Culp Inc reported financial and operating results for the third quarter and nine months ended January 27, 2008.
Overview: For the three months ended January 27, 2008, net sales were $60.5 million, up 8.6 percent compared with $55.7 million a year ago. The company reported net income of $903,000, or $0.07 per diluted share, for the third quarter of fiscal 2008, compared with a net loss of $2.2 million, or $0.19 per diluted share, for the third quarter of fiscal 2007.
The financial results for the third quarter of fiscal 2008 included $551,000, or $0.04 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the third fiscal quarter was $1.5 million, or $0.11 per diluted share.
The financial results for the third quarter of fiscal 2007 included $2.1 million, or $0.18 per diluted share, in restructuring and related charges, after taxes. Excluding these restructuring and related charges, net loss for the third quarter of fiscal 2007 was $99,000, or $0.01 per diluted share. (A reconciliation of net income and net income per share has been set forth on Page 6.)
For the nine months ended January 27, 2008, the company reported net sales of $190.0 million compared with $177.3 million for the same period a year ago, an increase of 7.2 percent. Net income for the first nine months of fiscal 2008 was $3.3 million, or $0.26 per diluted share, compared with a net loss of $1.3 million, or $0.11 per diluted share, for the same period last year.
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