Textile fabrics marketer Culp announces results of fiscal year ended May 1
21 Jun '05
8 min read
Mattress Fabrics Segment
Mattress fabric (known as mattress ticking) sales were $27.0 million in the fourth quarter of fiscal 2005 compared with $27.2 million for the fourth quarter of fiscal 2004. Operating income for this segment improved to $2.2 million, or 8.2 percent of sales, compared with $1.6 million, or 6.2 percent of sales, in the third quarter of fiscal 2005.
Operating income was $3.6 million, or 13.1 percent of sales, for the prior-year period. Compared with the fourth quarter of fiscal 2004, operating margins in this segment were affected by close-out sales and manufacturing variances related to the relocation of mattress ticking looms. Additionally, the mattress fabrics segment has been affected throughout fiscal 2005 by industry-wide pricing pressures as well as higher raw material costs.
"They continue to be optimistic about our mattress ticking business in spite of industry-wide pricing pressures," said Culp. "While sales for the quarter were slightly behind the same period last year in absolute dollars, we sold over three percent more yards of ticking than we did a year ago.
They are on schedule with our capital project designed to enhance efficiencies and further reduce our operating costs going forward. The relocation of ticking looms from an upholstery fabric plant to existing mattress ticking facilities in the U.S. and Canada is underway and is expected to be completed on schedule by August 2005.
In adU.S. and Canada is underway and is expected to be completed on schedule by August 2005.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
