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Culp Q4’FY14 net sales up 6.8% to $287.2mn

June 13, 2014 (United States Of America)

Culp, Inc. reported financial and operating results for the fourth quarter and fiscal year ended April 27, 2014.
 
Fiscal 2014 Full Year Highlights
Net sales were $287.2 million, up 6.8 percent from fiscal 2013, representing the fifth consecutive year of overall annual sales growth, with mattress fabrics segment sales up 4.3 percent, a record year, and upholstery fabrics segment sales up 10.2 percent over the prior year.
 
Pre-tax income was $19.0 million, compared with $20.3 million in fiscal 2013. Adjusted net income (non-GAAP) was $15.7 million, or $1.26 per diluted share, compared with $17.4 million, or $1.40 per diluted share, for the prior year period. (Adjusted net income is calculated using estimated cash income tax expense)
 
Net income (GAAP) was $17.4 million, or $1.41 per diluted share, compared with net income of $18.3 million, or $1.47 per diluted share, last year.
 
Return on capital was 26 percent, compared with 29 percent in fiscal 2013. Free cash flow was $13.8 million, after investing $7.2 million in working capital, capital expenditures and other items, compared with $13.1 million in fiscal 2013.
 
The company’s financial position remained strong with cash and cash equivalents and short term investments of $35.6 million and total debt of $5.0 million as of April 27, 2014, or a net cash position of $30.6 million, representing the highest level in the company’s history. This compares to a net cash position of $21.7 million at the end of fiscal 2013.
 
Fiscal 2014 Fourth Quarter Highlights
Net sales were $74.0 million, up 5.2 percent, with mattress fabric sales up 6.9 percent and upholstery fabric sales up 2.8 percent, compared with the fourth quarter last year.
 
Pre-tax income was $4.1 million, compared with $5.9 million in the fourth quarter of fiscal 2013. Adjusted net income (non-GAAP) was $3.4 million, or $0.27 per diluted share, for the current quarter, compared with $5.0 million, or $0.41 per diluted share, for the prior year period.
 
Net income (GAAP) was $2.7 million, or $0.22 per diluted share, compared with net income of $3.7 million, or $0.30 per diluted share, in the prior year period.
 
The company announced a special cash dividend of $0.40 per share and a quarterly cash dividend of $0.05 per share, both payable in July 2014.
 
The projection for first quarter fiscal 2015 is for overall sales to be in the range of 4 percent to 9 percent higher, compared with the previous year’s first quarter. The first quarter of fiscal 2015 will be a 14-week period compared with 13 weeks in the first quarter of fiscal 2014. Pre-tax income for the first quarter of fiscal 2015 is expectedto be in the range of $4.8 million to $5.7 million. Pre-tax income for the first quarter of fiscal 2014 was $5.5 million. The company expects fiscal 2015 to be a good year for free cash flow.
 
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