Company Quick10K Filing
Culp
Price17.22 EPS0
Shares12 P/E43
MCap214 P/FCF15
Net Debt-47 EBIT13
TEV167 TEV/EBIT13
TTM 2019-11-03, in MM, except price, ratios
10-Q 2020-02-02 Filed 2020-03-13
10-Q 2019-11-03 Filed 2019-12-13
10-Q 2019-08-04 Filed 2019-09-13
10-K 2019-04-28 Filed 2019-07-12
10-Q 2019-01-27 Filed 2019-03-08
10-Q 2018-10-28 Filed 2018-12-07
10-Q 2018-07-29 Filed 2018-09-07
10-K 2018-04-29 Filed 2018-07-13
10-Q 2018-01-28 Filed 2018-03-09
10-Q 2017-10-29 Filed 2017-12-08
10-Q 2017-07-30 Filed 2017-09-08
10-K 2017-04-30 Filed 2017-07-14
10-Q 2017-01-29 Filed 2017-03-10
10-Q 2016-10-30 Filed 2016-12-09
10-Q 2016-07-31 Filed 2016-09-09
10-K 2016-05-01 Filed 2016-07-15
10-Q 2016-01-31 Filed 2016-03-11
10-Q 2015-11-01 Filed 2015-12-11
10-Q 2015-08-02 Filed 2015-09-11
10-K 2015-05-03 Filed 2015-07-17
10-Q 2015-02-01 Filed 2015-03-13
10-Q 2014-11-02 Filed 2014-12-12
10-Q 2014-08-03 Filed 2014-09-12
10-K 2014-04-27 Filed 2014-07-11
10-Q 2014-01-26 Filed 2014-03-07
10-Q 2013-10-27 Filed 2013-12-06
10-Q 2013-01-27 Filed 2013-03-08
10-Q 2012-10-28 Filed 2012-12-07
10-Q 2012-07-29 Filed 2012-09-07
10-K 2012-04-29 Filed 2012-07-12
10-K 2012-04-28 Filed 2013-07-12
10-Q 2012-01-29 Filed 2012-03-09
10-Q 2011-10-30 Filed 2011-12-09
10-Q 2011-07-31 Filed 2011-09-09
10-K 2011-05-01 Filed 2011-07-15
10-Q 2011-01-30 Filed 2011-03-11
10-Q 2010-10-31 Filed 2010-12-10
10-Q 2010-08-01 Filed 2010-09-10
10-K 2010-05-02 Filed 2010-07-15
10-Q 2010-01-31 Filed 2010-03-11
8-K 2020-05-13
8-K 2020-04-15
8-K 2020-04-08
8-K 2020-03-31
8-K 2020-03-27
8-K 2020-03-04
8-K 2020-02-14
8-K 2019-12-05
8-K 2019-09-26
8-K 2019-09-05
8-K 2019-06-24
8-K 2019-06-11
8-K 2019-05-01
8-K 2019-03-06
8-K 2019-02-27
8-K 2018-12-08
8-K 2018-11-29
8-K 2018-09-20
8-K 2018-08-29
8-K 2018-08-13
8-K 2018-06-26
8-K 2018-06-13
8-K 2018-03-08
8-K 2018-02-28

CULP 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 culp-ex311_8.htm
EX-31.2 culp-ex312_118.htm
EX-31.3 culp-ex313_9.htm
EX-32.1 culp-ex321_7.htm
EX-32.2 culp-ex322_119.htm
EX-32.3 culp-ex323_6.htm

Culp Earnings 2020-02-02

Balance SheetIncome StatementCash Flow
235188141944702012201420172020
Assets, Equity
9071533516-12012201420172020
Rev, G Profit, Net Income
155-5-15-25-352012201420172020
Ops, Inv, Fin

10-Q 1 culp-10q_20200202.htm 10-Q culp-10q_20200202.htm

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 2, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-12597

 

CULP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

NORTH CAROLINA

  

56-1001967

(State or other jurisdiction of

incorporation or other organization)

  

(I.R.S. Employer

Identification No.)

 

 

1823 Eastchester Drive

High Point, North Carolina

  

27265-1402

(Address of principal executive offices)

  

(zip code)

(336) 889-5161

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

Title of Each Class

 

Trading

Symbol(s)

 

Name of Each Exchange

On Which Registered

Common Stock, par value $0.05/Share

 

CULP

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.      YES    NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period after the registrant was required to submit such files).      YES    NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller Reporting Company

 

 

 

 

 

 

 

 

  

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      YES    NO  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Common shares outstanding at March 12, 2020: 12,274,434

Par Value: $0.05 per share 

 

 

 

 


Table of Contents

 

INDEX TO FORM 10-Q

For the period ended February 2, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

Part I - Financial Statements

 

 

 

Item 1. Financial Statements: (Unaudited)

I-1

 

 

Consolidated Statements of Net (Loss) Income — Three and Nine Months Ended February 2, 2020 and January 27, 2019

I-1

 

 

Consolidated Statements of Comprehensive (Loss) Income – Three and Nine Months Ended February 2, 2020 and January 27, 2019

I-2

 

 

Consolidated Balance Sheets — February 2, 2020, January 27, 2019, and April 28, 2019

I-3

 

 

Consolidated Statements of Cash Flows — Nine Months Ended February 2, 2020 and January 27, 2019

I-4

 

 

Consolidated Statements of Shareholders’ Equity – Nine Months Ended February 2, 2020

I-5

 

 

Consolidated Statements of Shareholders’ Equity – Nine Months Ended January 27, 2010

I-6

 

 

Notes to Consolidated Financial Statements

I-7

 

 

Cautionary Statement Concerning Forward-Looking Information

I-30

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

I-31

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

I-46

 

 

Item 4. Controls and Procedures

I-47

 

 

Part II - Other Information

 

Item 1. Legal Proceedings

II-1

 

 

Item 1A. Risk Factors

II-1

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-1

 

 

Item 6. Exhibits

II-2

 

 

Signatures

II-4

 

 

 

 


Table of Contents

 

Item1:

Financial Statements

CULP, INC.

CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 2, 2020 AND JANUARY 27, 2019

UNAUDITED

(Amounts in Thousands, Except for Per Share Data)

 

 

 

THREE MONTHS ENDED

 

 

 

February 2,

2020

 

 

January 27,

2019

 

Net sales

 

$

71,998

 

 

$

77,226

 

Cost of sales

 

 

59,614

 

 

 

63,103

 

Gross profit

 

 

12,384

 

 

 

14,123

 

Selling, general and administrative expenses

 

 

9,952

 

 

 

10,038

 

Asset impairments

 

 

13,639

 

 

 

 

Reversal of contingent consideration - earn-out obligation

 

 

(6,081

)

 

 

 

Restructuring credit

 

 

(35

)

 

 

(214

)

(Loss) income from operations

 

 

(5,091

)

 

 

4,299

 

Interest expense

 

 

8

 

 

 

 

Interest income

 

 

(242

)

 

 

(251

)

Other expense

 

 

267

 

 

 

288

 

(Loss) income before income taxes

 

 

(5,124

)

 

 

4,262

 

Income tax (benefit) expense

 

 

(973

)

 

 

1,225

 

Loss (income) from investment in unconsolidated joint venture

 

 

56

 

 

 

(23

)

Net (loss) income

 

$

(4,207

)

 

$

3,060

 

Net loss attributable to non-controlling interest

 

 

4,149

 

 

 

94

 

Net (loss) income attributable to Culp, Inc. common shareholders

 

$

(58

)

 

$

3,154

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Culp Inc. common shareholders per share - basic

 

$

0.00

 

 

$

0.25

 

Net (loss) income attributable to Culp Inc. common shareholders per share - diluted

 

$

0.00

 

 

$

0.25

 

Average shares outstanding, basic

 

 

12,409

 

 

 

12,438

 

Average shares outstanding, diluted

 

 

12,409

 

 

 

12,465

 

 

 

 

NINE MONTHS ENDED

 

 

 

February 2,

2020

 

 

January 27,

2019

 

Net sales

 

$

219,465

 

 

$

225,705

 

Cost of sales

 

 

179,612

 

 

 

187,697

 

Gross profit

 

 

39,853

 

 

 

38,008

 

Selling, general and administrative expenses

 

 

30,783

 

 

 

28,174

 

Asset impairments

 

 

13,639

 

 

 

 

Reversal of contingent consideration - earn-out obligation

 

 

(6,081

)

 

 

 

Restructuring credit

 

 

(70

)

 

 

(825

)

Income from operations

 

