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Textile fabrics marketer Culp announces results of fiscal year ended May 1

21 Jun '05

8 min read

Mattress fabrics marketer Culp Inc reported financial and operating results for the fourth quarter and fiscal year ended May 1, 2005.

Overview
For the three months ended May 1, 2005, net sales were $74.2 million, compared with net sales of $85.1 million a year ago. The company reported a net loss of $7.7 million, or $0.67 per diluted share, for the fourth quarter of fiscal 2005, compared with net income of $3.7 million, or $0.32 per diluted share, for the fourth quarter of fiscal 2004.

For the fiscal year ended May 1, 2005, the company reported net sales of $286.5 million compared with $318.1 million for the same period a year ago. Net loss for fiscal 2005 was $17.9 million, or $1.55 per diluted share, compared with net income of $7.2 million, or $0.61 per diluted share, for fiscal 2004. Excluding restructuring and related charges and goodwill impairment, net loss for fiscal 2005 was $3.4 million, or $0.30 per diluted share. Fiscal 2005 included 52 weeks versus 53 weeks for the same period of fiscal 2004.

Commenting on the company's results for the fourth quarter and fiscal 2005, Robert G. Culp, III, chief executive officer of Culp, Inc., said, "Throughout fiscal 2005, we have worked hard to address both the challenges and opportunities facing our industry and Culp's business. Many of the strategic changes we now have underway are affecting our bottom line in the short term as we position Culp for improved profitability in fiscal 2006. We believe we are taking the necessary steps to enhance our competitive position in today's global marketplace."

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