Provides Update on Restructuring and
Improved Financial Outlook
Culp, Inc. (NYSE: CULP) (together with its consolidated
subsidiaries, “CULP”) today reported financial and operating
results for the first quarter ended July 28, 2024.
Fiscal 2025 First Quarter Financial Highlights
- Consolidated net sales of $56.5 million - up 14.2% compared
sequentially to last quarter - sequentially, upholstery fabrics
segment sales up 19.7% and inventory down 4.6%, mattress fabrics
segment sales up 9.0% and inventory down 8.6%
- Year-over-year and sequential operating improvement in
upholstery fabrics segment - segment operating income of $1.7
million, up 28.9% year-over-year and 75.6% sequentially - segment
operating margin of 6.0% for the quarter
- GAAP consolidated loss from operations of $(6.9) million
(includes $2.7 million in restructuring expense and related
charges) - Non-GAAP loss from operations of $(4.1) million (see
reconciliation table on page 12) - Operating performance for the
quarter affected by manufacturing inefficiencies primarily related
to the significant restructuring activity underway in the mattress
fabrics segment
- $13.5 million in cash, $4.0 million in outstanding borrowings
used to fund worldwide working capital and restructuring
initiatives - Stable net cash position of $9.5 million (see
reconciliation table on page 8), with only $560,000 use of cash
since end of fiscal 2024 despite significant restructuring
activity
Financial Outlook
- Due to the significant restructuring activity underway, the
company is only providing limited financial guidance at this time.
- Consolidated net sales for second quarter expected to be flat
sequentially - As a result of the restructuring initiatives,
currently expect to return to near break-even adjusted EBITDA
(excluding restructuring and related charges) in the second quarter
of fiscal 2025, and to return to positive consolidated adjusted
operating income (excluding restructuring and related charges) in
the third quarter of fiscal 2025.
- The company’s expectations are based on information available
at the time of this press release and reflect certain assumptions
by management regarding the company’s business and trends and the
projected impact of restructuring actions and ongoing external
headwinds.
Iv Culp, President and Chief Executive Officer of Culp, Inc.,
said, “Our sales results for the first quarter reflected strong
sequential improvement as compared to the fourth quarter of last
fiscal year, with mattress fabrics sales up 9.0% and upholstery
fabrics sales up 19.7%. While we continue to experience challenged
macro industry conditions, our sequential sales growth was better
than expected, and year-over-year consolidated sales were flat
despite the overall industry weakness.
"Our upholstery fabrics segment also delivered a significant
improvement in operating income, both year-over-year and
sequentially, with 6.0% operating margins for the quarter. The
strategic actions we have taken in this segment are working, as we
have reduced our cost structure while maintaining and enhancing our
ability to grow sales. However, as expected, operating performance
for our mattress fabrics segment was pressured by manufacturing
inefficiencies primarily related to our significant restructuring
activity. While this negatively and disproportionately affected
operating performance for the quarter, our use of cash was minimal,
with our net cash position only $560,000 lower as compared to the
end of fiscal 2024. We are pleased that both segments reduced
inventory from the end of fiscal 2024 despite the strong sequential
increase in sales.
"We are also encouraged by the progress of our restructuring
initiatives. While mattress fabrics operating results are being
pressured by these actions in the first half of the fiscal year,
especially in the first quarter, we believe we are on schedule to
deliver our targeted improvement outcomes, including a return to
near break-even adjusted EBITDA in the second quarter and a return
to positive consolidated adjusted operating income in the third
quarter. The restructuring is a significant undertaking that
impacts people, plant consolidations, equipment relocation, and
process improvements, but with it, we are successfully lowering our
cost structure despite weak demand. We are extremely thankful for
our dedicated employees as they execute our plan to return to
profitable operating results post-restructuring.
"Looking ahead, we are encouraged by (1) our solid and improving
market positions in both businesses; (2) our consistently
profitable upholstery fabrics business; (3) expected further
improvement in our hospitality fabrics and Read Window businesses;
and (4) the steady progress we are making to restructure our
mattress fabrics business. We anticipate industry conditions may
remain pressured during fiscal 2025, although we also believe there
is some stabilizing of industry trends. We expect the strategic
actions we are taking will position us for a return to
profitability at current demand levels and further growth
opportunities as market conditions improve," added Culp.
Restructuring Update
The restructuring plan announced on May 1, 2024, primarily
focused on the company's mattress fabrics segment, is progressing
as planned. The consolidation of the company's sewn mattress cover
operation in Haiti was completed during the first quarter, and the
consolidation of the company's North American mattress fabrics
operation is well underway (including the phased wind-down and
closure of its manufacturing facility in Canada and move of certain
knitting and finishing equipment to its facility in North
Carolina).
The company still expects to generate $10.0 - $11.0 million in
annualized savings and operating improvements after the
restructuring initiatives are fully implemented by the end of the
calendar year, with most of the restructuring benefit realized
during the second half of fiscal 2025.
In addition, based on restructuring activities that have been
completed along with updated estimates on those that remain in
process, the company now expects to incur total restructuring and
restructuring-related costs and charges of $5.1 million in fiscal
2025, of which $3.0 million is now expected to be cash
expenditures. The company expects to fund approximately $2.0
million of the cash costs with proceeds from the sale of excess
manufacturing equipment and proceeds from a building lease
termination in Haiti.
These restructuring and restructuring-related costs and charges
exclude any gain on the sale of real estate, the amount and timing
of which is currently unknown but which will ultimately reduce the
amount of the restructuring charges incurred. The company is
actively marketing and showing the real estate, and currently
anticipates receiving approximately $9.0 to $10.0 million in cash
proceeds (net of all taxes and commissions) from its eventual
sale.
First Quarter Fiscal 2025 Results versus First Quarter Fiscal
2024 Results
- Net sales were $56.5 million, down 0.2 percent compared with
the prior-year period, with mattress fabrics sales down 3.9
percent, and upholstery fabrics sales up 3.7 percent.
- Loss from operations was $(6.9) million (which included $2.7
million in restructuring expense and related charges during the
period), compared with a loss from operations of $(3.1) million for
the prior-year period (which included $517,000 in restructuring and
related charges during the period).
- Adjusted loss from operations was $(4.1) million, compared with
an adjusted loss from operations of $(2.6) million for the
prior-year period. (See reconciliation table on page 12). Operating
performance compared to the first quarter of fiscal 2024 was
negatively affected by manufacturing inefficiencies primarily
related to significant restructuring activity underway in the
mattress fabrics segment.
- Net loss was $(7.3) million, or $(0.58) per diluted share,
compared with a net loss of $(3.3) million, or $(0.27) per diluted
share, for the prior-year period. The effective tax rate for the
first quarter was negative (3.4) percent, reflecting the company’s
mix of taxable income between its U.S. and foreign jurisdictions
during the period.
Business Segment Highlights
Mattress Fabrics Segment (“CHF”)
- Sales for this segment were $28.1 million for the first
quarter, down 3.9 percent compared with sales of $29.2 million in
the first quarter of fiscal 2024. Sequentially, sales were up 9.0
percent compared with sales of $25.8 million for the fourth quarter
of fiscal 2024.
- While year-over-year sales were affected by weakness in the
domestic mattress industry, the sequential improvement in sales was
driven by higher order levels, which CHF believes are indicative of
its product innovation and improving market position.
- Operating loss was $(3.5) million for the first quarter,
compared to an operating loss of $(1.4) million in the prior-year
period. Operating performance for the quarter was pressured by
lower year-over-year sales volume and manufacturing inefficiencies,
including inefficiencies related to the significant restructuring
initiatives to wind-down CHF's Canadian operation and move certain
knitting and finishing equipment to Stokesdale, North
Carolina.
Upholstery Fabrics Segment (“CUF”)
- Sales for this segment were $28.5 million for the first
quarter, up 3.7 percent compared with sales of $27.4 million in the
first quarter of fiscal 2024. Sequentially, sales were up 19.7
percent compared with sales of $23.8 million for the fourth quarter
of fiscal 2024.
- Sales for CUF's residential fabric business and
hospitality/contract fabric business (including Read Window) were
both higher than the prior-year period and higher sequentially,
driven by stronger demand (and, with respect to the sequential
improvement in residential fabric, partially affected by the timing
of Chinese New Year, which pressured sales during the fourth
quarter of fiscal 2024).
- Sales from CUF’s hospitality/contract business accounted for
approximately 33 percent of CUF's total sales during the first
quarter.
- Operating income was $1.7 million for the first quarter,
compared with operating income of $1.3 million in the first quarter
of fiscal 2024. Operating margin for the first quarter of fiscal
2025 was 6.0 percent, compared with 4.8 percent for the first
quarter of fiscal 2024. Operating performance for the first quarter
of fiscal 2025, as compared to the prior-year period, was
positively affected by higher sales, lower fixed costs, and lower
SG&A, offset somewhat by higher freight costs.
Balance Sheet, Cash Flow, and Liquidity
- As of July 28, 2024, the company reported $13.5 million in
total cash and $4.0 million in outstanding debt under the company's
China credit facility.
- Cash flow from operations and free cash flow were negative
$(206,000) and negative $(550,000), respectively, for the first
three months of fiscal 2025, compared with cash flow from
operations and free cash flow of negative $(4.4) million and
negative $(4.2) million, respectively for the first three months of
fiscal 2024. (See reconciliation table on page 10 of this press
release.) The company’s cash flow from operations and free cash
flow during the first three months of fiscal 2024 were affected by
operating losses, partially offset by lower working capital (mainly
from lower inventory balances) and planned strategic investments in
capital expenditures mostly related to the mattress fabrics
segment. Both segments continue to do an effective job managing
inventory during very challenging business conditions.
- Capital expenditures for the first three months of fiscal 2025
were $501,000. The company continues to manage capital investments,
focusing on projects that will increase efficiencies and improve
quality, especially for the mattress fabrics segment.
- As of July 28, 2024, the company had approximately $32.7
million in liquidity consisting of $13.5 million in cash and $19.2
million in borrowing availability under the company's domestic
credit facility. The company also had $4.0 million in borrowings
outstanding under its China credit facility as of July 28,
2024.
- As reflected in the borrowings outstanding, the company intends
to utilize some borrowings under its domestic and/or foreign credit
facilities during fiscal 2025 in connection with its restructuring
activities and to fund worldwide working capital to grow the
business. Importantly, the company still expects to maintain a
positive net cash position and to fund approximately $2.0 million
of the cash costs associated with the restructuring from the
eventual sale of excess equipment and proceeds from a building
lease termination in Haiti.
- Assuming the completion of all restructuring actions and the
sale of associated real estate by the end of fiscal 2025, the
company currently projects its cash as of the end of fiscal 2025 to
be higher than its $10.0 million in cash as of the end of fiscal
2024.
Conference Call
Culp, Inc. will hold a conference call to discuss financial
results for the fiscal 2025 first quarter on Thursday, September 5,
2024, at 9:00 a.m. Eastern Time. A live webcast of this call can be
accessed on the “Upcoming Events” section on the investor relations
page of the company’s website, www.culp.com. A replay of the
webcast will be available for 30 days under the “Past Events”
section on the investor relations page of the company’s website,
beginning at 2:00 p.m. Eastern Time on September 5, 2024.
About the Company
Culp, Inc. is one of the largest marketers of mattress fabrics
for bedding and upholstery fabrics for residential and commercial
furniture in North America. The company markets a variety of
fabrics to its global customer base of leading bedding and
furniture companies, including fabrics produced at Culp’s
manufacturing facilities and fabrics sourced through other
suppliers. Culp has manufacturing and sourcing capabilities located
in the United States, Canada, China, Haiti, Turkey, and
Vietnam.
Forward Looking Statements
This release contains “forward-looking statements” within the
meaning of the federal securities laws, including the Private
Securities Litigation Reform Act of 1995 (Section 27A of the
Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934). Such statements are inherently subject to
risks and uncertainties that may cause actual events and results to
differ materially from such statements. Forward-looking statements
are statements that include projections, expectations, or beliefs
about future events or results or otherwise are not statements of
historical fact. Such statements are often but not always
characterized by qualifying words such as “expect,” “believe,”
“will,” “may,” “should,” “could,” “potential,” “continue,”
“target,” “predict”, “seek,” “anticipate,” “estimate,” “intend,”
“plan,” “project,” and their derivatives, and include but are not
limited to statements about expectations, projections, or trends
for our future operations, strategic initiatives and plans,
restructuring actions, production levels, new product launches,
sales, profit margins, profitability, operating (loss) income,
capital expenditures, working capital levels, cost savings
(including, without limitation, anticipated cost savings from
restructuring actions), income taxes, SG&A or other expenses,
pre-tax (loss) income, earnings, cash flow, and other performance
or liquidity measures, as well as any statements regarding
dividends, share repurchases, liquidity, use of cash and cash
requirements, borrowing capacity, investments, potential
acquisitions, restructuring and restructuring-related charges,
expenses, and/or credits, future economic or industry trends,
public health epidemics, or future developments. There can be no
assurance that we will realize these expectations or meet our
guidance, or that these beliefs will prove correct.
