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Culp profit misses consensus by 21.4% in fiscal Q1

Culp Inc. said its normalized net income for the fiscal first quarter ended Aug. 3 came to 28 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS decreased 5.2% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.4 million, a decrease of 4.9% from $3.6 million in the first quarter ended July 28, 2013.

The normalized profit margin dropped to 4.5% from 5.1% in the year-earlier period.

Total revenue climbed 8.4% on an annual basis to $76.1 million from $70.1 million, and total operating expenses increased 10.3% on an annual basis to $70.8 million from $64.2 million.

Reported net income increased from the prior-year period to $3.3 million, or 27 cents per share, from $3.2 million, or 26 cents per share.