Culp Suffers Stinging Quarter

June 2005
Home Textiles Today;6/27/2005, Vol. 26 Issue 41, p15
Trade Publication
The article reports that fabric producer Culp Inc. recorded a $7.7 million fourth fiscal quarter loss, hard hit by a double-digit slide in sales and $6.4 million in restructuring costs as it overhauls U.S. operations and reduces capacity in the face of import pressures. The results included an after tax charge of $6.4 million, or 55 cents per diluted share, for restructuring and related costs. Robert Culp, chief executive officer, said that many of the strategic changes are affecting their bottom line in the short term as they position Culp for improved profitability in fiscal 2006.


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