 

1,582

 

 

 

10,659

 

Interest expense

 

 

47

 

 

 

38

 

Interest income

 

 

(732

)

 

 

(552

)

Other expense

 

 

441

 

 

 

688

 

Income before income taxes

 

 

1,826

 

 

 

10,485

 

Income tax expense

 

 

2,607

 

 

 

3,407

 

Loss from investment in unconsolidated joint venture

 

 

60

 

 

 

109

 

Net (loss) income

 

$

(841

)

 

$

6,969

 

Net loss attributable to non-controlling interest

 

 

4,421

 

 

 

75

 

Net income attributable to Culp, Inc. common shareholders

 

$

3,580

 

 

$

7,044

 

 

 

 

 

 

 

 

 

 

Net income attributable to Culp Inc. common shareholders per share - basic

 

$

0.29

 

 

$

0.56

 

Net income attributable to Culp Inc. common shareholders per share - diluted

 

$

0.29

 

 

$

0.56

 

Average shares outstanding, basic

 

 

12,405

 

 

 

12,488

 

Average shares outstanding, diluted

 

 

12,421

 

 

 

12,593

 

 

See accompanying notes to consolidated financial statements.

I-1

 


Table of Contents

 

CULP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 2, 2020 AND JANUARY 27, 2019

(UNAUDITED)

(AMOUNTS IN THOUSANDS)

 

 

 

THREE MONTHS ENDED

 

 

 

February 2,

2020

 

 

January 27,

2019

 

Net (loss) income

 

$

(4,207

)

 

$

3,060

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) on investments, net of tax

 

 

49

 

 

 

(75

)

Reclassification adjustment for realized loss on investments

 

 

 

 

 

22

 

Total other comprehensive income (loss)

 

 

49

 

 

 

(53

)

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(4,158

)

 

$

3,007

 

Comprehensive loss attributable to non-controlling interest

 

 

4,149

 

 

 

94

 

Comprehensive (loss) income attributable to Culp, Inc. common shareholders

 

$

(9

)

 

$

3,101

 

 

 

 

NINE MONTHS ENDED

 

 

 

February 2,

2020

 

 

January 27,

2019

 

Net (loss) income

 

$

(841

)

 

$

6,969

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) on investments

 

 

64

 

 

 

(78

)

Reclassification adjustment for realized loss on investments

 

 

 

 

 

116

 

Total unrealized gain on investments

 

 

64

 

 

 

38

 

 

 

 

 

 

 

 

 

 

Unrealized gain on foreign currency cash flow hedge, net of tax

 

 

 

 

 

 

 

 

Unrealized holding loss on foreign currency cash flow hedge

 

 

 

 

 

(8

)

Reclassification adjustment for realized loss on foreign currency cash flow hedge

 

 

 

 

 

64

 

Total unrealized gain on foreign currency cash flow hedge

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

 

64

 

 

 

94

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(777

)

 

$

7,063

 

Comprehensive loss income attributable to non-controlling interest

 

 

4,421

 

 

 

75

 

Comprehensive income attributable to Culp, Inc. common shareholders

 

$

3,644

 

 

$

7,138

 

 

See accompanying notes to consolidated financial statements.

I-2

 


Table of Contents

 

CULP, INC.

CONSOLIDATED BALANCE SHEETS

FEBRUARY 2, 2020, JANUARY 27, 2019, AND APRIL 28, 2019

UNAUDITED

(Amounts in Thousands)

 

 

 

February 2,

2020

 

 

January 27,

2019

 

 

* April 28,

2019

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21,872

 

 

 

26,418

 

 

 

40,008

 

Short-term investments - Held-To-Maturity

 

 

3,171

 

 

 

13,544

 

 

 

5,001

 

Short-term investments - Available for Sale

 

 

7,580

 

 

 

 

 

 

 

Accounts receivable, net

 

 

26,614

 

 

 

26,142

 

 

 

23,751

 

Inventories

 

 

57,575

 

 

 

55,415

 

 

 

50,860

 

Current income taxes receivable

 

 

776

 

 

 

 

 

 

776

 

Assets held for sale

 

 

67

 

 

 

 

 

 

 

Other current assets

 

 

3,219

 

 

 

2,954

 

 

 

2,849

 

Total current assets

 

 

120,874

 

 

 

124,473

 

 

 

123,245

 

