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 Results For First Quarter Fiscal 2013

Culp, Inc. (NYSE: CFI) today reported financial and operating results for the first quarter ended July 29, 2012.

Fiscal 2013 first quarter highlights:
  • Net sales were $69.2 million, up 14.8 percent, with mattress fabric sales up 18.0 percent and upholstery fabric sales up 11.1 percent, as compared to the same quarter last year. This is the company’s highest total sales for the first quarter period in eight years.
  • Pre-tax income was $5.4 million, up 81.2 percent from the first quarter of fiscal 2012.
  • Adjusted net income (non-GAAP) was $4.3 million, or $0.34 per diluted share, for the current quarter, compared with $2.4 million, or $0.18 per diluted share, for the prior year period. (Adjusted net income is calculated using estimated cash income tax expense. See the reconciliation to net income on page 6). Net income (GAAP) was $3.5 million, or $0.28 per diluted share, compared with net income of $1.8 million, or $0.14 per diluted share, in the prior year period.
  • The company’s financial position remained strong with a total cash position of $27.1 million and total debt of $9.9 million as of July 29, 2012.
  • During the quarter, the company repurchased 47,296 of its outstanding shares, for $470,000. Subsequent to the end of first quarter, the company repurchased an additional 455,299 shares for $4.5 million. Since June 2011, the company has repurchased 1,127,054 shares, or 8.5 percent of its outstanding shares, for a total of $10.4 million.
  • The company also announced today a new authorization of additional share repurchases up to $2.0 million.
  • The company paid a cash dividend of $0.03 per share during the quarter. This was the first dividend paid since fiscal 2001.
  • The projection for the second quarter of fiscal 2013 is for overall sales to be up 2 to 6 percent as compared to the same period last year. Pre-tax income is expected to be in the range of $3.0 million to $3.7 million. Pre-tax income for the second quarter of fiscal 2012 was $2.9 million.

Overview

Commenting on the results, Frank Saxon, president and chief executive officer of Culp, Inc., said, “We are pleased with our first quarter performance, marking a solid start to fiscal 2013. These results reflect better than expected sales momentum through the summer months in both of our businesses. We have continued to experience a favorable customer response to our outstanding design capabilities and wide range of innovative products. Our flexible and global manufacturing platform has enhanced our ability to develop new and exciting products and meet the changing style demands of our customers.

1 of 7

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

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs