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Culp delivers solid performance in third quarter
28 Feb '08
3 min read
Excluding restructuring and related charges, net income for the first nine months of fiscal 2008 was $5.0 million, or $0.39 per diluted share. Excluding restructuring and related charges, net income for the first nine months of fiscal 2007 was $2.1 million, or $0.18 per diluted share.
Frank Saxon, chief executive officer of Culp Inc, said, "We delivered another solid performance in the third quarter. We are pleased with our year over year sales improvement and our ability to generate strong cash flow from operations and strengthen our financial position in this environment, even as business conditions for the retail furniture industry continued to be very weak and bedding industry demand began to soften.
These results reflect continued growth in our mattress fabrics sales and a solid gain in our non-U.S. produced upholstery fabrics. Our China platform and lower operating cost structure in our upholstery fabrics business have positioned us to operate more efficiently during this downturn, remain profitable on lower volumes and benefit from any upturn in demand."
Mattress Fabrics Segment:
Mattress fabric (known as mattress ticking) sales for the third quarter were $30.9 million, a 27 percent increase compared with $24.4 million for the third quarter of fiscal 2007. This trend reflects the incremental sales related to the company's acquisition of ITG's mattress fabrics business in January 2007.
However, the year over year sales gain is lower than the previous quarters since the acquisition due to the planned discontinuation of certain ITG products that did not fit Culp's business model.
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Frank Saxon, chief executive officer of Culp Inc, said, "We delivered another solid performance in the third quarter. We are pleased with our year over year sales improvement and our ability to generate strong cash flow from operations and strengthen our financial position in this environment, even as business conditions for the retail furniture industry continued to be very weak and bedding industry demand began to soften.
These results reflect continued growth in our mattress fabrics sales and a solid gain in our non-U.S. produced upholstery fabrics. Our China platform and lower operating cost structure in our upholstery fabrics business have positioned us to operate more efficiently during this downturn, remain profitable on lower volumes and benefit from any upturn in demand."
Mattress Fabrics Segment:
Mattress fabric (known as mattress ticking) sales for the third quarter were $30.9 million, a 27 percent increase compared with $24.4 million for the third quarter of fiscal 2007. This trend reflects the incremental sales related to the company's acquisition of ITG's mattress fabrics business in January 2007.
However, the year over year sales gain is lower than the previous quarters since the acquisition due to the planned discontinuation of certain ITG products that did not fit Culp's business model.
Click here to view more:
Culp Inc
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