Property, plant and equipment, net

 

 

46,380

 

 

 

50,129

 

 

 

48,389

 

Goodwill

 

 

16,011

 

 

 

27,222

 

 

 

27,222

 

Intangible assets

 

 

7,738

 

 

 

10,542

 

 

 

10,448

 

Long-term investments - Rabbi Trust

 

 

7,804

 

 

 

6,834

 

 

 

7,081

 

Long-term investments - Held-To-Maturity

 

 

2,224

 

 

 

 

 

 

 

Right of use asset

 

 

5,524

 

 

 

 

 

 

 

Noncurrent income taxes receivable

 

 

733

 

 

 

 

 

 

733

 

Deferred income taxes

 

 

920

 

 

 

3,224

 

 

 

457

 

Investment in unconsolidated joint venture

 

 

1,668

 

 

 

1,512

 

 

 

1,508

 

Other assets

 

 

464

 

 

 

972

 

 

 

643

 

Total assets

 

$

210,340

 

 

$

224,908

 

 

$

219,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable-trade

 

$

21,835

 

 

 

28,401

 

 

 

24,377

 

Accounts payable - capital expenditures

 

 

177

 

 

 

91

 

 

 

78

 

Operating lease liability - current

 

 

2,227

 

 

 

 

 

 

 

Deferred revenue

 

 

398

 

 

 

492

 

 

 

399

 

Accrued expenses

 

 

7,742

 

 

 

9,740

 

 

 

9,192

 

Accrued restructuring costs

 

 

 

 

 

228

 

 

 

124

 

Income taxes payable - current

 

 

455

 

 

 

642

 

 

 

1,022

 

Total current liabilities

 

 

32,834

 

 

 

39,594

 

 

 

35,192

 

Accrued expenses - long-term

 

 

233

 

 

 

 

 

 

333

 

Subordinated loan payable

 

 

925

 

 

 

 

 

 

675

 

Operating lease liability - noncurrent

 

 

3,160

 

 

 

 

 

 

 

Contingent consideration - earn-out obligation

 

 

 

 

 

5,781

 

 

 

5,856

 

Income taxes payable - long-term

 

 

3,442

 

 

 

3,294

 

 

 

3,249

 

Deferred income taxes

 

 

2,013

 

 

 

2,225

 

 

 

3,176

 

Deferred compensation

 

 

7,637

 

 

 

6,782

 

 

 

6,998

 

Total liabilities

 

 

50,244

 

 

 

57,676

 

 

 

55,479

 

Commitments and Contingencies (Notes 12, 19 and 20)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.05 par value, authorized 10,000,000

 

 

 

 

 

 

 

 

 

Common stock, $0.05 par value, authorized 40,000,000 shares, issued

   and outstanding 12,361,180 at February 2, 2020; 12,368,413 at

   January 27, 2019; and 12,391,160 at April 28, 2019

 

 

618

 

 

 

619

 

 

 

620

 

Capital contributed in excess of par value

 

 

43,748

 

 

 

43,961

 

 

 

43,694

 

Accumulated earnings

 

 

115,373

 

 

 

118,186

 

 

 

115,579

 

Accumulated other comprehensive income

 

 

104

 

 

 

9

 

 

 

40

 

Total shareholders’ equity attributable to Culp Inc.

 

 

159,843

 

 

 

162,775

 

 

 

159,933

 

Non-controlling interest

 

 

253

 

 

 

4,457

 

 

 

4,314

 

Total equity

 

 

160,096

 

 

 

167,232

 

 

 

164,247

 

Total liabilities and shareholders’ equity

 

$

210,340

 

 

$

224,908

 

 

$

219,726

 

 

*

Derived from audited financial statements.

See accompanying notes to consolidated financial statements.

