Home / Knowledge / News / Textiles / Mattress fabrics sales drive Culp Q1FY15 revenues
Mattress fabrics sales drive Culp Q1FY15 revenues
08
Sep '14
Driven by mattress fabric sales, revenue at NYSE-listed Culp, Inc., one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics rose 8.4 percent in the first fiscal quarter ending August 3, 2014.

Net sales in the first quarter of 2014 totalled $76.1 million, up 8.4 percent year-on-year, driven by mattress fabric sales which went up 12.2 percent and upholstery fabric sales which increased 3.9 percent.

Culp clarified that first quarter of fiscal 2015 had 14 weeks compared with 13 weeks for the first quarter of fiscal 2014.

Pre-tax income reached $5.5 million, compared with $5.5 million for the prior year period.

Non-GAAP adjusted net income amounted to $4.5 million, or $0.37 per diluted share, for the current quarter, compared with $4.7 million, or $0.38 per diluted share, for the prior year period.

Culp said its financial position remained strong with cash and cash equivalents and short term investments of $31.0 million and total debt of $5.0 million as of August 3, 2014.

However, consolidated return on capital declined 27 percent compared with 32 percent in the prior year period, while free cash flow too was down to $1.4 million compared with $1.9 million a year ago.

Culp announced a cash dividend of $0.05 per share, and a special cash dividend of $0.40 per share during the quarter, for an outgo totalling to $5.5 million.

Culp expects sales to rise between 1-5 percent from a year earlier quarter in the second fiscal quarter of 2014. It forecast pre-tax income to be in the range of $4.2 million to $4.9 million.

It also expects fiscal 2015 to be a good year for free cash flow even after the planned $10 million in capital expenditures.

Culp added that since June 2011, it has returned a total of $26.2 million to shareholders in the form of regular quarterly and special dividends and share repurchases.

CEO Frank Saxon said, “Overall, our first fiscal quarter performance was in line with our expectations, marking a solid start to fiscal 2015.”

He added, “We also have the financial strength to make the strategic investments to support our continued growth as reflected in our plan to significantly increase capital expenditures for fiscal 2015.” (AR)

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Textiles | On 29th Jun 2017

Vietnam’s textile & garment exports cross $10bn till May

Vietnam earned $10... billion from textile and garment exports in the ...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Lynda Kelly
Suominen Corporation

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X