Daily News
From Home Furnishing Business
Culp 2Q Income Hits $3.8 Million
December 2,
2015 by in Financial Reports, Industry 
Upholstery fabric and mattress ticking supplier Culp (NYSE: CFI) reported net sales of $77 million for the second quarter ended Nov. 1, a 4 percent increase over net sales of $74 million in the same quarter last year.
Ticking sales climbed 5.6 percent, and upholstery fabric sales were up 1.8 percent in the second quarter.
Net income for the quarter was $3.8 million compared to $3 million in the second quarter of last year. Culp made its final $2.2 million payment on a term loan in August leaving the company debt free for the first time in its history.
“Overall, our second quarter sales were in line with our expectations, and we are pleased with our consistent overall growth trend through the first half of fiscal 2016,” said Frank Saxon, president and CEO. “Our higher sales in both businesses for the second quarter reflect a favorable customer response to our creative designs and wide range of innovative products. We also had a solid operating performance in both businesses as we continued to leverage the strength of our efficient manufacturing platform. We have also realized the benefits of our recent capital improvement projects in the mattress fabrics business. Importantly, we have the financial strength to continue to make the strategic investments to support our growth and return funds to shareholders.”
The complete earnings report is available online.