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

OECD urges UK for close EU ties to meet Brexit challenges

Textiles | On 24th Oct 2017

OECD urges UK for close EU ties to meet Brexit challenges

The British economy has weakened following the decision to leave the...

Courtesy: Karl Mayer

Textiles | On 24th Oct 2017

Karl Mayer upgrades Webshop Spare Parts platform

Karl Mayer, a technology and market leader as well as driving force...

Courtesy: A&E

Textiles | On 23rd Oct 2017

A&E unveils Magic using Repreve sewing thread

American & Efird (A&E), a leading developer of industrial and...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Suresh Patel
Sidwin Fabric

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

Paolo Ocleppo
Sandvik Hyperion

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

October 2017

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
76.1%
No
12.7%
Skip
11.3%

Total Votes: 71

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
62.0%
No
28.2%
Skip
9.9%

Total Votes: 71

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
85.9%
No
9.9%
Skip
4.2%

Total Votes: 71

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
76.1%
No
11.3%
Skip
12.7%

Total Votes: 71


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