Sales | $90,618,000 | $95,880,000 | (5.5%) |
| Operating income | 2,470,000 | (2,647,000) | — |
| Net income | 170,000 | (a)(5,470,000) | — |
| Earnings per share | 0.02 | (0.49) | — |
| 9 months ended 1/27 | 2002 | 2001 | Change |
| Sales | $273,481,000 | $308,739,000 | (11.4%) |
| Operating income | 6,016,000 | 1,145,000 | 425.4% |
| Net income | (b)(1,855,000) | (a)(6,884,000) | — |
| Earnings per share | (0.17) | (0.61) | — |
| (a) Includes a $2.5 million pretax restructuring charge in both periods and income tax benefits of $2.7 million in the 2001 quarter and $3.4 million in the 2001 nine months. (b) Includes a $1.3 million pretax restructuring charge and a $956,000 income tax benefit. | |||
-
Jennifer reports 2Q loss of $6.4 million
May 3, 2010 -
Simmons 2Q sales down 18.6%
Aug 31, 2009 -
Culp earns $5.4M in fiscal '08
Jun 22, 2008 -
Financial results
Apr 20, 2008 -
Culp narrows loss; uph. posts 4Q operating profit
Jul 16, 2006
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
