8/31/2009-Culp (NYSE:CFI) reported fiscal Q1 EPS of 15 cents, topping consensus estimates of 12 cents. Revenues in the quarter fell 23% year-over-year to $45.5 million, but managed to come in slightly higher than consensus estimates of $44.9 million. It must be taken into account that the company's first quarter of fiscal 2010 had a total of 13 weeks compared with 14 weeks for the first quarter of fiscal 2009. Culp reported cash flow from operations was $4.6 million for the first quarter. Meanwhile, the company said total debt, which includes current maturities of long term debt and long term debt, less cash came in at $0.9 million, vs. $4.6 million at the end of fiscal 2009.

Commenting on the company's outlook, Frank Saxon, President and Chief Executive Officer of Culp, Inc., said, "While we expect that the economic uncertainties and issues surrounding the housing market will continue to affect consumer demand for furniture and bedding products, we are encouraged by indications of a more stable business environment. Overall, we expect our sales for the second quarter of fiscal 2010 to be down in the range of five percent from the second quarter of last year." Analysts, on average, are projecting fiscal Q2 2010 sales of $44.7 million, which represents a 14.5% year-over-year sales decline.

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