Culp Inc reported financial and operating results for the first quarter ended July 29, 2007.
Overview: For the three months ended July 29, 2007, net sales were $65.2 million, up 4.2 percent compared with $62.6 million a year ago. The company reported net income of $851,000, or $0.07 per diluted share, for the first quarter of fiscal 2008, compared with net income of $132,000, or $0.01 per diluted share, for the first quarter of fiscal 2007.
The financial results for the first quarter of fiscal 2008 included $624,000, or $0.05 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the first fiscal quarter was $1.5 million, or $0.12 per diluted share.
The first quarter fiscal 2008 results reflect a significantly higher tax rate due primarily to higher taxable income from the company's U.S. operations compared with the prior year period.
The financial results for the first quarter of fiscal 2007 include after-tax restructuring and related charges of $985,000, or $0.08 per diluted share. Excluding these charges, net income for the first fiscal quarter of 2007 was $1.1 million, or $0.09 per diluted share.
Frank Saxon, chief executive officer of Culp Inc, said, "We are off to an encouraging start for the first quarter of fiscal 2008 with overall higher sales and improved profitability compared with the same period last year. Our performance primarily reflects the significant gains made in our mattress fabrics business.
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