Factors that could influence the matters discussed in such
statements include the level of housing starts and sales of
existing homes, consumer confidence, trends in disposable income,
and general economic conditions. Decreases in these economic
indicators could have a negative effect on our business and
prospects. Likewise, increases in interest rates, particularly home
mortgage rates, and increases in consumer debt or the general rate
of inflation, could affect us adversely. The future performance of
our business depends in part on our success in conducting and
finalizing acquisition negotiations and integrating acquired
businesses into our existing operations. Changes in consumer tastes
or preferences toward products not produced by us could erode
demand for our products. Changes in tariffs or trade policy,
including changes in U.S. trade enforcement priorities, or changes
in the value of the U.S. dollar versus other currencies, could
affect our financial results because a significant portion of our
operations are located outside the United States. Strengthening of
the U.S. dollar against other currencies could make our products
less competitive on the basis of price in markets outside the
United States, and strengthening of currencies in Canada and China
can have a negative impact on our sales of products produced in
those places. In addition, because our foreign operations use the
U.S. dollar as their functional currency, changes in the exchange
rate between the local currency of those operations and the U.S
dollar can affect our reported profits from those foreign
operations. Also, economic or political instability in
international areas could affect our operations or sources of goods
in those areas, as well as demand for our products in international
markets. The impact of public health epidemics on employees,
customers, suppliers, and the global economy, such as the recent
coronavirus pandemic, could also adversely affect our operations
and financial performance. In addition, the impact of potential
asset impairments, including impairments of property, plant, and
equipment, inventory, or intangible assets, as well as the impact
of valuation allowances applied against our net deferred income tax
assets, could affect our financial results. Increases in freight
costs, labor costs, and raw material prices, including increases in
market prices for petrochemical products, can also significantly
affect the prices we pay for shipping, labor, and raw materials,
respectively, and in turn, increase our operating costs and
decrease our profitability. Also, our success in diversifying our
supply chain with reliable partners to effectively service our
global platform could affect our operations and adversely affect
our financial results. Finally, the future performance of our
business also depends on our ability to successfully restructure
our mattress fabric operations and return the segment to
profitability. Further information about these factors, as well as
other factors that could affect our future operations or financial
results and the matters discussed in forward-looking statements, is
included in Item 1A “Risk Factors” in our most recent Form 10-K and
Form 10-Q reports filed with the Securities and Exchange
Commission.
Many of these factors are macroeconomic in nature and are,
therefore, beyond our control. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, our actual results, performance or achievements may vary
materially from those described in this release as anticipated,
believed, estimated, expected, intended, planned or projected. The
forward-looking statements included in this release are made only
as of the date of this report. Unless required by United States
federal securities laws, we neither intend nor assume any
obligation to update these forward-looking statements for any
reason after the date of this release to conform these statements
to actual results or to changes in our expectations. A
forward-looking statement is neither a prediction nor a guarantee
of future events or circumstances, and those future events or
circumstances may not occur. Additional risks and uncertainties
that we do not presently know about or that we currently consider
to be immaterial may also affect our business operations or
financial results.
CULP, INC.
CONSOLIDATED STATEMENTS OF NET
LOSS
FOR THE THREE MONTHS ENDED
JULY 28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands, Except
for Per Share Data)
THREE MONTHS ENDED
Amount
Percent of Sales
(1)
(1)
July 28,
July 30,
% Over
July 28,
July 30,
2024
2023
(Under)
2024
2023
Net sales
$
56,537
$
56,662
(0.2
)%
100.0
%
100.0
%
Cost of sales (1)
(51,461
)
(49,577
)
3.8
%
91.0
%
87.5
%
Gross profit
5,076
7,085
(28.4
)%
9.0
%
12.5
%
Selling, general and administrative
expenses
(9,296
)
(9,829
)
(5.4
)%
16.4
%
17.3
%
Restructuring expense (2) (3)
(2,631
)
(338
)
678.4
%
4.7
%
0.6
%
Loss from operations
(6,851
)
(3,082
)
122.3
%
(12.1
)%
(5.4
)%
Interest expense
(28
)
—
100.0
%
(0.0
)%
—
Interest income
262
345
(24.1
)%
0.5
%
0.6
%
Other (expense) income
(404
)
96
(520.8
)%
(0.7
)%
0.2
%
Loss before income taxes
(7,021
)
(2,641
)
165.8
%
(12.4
)%
(4.7
)%
Income tax expense (4)
(240
)
(701
)
(65.8
)%
(3.4
)%
(26.5
)%
Net loss
$
(7,261
)
$
(3,342
)
117.3
%
(12.8
)%
(5.9
)%
Net loss per share - basic
$
(0.58
)
$
(0.27
)
114.8
%
Net loss per share - diluted
$
(0.58
)
$
(0.27
)
114.8
%
Average shares outstanding-basic
12,470
12,332
1.1
%
Average shares outstanding-diluted
12,470
12,332
1.1
%
Notes
(1)
See page 12 for a Reconciliation of
Selected Income Statement Information to Adjusted Results for the
three months ending July 28, 2024, and July 30, 2023.
(2)
During the three-month period ending July
28, 2024, restructuring expense of $2.6 million represents $2.5
million and $132,000, related to the mattress fabrics and
upholstery fabrics segments, respectively. The $2.6 million of
restructuring expense represents (i) $1.9 million related to the
gradual discontinuation of operations and the process of selling
the manufacturing facility located in Quebec, Canada, which
includes $875,000 of additional depreciation related to the
shortening of useful lives of equipment, employee termination
benefits of $539,000, lease termination costs of $264,000,
impairment charges and losses on the disposal of equipment totaling
$95,000, and other associated costs of $90,000; (ii) $470,0000
related to the consolidation of two leased facilities at our
mattress cover operation located in Ouanaminthe, Haiti, which
includes lease termination costs of $406,000, employee termination
benefits of $48,000, and other associated costs of $16,000; (iii)
$167,000 of other associated costs related to the relocation of
certain equipment from the mattress fabrics manufacturing facility
located in Quebec, Canada to the U.S. facility located in
Stokesdale, North Carolina; and (iv) $132,000 related to reducing
costs within our upholstery fabrics segment which includes employee
termination benefits of $102,000 and other associated costs of
$30,000.
