$CULP
CULP INC

2023 Q3 Form 10-Q Financial Statement

#000095017023047158 Filed on September 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue $56.66M
YoY Change -9.49%
Cost Of Revenue $49.58M
YoY Change -15.22%
Gross Profit $7.085M
YoY Change 71.63%
Gross Profit Margin 12.5%
Selling, General & Admin $9.829M
YoY Change 10.86%
% of Gross Profit 138.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.731M
YoY Change -2.2%
% of Gross Profit 24.43%
Operating Expenses $9.829M
YoY Change 10.86%
Operating Profit -$2.744M
YoY Change -42.09%
Interest Expense $345.0K
YoY Change 1929.41%
% of Operating Profit
Other Income/Expense, Net $96.00K
YoY Change -217.07%
Pretax Income -$2.641M
YoY Change -45.01%
Income Tax $701.0K
% Of Pretax Income
Net Earnings -$3.342M
YoY Change -41.36%
Net Earnings / Revenue -5.9%
Basic Earnings Per Share -$0.27
Diluted Earnings Per Share -$0.27
COMMON SHARES
Basic Shares Outstanding 12.34M
Diluted Shares Outstanding 12.33M

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.60M
YoY Change -6.73%
Cash & Equivalents $16.81M
Short-Term Investments $791.0K
Other Short-Term Assets $3.578M
YoY Change -6.82%
Inventory $43.82M
Prepaid Expenses
Receivables $22.61M
Other Receivables $454.0K
Total Short-Term Assets $88.06M
YoY Change -21.42%
LONG-TERM ASSETS
Property, Plant & Equipment $42.40M
YoY Change 4.7%
Goodwill
YoY Change
Intangibles $2.158M
YoY Change -14.84%
Long-Term Investments $7.204M
YoY Change -24.7%
Other Assets $1.420M
YoY Change 96.13%
Total Long-Term Assets $54.84M
YoY Change -19.85%
TOTAL ASSETS
Total Short-Term Assets $88.06M
Total Long-Term Assets $54.84M
Total Assets $142.9M
YoY Change -20.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.73M
YoY Change -9.23%
Accrued Expenses $9.183M
YoY Change 28.29%
Deferred Revenue $1.026M
YoY Change -25.0%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.25M
YoY Change -8.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $12.67M
YoY Change -32.63%
Total Long-Term Liabilities $12.67M
YoY Change -32.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.25M
Total Long-Term Liabilities $12.67M
Total Liabilities $56.79M
YoY Change -14.6%
SHAREHOLDERS EQUITY
Retained Earnings $40.85M
YoY Change -41.65%
Common Stock $45.19M
YoY Change 2.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.12M
YoY Change
Total Liabilities & Shareholders Equity $142.9M
YoY Change -20.83%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income -$3.342M
YoY Change -41.36%
Depreciation, Depletion And Amortization $1.731M
YoY Change -2.2%
Cash From Operating Activities -$4.435M
YoY Change -183.54%
INVESTING ACTIVITIES
Capital Expenditures $513.0K
YoY Change -172.15%
Acquisitions
YoY Change
Other Investing Activities $887.0K
YoY Change -1987.23%
Cash From Investing Activities $374.0K
YoY Change -149.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.435M
Cash From Investing Activities 374.0K
Cash From Financing Activities 0.000
Net Change In Cash -4.061M
YoY Change -193.92%
FREE CASH FLOW
Cash From Operating Activities -$4.435M
Capital Expenditures $513.0K
Free Cash Flow -$4.948M
YoY Change -182.19%

