- Net sales were $60.3 million, a 7.8 percent increase compared with the first quarter of fiscal 2011, with mattress fabrics segment sales up four percent and upholstery fabric segment sales up 12.4 percent over the same period a year ago.
- Pre-tax income was $3.0 million, or 4.9 percent of sales, compared with $4.3 million, or 7.7 percent of sales in the prior year period.
- Net income was $1.8 million, or $0.14 per diluted share, compared with net income of $3.7 million, or $0.28 per diluted share, for the first quarter of fiscal 2011. Net income for the current quarter reflected a significantly higher tax rate primarily due to non-cash U.S.-related tax expense.
- As of July 31, 2011, the company’s financial position reflected cash and cash equivalents and short term investments of $25.0 million and total debt of $11.5 million.
- The company announced today the addition of $2.0 million to the previously announced $5.0 million share repurchase program announced in June. As of August 26, 2011, the company has repurchased 364,000 shares, or 2.7 percent of shares outstanding at the beginning of the program, for approximately $3.2 million.
- The second quarter projection for fiscal 2012 is for overall sales to increase by approximately four to eight percent. Pre-tax income for the second quarter of fiscal 2012 is expected to be in the range of $2.6 million to $3.5 million.
Culp, Inc. (NYSE: CFI) today reported financial and operating results for the first quarter of fiscal 2012 ended July 31, 2011. Highlights for the first quarter of fiscal 2012 include the following: