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Culp Announces Results For Fourth Quarter And Fiscal 2014

Stocks in this article: CFI

Culp, Inc. (NYSE: CFI) today reported financial and operating results for the fourth quarter and fiscal year ended April 27, 2014.

Fiscal 2014 Full Year Highlights

  • Net sales were $287.2 million, up 6.8 percent from fiscal 2013, representing the fifth consecutive year of overall annual sales growth, with mattress fabrics segment sales up 4.3 percent, a record year, and upholstery fabrics segment sales up 10.2 percent over the prior year.
  • Pre-tax income was $19.0 million, compared with $20.3 million in fiscal 2013.
  • Adjusted net income (non-GAAP) was $15.7 million, or $1.26 per diluted share, compared with $17.4 million, or $1.40 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 $17.4 million, or $1.41 per diluted share, compared with net income of $18.3 million, or $1.47 per diluted share, last year.
  • Return on capital was 26 percent, compared with 29 percent in fiscal 2013.
  • Free cash flow was $13.8 million, after investing $7.2 million in working capital, capital expenditures and other items, compared with $13.1 million in fiscal 2013.
  • The company’s financial position remained strong with cash and cash equivalents and short term investments of $35.6 million and total debt of $5.0 million as of April 27, 2014, or a net cash position of $30.6 million, representing the highest level in the company’s history. This compares to a net cash position of $21.7 million at the end of fiscal 2013.

Fiscal 2014 Fourth Quarter Highlights

  • Net sales were $74.0 million, up 5.2 percent, with mattress fabric sales up 6.9 percent and upholstery fabric sales up 2.8 percent, compared with the fourth quarter last year.
  • Pre-tax income was $4.1 million, compared with $5.9 million in the fourth quarter of fiscal 2013.
  • Adjusted net income (non-GAAP) was $3.4 million, or $0.27 per diluted share, for the current quarter, compared with $5.0 million, or $0.41 per diluted share, for the prior year period.
  • Net income (GAAP) was $2.7 million, or $0.22 per diluted share, compared with net income of $3.7 million, or $0.30 per diluted share, in the prior year period.
  • The company announced a special cash dividend of $0.40 per share and a quarterly cash dividend of $0.05 per share, both payable in July 2014.
  • The projection for first quarter fiscal 2015 is for overall sales to be in the range of 4 percent to 9 percent higher, compared with the previous year’s first quarter. The first quarter of fiscal 2015 will be a 14-week period compared with 13 weeks in the first quarter of fiscal 2014. Pre-tax income for the first quarter of fiscal 2015 is expected to be in the range of $4.8 million to $5.7 million. Pre-tax income for the first quarter of fiscal 2014 was $5.5 million.
  • The company expects fiscal 2015 to be a good year for free cash flow.

Overview

For the fourth quarter ended April 27, 2014, net sales were $74.0 million, a 5.2 percent increase compared with $70.4 million a year ago. The company reported net income of $2.7 million, or $0.22 per diluted share, for the fourth quarter of fiscal 2014, compared with net income of $3.7 million, or $0.30 per diluted share, for the fourth quarter of fiscal 2013.

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