(3)
Restructuring expense of $338,000 for the
three-month period ending July 30, 2023, relates to the
discontinuation of production of cut and sewn upholstery kits at
our facility located in Ouanaminthe, Haiti and represents an
impairment charge of $237,000 related mostly to certain machinery
and equipment and $101,000 for employee termination benefits.
(4)
Percent of sales column for income tax
expense is calculated as a percent of loss before income taxes.
CONSOLIDATED BALANCE
SHEETS
JULY 28, 2024, JULY 30, 2023,
AND APRIL 28, 2024
Unaudited
(Amounts in Thousands)
Amounts
(Condensed)
(Condensed)
(Condensed)
July 28,
July 30,
Increase (Decrease)
* April 28,
2024
2023
Dollars
Percent
2024
Current assets
Cash and cash equivalents
$
13,472
$
16,812
(3,340
)
(19.9
)%
$
10,012
Short-term investments - rabbi trust
954
791
163
20.6
%
903
Accounts receivable, net
21,587
22,612
(1,025
)
(4.5
)%
21,138
Inventories
41,668
43,817
(2,149
)
(4.9
)%
44,843
Short-term note receivable
268
252
16
6.3
%
264
Current income taxes receivable
532
202
330
163.4
%
350
Assets held for sale
607
—
607
100.0
%
—
Other current assets
3,590
3,578
12
0.3
%
3,371
Total current assets
82,678
88,064
(5,386
)
(6.1
)%
80,881
Property, plant & equipment, net
30,476
34,929
(4,453
)
(12.7
)%
33,182
Right of use assets
4,483
7,466
(2,983
)
(40.0
)%
6,203
Intangible assets
1,782
2,158
(376
)
(17.4
)%
1,876
Long-term investments - rabbi trust
7,089
7,204
(115
)
(1.6
)%
7,102
Long-term note receivable
1,394
1,661
(267
)
(16.1
)%
1,462
Deferred income taxes
528
476
52
10.9
%
518
Other assets
709
944
(235
)
(24.9
)%
830
Total assets
$
129,139
$
142,902
(13,763
)
(9.6
)%
$
132,054
Current liabilities
Line of credit - China
4,017
—
4,017
100.0
%
-
Accounts payable - trade
26,540
26,468
72
0.3
%
25,607
Accounts payable - capital
expenditures
56
257
(201
)
(78.2
)%
343
Operating lease liability - current
1,565
2,558
(993
)
(38.8
)%
2,061
Deferred compensation - current
954
791
163
20.6
%
903
Deferred revenue
1,600
1,026
574
55.9
%
1,495
Accrued expenses
6,097
6,615
(518
)
(7.8
)%
6,726
Accrued restructuring
633
10
623
N.M.
—
Income taxes payable - current
759
526
233
44.3
%
972
Total current liabilities
42,221
38,251
3,970
10.4
%
38,107
Operating lease liability - long-term
2,219
2,994
(775
)
(25.9
)%
2,422
Income taxes payable - long-term
2,180
2,710
(530
)
(19.6
)%
2,088
Deferred income taxes
6,449
5,864
585
10.0
%
6,379
Deferred compensation - long-term
6,946
6,966
(20
)
(0.3
)%
6,929
Total liabilities
60,015
56,785
3,230
5.7
%
55,925
Shareholders' equity
69,124
86,117
(16,993
)
(19.7
)%
76,129
Total liabilities and shareholders'
equity
$
129,139
$
142,902
(13,763
)
(9.6
)%
$
132,054
Shares outstanding
12,470
12,344
126
1.0
%
12,470
* Derived from audited financial
statements.
CULP, INC.
SUMMARY OF CASH AND
DEBT
JULY 28, 2024, JULY 30, 2023,
AND APRIL 28, 2024
Unaudited
(Amounts in Thousands)
Amounts
July 28,
July 30,
April 28,
2024
2023
2024*
Cash:
Cash and cash equivalents
$
13,472
$
16,812
$
10,012
Less Debt:
Line of credit - China
4,017
—
—
Net Cash Position
$
9,455
$
16,812
$
10,012
CULP, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE THREE MONTHS ENDED
JULY 28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands)
THREE MONTHS ENDED
Amounts
July 28,
July 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(7,261
)
$
(3,342
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation
1,581
1,635
Non-cash inventory credit
(268
)
(717
)
Amortization
99
96
Stock-based compensation
176
322
Deferred income taxes
60
(86
)
Gain on sale of equipment
(4
)
(270
)
Non-cash restructuring expense
1,643
237
Foreign currency exchange loss (gain)
45
(372
)
Changes in assets and liabilities:
Accounts receivable
(445
)
2,112
Inventories
3,458
1,792
Other current assets
(221
)
(526
)
Other assets
90
(134
)
Accounts payable
884
(2,353
)
Deferred revenue
105
(166
)
Accrued restructuring
640
10
Accrued expenses and deferred
compensation
(478
)
(2,311
)
Income taxes
(310
)
(362
)
Net cash used in operating activities
(206
)
(4,435
)
Cash flows from investing activities:
Capital expenditures
(501
)
(513
)
Proceeds from the sale of equipment
37
294
Proceeds from note receivable
90
60
Proceeds from the sale of investments
(rabbi trust)
229
780
Purchase of investments (rabbi trust)
(187
)
(247
)
Net cash (used in) provided by investing
activities
(332
)
374
Cash flows from financing activities:
Proceeds from line of credit - China
4,010
—
Net cash provided by financing
activities
4,010
—
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(12
)
(91
)
Increase (decrease) in cash and cash
equivalents
3,460
(4,152
)
Cash and cash equivalents at beginning of
year
10,012
20,964
Cash and cash equivalents at end of
year
$
13,472
$
16,812
Free Cash Flow (1)
$
(550
)
$
(4,152
)
(1) See next page for Reconciliation of
Free Cash Flow for the three months ending July 28, 2024, and July
30, 2023.
