Upholstery fabric maker Culp shows improvements
Staff Staff -- Furniture Today, November 29, 2007
High Point, N.C. – Culp, manufacturer of fabric for mattresses and upholstery fabric, reported encouraging earnings growth in its fiscal 2008 second-quarter results, with net income of $1.6 million or $0.12 per diluted share nearly double the $0.8 million or $0.07 EPS in the year-ago period.
Year-to-date, Culp has seen sales grow 7.0% to $129.6 million while net income has more than doubled, to $2.4 million or $0.19 EPS.
Sales on the mattress side have been growing, but Culp has experienced rougher going on the upholstery side – and the company hopes to benefit there from its ongoing restructuring. Frank Saxon, ceo, observed, “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.”
“We are making sound progress so far in fiscal 2008 as we execute our strategy and build upon the leadership positions we enjoy in both of our operating segments,” Saxon concluded.
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