Culp, Inc. (NYSE: CFI) reported financial and operating results for the second quarter of fiscal 2012 ended October 30, 2011.

Highlights for the second quarter of fiscal 2012 include the following:

Net sales were $58.0 million, a 19 percent increase compared with the second quarter of fiscal 2011, with mattress fabrics segment sales up 24 percent and upholstery fabric segment sales up 11 percent over the same period a year ago.

Pre-tax income was $2.9 million, or 4.9 percent of sales, compared with $3.2 million, or 6.5 percent of sales, in the prior year period.

Net income was $6.3 million, or $0.49 per diluted share, compared with net income of $4.0 million, or $0.30 per diluted share, for the second quarter of fiscal 2011. Net income for the second quarter of 2012 included an income tax benefit of $3.4 million, while net income for the previous year period included an $801,000 income tax benefit.

As of November 25, 2011, the company has repurchased 585,000 shares of Culp common stock for approximately $5.1 million, or 4.4 percent of shares outstanding at the beginning of its share repurchase program announced in June.

The company’s financial position remained strong, with cash and cash equivalents and short term investments of $24.3 million and total debt of $9.2 million as of October 30, 2011, even with stock repurchases of $4.8 million, capital expenditures of $2.6 million and debt repayments of $2.3 million.

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