Culp Q2 Adj. Profit Meets Estimate - Quick Facts

(RTTNews) - Culp, Inc. (CFI) reported second-quarter net income of $3.1 million or $0.25 per share, compared to $8.3 million or $0.67 per share in the comparable quarter last year.

Excluding items, adjusted net income for the quarter was $4.1 million or $0.33 per share, up from $3.9 million or $0.31 per share last year. On average, two analysts polled by Thomson Reuters expected the company to earn $0.33 per share. Analysts' estimates typically exclude special items.

Net sales for the latest second quarter rose to $70.59 million from $65.56 million last year.

Looking forward to the third quarter, the company expects pre-tax income to be in the range of $4.5 million to $5.0 million.

The company also announced that its Board of Directors has approved a 25 percent increase in payment of a quarterly cash dividend from $0.04 to $0.05 per share, commencing in the third quarter of fiscal 2014. The dividend will be paid on January 20, 2014, to shareholders of record as of the close of business on January 6, 2014.