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Improved performance in mattress fabrics at Culp
02 Dec '09
4 min read
For the period ended November 1, 2009, net sales were $49.7 million, compared with $52.3 million a year ago, a five percent decrease. The five percent is the smallest year over year decline since the third quarter of fiscal 2008. The company reported net income of $2.9 million, or $0.22 per diluted share, and 5.8 percent of sales, for the second quarter of fiscal 2010, compared with a net loss of $40.9 million, or $3.23 per share, for the second quarter of fiscal 2009. Included in the net loss for the second quarter of fiscal 2009 were charges in the amount of $31.2 million for the establishment of a valuation allowance against substantially all of the company's net deferred tax assets and $11.8 million in restructuring charges in the upholstery fabrics segment.
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Culp Inc
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