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Culp Earns $1.55M in Second Quarter
November 28,
2007 by in UnCategorized
By Home Furnishings Business in on November 2007
Upholstery fabric and mattress ticking supplier Culp reported fiscal second-quarter net earnings of $1.55 million, or 12 cents a share, up from $812,000, or 7 cents a share, during the same quarter last year.
The latest results include $503,000 in after-tax restructuring and related charges. Excluding these charges, earnings were $2.1 million.
The company posted revenue for the three months ended Oct. 28 of $64.3 million compared with $59 million last year.
For the third quarter, sales in the mattress fabrics segment are expected to be up 30 percent to 35 percent, the company said. Sales in the upholstery fabrics segment, are expected to be down between 15 percent to 20 percent, due mostly to lower sales of U.S.-produced fabrics.
Overall, the company said it expects sales for the quarter to be slightly higher than the year-ago period.
In addition, Culp is estimating about $500,000 for streamlining and other related charges during the third quarter due to employee termination benefits and operating costs of closed U. S. facilities. The company said it would incur an additional $200,000 for restructuring and other associated charges during the fourth quarter for earlier announced streamlining proposals.