CULP, INC.
RECONCILIATION OF FREE CASH
FLOW
FOR THE THREE MONTHS ENDED
JULY 28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands)
THREE MONTHS ENDED
Amounts
July 28,
July 30,
2024
2023
A) Net cash used in operating
activities
$
(206
)
$
(4,435
)
B) Minus: Capital expenditures
(501
)
(513
)
C) Plus: Proceeds from the sale of
equipment
37
294
D) Plus: Proceeds from note receivable
90
60
E) Plus: Proceeds from the sale of
investments (rabbi trust)
229
780
F) Minus: Purchase of investments (rabbi
trust)
(187
)
(247
)
G) Effects of foreign currency exchange
rate changes on cash and cash equivalents
(12
)
(91
)
Free Cash Flow
$
(550
)
$
(4,152
)
CULP, INC.
STATEMENTS OF OPERATIONS BY
SEGMENT
FOR THE THREE MONTHS ENDED
JULY 28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands)
THREE MONTHS ENDED
Amounts
Percent of Total Sales
July 28,
July 30,
% Over
July 28,
July 30,
Net Sales by Segment
2024
2023
(Under)
2024
2023
Mattress Fabrics
$
28,076
$
29,222
(3.9
)%
49.7
%
51.6
%
Upholstery Fabrics
28,461
27,440
3.7
%
50.3
%
48.4
%
Net Sales
$
56,537
$
56,662
(0.2
)%
100.0
%
100.0
%
Gross (Loss) Profit
Gross Margin
Mattress Fabrics
$
(326
)
$
1,994
(116.3
)%
(1.2
)%
6.8
%
Upholstery Fabrics
5,518
5,270
4.7
%
19.4
%
19.2
%
Total Segment Gross Profit
5,192
7,264
(28.5
)%
9.2
%
12.8
%
Restructuring Related Charge (1)
(116
)
(179
)
(35.2
)%
(0.2
)%
(0.3
)%
Gross Profit
$
5,076
$
7,085
(28.4
)%
9.0
%
12.5
%
Selling, General and Administrative
Expenses by Segment
Percent of Sales
Mattress Fabrics
$
3,223
$
3,393
(5.0
)%
11.5
%
11.6
%
Upholstery Fabrics
3,806
3,941
(3.4
)%
13.4
%
14.4
%
Unallocated Corporate Expenses
2,267
2,495
(9.1
)%
4.0
%
4.4
%
Selling, General and Administrative
Expenses
$
9,296
$
9,829
(5.4
)%
16.4
%
17.3
%
(Loss) Income from Operations by
Segment
Operating Margin
Mattress Fabrics
$
(3,549
)
$
(1,398
)
153.9
%
(12.6
)%
(4.8
)%
Upholstery Fabrics
$
1,712
$
1,328
28.9
%
6.0
%
4.8
%
Unallocated Corporate Expenses
$
(2,267
)
$
(2,495
)
(9.1
)%
(4.0
)%
(4.4
)%
Total Segment Loss from Operations
(4,104
)
(2,565
)
60.0
%
(7.3
)%
(4.5
)%
Restructuring Related Charge (1)
(116
)
(179
)
(35.2
)%
(0.2
)%
(0.3
)%
Restructuring Expense (1)
(2,631
)
(338
)
678.4
%
(4.7
)%
(0.6
)%
Loss from Operations
$
(6,851
)
$
(3,082
)
122.3
%
(12.1
)%
(5.4
)%
Return on Capital Employed (ttm) (2)
Mattress Fabrics
(14.6
)%
(25.4
)%
(42.5
)%
Upholstery Fabrics
70.5
%
18.2
%
287.4
%
Unallocated Corporate
N.M.
N.M.
N.M.
Consolidated
(16.3
)%
(28.6
)%
(43.0
)%
Capital Employed (3)
Mattress Fabrics
$
56,410
$
61,056
(7.6
)%
Upholstery Fabrics
6,906
12,357
(44.1
)%
Unallocated Corporate
5,171
4,086
26.6
%
Consolidated
$
68,487
$
77,499
(11.6
)%
Depreciation Expense by Segment
Mattress Fabrics (4)
$
2,297
$
1,455
57.9
%
Upholstery Fabrics
159
180
(11.7
)%
Depreciation Expense
$
2,456
$
1,635
50.2
%
Notes
(1)
See page 12 for a Reconciliation of
Selected Income Statement Information to Adjusted Results for the
three months ending July 28, 2024, and July 30, 2023.
(2)
See pages 14 through 17 for calculation of
Return on Capital Employed by Segment for the trailing twelve
months ending July 28, 2024, and July 30, 2023, and a
reconciliation to information from our U.S. GAAP financial
statements.
(3)
The capital employed balances are as of
July 28, 2024, and July 30, 2023.
(4)
During the three-month period ending July
28, 2024, depreciation expense for the mattress fabrics segment
included additional depreciation expense related to the shortening
of useful lives of equipment associated with the gradual
discontinuation of operations regarding our manufacturing facility
located in Quebec, Canada. The amount of additional depreciation
expense was $875,000 and was classified as restructuring
expense.
CULP, INC.
RECONCILIATION OF SELECTED
INCOME STATEMENT INFORMATION TO ADJUSTED RESULTS
FOR THREE MONTHS ENDED JULY
28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands)
As Reported
Adjusted Results
July 28,
July 28,
2024
Adjustments
2024
Net sales
$
56,537
—
$
56,537
Cost of sales (1)
(51,461
)
116
(51,345
)
Gross profit
5,076
116
5,192
Selling, general and administrative
expenses
(9,296
)
—
(9,296
)
Restructuring expense (2)
(2,631
)
2,631
—
Loss from operations
$
(6,851
)
2,747
$
(4,104
)
Notes
(1)
During the three-month period ending July
28, 2024, cost of sales included a restructuring related charge
totaling $116,000 for losses on the disposal of obsolete inventory
related to the gradual discontinuation of operations at our
manufacturing facility located in Quebec, Canada.
