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: Ministry of Trade and Industry, Singapore

Textiles | On 22nd Feb 2018

Final version of CPTPP pact released; to be signed in March

The final version of the Comprehensive and Progressive Agreement for...

Amazon India crosses 3 lakh seller base in less than 5 yrs

Apparel/Garments | On 22nd Feb 2018

Amazon India crosses 3 lakh seller base in less than 5 yrs

Amazon recently claimed to have crossed the three-lakh seller base in ...

Indian e-retail market may see 250% growth in 3 yrs: Crisil

Apparel/Garments | On 22nd Feb 2018

Indian e-retail market may see 250% growth in 3 yrs: Crisil

India’s e-retail market may rise by 250 per cent in the next three...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Marcel Alberts
Eurofibers

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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