Home / Knowledge / News / Textiles / Net income rises 26.6% in Q2 FY16 at Culp
Net income rises 26.6% in Q2 FY16 at Culp
05
Dec '15
Culp Inc, a global supplier of fabrics to the bedding and upholstery industry based in US, announced a rise of 26.6 per cent in its net income in the second quarter of fiscal 2016, ending on November 1, 2015, according to a press statement released by the company.

The net income for the second quarter of fiscal 2016 was recorded at $3.8 million as compared to $3.0 million in the corresponding quarter last fiscal. Earnings per diluted share were $0.30 for the second quarter of fiscal 2016 as compared to $0.24 in the corresponding quarter last fiscal.

Adjusted net income on a non-GAAP basis was $5.2 million for the second quarter of fiscal 2016 as compared to $4.1 million in the same period last fiscal. Pre-tax income for the quarter was recorded at $6.1 million as compared to $4.9 million in the second quarter of fiscal 2015.

Net sales for the second quarter of fiscal 2016 were $77 million as compared to $74 million in the corresponding quarter last fiscal.

Commenting on the results, Frank Saxon, president and CEO of Culp Inc said, “Overall, our second quarter sales were in line with our expectations, and we are pleased with our consistent overall growth trend through the first half of fiscal 2016.”

“We are also pleased that our financial performance and strong balance sheet have enabled us to increase our quarterly cash dividend by 17 per cent on an annualised basis. Notably, we have consistently increased our quarterly dividend every year since we reinstated the dividend in June 2012,” he added.

Commenting on the outlook for the third quarter of fiscal 2016, Saxon remarked, “We expect overall sales to be flat to slightly higher as compared with a strong performance for the third quarter of last year, which reflected a 12 per cent year-over-year improvement.” (MCJ)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: American & Efird

Textiles | On 20th May 2018

A&E introduces Repel

American & Efird (A&E), a global leader in industrial sewing thread...

Archroma working with House of Denim Foundation

Textiles | On 20th May 2018

Archroma working with House of Denim Foundation

Archroma, a leader in colour and specialty chemicals, has joined...

Courtesy: Amazon

Textiles | On 20th May 2018

Amazon opening first fulfillment centre in Tucson

Amazon.com is opening its first fulfillment centre in Tucson, which...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Top executives
Textile industry, India

The event should be organised every year

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search