(2)
During the three-month period ending July
28, 2024, restructuring expense of $2.6 million represents $2.5
million and $132,000, related to the mattress fabrics and
upholstery fabrics segments, respectively. The $2.6 million of
restructuring expense represents (i) $1.9 million related to the
gradual discontinuation of operations and the process of selling
the manufacturing facility located in Quebec, Canada, which
includes $875,000 of additional depreciation related to the
shortening of useful lives of equipment, employee termination
benefits of $539,000, lease termination costs of $264,000,
impairment charges and losses on the disposal of equipment totaling
$95,000, and other associated costs of $90,000; (ii) $470,0000
related to the consolidation of two leased facilities at our
mattress cover operation located in Ouanaminthe, Haiti, which
includes lease termination costs of $406,000, employee termination
benefits of $48,000, and other associated costs of $16,000; (iii)
$167,000 of other associated costs related to the relocation of
certain equipment from the mattress fabrics manufacturing facility
located in Quebec, Canada to the U.S. facility located in
Stokesdale, North Carolina; and (iv) $132,000 related to reducing
costs within our upholstery fabrics segment which includes employee
termination benefits of $102,000 and other associated costs of
$30,000.
As Reported
Adjusted Results
July 30,
July 30,
2023
Adjustments
2023
Net sales
$
56,662
—
$
56,662
Cost of sales (1)
(49,577
)
179
(49,398
)
Gross profit
7,085
179
7,264
Selling, general and administrative
expenses
(9,829
)
—
(9,829
)
Restructuring expense (2)
(338
)
338
—
Loss from operations
$
(3,082
)
517
$
(2,565
)
Notes
(1)
During the three-months ended July 30,
2023, cost of sales included a restructuring related charge
totaling $179,000 for the markdowns of inventory related to the
discontinuation of production of cut and sewn upholstery kits at
the company's facility in Ouanaminthe, Haiti.
(2)
Restructuring expense of $338,000 for the
three-month period ending July 30, 2023, relates to the
discontinuation of production of cut and sewn upholstery kits at
our facility located in Ouanaminthe, Haiti and represents an
impairment charge of $237,000 related mostly to certain machinery
and equipment and $101,000 for employee termination benefits.
CULP, INC.
CONSOLIDATED STATEMENTS OF
ADJUSTED EBITDA
FOR THE TWELVE MONTHS ENDED
JULY 28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands)
Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Trailing 12 Months
October 29,
January 28,
April 28,
July 28,
July 28,
2023
2024
2024
2024
2024
Net loss
$
(2,424
)
$
(3,188
)
$
(4,865
)
$
(7,261
)
$
(17,738
)
Income tax expense
516
1,027
805
240
2,588
Interest income, net
(282
)
(284
)
(252
)
(234
)
(1,052
)
Depreciation expense
1,617
1,646
1,623
1,581
6,467
Restructuring (credit) expense
144
(50
)
204
2,631
2,929
Restructuring related charge
(credit)
(78
)
(61
)
—
116
(23
)
Amortization expense
97
98
99
99
393
Stock based compensation
163
262
168
176
769
Adjusted EBITDA
$
(247
)
$
(550
)
$
(2,218
)
$
(2,652
)
$
(5,667
)
% Net Sales
(0.4
)%
(0.9
)%
(4.5
)%
(4.7
)%
(2.5
)%
Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Trailing 12 Months
October 30,
January 29,
April 30,
July 30,
July 30,
2022
2023
2023
2023
2023
Net loss (1)
$
(12,173
)
$
(8,968
)
$
(4,681
)
$
(3,342
)
$
(29,164
)
Income tax expense
1,150
286
798
701
2,935
Interest income, net
(79
)
(196
)
(239
)
(345
)
(859
)
Depreciation expense
1,719
1,739
1,619
1,635
6,712
Restructuring expense
615
711
70
338
1,734
Restructuring related charge
98
—
—
179
277
Amortization expense
109
109
115
96
429
Stock based compensation
313
322
258
322
1,215
Adjusted EBITDA (1)
$
(8,248
)
$
(5,997
)
$
(2,060
)
$
(416
)
$
(16,721
)
% Net Sales
(14.1
)%
(11.4
)%
(3.4
)%
(0.7
)%
(7.3
)%
% Over (Under)
(97.0
)%
(90.8
)%
7.7
%
537.5
%
(66.1
)%
(1)
Net loss and adjusted EBITDA for the
quarter ended October 30, 2022, and the twelve-month period ending
July 30, 2023, includes a non-cash charge totaling $5.2 million,
which represents a $2.9 million charge for the write down of
inventory to its net realizable value associated with the mattress
fabrics segment and $2.3 million related to markdowns of inventory
estimated based on the company's policy for aged inventory for both
the mattress and upholstery fabrics segments.
CULP, INC.
RETURN ON CAPITAL EMPLOYED BY
SEGMENT
FOR THE TWELVE MONTHS ENDED
JULY 28, 2024
Unaudited
(Amounts in Thousands)
Adjusted Operating (Loss)
Income
Twelve Months Ended
Average Capital
Return on Avg. Capital
July 28, 2024 (1)
Employed (2)
Employed (3)
Mattress Fabrics
$
(8,996
)
$
61,649
(14.6
)%
Upholstery Fabrics
6,170
8,746
70.5
%
Unallocated Corporate
(9,346
)
4,178
N.M.
