Culp Announces Results For Fourth Quarter And Fiscal 2010
Culp, Inc. (NYSE: CFI) today reported financial and operating results for the fourth quarter and fiscal year ended May 2, 2010.
Fiscal 2010 fourth quarter highlights:
Fiscal 2010 full year highlights:
OverviewFor the three months ended May 2, 2010, net sales were $57.2 million, a 20 percent increase compared with $47.8 million a year ago. The company reported net income of $5.4 million, or $0.41 per diluted share, for the fourth quarter of fiscal 2010, compared with net income of $1.7 million, or $0.13 per diluted share, for the fourth quarter of fiscal 2009. Net sales for fiscal 2010 were $206.4 million, compared with net sales of $203.9 million in fiscal 2009. Net income for fiscal 2010 was $13.2 million, or $1.01 per diluted share, compared with a net loss of $38.8 million, or $(3.07) per share, in fiscal 2009. The results for fiscal 2009 included a $27.2 million non-cash charge for the establishment of a valuation allowance against substantially all of the company’s net deferred tax assets.
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