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