Consolidated
$
(12,172
)
$
74,574
(16.3
)%
Average Capital Employed
As of the three Months July
28, 2024
As of the three Months April
28, 2024
As of the three Months January
28, 2024
Mattress
Upholstery
Unallocated
Mattress
Upholstery
Unallocated
Mattress
Upholstery
Unallocated
Fabrics
Fabrics
Corporate
Total
Fabrics
Fabrics
Corporate
Total
Fabrics
Fabrics
Corporate
Total
Total assets (4)
$
66,713
31,763
30,663
129,139
$
72,060
32,629
27,365
132,054
$
75,572
38,085
28,341
141,998
Total liabilities
(10,303
)
(24,857
)
(24,855
)
(60,015
)
(9,803
)
(25,370
)
(20,752
)
(55,925
)
(8,234
)
(32,201
)
(20,767
)
(61,202
)
Subtotal
$
56,410
$
6,906
5,808
$
69,124
$
62,257
$
7,259
6,613
$
76,129
$
67,338
$
5,884
$
7,574
$
80,796
Cash and cash equivalents
—
—
(13,472
)
(13,472
)
—
—
(10,012
)
(10,012
)
—
—
(12,585
)
(12,585
)
Short-term investments - Rabbi
Trust
—
—
(954
)
(954
)
—
—
(903
)
(903
)
—
—
(937
)
(937
)
Current income taxes receivable
—
—
(532
)
(532
)
—
—
(350
)
(350
)
—
—
(476
)
(476
)
Long-term investments - Rabbi
Trust
—
—
(7,089
)
(7,089
)
—
—
(7,102
)
(7,102
)
—
—
(7,083
)
(7,083
)
Deferred income taxes -
non-current
—
—
(528
)
(528
)
—
—
(518
)
(518
)
—
—
(531
)
(531
)
Line of credit - China
—
—
4,017
4,017
—
—
—
—
—
—
—
—
Deferred compensation - current
—
—
954
954
—
—
903
903
—
—
937
937
Accrued restructuring
633
633
—
—
—
—
—
—
—
—
Income taxes payable - current
—
—
759
759
—
—
972
972
—
—
1,070
1,070
Income taxes payable -
long-term
—
—
2,180
2,180
—
—
2,088
2,088
—
—
2,072
2,072
Deferred income taxes -
non-current
—
—
6,449
6,449
—
—
6,379
6,379
—
—
6,177
6,177
Deferred compensation
non-current
—
—
6,946
6,946
—
—
6,929
6,929
—
—
6,856
6,856
Total Capital Employed
$
56,410
$
6,906
$
5,171
$
68,487
$
62,257
$
7,259
$
4,999
$
74,515
$
67,338
$
5,884
$
3,074
$
76,296
CULP, INC.
RETURN ON CAPITAL EMPLOYED BY
SEGMENT - CONTINUED
FOR THE TWELVE MONTHS ENDED
JULY 28, 2024
Unaudited
(Amounts in Thousands)
As of the three Months October
29, 2023
As of the three Months Ended
July 30, 2023
Mattress
Upholstery
Unallocated
Mattress
Upholstery
Unallocated
Fabrics
Fabrics
Corporate
Total
Fabrics
Fabrics
Corporate
Total
Total assets (4)
$
75,924
35,082
31,154
142,160
$
72,286
37,592
33,024
142,902
Total liabilities
(14,739
)
(23,758
)
(20,035
)
(58,532
)
(11,230
)
(25,235
)
(20,320
)
(56,785
)
Subtotal
$
61,185
$
11,324
$
11,119
$
83,628
$
61,056
$
12,357
$
12,704
$
86,117
Cash and cash equivalents
—
—
(15,214
)
(15,214
)
—
—
(16,812
)
(16,812
)
Short-term investments - Rabbi
Trust
—
—
(937
)
(937
)
—
—
(791
)
(791
)
Current income taxes receivable
—
—
(340
)
(340
)
—
—
(202
)
(202
)
Long-term investments - Rabbi
Trust
—
—
(6,995
)
(6,995
)
—
—
(7,204
)
(7,204
)
Deferred income taxes -
non-current
—
—
(472
)
(472
)
—
—
(476
)
(476
)
Deferred compensation - current
—
—
937
937
—
—
791
791
Accrued restructuring
—
—
—
—
—
—
10
10
Income taxes payable - current
—
—
998
998
—
—
526
526
Income taxes payable -
long-term
—
—
2,055
2,055
—
—
2,710
2,710
Deferred income taxes -
non-current
—
—
5,663
5,663
—
—
5,864
5,864
Deferred compensation
non-current
—
—
6,748
6,748
—
—
6,966
6,966
Total Capital Employed
$
61,185
$
11,324
$
3,562
$
76,071
$
61,056
$
12,357
$
4,086
$
77,499
Mattress
Upholstery
Unallocated
Fabrics
Fabrics
Corporate
Consolidated
Average Capital Employed (2)
$
61,649
$
8,746
$
4,178
$
74,574
Notes
(1)
See last page of this presentation for
calculation.
(2)
Average capital employed was computed
using the five quarterly periods ending July 28, 2024, April 28,
2024, January 28, 2024, October 29, 2023, and July 30, 2023.
(3)
Return on average capital employed
represents the twelve months operating (loss) income as of July 28,
2024, divided by average capital employed. Average capital employed
does not include cash and cash equivalents, short-term and
long-term investments – Rabbi Trust, income taxes receivable and
payable, accrued restructuring, line of credit - China, noncurrent
deferred income tax assets and liabilities, and current and
non-current deferred compensation.
(4)
Intangible assets are included in
unallocated corporate for all periods presented and therefore, have
no effect on capital employed and return on capital employed for
our mattress fabrics and upholstery fabrics segments.
CULP INC.
RETURN ON CAPITAL EMPLOYED BY
SEGMENT
FOR THE TWELVE MONTHS ENDED
JULY 30, 2023
Unaudited
(Amounts in Thousands)
Adjusted Operating (Loss)
Income
Twelve Months Ended
Average Capital
Return on Avg. Capital
July 30, 2023 (1)
Employed (2)
Employed (3)
Mattress Fabrics
$
(17,159
)
$
67,685
(25.4
)%
Upholstery Fabrics
2,781
15,283
18.2
%
Unallocated Corporate
(10,434
)
3,862
N.M.
