In its third fiscal quarter of 2021, which ended Jan. 31, Culp Inc. reported net income of $2.1 million, compared with a net loss of $4.2 million in the third quarter of fiscal 2020.
Third-quarter net sales for the High Point, North Carolina-based textile maker were $79.3 million, up 16% over the prior-year period, with mattress fabrics sales of $38.6 million, up 15.1%, and upholstery fabrics sales of $40.7 million, up 16.4%.
RESULTS
Net income
$2.1 million
Net sales
$79.3 million
Mattress fabric sales
+15.1%
Upholstery fabric sales
+16.4%
The company announced a quarterly cash dividend of $0.11 per share, and reinstated its share repurchase program, which was suspended in April 2020 due to uncertainty surrounding the Covid-19 pandemic.
“We are encouraged by the performance of both our mattress fabrics and upholstery fabrics segments during the quarter,” said Iv Culp, president and chief executive officer. “We are tremendously grateful for (our employees’) tireless efforts and unwavering commitment to operational excellence during this unprecedented time. In addition to our positive momentum in sales and operating performance, our cash flows and balance sheet also remained strong, and we ended the quarter with $51.8 million in total cash and investments, with no outstanding debt.
“Looking ahead, we are optimistic about the ongoing strength of industry demand trends, and we believe our business will continue its solid performance during the fourth quarter of fiscal 2021 and extending into fiscal 2022. We are also pleased with the recent fourth-quarter acquisition of the remaining 50% ownership interest in our Haiti sewn mattress cover platform, which has proven to be an ideal location for this growing business.”
