Home / Knowledge / News / Apparel/Garments / Culp Q3 FY14 net sales soar 13.6%
Culp Q3 FY14 net sales soar 13.6%
26
Feb '14
Culp, Inc. reported financial and operating results for the third quarter and nine months ended January 26, 2014.
 
Fiscal 2014 Third Quarter Highlights:
Net sales were $72.4 million, up 13.6 percent, with mattress fabric sales up 8.5 percent and upholstery fabric sales up 20.1 percent, as compared with the same quarter last year. -This reflects the highest sales level for the third quarter in ten years.
 
Pre-tax income was $4.6 million, compared with $4.5 million in the third quarter of fiscal 2013. The $4.6 million reflects the highest pre-tax income level for the third quarter in over 15 years.
 
Adjusted net income (non-GAAP) was $3.9 million, or $0.31 per diluted share, for the current quarter, compared with $3.9 million, or $0.32 per diluted share, for the prior year period. 
 
Net income (GAAP) was $8.4 million, or $0.68 per diluted share, compared with net income of $2.8 million, or $0.23 per diluted share, in the prior year period. Net income for the third quarter of fiscal 2014 included an income tax benefit $3.8 million, while net income for the third quarter of fiscal 2013 included an income tax expense of $1.7 million.
 
The company’s financial position remained strong with cash and cash equivalents and short term investments of $30.4 million and total debt of $5.0 million as of January 26, 2014.
 
The company paid a regular quarterly cash dividend of $0.05 per share, which compares with a $0.03 per share regular cash dividend in the prior year period.
 
Fiscal 2014 Year to Date Highlights
Year to date sales were $213.1 million, up 7.4 percent from the same period a year ago, with mattress fabrics segment sales up 3.4 percent and upholstery fabrics segment sales up 12.7 percent over the same period a year ago.
 
Pre-tax income was $14.9 million, up from $14.4 million for the same period last year.
Adjusted net income (non-GAAP) was $12.6 million, or $1.02 per diluted share, compared with $12.3 million, or $0.99 per diluted share, for the prior year period.
 
Net income (GAAP) was $14.7 million, or $1.19 per diluted share, compared with net income of $14.6 million, or $1.17 per diluted share, for the same period a year ago. Year to date net income for both periods was affected by substantial income tax benefits booked in the third quarter of fiscal 2014 and the second quarter of fiscal 2013.
 
Consolidated return on capital was 27 percent, compared with 28 percent for the same period a year ago.
 
Free cash flow was $8.0 million, compared with $8.5 million for the same period a year ago. The company expects free cash flow for fiscal 2014 to be comparable to the $13.1 million achieved in fiscal 2013.
 
Click here to view full results.

Culp


Must ReadView All

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

Trade & consumers want MDR free digital payments: CAIT

Apparel/Garments | On 12th Dec 2017

Trade & consumers want MDR free digital payments: CAIT

Transaction charges like the merchant discount rate (MDR) applicable...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search