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.
