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Culp Inc (CULP) SEC Filing 10-Q Quarterly report for the period ending Sunday, January 27, 2019

Culp Inc

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CIK: 723603 Ticker: CULP
Exhibit 99(a)

 
Investor Contact:
Kenneth R. Bowling
Media Contact:
Teresa A. Huffman
 
Chief Financial Officer
 
Vice President, Human Resources
 
336-881-5630
 
336-889-5161


CULP ANNOUNCES RESULTS FOR THIRD QUARTER FISCAL 2019

HIGH POINT, N.C. (February 27, 2019) ─ Culp, Inc. (NYSE: CULP) today reported financial and operating results for the third quarter and nine months ended January 27, 2019.

Fiscal 2019 Third Quarter Highlights

◾
Net sales were $77.2 million, down 9.5 percent over the prior year period, with mattress fabrics segment sales down 27.1 percent and upholstery fabrics segment sales up 2.3 percent.

◾
Net sales for the company’s new business segment, Culp Home Accessories, were $4.4 million, with no comparable prior-year sales.  Culp Home Accessories includes eLuxury, Culp’s e-commerce and finished products business offering bedding accessories and home goods direct to consumers and businesses.

◾
Pre-tax income was $4.3 million, compared with $7.5 million for the prior-year period.  Excluding restructuring and related charges and credits and other non-recurring items resulting in a net charge of approximately $769,000, pre-tax income was $5.0 million for the third quarter of fiscal 2019.  (See reconciliation tables on page 8).

◾
Net income (GAAP) attributable to Culp, Inc. shareholders was $3.2 million, or $0.25 per diluted share, compared with a net loss of $748,000, or $0.06 per diluted share, in the prior-year period.

◾
Adjusted net income (non-GAAP) attributable to Culp, Inc. shareholders was $3.3 million, or $0.27 per diluted share, compared with $5.2 million, or $0.42 per diluted share, in the prior-year period.  (See reconciliation tables on page 8).

◾
The company’s financial position reflected total cash and investments of $40.0 million and no debt.  (See summary of cash and investments table on page 7).

Fiscal 2019 Year to Date Highlights

◾
Net sales were $225.7 million, down 8.1 percent over the prior year, with mattress fabrics segment sales down 26.5 percent and upholstery fabrics segment sales up 7.2 percent.

◾
Net sales for the company’s new business segment, Culp Home Accessories, were $11.8 million since the June 2018 investment date in eLuxury, with no comparable prior-year sales to date.

◾
Pre-tax income was $10.5 million, compared with $20.4 million for the prior-year period.  Excluding restructuring and related charges and credits and other non-recurring items of approximately $2.2 million, pre-tax income was $12.7 million for the year to date period. (See reconciliation tables on page 9).

◾
Net income (GAAP) attributable to Culp, Inc. shareholders was $7.0 million, or $0.56 per diluted share, compared with net income of $8.2 million, or $0.65 per diluted share, in the prior-year period.


- MORE -
The following information was filed by Culp Inc (CULP) on Wednesday, February 27, 2019 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 (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Net Income (Loss)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Accounts Receivable
Accounts Receivable (Detail)
Accounts Receivable (Tables)
Accounts Receivable - Allowance For Doubtful Accounts (Detail)
Accounts Receivable - Allowance For Returns And Allowances And Discounts (Detail)
Accrued Expenses
Accrued Expenses (Detail)
Accrued Expenses (Tables)
Accrued Expenses - Narrative (Detail)
Assets Held For Sale
Assets Held For Sale (Detail)
Basis Of Presentation
Business Combinations
Business Combinations (Detail)
Business Combinations (Tables)
Business Combinations - Schedule Of Allocation Of Acquisition Cost To Assets Acquired And Liabilities Assumed (Detail)
Business Combinations - Schedule Of Unaudited Pro Forma Consolidated Results Of Operations (Detail)
Cash Flow Information
Cash Flow Information (Tables)
Cash Flow Information - Interest And Income Taxes Paid (Detail)
Cash Flow Information - Narrative (Detail)
Commitments And Contingencies
Commitments And Contingencies (Detail)
Common Stock Repurchase Program
Common Stock Repurchase Program (Detail)
Derivatives
Derivatives (Tables)
Derivatives - Narrative (Detail)
Derivatives - Schedule Of Fair Value Of Derivative Instruments (Detail)
Derivatives - Schedule Of Gains And Losses On Derivative Instruments (Detail)
Dividend Program
Dividend Program (Detail)
Exit And Disposal Activities - Narrative (Detail)
Exit And Disposal Activity
Exit And Disposal Activity (Tables)
Exit And Disposal Activity - Summary Of Activity In Restructuring Accrual (Detail)
Exit And Disposal Activity - Summary Of Restructuring Credit And Related Charges Associated With Exit And Disposal Activity (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Narrative (Detail)
Fair Value Of Financial Instruments - Nonrecurring Basis (Detail)
Fair Value Of Financial Instruments - Recurring Basis (Detail)
Goodwill
Goodwill (Detail)
Goodwill (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - 2017 Tax Cuts And Jobs Act - Narrative (Detail)
Income Taxes - Deferred Income Taxes - Undistributed Earnings From Foreign Subsidiaries - Narrative (Detail)
Income Taxes - Differences Between Income Tax Expense At Federal Income Tax Rate And Effective Income Tax Rate (Detail)
Income Taxes - Effective Income Tax Rate - Narrative (Detail)
Income Taxes - Summary Of Valuation Allowances Against Deferred Income Taxes (Detail)
Income Taxes - Uncertainty In Income Taxes - Narrative (Detail)
Intangible Asset - Tradenames (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 (Detail)
Inventories (Tables)
Investment In Unconsolidated Joint Venture
Investment In Unconsolidated Joint Venture (Tables)
Investment In Unconsolidated Joint Venture - Narrative (Detail)
Investment In Unconsolidated Joint Venture - Summary Of Equity Method Investment (Detail)
Lines Of Credit
Lines Of Credit - Narrative (Detail)
Net (Loss) Income Per Share - Weighted Average Shares (Detail)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Detail)
Net Income (Loss) Per Share (Tables)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Detail)
Revenue - Effect Of Adopting Asc 606 (Detail)
Revenue - Narrative (Detail)
Revenue - Summary Of The Activity For 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 - Financial Information For Operating Segments (Detail)
Segment Information - Financial Information For Operating Segments (Parenthetical) (Detail)
Segment Information - Narrative (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Statutory Reserves
Statutory Reserves (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 (Detail)
Stock-Based Compensation - Summary Of Grants Of Performance Based Restricted Stock Units Associated With Neos And Key Employees (Detail)
Stock-Based Compensation - Summary Of Grants Of Performance Based Restricted Stock Units Associated With Neos And Key Employees (Parenthetical) (Detail)
Stock-Based Compensation - Summary Of Grants Of Performance Based Restricted Stock Units Associated With Non-Employee (Detail)
Stock-Based Compensation - Summary Of Vested Performance Based Restricted Stock Units (Detail)
Ticker: CULP
CIK: 723603
Form Type: 10-Q Quarterly Report
Accession Number: 0001157523-19-000563
Submitted to the SEC: Fri Mar 08 2019 5:20:31 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Sunday, January 27, 2019
Industry: Broadwoven Fabric Mills Cotton

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