I-3

 


Table of Contents

 

CULP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED FEBRUARY 2, 2020 AND JANUARY 27, 2019

UNAUDITED

(Amounts in Thousands)

 

 

 

NINE MONTHS ENDED

 

 

 

February 2,

2020

 

 

January 27,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(841

)

 

$

6,969

 

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

5,880

 

 

 

6,087

 

Amortization

 

 

530

 

 

 

592

 

Stock-based compensation

 

 

831

 

 

 

373

 

Asset impairments

 

 

13,639

 

 

 

 

Reversal of contingent consideration - earn-out obligation

 

 

(6,081

)

 

 

 

Deferred income taxes

 

 

(1,626

)

 

 

(1,691

)

Realized loss on sale of short-term investments (Available for Sale)

 

 

 

 

 

94

 

Gain on sale of equipment

 

 

(276

)

 

 

(1,456

)

Loss from investment in unconsolidated joint venture

 

 

60

 

 

 

109

 

Foreign currency exchange (gain) loss

 

 

(15

)

 

 

12

 

Changes in assets and liabilities, net of effects of acquisition of business:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(2,885

)

 

 

(38

)

Inventories

 

 

(7,016

)

 

 

(658

)

Other current assets

 

 

(527

)

 

 

(43

)

Other assets

 

 

159

 

 

 

6

 

Accounts payable - trade

 

 

(2,475

)

 

 

486

 

Deferred revenue

 

 

(1

)

 

 

(317

)

Accrued expenses and deferred compensation

 

 

542

 

 

 

(1,513

)

Accrued restructuring costs

 

 

(124

)

 

 

228

 

Income taxes

 

 

(293

)

 

 

(1,155

)

Net cash (used in) provided by operating activities

 

 

(519

)

 

 

8,085

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Net cash paid for acquisition of businesses

 

 

 

 

 

(12,096

)

Capital expenditures

 

 

(4,072

)

 

 

(2,954

)

Proceeds from the sale of property, plant, and equipment

 

 

672

 

 

 

1,894

 

Investment in unconsolidated joint venture

 

 

 

 

 

(120

)

Proceeds from the sale of short-term investments (Held to Maturity)

 

 

5,000

 

 

 

17,150

 

Purchase of short-term and long-term investments (Held to Maturity)

 

 

(5,397

)

 

 

 

Proceeds from the sale of short-term investments (Available for Sale)

 

 

 

 

 

2,458

 

Purchase of short-term investments (Available for Sale)

 

 

(7,532

)

 

 

(10

)

Proceeds from the sale of long-term investments (Rabbi Trust)

 

 

 

 

 

1,233

 

Purchase of long-term investments (Rabbi Trust)

 

 

(707

)

 

 

(795

)

Net cash (used in) provided by investing activities

 

 

(12,036

)

 

 

6,760

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from line of credit

 

 

 

 

 

12,000

 

Payments on line of credit

 

 

 

 

 

(12,000

)

Payments on vendor-financed capital expenditures

 

 

 

 

 

(1,412

)

Proceeds from subordinated loan payable

 

 

250

 

 

 

 

Cash paid for acquisition of business

 

 

(1,532

)

 

 

 

Dividends paid

 

 

(3,786

)

 

 

(3,493

)

Common stock surrendered for withholding taxes payable

 

 

(51

)

 

 

(1,303

)

Capital contribution from non-controlling interest

 

 

360

 

 

 

 

Common stock repurchased

 

 

(728

)

 

 

(3,316

)

Payments of debt issuance costs

 

 

 

 

 

(50

)

Net cash used in financing activities

 

 

(5,487

)

 

 

(9,574

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(94

)

 

 

(81

)

(Decrease) increase in cash and cash equivalents

 

 

(18,136

)

 

 

5,190

 

Cash and cash equivalents at beginning of period

 

 

40,008

 

 

 

21,228

 

Cash and cash equivalents at end of period

 

$

21,872

 

 

$

26,418

 

 

See accompanying notes to consolidated financial statements.

I-4

 


Table of Contents

 

CULP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

NINE-MONTH PERIOD ENDED FEBRUARY 2, 2020

UNAUDITED

(Dollars in thousands, except share data)

 

 

 

Shareholders’ equity attributable to Culp Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributed

 

 

 

 

 

 

Other

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

Common Stock

 

 

in Excess

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

 

Controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

of Par Value

 

 

Earnings

 

 

Income

 

 

Total

 

 

Interest

 

 

Equity

 

Balance, April 28, 2019 *

 

 

12,391,160

 

 

$

620

 

 

$

43,694

 

 

$

115,579

 

 

$

40

 

 

$

159,933

 

 

$

4,314

 

 

$

164,247

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

1,338

 

 

 

 

 

 

1,338

 

 

 

(164

)

 

 

1,174

 

Stock-based compensation

 

 

 

 

 

 

 

 

154

 

 

 

 

 

 

 

 

 

154