Culp Inc reported financial and operating results for the fiscal 2007 second quarter and six months ended October 29, 2006.
Overview For the three months ended October 29, 2006, net sales were $59.0 million compared with $67.0 million a year ago. The company reported net income of $812,000, or $0.07 per diluted share, for the second quarter of fiscal 2007 compared with a net loss of $4.2 million, or $0.36 per diluted share, for the second quarter of fiscal 2006.
The financial results for the second quarter of fiscal 2007 include $233,000, or $0.02 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the second fiscal quarter was $1,045,000, or $0.09 per diluted share.
The results for the second quarter of fiscal 2006 include restructuring and related charges of $3.8 million, or $0.33 per diluted share, after taxes.
Excluding these charges, net loss for the second fiscal quarter of 2006 was $332,000, or $0.03 per diluted share. (A reconciliation of the net income (loss) and net income (loss) per share calculations has been set forth on Page 6.)
For the six months ended October 29, 2006, the company reported net sales of $121.6 million compared with $129.3 million for the same period a year ago. Net income for the first six months of fiscal 2007 was $946,000, or $0.08 per diluted share, compared with a net loss of $8.1 million, or $0.70 per diluted share, for the same period last year.
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