Home / Knowledge / News / Textiles / Culp delivers good performance in FY'12
Culp delivers good performance in FY'12
14
Jun '12

Culp Inc. reported financial and operating results for the fourth quarter and fiscal year ended April 29, 2012.

Fiscal 2012 fourth quarter highlights:

  • Net sales were $75.7 million, up 25.4 percent, with mattress fabric sales up 23.3 percent and upholstery fabric sales up 28.4 percent. This is the company’s highest quarterly sales level in eight years.
  • Pre-tax income increased 17 percent to $5.5 million.
  • Adjusted net income was $4.5 million, or $0.35 per diluted share, for the current quarter, compared with $3.9 million, or $0.30 per diluted share, for the prior year period. Net income was $3.4 million, or $0.27 per diluted share, compared with net income of $6.0 million, or $0.45 per diluted share, in the prior year.
  • The company announced today the initiation of a quarterly cash dividend of $0.03 per share, commencing in the first quarter of fiscal 2013, implying an annual cash dividend of $0.12 per share.
  • The company also announced today the authorization of additional share repurchases, increasing authorized repurchases up to $5.0 million.

Fiscal 2012 full year highlights:

  • Net sales were $254.4 million, up 17.4 percent, with mattress fabric sales up 18.9 percent and upholstery fabric sales up 15.4 percent.
  • Pre-tax income decreased 6.0 percent to $14.2 million.
  • Adjusted net income was $11.6 million, or $0.90 per diluted share, in fiscal 2012 compared with $12.6 million, or $0.96 per diluted share, in fiscal 2011. Net income was $13.3 million, or $1.03 per diluted share, compared with $16.2 million, or $1.22 per diluted share, in the prior year period.
  • The company’s financial position remained strong during fiscal 2012 with a total cash position of $31.0 million at year end and total debt of $10.0 million.
  • The company repurchased 624,459, or 4.7 percent of its outstanding shares, for $5.4 million.
  • The projection for the first quarter of fiscal 2013 is for overall sales to increase approximately 6 to 11 percent. Pre-tax income is expected to be in the range of $3.6 million to $4.4 million. Pre-tax income for the first quarter of fiscal 2012 was $3.0 million.

Quarterly Dividend and Share Repurchase Program

The company announced that its Board of Directors has approved the payment of a quarterly cash dividend of $.03 per share, to be paid on or about July 16, 2012, to shareholders of record as of the close of business on July 2, 2012.

The company anticipates paying a cash dividend each quarter, with expected payment dates in October, January, April and July. The announcement today implies an annual cash dividend of $0.12 per share.

Future dividend payments are subject to Board approval and may be adjusted at theBoard’s discretion as business needs or market conditions change.


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Top executives
Textile industry

The foremost issue is bridging the skill gap

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Harmeet Singh

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

Suresh Patel
Sidwin Fabric

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

Urs Stalder
Sanitized AG

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi
Fendi s.r.l

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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


June 2018

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

news category


Related Categories:

Advanced Search