Culp(US:CULP)2021-12-03 15:08Financial Performance - Q2 Fiscal 2022 - Net sales decreased by 30 percent to $746 million compared to the prior-year period[1] - Operating income decreased by 637 percent to $16 million from $45 million in the prior-year period[2,9] - Net income decreased by 643 percent to $851000 or $007 per diluted share compared to $24 million or $019 per diluted share in the prior-year period[2,9] Segment Performance - Q2 Fiscal 2022 - Mattress fabrics sales increased by 21 percent to $409 million compared to the second quarter of last year[1,15] - Upholstery fabrics sales decreased by 85 percent to $337 million compared with the second quarter of last year[1,19] - Mattress fabrics operating income decreased by 284 percent to $31 million[15] - Upholstery fabrics operating income decreased by 687 percent to $10 million[13,19] Dividend and Share Repurchase - The company announced a 5 percent increase in its quarterly cash dividend to 115 cents per share[3] - The annual indicated dividend is 46 cents per share with a yield of 434 percent based on the November 30 2021 closing stock price of $1061 per share[3] - The company repurchased 73002 shares of Culp common stock during the second quarter of fiscal 2022 leaving approximately $32 million available under the company's share repurchase program[3] Outlook - The company withdrew its previously issued annual guidance for fiscal 2022 due to the uncertain inflationary environment customer supply chain disruptions and the Omicron variant[6] - Net sales and consolidated operating income for the third quarter of fiscal 2022 are expected to be sequentially comparable to the second quarter of fiscal 2022[7] - The company expects a strong improvement in net sales and operating income for the fourth quarter of fiscal 2022 as compared to both the third quarter of fiscal 2022 and the fourth quarter of fiscal 2021[7]