CULP INC
For the period ended Jan 28, 2024. Filed Mar 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 28, 2024 · Filed Mar 8, 2024
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Consolidated Statements of Net Loss — Three Months and Nine Months Ended January 28, 2024, and January 29, 2023
CONSOLIDATED STATEM ENTS OF NET LOSS
FOR THE THREE MONTHS ENDED JANUARY 28, 2024, AND JANUARY 29, 2023
(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 |
CONSOLIDATED STATEMENTS OF NET LOSS
FOR THE NINE MONTHS ENDED JANUARY 28, 2024, AND JANUARY 29, 2023
(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 outstanding, basic | 12,419 | 12,272 |
| Average shares outstanding, diluted | 12,419 | 12,272 |
CONSOLIDATED STATEMENTSOF COMPREHENSIVE LOSS
FOR THE THREE AND NINE MONTHS ENDED JANUARY 28, 2024, AND JANUARY 29, 2023
| THREE MONTHS ENDED | ||
|---|---|---|
| January 28, | January 29, | |
| 2024 | 2023 | |
| Net loss | $(3,188) | $(8,968) |
| Unrealized holding gain on investments, net of tax | 94 | 42 |
| Comprehensive loss | $(3,094) | $(8,926) |
| NINE MONTHS ENDED | ||
|---|---|---|
| January 28, | January 29, | |
| 2024 | 2023 | |
| Net loss | $(8,954) | $(26,839) |
| Unrealized holding gain (loss) on investments, net of tax | 69 | (11) |
| Comprehensive loss | $(8,885) | $(26,850) |
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