Culp 4Q Income Drops 19%
June 25, 2009
Net income for Culp Inc. (NYSE: CFI) was $1.7 million in the fourth quarter, ended May 3, a 19 percent decline from the fourth quarter of last year.
In its statement on the quarterly results, the fabrics manufacturer said the mattress-fabrics and upholstery-fabrics business showed better profitability in the quarter, despite weak consumer demand for mattress products. The quarter included an income-tax expense of $517,000, as opposed to a $647,000 tax benefit in the same quarter last year due to foreign-currency exchange losses in the company’s Canadian facilities.
Net sales for the quarter were down 25 percent to $47.8 million. Both the ticking and upholstery fabrics divisions suffered lower sales.
For the 2009 fiscal year, Culp posted a net loss of $38.8 million, compared to net income of $5.4 million for fiscal 2008. Net sales dropped 19.7 percent to $203.9 million.
In its statement on the quarterly results, the fabrics manufacturer said the mattress-fabrics and upholstery-fabrics business showed better profitability in the quarter, despite weak consumer demand for mattress products. The quarter included an income-tax expense of $517,000, as opposed to a $647,000 tax benefit in the same quarter last year due to foreign-currency exchange losses in the company’s Canadian facilities.
Net sales for the quarter were down 25 percent to $47.8 million. Both the ticking and upholstery fabrics divisions suffered lower sales.
For the 2009 fiscal year, Culp posted a net loss of $38.8 million, compared to net income of $5.4 million for fiscal 2008. Net sales dropped 19.7 percent to $203.9 million.
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