Culp Inc., one of the world’s largest marketers of mattress and upholstery fabrics, reported highest sales for the second quarter in ten years.
Culp posted a 4.8 per cent year-on-year hike in sales which totalled to $74.0 million, driven by mattress fabric sales which rose 6.7 per cent and upholstery fabric sales, albeit slower by 2.3 per cent. “This reflects the highest sales level for the second quarter in ten years,” Culp said.
GAAP net income was $3.0 million, or $0.24 per diluted share as against net income of $3.1 million, or $0.25 per diluted share, in the year ago second fiscal quarter.
It said its financial position remained strong with cash and cash equivalents and short term investments of $35.3 million, comparable to the $35.6 million total at the end of last fiscal year.
The company announced a 20 per cent increase in its quarterly cash dividend from $0.05 to $0.06 per share, commencing in the third quarter of fiscal 2015. For the record, Culp has doubled its quarterly cash dividend since reinstating the dividend in June 2012.
Commenting on the outlook for the third fiscal quarter, Mr. Frank Saxon, president of Culp said, “We expect overall sales to be two per cent to five per cent higher as compared with the third quarter of last year.”
Culp, Inc. is one of the world’s largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture.
