This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Culp Announces Revised Expectations For Fourth Quarter Fiscal 2010

Culp, Inc. (NYSE: CFI), today announced that, based on unaudited preliminary results, overall sales for the fourth quarter of fiscal 2010 ending May 2, 2010, are now expected to be up 20 percent over the fourth quarter of fiscal 2009. Mattress fabrics segment sales are expected to be up 26 percent and upholstery fabrics segment sales are expected to be up 13 percent over the prior year period. These projected results compare with previously announced expectations of a 12 to 16 percent sales increase for the company as a whole, with a projected increase of 10 to 14 percent for mattress fabrics and 13 to 17 percent for the upholstery fabrics segment. The company currently expects pre-tax income to be in the range of $4.7 to $5.1 million for the fourth quarter. These projected results are higher than the company’s previously announced expectation of $3.5 to $4.2 million in pre-tax income for the quarter. The company also expects that the effective income tax rate for the fourth quarter of fiscal 2010 will be substantially lower than the year to date rate as of January 31, 2010, due to various factors.

Commenting on the announcement, Frank Saxon, president and chief executive officer of Culp, Inc., said, “Our projected financial results for the fourth quarter reflect better sales growth than anticipated in our mattress fabrics business, driven by significantly improved consumer demand in the bedding industry. While we have continued to see favorable growth trends in our upholstery fabrics business, we believe consumer demand for furniture was not as strong as for bedding during the quarter. Overall, we are very pleased with the progress we made in the fourth quarter and in fiscal 2010. Looking ahead, although we are optimistic about the outlook for the bedding and furniture industries, we are beginning to experience higher raw material costs in both segments and increased pricing pressure in our mattress fabrics business.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CFI $33.36 1.49%
AAPL $125.69 -0.25%
FB $87.22 -0.38%
GOOG $525.02 0.41%
TSLA $267.88 -4.23%

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs