Fiscal 2014 Second Quarter Highlights:
-Net sales were $70.6 million, up eight percent, with mattress fabric sales up two percent and upholstery fabric sales up 17 percent, as compared with the same quarter last year. This reflects the highest sales level for the second quarter in nine years.
-Pre-tax income was $4.8 million, up six percent from $4.5 million in the second quarter of fiscal 2013.
-Adjusted net income (non-GAAP) was $4.1 million, or $0.33 per diluted share, for the current quarter, compared with $3.9 million, or $0.31 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 6). Net income (GAAP) was $3.1 million, or $0.25 per diluted share, compared with net income of $8.3 million, or $0.67 per diluted share, in the prior year period.
-The company’s financial position remained strong with a total cash position of $30.5 million and total debt of $5.0 million as of October 27, 2013, even after spending $4.0 million in total for debt and interest payments, dividends and capital expenditures during the quarter.
-The company announced a 25 percent increase in its quarterly cash dividend from $0.04 to $0.05 per share, commencing in the third quarter of fiscal 2014.
Fiscal 2014 Year to Date Highlights
-Year to date sales were $140.7 million, up four percent from the same period a year ago, with mattress fabrics segment sales up one percent and upholstery fabrics segment sales up nine percent over the same period a year ago.
-Year to date pre-tax income was $10.3 million, up five percent from $9.9 million for the same period last year.
-Year to date adjusted net income (non-GAAP) was $8.8 million, or $0.70 per diluted share, compared with $8.4 million, or $0.67 per diluted share, for the prior year period.
-Net income (GAAP) was $6.3 million, or $0.51 per diluted share, compared with net income of $11.8 million, or $0.94 per diluted share, for the same period a year ago.
-Consolidated return on capital was 29 percent, equal to the same period a year ago.
-Free cash flow was $7.5 million, up from $5.7 million for the same period a year ago.
- The projection for third quarter fiscal 2014 is for overall sales to be five to nine percent higher as compared to the previous year’s third quarter. Pre-tax income for the third quarter of fiscal 2014 is expected to be in the range of $4.5 to $5.0 million. Pre-tax income for the third quarter of fiscal 2013 was $4.5 million.
For the second quarter ended October 27, 2013, net sales were $70.6 million, an eight percent increase compared with $65.6 million a year ago. The company reported net income of $3.1 million, or $0.25 per diluted share, for the second quarter of fiscal 2014, compared with net income of $8.3 million, or $0.67 per diluted share, for the second quarter of fiscal 2013.
Net income for the second quarter of 2014 included an income tax expense of $1.7 million, while net income for the previous year period included an income tax benefit of $3.7 million.
The income tax benefit for the second quarter of fiscal 2013 included a benefit of $5.6 million, of which $12.2 million was for the non-cash reversal of primarily all of the remaining valuation allowance associated with the company’s net deferred tax assets in the U.S., partially offset by a non-cash income tax charge of $6.6 million associated with the sourced earnings from the company’s subsidiaries in Canada and China.
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