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Mattress Fabrics Segment perk up at Culp

08
Mar '07
Culp Inc reported financial and operating results for the fiscal 2007 third quarter and nine months ended January 28, 2007.

Overview:
For the three months ended January 28, 2007, net sales were $55.7 million compared with $61.0 million a year ago. The company reported a net loss of $2.2 million, or $0.19 per diluted share, for the third quarter of fiscal 2007. Included in these results is a non-cash income tax charge of $452,000, or $0.04 per diluted share, related to the exercise of non-qualified stock options.

The financial results for the third quarter of fiscal 2007 also include $2.1 million, or $0.18 per diluted share, in restructuring and related charges, after taxes. Excluding these restructuring and related charges, net loss for the third fiscal quarter was $99,000, or $0.01 per diluted share. The company reported a net loss of $2.2 million, or $0.19 per diluted share, for the third quarter of fiscal 2006.

The financial results for the third quarter of fiscal 2006 included $1.0 million, or $0.09 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net loss for the third fiscal quarter of fiscal 2006 was $1.1 million, or $0.10 per diluted share. (A reconciliation of the net loss and net loss per share calculations has been set forth on Page 6.)

For the nine months ended January 28, 2007, the company reported net sales of $177.3 million compared with $190.4 million for the same period a year ago. Net loss for the first nine months of fiscal 2007 was $1.3 million, or $0.11 per diluted share, compared with a net loss of $10.3 million, or $0.89 per diluted share, for the same period last year.


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