Culp Inc reported financial and operating results for the second quarter and six months ended October 28, 2007.
Overview: For the three months ended October 28, 2007, net sales were $64.3 million, up 9.0 percent compared with $59.0 million a year ago. The company reported net income of $1.6 million, or $0.12 per diluted share, for the second quarter of fiscal 2008, compared with net income of $812,000, or $0.07 per diluted share, for the second quarter of fiscal 2007.
The financial results for the second quarter of fiscal 2008 included $503,000, or $0.04 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the second fiscal quarter was $2.1 million, or $0.16 per diluted share.
The second quarter fiscal 2008 results reflect a significantly lower tax rate due primarily to the effect of the strengthening of the Canadian currency during the quarter on estimated Canadian taxable income.
The financial results for the second quarter of fiscal 2007 included $232,000, or $0.02 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the second quarter of fiscal 2007 was $1,044,000, or $0.09 per diluted share.
For the six months ended October 28, 2007, the company reported net sales of $129.6 million compared with $121.6 million for the same period a year ago, an increase of 7.0 percent. Net income for the first six months offiscal 2008 was $2.4 million, or $0.19 per diluted share, compared with $946,000, or $0.08 per diluted share, for the same period last year.
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