“Overall, even though our fourth quarter profitability was lower than anticipated, we expect to report another solid annual performance for Culp in fiscal 2014. Total sales for fiscal 2014 are expected to be up approximately 7 percent over last fiscal year, with mattress fabrics sales and upholstery fabrics sales expected to be up approximately 4 percent and 10 percent, respectively. Pre-tax income for fiscal 2014 is expected to be $19.0 million to $19.3 million, which compares to $20.3 million for fiscal 2013. “While we have experienced some recent short-term production challenges, we continue to see favorable demand trends in both businesses as we head into the new fiscal year, and believe our competitive position has strengthened considerably during the year. Further, our products have been very well received at recent home furnishings markets with strong placements. We have a solid financial position to support our growth strategy, with free cash flow for the year expected to be slightly higher than the $13.1 million achieved in fiscal 2013.
Culp, Inc. announced that, based on unaudited preliminary results and current estimates, the company expects pre-tax income to be in the range of #
“We expect to end fiscal 2014 with approximately $35 million in cash and cash equivalents and short-term investments, up from $30.4 million at the end of the third quarter. Given our $5 million in total debt, our net cash position is expected to be approximately $30 million. We continue to be excited about the opportunities ahead for Culp in fiscal 2015,” added Saxon.
Culp, Inc. announced that, based on unaudited preliminary results and current estimates, the company expects pre-tax income to be in the range of #
The company expects to report financial and operating results for the fourth quarter and fiscal 2014 in mid-June 2014.
Culp, Inc. announced that, based on unaudited preliminary results and current estimates, the company expects pre-tax income to be in the range of #
About the Company
Culp, Inc. is one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp’s manufacturing facilities and fabrics sourced through other suppliers. Culp has operations located in the United States, Canada, China and Poland.
Culp, Inc. announced that, based on unaudited preliminary results and current estimates, the company expects pre-tax income to be in the range of #
Culp
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