SAN FRANCISCO, Nov. 28, 2007 (Thomson Financial delivered by Newstex) -- Culp Inc. (NYSE:CFI) after Wednesday's closing bell reported fiscal second-quarter net earnings of $1.55 million, or 12 cents a share, up from $812,000, or 7 cents a share, during the year earlier.
The latest results include $503,000, or 4 cents a share, in after-tax restructuring and related charges. Excluding these charges, earnings were $2.1 million, or 16 cents a share.
The High Point, N.C.-based maker of upholstery and mattress fabrics posted revenue for the three months ended Oct. 28 of $64.3 million versus $59 million last year.
For the third quarter, sales in the mattress fabrics segment are expected to be up 30% to 35%, Culp said. Sales in the upholstery fabrics segment, are expected to be down about 15% to 20%, due mostly to lower sales of U.S.-produced fabrics.
Overall, the company said it expects sales for the quarter to be slightly higher than the year-ago period.
Net earnings are expected to come in between 4 cents and 8 cents a share, Culp said
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