Home / Knowledge / News / Textiles / Mattress fabric sales flat for Q2 - Culp Inc
Mattress fabric sales flat for Q2 - Culp Inc
30
Nov '10
Culp Inc reported financial and operating results for the second quarter of fiscal 2011 ended October 31, 2010.

Fiscal 2011 second quarter highlights

• Net sales for the second quarter were $48.9 million, a two percent decline over the second quarter of fiscal 2010, with mattress fabrics segment sales even with the prior year period and upholstery fabric segment sales down five percent over the same period a year ago.
• Pre-tax income for the second quarter was $3.2 million, or 6.5 percent of sales, compared with $3.5 million, or 7.0 percent of sales in the prior year period, an 8.6 percent decline.
• Net income was $4.0 million, or $0.30 per diluted share, compared with net income of $2.9 million, or $0.22 per diluted share, for the second quarter of fiscal 2010. Net income for the second quarter of fiscal 2011 included an $801,000 income tax benefit, while net income for the previous year period included income tax expense of $625,000.

Fiscal 2011 year to date highlights

• Year to date sales were $104.8 million, up 10 percent from the same period a year ago.
• Year to date pre-tax income was $7.5 million, or 7.1 percent of sales, compared with $5.5 million, or 5.8 percent of sales for the same period last year, an increase of 36 percent.
• Year to date net income was $7.7 million, or $0.59 per diluted share, compared with net income of $4.8 million, or $0.37 per diluted share, for the same period a year ago. Year to date net income included a $270,000 income tax benefit, while net income for the previous year period included income tax expense of $740,000.
• With year to date capital expenditures of $5.1 million, the company has completed a multi-year expansion in its mattress fabrics business, with capital expenditures totaling $25 million plus $20 million spent for two acquisitions.
• The company's financial position remained strong, with cash and cash equivalents and short term investments of $19.3 million and total debt of $11.6 million as of October 31, 2010.
• The projection for third quarter fiscal 2011 is for overall sales to be down in the range of 5 to 10 percent. Mattress fabric sales are expected to be comparable to last year, and upholstery fabrics sales are expected to be down 10 to 20 percent compared with the third quarter of fiscal 2010. Pre-tax income for the third quarter of fiscal 2011 is expected to be in the range of $2.6 to $3.3 million. Pretax income for the third quarter of last year was $3.8 million.

Overview

For the quarter ended October 31, 2010, net sales were $48.9 million, a two percent decline compared with $49.7 million a year ago. The company reported net income of $4.0 million, or $0.30 per diluted share, for the second quarter of fiscal 2011, compared with net income of $2.9 million, or $0.22 per diluted share, for the second quarter of fiscal 2010.

Net income for the second quarter of fiscal 2011 includes an $801,000 income tax benefit, while net income for the previous year included income tax expense of $625,000. The income tax benefit for the second quarter of fiscal 2011 is primarily due to the reversal of the non-cash valuation allowance against net deferred tax assets associated with the company's China operations. On a pre-tax basis, the company reported income of $3.2 million compared with pre-tax income of $3.5 million for the second quarter of fiscal 2010.


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

CAIT urges Indian PM for separate internal trade ministry

Textiles | On 21st Apr 2018

CAIT urges Indian PM for separate internal trade ministry

The Confederation of All India Traders (CAIT) has written to Prime...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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