CULP INC
For the period ended Jun 27, 2024. Filed Jun 27, 2024.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Jun 27, 2024 · Filed Jun 27, 2024
Contents
EX-99.1 · (Amounts in Thousands, Except for Per Share Data)
(Amounts in Thousands, Except for Per Share Data)
| THREE MONTHS ENDED | |||||||
|---|---|---|---|---|---|---|---|
| Amount · Percent of Sales | |||||||
| (1) | (1) | ||||||
| April 28, · April 30, · % Over · April 28, · April 30, | |||||||
| 2024 · 2023 · (Under) · 2024 · 2023 | |||||||
| Net sales | $49,528 | $61,426 | (19.4)% | 100.0% | 100.0% | ||
| Cost of sales | (44,327) | (54,538) | (18.7)% | 89.5% | 88.8% | ||
| Gross profit | 5,201 | 6,888 | (24.5)% | 10.5% | 11.2% | ||
| Selling, general and administrative expenses | (9,245) | (10,845) | (14.8)% | 18.7% | 17.7% | ||
| Restructuring expense (2) (3) | (204) | (70) | 191.4% | 0.4% | 0.1% | ||
| Loss from operations | (4,248) | (4,027) | 5.5% | (8.6)% | (6.6)% | ||
| Interest expense | (11) | — | 100.0% | (0.0)% | — | ||
| Interest income | 263 | 239 | 10.0% | 0.5% | 0.4% | ||
| Other expense | (64) | (95) | (32.6)% | (0.1)% | (0.2)% | ||
| Loss before income taxes | (4,060) | (3,883) | 4.6% | (8.2)% | (6.3)% | ||
| Income tax expense (4) | (805) | (798) | 0.9% | (19.8)% | (20.6)% | ||
| Net loss | $(4,865) | $(4,681) | 3.9% | (9.8)% | (7.6)% | ||
| Net loss per share - basic | $(0.39) | $(0.38) | 2.6% | ||||
| Net loss per share - diluted | $(0.39) | $(0.38) | 2.6% | ||||
| Average shares outstanding-basic | 12,470 | 12,316 | 1.3% | ||||
| Average shares outstanding-diluted | 12,470 | 12,316 | 1.3% | ||||
Notes
(1) See page 14 for a Reconciliation of Selected Income Statement Information to Adjusted Results for the three months ending April 28, 2024, and April 30, 2023.
(2) Restructuring expense of $204,000 for the three months ending April 28, 2024, represents employee termination benefits related to the rationalization of the upholstery fabrics finishing operation located in Shanghai, China.
(3) Restructuring expense of $70,000 for the three months ending April 30, 2023, represents employee termination benefits of $39,000 and other associated costs $31,000 related to the consolidation of certain leased facilities located in Ouanaminthe, Haiti.
(4) Percent of sales column for income tax expense is calculated as a percent of loss before income taxes.
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