Culp Sales Rise, Profits Climb Sharply in Fiscal 2013
August 1, 2013,
In the fourth quarter, sales were down 7% to $70.4 million against a strong period a year ago but earnings rose 8.2% to $3.7 million. Mattress fabric sales for the quarter were down 6% to $40.8 million, while upholstery fabric sales declined 8.4% to $29.6 million.
For the year, mattress segment sales grew 5.8% to $154 million and upholstery fabric was up 5.4% to $114.8 million.
"(Company Chairman) Rob Culp and I are very pleased to report one of the best years in the company's history," president and ceo Frank Saxon said in a statement. He said pretax profits were up 43% to $20.3 million, the highest level since 1998.
"Both of our businesses performed well," he said.
Culp also announced it was bumping up its quarterly dividend by one-third, to 4 cents per share for the first quarter of the current fiscal year.
Looking ahead, Saxon said he expect sales in the current quarter in the range of 3% lower to 2% higher than a year ago, with pre-tax income expected to be in the $4.9 million to $5.6 million range, compared with $5.4 million a year earlier.
| News Editor, Furniture Today