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Culp delivers better than expectations in Q1 FY'13
30 Aug '12
3 min read
“We are also pleased that our focus on building a sound financial position and achieving favorable operating results over the past several years has enabled us to return cash to our shareholders in the form of cash dividends and significant share repurchases,” added Saxon.
Given the volatility in the income tax area during fiscal 2012 and previous years, the company is reporting adjusted net income (non-GAAP), which is calculated using estimated cash income tax expense for its foreign subsidiaries.
The company currently does not incur cash income tax expense in the U.S., nor does it expect to in the foreseeable future, due to its $60 million in U.S. net operating loss carryforwards.
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Culp Inc.
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