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Culp Announces Results for Second Quarter Fiscal 2012

Culp, Inc. (NYSE: CFI) reported financial and operating results for the second quarter of fiscal 2012 ended October 30, 2011.

For the quarter ended October 30, 2011, net sales were $58.0 million, a 19 percent increase compared with $48.9 million a year ago. The company reported net income of $6.3 million, or $0.49 per diluted share, for the second quarter of fiscal 2012, compared with net income of $4.0 million, or $0.30 per diluted share, for the second quarter of fiscal 2011. Net income for the second quarter of 2012 included an income tax benefit of $3.4 million, while net income for the previous year period included an $801,000 income tax benefit. The income tax benefit for the second quarter of fiscal 2012 includes a $4.4 million non-cash reversal of a portion of a valuation allowance against net deferred tax assets in the United States. The company's overall adjusted effective income tax rate as of the second quarter of fiscal 2012 was 18.0 percent compared with 15.4 percent for the second quarter of fiscal 2011. On a pre-tax basis, the company reported income of $2.9 million compared with pre-tax income of $3.2 million for the second quarter of fiscal 2011.

Read full article at: http://stock-pr.com/?p=20824

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