Textile fabrics marketer Culp announces results of fiscal year ended May 1
21 Jun '05
8 min read
Considering these factors, we expect the company to report a net loss of $0.02 to $0.08 per diluted share in the first fiscal quarter, excluding previously announced restructuring and related charges. This is management's best estimate at present, recognizing that future financial results are difficult to predict because the upholstery fabrics industry is undergoing a dramatic transition and many internal changes are underway within the company.
The actual results will depend primarily upon the level of demand throughout the quarter, the company's progress with respect to restructuring activities for our domestic upholstery fabrics operations, and the implementation of our capital project in mattress ticking."
In closing, Culp remarked, "They have many reasons to be optimistic about the company's prospects for the next fiscal year. The actions we have taken over the past year to right-size our domestic upholstery fabric capacity and streamline our operations will significantly reduce our costs and allow us to operate more efficiently.
Culp Inc is one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics for furniture. The company's fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.r br bedding and upholstery fabrics for furniture. The company's fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.
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