Culp Hits 1st Quarter Profit

August 28, 2006  by in UnCategorized   

By Home Furnishings Business in Upholstery on August 2006 Fabric and mattress ticking supplier Culp posted a net income of $132,000 for othe first quarter ended July 30, compared to a $3.9 million loss during the same quarter last year.

The company’s sales were $62.6 million for the quarter, compared with $62.3 million during the same period last year. The quarterly results included $985,000 in restructuring and related chages after taxes. Excluding these charges, net income for the first quarter was $1.1 million.

“We are off to a good start for fiscal 2007,” said Rob Culp, chairman of the board and chief executive officer. “We are pleased with our overall year-over-year quarterly sales gain. These improved results reflect the benefits of Culp’s transition to a more marketing-oriented company focused on product innovation and changing customer needs. As a result of our strategic initiatives over the last two years in both the mattress fabrics and upholstery fabrics businesses, we have achieved improved profitability in each operating segment. We are encouraged by the progress we have made, and continue to make, as we adapt to a leaner and more agile business model.”