Culp Inc. Files 2024 Annual Report
Ticker: CULP · Form: 10-K · Filed: Jul 12, 2024 · CIK: 723603
Sentiment: neutral
Topics: 10-K, financials, fiscal-year-end
TL;DR
Culp Inc. dropped its 2024 10-K. Check financials for upholstery fabrics & mattress ticking.
AI Summary
Culp Inc. filed its 10-K for the fiscal year ending April 28, 2024, reporting on its financial performance and business operations. The company, incorporated in North Carolina, operates within the broadwoven fabric mills sector. Key financial data and operational details are presented, including information on its various business segments and financial instruments.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of Culp Inc.'s financial health, strategic direction, and potential risks for the fiscal year 2024.
Risk Assessment
Risk Level: medium — The filing contains standard disclosures for a public company, including financial performance, business operations, and risk factors, which are typical for a 10-K.
Key Numbers
- 2024-04-28 — Fiscal Year End (The reporting period concludes on this date.)
- 2023-05-01 — Fiscal Year Start (The reporting period begins on this date.)
- 2022-05-02 — Prior Fiscal Year Start (Indicates the start of the previous fiscal year.)
- 2023-04-30 — Prior Fiscal Year End (Indicates the end of the previous fiscal year.)
- 2021-05-02 — Customer Relationships Start (Date related to customer relationships disclosure.)
Key Players & Entities
- CULP INC (company) — Filer
- 2024-04-28 (date) — Fiscal Year End
- NC (location) — State of Incorporation
- 001-12597 (other) — SEC File Number
- Bank Of China (company) — Foreign Line of Credit
FAQ
What were Culp Inc.'s primary business segments during the fiscal year ending April 28, 2024?
The filing indicates segments such as Upholstery Fabrics and Mattress Ticking, among others, with financial data presented for these and corporate non-segment activities.
Does Culp Inc. have any foreign lines of credit mentioned in the filing?
Yes, the filing mentions a foreign line of credit with Bank of China in China (CN).
What is the fiscal year end date for Culp Inc. as reported in this 10-K?
The fiscal year end date is April 28, 2024.
What type of financial instruments or measurements are disclosed by Culp Inc.?
The filing mentions recurring fair value measurements, common stock, and performance-based restricted stock units for senior executives and non-employee directors.
Where is Culp Inc. incorporated and what is its principal business address?
Culp Inc. is incorporated in North Carolina (NC) and its business address is 1823 Eastchester Drive, High Point, NC 27265.
Filing Stats: 4,372 words · 17 min read · ~15 pages · Grade level 14.3 · Accepted 2024-07-12 11:00:54
Key Financial Figures
- $1.5 million — ses with targeted annualized savings of $1.5 million. The implementation of these restruct
- $8.0 m — ated costs and charges of approximately $8.0 million, of which $2.5 million are antici
- $2.5 million — of approximately $8.0 million, of which $2.5 million are anticipated to be incurred in the f
Filing Documents
- culp-20240428.htm (10-K) — 3708KB
- culp-ex10_3.htm (EX-10.3) — 45KB
- culp-ex21.htm (EX-21) — 10KB
- culp-ex23.htm (EX-23) — 2KB
- culp-ex24_a.htm (EX-24.A) — 5KB
- culp-ex24_b.htm (EX-24.B) — 5KB
- culp-ex24_c.htm (EX-24.C) — 5KB
- culp-ex24_d.htm (EX-24.D) — 5KB
- culp-ex24_e.htm (EX-24.E) — 5KB
- culp-ex24_f.htm (EX-24.F) — 8KB
- culp-ex24_g.htm (EX-24.G) — 6KB
- culp-ex24_h.htm (EX-24.H) — 5KB
- culp-ex31_a.htm (EX-31.A) — 12KB
- culp-ex31_b.htm (EX-31.B) — 12KB
- culp-ex32_a.htm (EX-32.A) — 7KB
- culp-ex32_b.htm (EX-32.B) — 7KB
- culp-ex97.htm (EX-97) — 58KB
- img250352321_0.jpg (GRAPHIC) — 287KB
- 0000950170-24-083115.txt ( ) — 18616KB
- culp-20240428.xsd (EX-101.SCH) — 2484KB
- culp-20240428_htm.xml (XML) — 3867KB
Business
Business 2 Overview General Information 2 Segments 3 Overview of Industry and Markets 4 Overview of Bedding Industry 5 Overview of Residential, Commercial, and Hospitality Furnishing Industries 5 Products 6 Manufacturing and Sourcing 7 Product Design and Innovation 8 Distribution 9 Sources and Availability of Raw Materials 9 Seasonality 9 Competition 10 Environmental and Other Regulations 10 Human Capital 11 Customers and Sales 12 Net Sales by Geographic Area 13 Backlog 13 Intellectual Property 13 1A.
Risk Factors
Risk Factors 14 1B. Unresolved Staff Comments 21 1C. Cybersecurity 21 2.
Properties
Properties 23 3.
Legal Proceedings
Legal Proceedings 24 4. Mine Safety Disclosure 24 PART II 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 25 6. Reserved 27 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 43 8. Consolidated Financial Statements and Supplementary Data 44 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 84 9A.
Controls and Procedures
Controls and Procedures 84 9B. Other Information 84 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III 10. Directors, Executive Officers, and Corporate Governance 85 11.
Executive Compensation
Executive Compensation 85 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 13. Certain Relationships, Related Transactions, and Director Independence 86 14. Principal Accountant Fees and Services 86 PART IV 15. Exhibits and Financial Statement Schedules 87 Documents Filed as Part of this Report 87 Exhibits 88 Financial Statement Schedules 87 16. Form 10-K Summary 89
Signatures
Signatures 90 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION Parts I and II of this report contain "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. Further, forward-looking statements are intended to speak only as of the date on which they are made, and we disclaim any duty to update or alter such statements to reflect any changes in management's expectations or any change in the assumptions or circumstances on which such statements are based, whether due to new information, future events, or otherwise. 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 project 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
BUSINESS
ITEM 1. BUSINESS As used in this document, the terms "Culp," the "company," "we," "our," and "us" refer to Culp, Inc. and its consolidated subsidiaries (unless the context indicates another meaning). The term "common stock" means the common stock of Culp, Inc., par value $.05 per share. The terms "Read Window Products" and "Read" refer to our wholly-owned subsidiary, Read Window Products, LLC. Overview Culp is one of the largest marketers of mattress fabrics for bedding and upholstery fabrics for residential, commercial, and hospitality 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. The company competes in a business driven by fashion and product performance, and we strive to differentiate ourselves by placing a sustained focus on creativity and product innovation. In addition, we place great emphasis on providing excellent and dependable service to our customers. Our focused efforts to protect our financial strength have allowed us to maintain our position as a financially stable and trusted supplier of innovative fabrics to bedding and furniture manufacturers. Our operations are classified into two operating segments — mattress fabrics and upholstery fabrics. The mattress fabrics business markets primarily knitted and woven fabrics, as well as sewn covers made from those fabrics, which are used in the production of bedding products, including mattresses, foundations, and mattress sets. The upholstery fabrics business markets a variety of fabric products that are used in the production of residential and commercial upholstered furniture, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, and seating for offices, healthcare facilities, and other institutional uses, as well as fabric products that are used in the production of upholstered furn