Culp, Inc. (CFI) reported second-quarter net income of $8.3 million or $0.67 per share, compared to $6.3 million or $0.49 per share in the comparable quarter last year.
Excluding items, adjusted net income for the quarter was $3.9 million or $0.31 per share, up from $2.3 million or $0.18 per share last year.
Net sales for the latest quarter rose 13.0 percent to $65.6 million from $58.0 million last year.
Looking forward to the third quarter, the company expects pre-tax income to be in the range of $4.0 million to $4.5 million.
Further, the company also announced that its Board of Directors has approved the payment of a special cash dividend of $0.50 per share prior to the end of calendar 2012.
In addition, the Board has approved the acceleration of payment of the company's scheduled January 2013 quarterly cash dividend of $0.03 per share. Both of these payments will be made on December 28, 2012, to shareholders of record as of December 19, 2012.
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