Culp Announces Third Quarter Sales

March 7, 2007  by in UnCategorized   

By Home Furnishings Business in Mattresses on March 2007 High Point-based fabric maker Culp reported a net loss of $2.2 million during its third quarter with net sales of $55.7 million, a decline from sales of $61 million from the same period in 2006.

The results include $2.1 million in restructuring and related charges. Without those charges, the net loss for the third quarter would have been $99,000. For the nine months ended Jan. 28, net sales totaled $177.3 million, with a net loss of $1.3 million, which was down from a net loss of $10.3 million during the same period in 2006.

Chairman and CEO Robert Culp III said, “Our third quarter performance reflects continued progress for Culp in fiscal 2007. We are pleased with our execution as we continue to work through a number of important operational changes in each of our operating segments. We believe we are creating a sustainable upholstery fabrics business model that will meet current customer demand. With the substantial investments we have made in our mattress fabrics segment and the recent acquisition of the mattress fabrics product line of International Textile Group, Inc.’s Burlington House Division we are firmly committed to the future of the mattress fabrics business.”