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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

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