Culp 1Q sales up 4.2%
By Furniture Today Staff -- Furniture Today, September 2, 2007
High Point — Aided by its recent acquisition of the Burlington House mattress ticking line, fabric producer Culp Inc. said sales rose 4.2% in the first quarter of its fiscal year.
The company, which produces ticking and upholstery fabric, said sales in its ticking unit leaped 67% ahead of the same quarter last year due largely to the Burlington purchase.
Upholstery fabric sales, however, were 30% below the same period last year due to weak industry wide demand.
Total sales for the quarter ended July 29 were $65.2 million, compared with $62.6 million in last year's first fiscal quarter. Net income was $851,000 or seven cents per fully diluted share, up from $132,000 or one cent per share a year earlier.
The most recent quarter included restructuring charges of $624,000 or five cents per share. Last year's first quarter included restructuring charges of $985,000 or eight cents per share.
"We are off to an encouraging start for the first quarter of fiscal 2008 with overall higher sales and improved profitability compared with the same period last year," said Frank Saxon, CEO. "The mattress fabric business continues to be a bright spot."
Ticking sales for the quarter totaled $36.5 million, compared with $21.8 million in last year's first fiscal quarter.
Upholstery fabric sales, including cut and sewn kits, were $28.7 million, compared with $40.7 million in the same period last year.
Even Culp's upholstery operations in China, which had been experiencing significant growth, recorded a 20% sales decline in the quarter. Sales of U.S.-produced fabrics plunged 43%.
| Culp Inc. | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 7/29 | 2007 | 2006 | Change |
| (a) Includes after-tax charges for restructuring and related expenses of $624,000 in the 2007 quarter and $985,000 in the 2006 quarter. Also includes income tax of $460,000 in the 2007 quarter and an income tax benefit of $3,000 in the 2006 quarter. |
|||
| Sales | $65,230,000 | $62,585,000 | 4.2% |
| Operating income | 2,735,000 | 1,485,000 | 84.2% |
| Net income (a) | 851,000 | 132,000 | 544.7% |
| Earnings per share | 0.07 | 0.01 | 600.0% |
Culp sales drop 25.4%, with profit of $1.7M
07/06/2009Culp earns profit as sales fall 25.4%
06/24/2009Ticking sales boost Culp results
08/28/2007Culp Inc. profits rise in latest quarter
12/02/2009Culp 2Q sales increase 9%
12/01/2007
