Home / Knowledge / News / Apparel/Garments / Culp FY'13 revenue increases 5.6%
Culp FY'13 revenue increases 5.6%
13
Jun '13
Culp, Inc. reported financial and operating results for the fourth quarter and fiscal year ended April 28, 2013.

Fiscal 2013 Full Year Highlights

- Net sales were $268.8 million, up 5.6 percent from fiscal 2012, with mattress fabrics segment sales up 5.8 percent and upholstery fabrics segment sales up 5.4 percent over the prior year.

- Pre-tax income was $20.3 million, the highest level in 15 years, up 43 percent from $14.2 million in fiscal 2012.

- Adjusted net income (non-GAAP) was $17.4 million, or $1.40 per diluted share, compared with $11.6 million, or $0.90 per diluted share, for the prior year period.

- Net income (GAAP) was $18.3 million, or $1.47 per diluted share, compared with net income of $13.3 million, or $1.03 per diluted share, last year. Net income included a $2.0 million income tax expense, while net income for the previous year included a $902,000 income tax expense.

- Return on capital was 29 percent, the highest level since the company went public in 1983, compared with 22 percent in fiscal 2012.

- Free cash flow was $13.1 million, up from $6.6 million in fiscal 2012, after investing $11.0 million in working capital and capital expenditures. Cash flow from operations was $17.1 million, up from $12.0 million for the prior year.

- The company returned $12.6 million to shareholders, which equals approximately $1.00 per share, in the form of $7.6 million in cash dividends and $5.0 million in share repurchases.

-The company’s financial position remained strong with cash and cash equivalents and short term investments of $28.8 million and total debt of $7.2 million as of April 28, 2013, a net cash position of $21.6 million. This compares to a net cash position of $21.0 million at the end of fiscal 2012.

Fiscal 2013 Fourth Quarter Highlights:

- Net sales were $70.4 million, down 7.0 percent, with mattress fabric sales down 5.9 percent and upholstery fabric sales down 8.6 percent, compared with an exceptionally strong fourth quarter last year.

- Pre-tax income was $5.9 million, compared with $5.5 million in the fourth quarter of fiscal 2012.

- Adjusted net income (non-GAAP) was $5.0 million, or $0.41 per diluted share, for the current quarter, compared with $4.5 million, or $0.35 per diluted share, for the prior year period. (Adjusted net income is calculated using estimated cash income tax expense. See the reconciliation to net income on page 7).

- Net income (GAAP) was $3.7 million, or $0.30 per diluted share, compared with net income of $3.4 million, or $0.27 per diluted share, in the prior year period.

- The company has increased its quarterly cash dividend by 33 percent from $0.03 to $0.04 per share, commencing in the first quarter of fiscal 2014.

- The projection for first quarter fiscal 2014 is for overall sales to be in the range of three percent lower to two percent higher, compared with the previous year’s first quarter. Pre-tax income for the first quarter of fiscal 2014 is expected to be in the range of $4.9 million to $5.6 million. Pre-tax income for the first quarter of fiscal 2013 was $5.4 million.

- The company expects fiscal 2014 to be another solid year for free cash flow.

Culp Inc

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search