Culp, Inc. (NYSE:CFI) has released the second quarter financial results for fiscal 2010 ended November 1, 2009. Highlights of the report include net sales of $49.7 million, down 5% from the previous second quarter of last year. It’s mattress fabrics segment reported sales being up by 1% and its upholstery fabric segment up 11%.
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Culp’s net income was $2.9 million or $0.22 per diluted share, versus a net loss of $40.9 million, or $3.23 per share during the previous year of the same period. The net loss included $31.2 million in charges for the establishment of a valuation allowance against the company’s net deferred tax assets. The full financial report may be accessed at www.culpinc.com.
Culp, Inc., is engaged in manufacturing, sourcing and marketing mattress fabrics used for covering mattresses and box springs, and upholstery fabrics for use in production of upholstered furniture (residential and commercial). The Company operates in two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics are used in the production of bedding products, including mattresses, box springs, and mattress sets. The upholstery fabrics are used in the production of residential and commercial upholstered furniture, sofas, recliners, chairs, loveseats, sectionals, sofa-beds, and office seating. The mattress fabric business markets woven and knitted fabrics used by bedding manufacturers. The upholstery fabrics segment markets a range of products in the categories of fabric used as coverings for furniture.
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