Culp Inc reported financial and operating results for the fourth quarter and fiscal year ended April 29, 2007.
Overview: For the three months ended April 29, 2007, net sales were $73.2 million compared with $70.7 million a year ago, an increase of 3.5 percent. The company reported a net loss of $40,000, or $0.00 per diluted share, for the fourth quarter of fiscal 2007, compared with a net loss of $1.5 million, or $0.13 per diluted share, for the fourth quarter of fiscal 2006.
The financial results for the fourth quarter of fiscal 2007 include $1.8 million, or $0.14 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the fourth quarter of fiscal 2007 was $1.8 million, or $0.14 per diluted share.
The financial results for the fourth quarter of fiscal 2006 included $3.2 million, or $0.27 per diluted share, in restructuring and related charges, after taxes.
Excluding these charges, net income for the fourth quarter of fiscal 2006 was $1.7 million, or $0.14 per diluted share. Included in the $1.7 million is an income tax benefit of $661,000, or $0.06 per share, that reflects losses from the company's U.S. operations combined with lower tax rates on income from foreign sources.
For the fiscal year ended April 29, 2007, the company reported net sales of $250.5 million, compared with $261.1 million for the same period a year ago, a decrease of 4.0 percent. Net loss for fiscal2007 was $1.3 million, or $0.11 per diluted share, compared with a net loss of $11.8 million, or $1.02 per diluted share, last year.
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