Excluding restructuring and related charges, net income for the first six months of fiscal 2008 was $3.5 million, or $0.28 per diluted share. Excluding restructuring and related charges, net income for the first six months of fiscal 2007 was $2.2 million, or $0.19 per diluted share.
Frank Saxon, chief executive officer of Culp, Inc., said, "We delivered a solid performance in the second quarter of fiscal 2008 during what has continued to be a challenging retail environment for the furniture industry. Our year over year sales gains and profitability improvement reflect continued growth in our mattress fabrics segment.
While our upholstery fabrics sales have been affected by very difficult industry conditions, our China platform and lower operating cost structure have positioned us to operate more efficiently during the downturn, remain profitable on lower volumes and benefit from any upturn in demand.
Additionally, we were pleased with the significant improvement in cash flow from operations during the first half of this year."
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