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Culp Inc (CULP) SEC Filing 10-Q Quarterly Report for the period ending Sunday, October 29, 2023

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CIK: 723603 Ticker: CULP

Exhibit 99.1

 

 

 

img29555247_0.jpg 

 

 

CULP ANNOUNCES RESULTS FOR SECOND QUARTER FISCAL 2024,

WITH CONTINUED SEQUENTIAL AND STRONG YEAR-OVER-YEAR OPERATING IMPROVEMENT AND A SOLID FINANCIAL POSITION

 

 

HIGH POINT, N.C. (December 4, 2023) ─ Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating results for the second quarter ended October 29, 2023.

 

Fiscal 2024 Second Quarter Financial Summary

 

▪
Net sales for the second quarter of fiscal 2024 were $58.7 million, up 0.6 percent compared with the prior-year period, with mattress fabrics sales up 19.6 percent, and upholstery fabrics sales down 14.9 percent.
▪
Loss from operations was $(2.2) million, compared with a loss from operations of $(11.9) million for the prior-year period (which included $6.7 million relating to certain inventory impairment and other charges and restructuring and related expenses during the period).
▪
Net loss was $(2.4) million, or $(0.19) per diluted share, compared with a net loss of $(12.2) million, or $(0.99) per diluted share, for the prior-year period. The effective tax rate for the second quarter was negative (27.0) percent, reflecting the company’s mix of taxable income between its U.S. and foreign jurisdictions during the period.
▪
The company maintained a solid financial position, with its balance sheet reflecting $15.2 million of total cash and no outstanding borrowings as of October 29, 2023. Total liquidity as of October 29, 2023, was $41.4 million (consisting of $15.2 million in cash and $26.2 million in borrowing availability under the company's domestic credit facility).
▪
Adjusted EBITDA for the period was close to break even at negative $(247,000), as compared to adjusted EBITDA of negative $(8.2) million for the prior-year period.

 

CEO Commentary

 

Commenting on the results, Iv Culp, president and chief executive officer of Culp, Inc., said, “We are pleased to report both sequential and year-over-year improvement in our consolidated sales and operating performance for the second quarter, a solid outcome considering the challenging macro environment for furniture and bedding. These results, which were in line with our expectations, reflect the strategic business transformation initiatives underway in both divisions that are focused on driving performance despite ongoing demand softness. In our mattress fabrics segment, we are increasing sales and gaining market position with new fabric and sewn cover placements. This segment also achieved a 90 percent improvement in its operating results as compared to the prior-year period, and a 33 percent improvement as compared sequentially to the prior quarter. This performance was driven by balanced inventory management, higher sales, better pricing and margin, and an ongoing focus by our strengthened leadership team on operational efficiencies across our locations. For our upholstery fabrics segment, as expected, sales for residential fabrics were lower than the prior-year period due to demand softness affecting the home furnishings industry. However, demand remained solid in our hospitality/contract business. The segment also saw a significant improvement in operating performance, driven by better inventory management, fixed cost savings, and other operational improvements.

 

“Additionally, we continued our focus on prudent financial management, including maintaining a strong balance sheet and ensuring a strategic level of working capital. We ended the quarter with $15.2 million in cash and no outstanding borrowings. We believe we are well positioned, and we are

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The following information was filed by Culp Inc (CULP) on Monday, December 4, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Culp Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Net Loss
Consolidated Statements Of Shareholders' Equity
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Summary Of Accrued Expenses (Detail)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (Tables)
Allowance For Doubtful Accounts - Narrative (Detail)
Allowance For Doubtful Accounts - Summary Of The Activity In The Allowance For Doubtful Accounts (Detail)
Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies - Narrative (Detail)
Common Stock Repurchase Program
Common Stock Repurchase Program (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Narrative (Detail)
Fair Value - Recurring Basis (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Differences Between Income Tax Expense From Continuing Operations At Federal Income Tax Rate And Effective Income Tax Rate (Detail)
Income Taxes - Effective Income Tax Rate - Narrative (Detail)
Income Taxes - Summary Of Taxes Paid (Detail)
Income Taxes - Summary Of Valuation Allowances Against Net Deferred Income Tax Assets (Detail)
Income Taxes - Uncertain Income Tax Positions - Narrative (Detail)
Income Taxes - Undistributed Earnings - Narrative (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Narrative (Detail)
Intangible Assets - Summary Of Change In Carrying Amount Of Finite-Lived Intangible Assets (Detail)
Intangible Assets - Summary Of Intangible Assets (Detail)
Inventories
Inventories (Tables)
Inventories - Narrative (Detail)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Lessee Operating Lease Liability Maturity (Details)
Leases - Lessee Operating Lease Right Of Use Assets And Liabilities (Detail)
Leases - Narrative (Detail)
Leases - Operating Leases Of Lessee Disclosure (Details)
Leases - Weighted Average Lease Term And Discount Rate (Detail)
Lines Of Credit
Lines Of Credit - Narrative (Detail)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Narrative (Detail)
Net Loss Per Share - Schedule Of Unvested Common Stock Not Included In The Computation Of Diluted Net Loss Per Share (Details)
Note Receivable
Note Receivable (Tables)
Note Receivable - Narrative (Detail)
Note Receivable - Summary Of Remaining Future Principal Payments (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Detail)
Revenue From Contracts With Customers - Narrative (Detail)
Revenue From Contracts With Customers - Summary Of The Activity Associated With Deferred Revenue (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Balance Sheet Information By Operating Segments (Detail)
Segment Information - Balance Sheet Information By Operating Segments (Parenthetical) (Detail)
Segment Information - Capital Expenditures And Depreciation Expense For Operating Segments (Detail)
Segment Information - Narrative (Detail)
Segment Information - Statement Of Operations For Operating Segments (Detail)
Segment Information - Statement Of Operations For Operating Segments (Parenthetical) (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Statutory Reserves
Statutory Reserves - Narrative (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Detail)
Stock-Based Compensation - Summary Of Assumptions Used To Determine Fair Value Of Performance Based Restricted Stock Units (Details)
Stock-Based Compensation - Summary Of Grants Of Performance-Based Restricted Stock Units Associated With Senior Executives And Key Employees (Detail)
Stock-Based Compensation - Summary Of Grants Of Performance-Based Restricted Stock Units Associated With Senior Executives And Key Employees (Parenthetical) (Detail)
Stock-Based Compensation - Summary Of Grants Of Time-Based Restricted Stock Unit Awards Associated With Senior Executives And Key Employees (Detail)
Stock-Based Compensation - Summary Of Vested Performance-Based Restricted Stock Units (Detail)
Stock-Based Compensation - Summary Of Vested Time-Based Restricted Stock Units (Detail)
Upholstery Fabrics Segment Restructuring
Upholstery Fabrics Segment Restructuring (Tables)
Upholstery Fabrics Segment Restructuring - Narrative (Detail)
Upholstery Fabrics Segment Restructuring - Summary Of Activity In Accrued Restructuring (Detail)
Upholstery Fabrics Segment Restructuring - Summary Of Restructuring Expense And Restructuring Related (Credits) Charges (Detail)
Upholstery Fabrics Segment Restructuring - Summary Of Restructuring Expense And Restructuring Related Charges (Parenthetical) (Detail)
Ticker: CULP
CIK: 723603
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-23-068943
Submitted to the SEC: Fri Dec 08 2023 10:03:55 AM EST
Accepted by the SEC: Fri Dec 08 2023
Period: Sunday, October 29, 2023
Industry: Broadwoven Fabric Mills Cotton

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