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The income jumps more than sale gain |
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| Release time:2013-05-07 Source:admin Reads: | |
| According to the reports, the company said mattress ticking sales were up 12.6% to $39.7 million and upholstery woven labels sales rose 13.6% to $25.9 million. Net income totaled $8.27 million or 67 cents per share, up more than 32% from $6.25 million or 49 cents per share in the same quarter last year. The most recent quarter included an income tax benefit of $3.7 million, and last year's second fiscal quarter included a tax benefit of $3.4 million. The company said it had no cash income tax expense in the U.S. during the most recent quarter, and does not expect to have any "for a number of years" because the company had about $60 million in net operating loss carryforwards at the beginning of the fiscal year that can be used to offset U.S. taxes. The company also announced it will pay a special cash dividend of 50 cents per share in December, and will move up its regular quarterly dividend payment of 3 cents per share from January to December. "The mattress industry is continuing to evolve into a more decorative business, and many of our customers are upgrading their woven labels choices to achieve a more fashionable look," said Iv Culp, president of the mattress fabrics division. Till last October 28 for eight months ended, companywide sales rose 13.9% to $134.7 million, while net income rose more than 46% to $11.8 million or 94 cents per share.The most recent six months included a $1.9 million income tax benefit, while the same period the previous fiscal year included a $2.2 million tax benefit.Net income of woven labels manufacturers also increased sharply due to improved operating efficiencies. Sales for the period - the second quarter of Culp's fiscal year - totaled $65.6 million. That's a 13% increase from $58 million in last year's second fiscal quarter. |
