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Sales up 13% at mattress fabrics maker Culp in Q2 FY'12
28
Nov '12
Culp, Inc. reported financial and operating results for the second quarter and six months ended October 28, 2012.

Fiscal 2013 Second Quarter Highlights:

  • Net sales were $65.6 million, up 13.0 percent, with mattress fabric sales up 12.6 percent and upholstery fabric sales up 13.6 percent, as compared with the same quarter last year.
  • Pre-tax income was $4.5 million, up from $2.9 million in the second quarter of fiscal 2012.
  • Adjusted net income (non-GAAP) was $3.9 million, or $0.31 per diluted share, for the current quarter, compared with $2.3 million, or $0.18 per diluted share, for the prior year period.
  • Net income (GAAP) was $8.3 million, or $0.67 per diluted share, compared with net income of $6.3 million, or $0.49 per diluted share, in the prior year period. Net income for the second quarter of fiscal 2013 included an income tax benefit of $3.7 million, while net income for the second quarter of fiscal 2012 included an income tax benefit of $3.4 million.
  • The company’s financial position remained strong with a total cash position of $28.7 million and total debt of $7.7 million as of October 28, 2012, even after spending $4.6 million on stock repurchases and making a $2.6 million principal and interest payment during the quarter.
  • The company repurchased 455,299 shares during the quarter for a total of $4.6 million.
  • The company announced today the payment of a special cash dividend of $0.50 per share, and the acceleration of payment of the scheduled January 2013 quarterly cash dividend of $0.03 per share, both payable in December 2012.

Fiscal 2013 Year to Date Highlights

  • Year to date sales were $134.7 million, up 13.9 percent from the same period a year ago, with mattress fabrics segment sales up 15.2 percent and upholstery fabrics segment sales up 12.2 percent over the same period a year ago.
  • Year to date pre-tax income was $9.9 million, up from $5.8 million for the same period last year.
  • Year to date adjusted net income (non-GAAP) was $8.4 million, or $0.67 per diluted share, compared with $4.8 million, or $0.37 per diluted share, for the prior year period.
  • Net income (GAAP) was $11.8 million, or $0.94 per diluted share, compared with net income of $8.1 million, or $0.62 per diluted share, for the same period a year ago. Year to date net income included a $1.9 million income tax benefit, while net income for the previous year included a $2.2 million income tax benefit.
  • Return on capital was 29 percent, up from 19 percent for the same period a year ago.
  • Cash flow from operations was $7.7 million, up from $2.6 million for the same period a year ago.
  • As of October 28, 2012, the company has repurchased 1,127,054 shares, or 8.5 percent of its outstanding shares, since June 2011, for a total of $10.4 million at an average price of $9.23 per share.
  • The projection for third quarter fiscal 2013 is for overall sales to be 4 to 9 percent higher as compared to the previous year’s third quarter. Pre-tax income for the third quarter of fiscal 2013 is expected to be in the range of $4.0 million to $4.5 million. Pre-tax income for the third quarter of fiscal 2012 was $2.9 million.

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Culp Inc

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