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Culp Q3FY'13 sales rise in double digits
28
Feb '13
Culp, Inc. reported financial and operating results for the third quarter and nine months ended January 27, 2013.

Fiscal 2013 Third Quarter Highlights:

Net sales were $63.7 million, up 5.4 percent, with mattress fabric sales up 2.3 percent and upholstery fabric sales up 9.5 percent, as compared with the same quarter last year.

Pre-tax income was $4.5 million, up from $2.9 million in the third quarter of fiscal 2012.

Adjusted net income (non-GAAP) was $3.9 million, or $0.32 per diluted share, for the current quarter, compared with $2.4 million, or $0.19 per diluted share, for the prior year period.

Net income (GAAP) was $2.8 million, or $0.23 per diluted share, compared with net income of $1.8 million, or $0.14 per diluted share, in the prior year period.

The company’s financial position remained strong with cash and cash equivalents and short term investments of $24.7 million and total debt of $7.3 million as of January 27, 2013.

The company paid a special cash dividend of $0.50 per share and the quarterly cash dividend of $0.03 per share, totaling $6.5 million.

Fiscal 2013 Year to Date Highlights

The company has returned $12.2 million to shareholders, which, on a per share basis, equals $1.00 per share, in the form of $7.2 million in cash dividends and $5.0 million in share repurchases

Sales were $198.4 million, up 11.0 percent from the same period a year ago, with mattress fabrics segment sales up 10.8 percent and upholstery fabrics segment sales up 11.3 percent over the same period a year ago.

Pre-tax income was $14.4 million, up from $8.7 million for the same period last year.

Adjusted net income (non-GAAP) was $12.3 million, or $.99 per diluted share, compared with $7.1 million, or $0.55 per diluted share, for the prior year period.

Net income (GAAP) was $14.6 million, or $1.17 per diluted share, compared with net income of $9.9 million, or $0.76 per diluted share, for the same period a year ago. Year to date net income included a $188,000 income tax benefit, while net income for the previous year included a $1.2 million income tax benefit.

Return on capital was 28 percent, up from 18 percent for the same period a year ago.

Cash flow from operations was $10.8 million, up from $2.7 million for the same period a year ago.

The projection for fourth quarter fiscal 2013 is for overall sales to be 4 percent to 9 percent lower compared with the previous year’s fourth quarter, which had stronger industry demand. Pre-tax income for the fourth quarter of fiscal 2013 is expected to be in the range of $5.2 million to $5.8 million. Pre-tax income for the fourth quarter of fiscal 2012 was $5.5 million.

The projection for the full year is for overall sales to be up approximately 5 percent. Pretax income is expected to be $19.6 million to $20.2 million, up significantly from $14.2 million last fiscal year.

Culp Inc

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