Home / Knowledge / News / Textiles / Sales & marketing initiatives successfully worked at Culp
Sales & marketing initiatives successfully worked at Culp
01
Mar '12
Culp Inc reported financial and operating results for the third quarter of fiscal 2012 ended January 29, 2012.

Highlights for the third quarter include the following:
• Net sales were $60.5 million, a 17 percent increase compared with the third quarter of fiscal 2011, with mattress fabrics segment sales up 24 percent and upholstery fabric segment sales up nine percent over the same period a year ago.
• Pre-tax income was $2.9 million, or 4.8 percent of sales, compared with $2.9 million, or 5.6 percent of sales, in the prior year period.
• Net income was $1.8 million, or $0.14 per diluted share, compared with net income of $2.4 million, or $0.18 per diluted share, for the third quarter of fiscal 2011.
• As of February 27, 2012, the company has repurchased 624,459 shares of Culp common stock for approximately $5.4 million, or 4.7 percent of shares outstanding at the beginning of its share repurchase program announced in June 2011.
• The company's financial position remained strong, with cash and cash equivalents and short term investments of $23.6 million and total debt of $10.1 million as of January 29, 2012, even with stock repurchases of $5.4 million, capital expenditures of $3.7 million and debt repayments of $2.4 million during this fiscal year.

Fiscal 2012 Year to Date Highlights
• Year to date sales were $178.7 million, up 14 percent from the same period a year ago, with mattress fabrics segment sales up 17 percent and upholstery fabrics segment sales up 11 percent over the same period a year ago.
• Year to date pre-tax income was $8.7 million, or 4.9 percent of sales, compared with $10.4 million, or 6.6 percent of sales for the same period last year.
• Year to date net income was $9.9 million, or $0.76 per diluted share, compared with net income of $10.2 million, or $0.77 per diluted share, for the same period a year ago. Year to date net income included a $1.2 million income tax benefit, while net income for the previous year period included an income tax expense of $213,000.
• Estimated year to date cash income tax rate was 18.2 percent and 15.3 percent through the first three quarters of fiscal 2012 and fiscal 2011, respectively.
• The projection for fourth quarter fiscal 2012 is for overall sales to increase approximately 8 to 13 percent. Pre-tax income for the fourth quarter of fiscal 2012 is expected to be in the range of $4.5 million to $5.4 million. Pre-tax income for the fourth quarter of fiscal 2011 was $4.7 million.

Commenting on the results, Frank Saxon, chief executive officer of Culp, Inc., said, “We are very pleased with the continued momentum in our sales for the third quarter of fiscal 2012. This positive trend reflects both improved industry demand and the success of our sales and marketing initiatives, along with the benefits of our innovative designs and lean global manufacturing platform."

"Both of our businesses had a strong sales performance in what is typically a slower quarterly period due to scheduled holiday plant shutdowns. Overall, our operating margins have continued to be affected by higher raw material costs and a stronger Chinese currency compared with the same quarter a year ago.”


Must ReadView All

Textiles | On 23rd Aug 2017

US govt initiates Section 301 investigation of China

The US government has initiated an investigation of China under...

Apparel/Garments | On 23rd Aug 2017

BRC welcomes clarity on goods flow during Brexit

British Retail Consortium (BRC) has welcomed the greater clarity that ...

Textiles | On 23rd Aug 2017

Pakistan minister seeks ideas to boost textile sector

The Pakistani Government will come out with short- and long-term...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

August 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
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

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
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

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
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

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
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


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