Consolidated
$
(24,812
)
$
86,830
(28.6
)%
Average Capital Employed
As of the three Months Ended
July 30, 2023
As of the three Months Ended
April 30, 2023
As of the three Months Ended
January 29, 2023
Mattress
Upholstery
Unallocated
Mattress
Upholstery
Unallocated
Mattress
Upholstery
Unallocated
Fabrics
Fabrics
Corporate
Total
Fabrics
Fabrics
Corporate
Total
Fabrics
Fabrics
Corporate
Total
Total assets (4)
$
72,286
37,592
33,024
142,902
$
75,494
39,127
37,562
152,183
$
75,393
39,817
35,388
150,598
Total liabilities
(11,230
)
(25,235
)
(20,320
)
(56,785
)
(11,387
)
(29,638
)
(22,078
)
(63,103
)
(9,511
)
(24,367
)
(23,216
)
(57,094
)
Subtotal
$
61,056
$
12,357
$
12,704
$
86,117
$
64,107
$
9,489
$
15,484
$
89,080
$
65,882
$
15,450
$
12,172
$
93,504
Cash and cash equivalents
—
—
(16,812
)
(16,812
)
—
—
(20,964
)
(20,964
)
—
—
(16,725
)
(16,725
)
Short-term investments - Rabbi
Trust
—
—
(791
)
(791
)
—
—
(1,404
)
(1,404
)
—
—
(2,420
)
(2,420
)
Current income taxes receivable
—
—
(202
)
(202
)
—
—
—
—
—
—
(238
)
(238
)
Long-term investments - Rabbi
Trust
—
—
(7,204
)
(7,204
)
—
—
(7,067
)
(7,067
)
—
—
(7,725
)
(7,725
)
Deferred income taxes -
non-current
—
—
(476
)
(476
)
—
—
(480
)
(480
)
—
—
(463
)
(463
)
Deferred compensation - current
—
—
791
791
—
—
1,404
1,404
—
—
2,420
2,420
Accrued restructuring
—
—
10
10
—
—
—
—
—
—
—
—
Income taxes payable - current
—
—
526
526
—
—
753
753
—
—
467
467
Income taxes payable -
long-term
—
—
2,710
2,710
—
—
2,675
2,675
—
—
2,648
2,648
Deferred income taxes -
non-current
—
—
5,864
5,864
—
—
5,954
5,954
—
—
6,089
6,089
Deferred compensation -
long-term
—
—
6,966
6,966
—
—
6,842
6,842
—
—
7,590
7,590
Total Capital Employed
$
61,056
$
12,357
$
4,086
$
77,499
$
64,107
$
9,489
$
3,197
$
76,793
$
65,882
$
15,450
$
3,815
$
85,147
CULP INC.
RETURN ON CAPITAL EMPLOYED BY
SEGMENT - CONTINUED
FOR THE TWELVE MONTHS ENDED
JULY 30, 2023
Unaudited
(Amounts in Thousands)
As of the three Months Ended
October 30, 2022
As of the three Months Ended
July 31, 2022
Mattress
Upholstery
Unallocated
Mattress
Upholstery
Unallocated
Fabrics
Fabrics
Corporate
Total
Fabrics
Fabrics
Corporate
Total
Total assets (4)
$
78,366
44,934
38,330
161,630
$
90,842
51,053
38,595
180,490
Total liabilities
(9,895
)
(26,108
)
(23,519
)
(59,522
)
(11,934
)
(30,762
)
(23,799
)
(66,495
)
Subtotal
$
68,471
$
18,826
$
14,811
$
102,108
$
78,908
$
20,291
$
14,796
$
113,995
Cash and cash equivalents
—
—
(19,137
)
(19,137
)
—
—
(18,874
)
(18,874
)
Short-term investments - Rabbi
Trust
—
—
(2,237
)
(2,237
)
Current income taxes receivable
—
—
(510
)
(510
)
—
—
(798
)
(798
)
Long-term investments - Rabbi
Trust
—
—
(7,526
)
(7,526
)
—
—
(9,567
)
(9,567
)
Deferred income taxes -
non-current
—
—
(493
)
(493
)
—
—
(546
)
(546
)
Deferred compensation - current
—
—
2,237
2,237
—
—
—
—
Accrued restructuring
—
—
33
33
—
—
—
—
Income taxes payable - current
—
—
969
969
—
—
587
587
Income taxes payable -
long-term
—
—
2,629
2,629
—
—
3,118
3,118
Deferred income taxes -
non-current
—
—
5,700
5,700
—
—
6,007
6,007
Deferred compensation -
long-term
—
—
7,486
7,486
—
—
9,528
9,528
Total Capital Employed
$
68,471
$
18,826
$
3,962
$
91,259
$
78,908
$
20,291
$
4,251
$
103,450
Mattress
Upholstery
Unallocated
Fabrics
Fabrics
Corporate
Consolidated
Average Capital Employed (2)
$
67,685
$
15,283
$
3,862
$
86,830
Notes
(1)
See last page of this
presentation for calculation.See last page of this presentation for
calculation.
(2)
Average capital employed was computed
using the five quarterly periods ending July 30, 2023, April 30,
2023, January 29, 2023, October 30, 2022, and July 31, 2022.
(3)
Return on average capital employed
represents the last twelve months operating (loss) income as of
July 30, 2023, divided by average capital employed. Average capital
employed does not include cash and cash equivalents, short-term and
long-term investments – Rabbi Trust, accrued restructuring, income
taxes receivable and payable, noncurrent deferred income tax assets
and liabilities, and current and non-current deferred
compensation.
(4)
Intangible assets are included in
unallocated corporate for all periods presented and therefore, have
no effect on capital employed and return on capital employed for
our mattress fabrics and upholstery fabrics segments.
CULP INC.
CONSOLIDATED STATEMENTS OF
ADJUSTED OPERATING (LOSS) INCOME
FOR THE TWELVE MONTHS ENDED
JULY 28, 2024, AND JULY 30, 2023
Unaudited
(Amounts in Thousands)
Quarter Ended
Trailing 12
Months
10/29/2023
01/28/2024
04/28/2024
07/28/2024
07/28/2024
Mattress Fabrics
$
(936
)
$
(1,582
)
$
(2,929
)
$
(3,549
)
$
(8,996
)
Upholstery Fabrics
1,391
2,092
975
1,712
6,170
Unallocated Corporate
(2,628
)
(2,361
)
(2,090
)
(2,267
)
(9,346
)
Operating loss
$
(2,173
)
$
(1,851
)
$
(4,044
)
$
(4,104
)
$
(12,172
)
Quarter Ended
Trailing 12
Months
10/30/2022
1/29/2023
4/30/2023
7/30/2023
7/30/2023
Mattress Fabrics
$
(9,002
)
$
(4,229
)
$
(2,530
)
$
(1,398
)
$
(17,159
)
Upholstery Fabrics
262
(420
)
1,611
1,328
2,781
Unallocated Corporate
(2,478
)
(2,423
)
(3,038
)
(2,495
)
(10,434
)
Operating loss
$
(11,218
)
$
(7,072
)
$
(3,957
)
$
(2,565
)
$
(24,812
)
% Over (Under)
(80.6
)%
(73.8
)%
2.2
%
60.0
%
(50.9
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240904817341/en/
Investor Relations Contact Ken Bowling, Executive Vice
President, Chief Financial Officer, and Treasurer: (336) 881-5630
krbowling@culp.com
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