CULP INC Files 10-Q for Period Ending January 28, 2024

TL;DR

<b>CULP INC filed its quarterly report (10-Q) for the period ending January 28, 2024, detailing financial information and operational segments.</b>

AI Summary

CULP INC (CULP) filed a Quarterly Report (10-Q) with the SEC on March 8, 2024. CULP INC filed a 10-Q report for the period ending January 28, 2024. The filing includes data related to various financial instruments and segments. Key dates mentioned include January 28, 2024, April 30, 2023, and January 29, 2023. The company's fiscal year ends on May 3rd. CULP INC is incorporated in North Carolina and operates in the Broadwoven Fabric Mills, Cotton industry.

Why It Matters

For investors and stakeholders tracking CULP INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of CULP INC's financial health and performance for the third quarter of fiscal year 2024. The detailed segment information and financial instrument data are crucial for understanding the company's revenue streams and asset valuations.

Risk Assessment

Risk Level: medium — CULP INC shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting. However, the lack of specific financial performance metrics in the provided text prevents a more precise risk assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess CULP INC's current financial performance and outlook.

Revenue Breakdown

Key Numbers

• 2024-01-28 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-08 — Filing Date (FILED AS OF DATE)
• 0503 — Fiscal Year End (FISCAL YEAR END)
• 2211 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• CULP INC (company) — FILER
• 2024-01-28 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-08 (date) — FILED AS OF DATE
• NC (location) — STATE OF INCORPORATION
• 0503 (date) — FISCAL YEAR END
• 10-Q (form) — FORM TYPE
• 3368895161 (phone) — BUSINESS PHONE
• 20240128 (date) — date

FAQ

Key Dates

• 2024-01-28: Period End Date — End of the reporting quarter.
• 2024-03-08: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-01-19: Credit Agreement Amendment — Second Amended and Restated Credit Agreement mentioned.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Operating Segments

Distinct business units within a company that have different management, products, or services. (Helps investors understand the performance and contribution of different parts of the business.)

Key Financial Figures

• $0.05 — March 6, 2024: 12,469,903 Par Value: $0.05 per share INDEX TO FORM 10-Q For th

Filing Documents

• culp-20240128.htm (10-Q) — 2869KB
• culp-ex31_1.htm (EX-31.1) — 14KB
• culp-ex31_2.htm (EX-31.2) — 14KB
• culp-ex32_1.htm (EX-32.1) — 6KB
• culp-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-028377.txt (&nbsp;) — 12744KB
• culp-20240128.xsd (EX-101.SCH) — 1483KB
• culp-20240128_htm.xml (XML) — 2884KB

- Financial Statements

Part I - Financial Statements Page Item 1.

Financial Statements: (Unaudited)

Financial Statements: (Unaudited) I- 1 Consolidated Statements of Net Loss — Three Months and Nine Months Ended January 28, 2024, and January 29, 2023 I- 1 Consolidated Statements of Comprehensive Loss – Three Months and Nine Months Ended January 28, 2024, and January 29, 2023 I- 3 Consolidated Balance Sheets — January 28, 2024, January 29, 2023, and April 30, 2023 I- 4 Consolidated Statements of Cash Flows — Nine Months Ended January 28, 2024, and January 29, 2023 I- 5 Consolidated Statements of Shareholders' Equity – Nine Months Ended January 28, 2024 I- 6 Consolidated Statements of Shareholders' Equity – Nine Months Ended January 29, 2023 I- 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements I- 8 Cautionary Statement Concerning Forward-Looking Information I- 31 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations I- 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk I- 47 Item 4.

Controls and Procedures

Controls and Procedures I- 47

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings II- 1 Item 1A.

Risk Factors

Risk Factors II- 1 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds II- 1 Item 6. Exhibits II- 2

: Financ ial Statements

Item 1: Financ ial Statements CULP, INC. CONSOLIDATED STATEM ENTS OF NET LOSS FOR THE THREE MONTHS ENDED JANUARY 28, 2024, AND JANUARY 29, 2023 UNAUDITED (Amounts in Thousands, Except for Per Share Data) THREE MONTHS ENDED January 28, January 29, 2024 2023 Net sales $ 60,418 $ 52,523 Cost of sales ( 52,715 ) ( 50,430 ) Gross profit 7,703 2,093 Selling, general and administrative expenses ( 9,493 ) ( 9,165 ) Restructuring credit (expense) 50 ( 711 ) Loss from operations ( 1,740 ) ( 7,783 ) Interest income 284 196 Other expense ( 705 ) ( 1,095 ) Loss before income taxes ( 2,161 ) ( 8,682 ) Income tax expense ( 1,027 ) ( 286 ) Net loss ( 3,188 ) ( 8,968 ) Net loss per share - basic $ ( 0.26 ) $ ( 0.73 ) Net loss per share - diluted $ ( 0.26 ) $ ( 0.73 ) Average shares outstanding, basic 12,470 12,299 Average shares outstanding, diluted 12,470 12,299 See accompanying notes to consolidated financial statements. I- 1 CULP, INC. CONSOLIDATED STATEMENTS OF NET LOSS FOR THE NINE MONTHS ENDED JANUARY 28, 2024, AND JANUARY 29, 2023 UNAUDITED (Amounts in Thousands, Except for Per Share Data) NINE MONTHS ENDED January 28, January 29, 2024 2023 Net sales $ 175,804 $ 173,508 Cost of sales ( 153,067 ) ( 169,500 ) Gross profit 22,737 4,008 Selling, general and administrative expenses ( 29,366 ) ( 27,133 ) Restructuring expense ( 432 ) ( 1,326 ) Loss from operations ( 7,061 ) ( 24,451 ) Interest income 911 292 Other expense ( 560 ) ( 348 ) Loss before income taxes ( 6,710 ) ( 24,507 ) Income tax expense ( 2,244 ) ( 2,332 ) Net loss $ ( 8,954 ) $ ( 26,839 ) Net loss per share - basic $ ( 0.72 ) $ ( 2.19 ) Net loss per share - diluted $ ( 0.72 ) $ ( 2.19 ) Average shares

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Culp, Inc. and its majority-owned subsidiaries (the "company") include all adjustments that are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are included in the company's annual report on Form 10-K filed with the Securities and Exchange Commission on July 14, 2023, for the fiscal year ended April 30, 2023. The company's nine-months ended January 28, 2024, and January 29, 2023 , each represent 39-week periods. 2. Significant Accounting Policies As of January 28, 2024, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended April 30, 2023. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements during the first nine months of fiscal 2024. Recently Issued Accounting Pronouncements Effective November 27, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 Improvements to Reportable Segment Disclosures which enhances disclosure requirements to segment reporting including (i) significant segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) that are included within each measure of segment profit or loss, (ii) other segment items by reportable segment as defined by ASU 2023-07, and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of eac

View Full Filing

View this 10-Q filing on SEC EDGAR