Culp Q4 Profit Declines - Quick Facts

(RTTNews) - Culp, Inc. (CFI) reported fourth-quarter net income of $2.7 million or $0.22 per share, compared to $3.7 million or $0.30 per share in the comparable quarter last year.

Excluding items, adjusted net income for the quarter was $3.4 million or $0.27 per share, up from $5.0 million or $0.41 per share last year. On average, two analysts polled by Thomson Reuters expected the company to earn $0.29 per share. Analysts' estimates typically exclude special items.

Net sales for the latest fourth quarter rose 6.8% to $74.04 million from $70.38 million last year.

Looking forward to the first quarter, the company expects pre-tax income to be in the range of $4.8 million to $5.7 million.

The company also announced that its Board of Directors has approved the payment of a special cash dividend of $0.40 per share. In addition, the Board approved the payment of the company's quarterly cash dividend of $0.05 per share. Both of these payments will be made on July 15, 2014, to shareholders of record as of July 1, 2014.