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CY2022Q3 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q3 culp Increase Decrease In Accrued Liabilities And Deferred Compensation
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CY2022Q3 culp Increase Decrease In Accrued Liabilities And Deferred Compensation
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CY2023Q3 us-gaap Increase Decrease In Income Taxes
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CY2022Q3 us-gaap Increase Decrease In Income Taxes
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CY2022Q3 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q3 us-gaap Payments To Acquire Productive Assets
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CY2023Q3 us-gaap Proceeds From Sale Of Notes Receivable
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CY2023Q3 us-gaap Proceeds From Sale Of Longterm Investments
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CY2022Q3 us-gaap Payments To Acquire Longterm Investments
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CY2022Q3 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q3 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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ProfitLoss
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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q3 us-gaap Profit Loss
ProfitLoss
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
252000
CY2022Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-7000
CY2022Q3 culp Share Based Payment Arrangement Increase Decrease For Tax Withholding Obligation
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-52000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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113995000
us-gaap Basis Of Accounting
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Basis of Presentation</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain amounts presented in the prior period have been reclassified to conform to the current period consolidated financial statement presentation. A non-cash charge totaling $</span><span style="font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million for markdowns of inventory estimated based on our policy for aged inventory was reclassified from the line item “Inventories” to the line item “Non-cash inventory (credits) charges” in the Consolidated Statement of Cash Flows for the three months ended July 31, 2022. This reclassification did not have an effect on previously reported net cash provided by operating activities and increase in cash and cash equivalents.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The company’s three-months ended July 30, 2023, and July 31, 2022, each represent 13-week periods.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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InventoryWriteDown
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CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2022Q3 us-gaap Contract With Customer Asset Net
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ContractWithCustomerAssetNet
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ContractWithCustomerLiabilityRevenueRecognized
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CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2023Q3 culp Contract With Customer Liability Additions
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CY2022Q3 culp Contract With Customer Liability Additions
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CY2023Q3 us-gaap Contract With Customer Liability Current
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CY2022Q3 us-gaap Contract With Customer Liability Current
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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InventoryNet
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CY2022Q3 us-gaap Inventory Net
InventoryNet
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CY2023Q2 us-gaap Inventory Net
InventoryNet
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CY2023Q3 culp Non Cash Inventory Charge
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CY2023Q3 us-gaap Inventory Adjustments
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CY2023Q2 us-gaap Indefinite Lived Trade Names
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CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2023Q3 culp Asset Impairment Charges From Continuing And Discontinued Operation
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CY2022Q3 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
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CY2023Q2 us-gaap Finite Lived Customer Relationships Gross
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CY2023Q3 us-gaap Finite Lived Noncompete Agreements Gross
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CY2022Q3 us-gaap Finite Lived Noncompete Agreements Gross
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CY2023Q2 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
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CY2023Q3 culp Remaining Future Minimum Payments Receivable Remainder Of Fiscal Year
RemainingFutureMinimumPaymentsReceivableRemainderOfFiscalYear
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CY2023Q3 culp Remaining Future Minimum Payments Receivable Remainder Of Due Next Twelve Months
RemainingFutureMinimumPaymentsReceivableRemainderOfDueNextTwelveMonths
360000
CY2023Q3 culp Remaining Future Minimum Payments Receivable Remainder Of Due In Two Years
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CY2023Q3 culp Remaining Future Minimum Payments Receivable Remainder Of Due In Three Years
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CY2023Q3 culp Remaining Future Minimum Payments Receivable Remainder Of Due In Four Years
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CY2023Q3 culp Remaining Future Minimum Payments Receivable Thereafter
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CY2023Q3 culp Remaining Future Minimum Payments Receivable
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CY2023Q3 culp Note Receivable Unearned Interest Income
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CY2023Q3 us-gaap Notes Receivable Fair Value Disclosure
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CY2023Q3 us-gaap Employee Related Liabilities Current
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CY2022Q3 us-gaap Other Accrued Liabilities Current
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 culp Available For Sale Securities Debt And Equity Securities
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CY2023Q3 culp Available For Sale Securities Debt And Equity Securities Rabbi Trust Current
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CY2023Q3 culp Available For Sale Securities Debt And Equity Securities Rabbi Trust Noncurrent
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CY2022Q3 culp Available For Sale Securities Debt And Equity Securities Rabbi Trust Noncurrent
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CY2023Q2 culp Available For Sale Securities Debt And Equity Securities
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CY2023Q2 culp Available For Sale Securities Debt And Equity Securities Rabbi Trust Current
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CY2023Q2 culp Available For Sale Securities Debt And Equity Securities Rabbi Trust Noncurrent
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 culp Antidilutive Securities Due To Decrease In Stock Price Excluded From Computation Of Earnings From Continuing Operations Per Share
AntidilutiveSecuritiesDueToDecreaseInStockPriceExcludedFromComputationOfEarningsFromContinuingOperationsPerShare
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CY2022Q3 culp Antidilutive Securities Due To Decrease In Stock Price Excluded From Computation Of Earnings From Continuing Operations Per Share
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CY2023Q3 culp Antidilutive Securities Due Net Loss Incurred Excluded From Computation Of Earnings From Continuing Operations Per Share
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CY2022Q3 culp Antidilutive Securities Due Net Loss Incurred Excluded From Computation Of Earnings From Continuing Operations Per Share
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Number Of Operating Segments
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CY2023Q3 us-gaap Description Of Effect On Previously Reported Segment Information For Change In Composition Of Reportable Segments
DescriptionOfEffectOnPreviouslyReportedSegmentInformationForChangeInCompositionOfReportableSegments
Intangible assets are not included in segment assets as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, allocate resources to individual segments, or determine executive compensation.
CY2023Q3 us-gaap Gross Profit
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CY2022Q3 us-gaap Gross Profit
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CY2023Q3 us-gaap Selling General And Administrative Expense
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CY2022Q3 us-gaap Selling General And Administrative Expense
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CY2023Q3 culp Restructuring Related Charge Operating Income Loss
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CY2023Q3 us-gaap Restructuring Charges
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CY2022Q3 us-gaap Operating Income Loss
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CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q3 us-gaap Assets
Assets
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CY2023Q2 us-gaap Assets
Assets
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CY2023Q3 culp Capital Expenditures
CapitalExpenditures
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CY2022Q3 culp Capital Expenditures
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CY2023Q3 us-gaap Depreciation
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CY2022Q3 us-gaap Depreciation
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CY2023Q3 us-gaap Income Tax Expense Benefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q3 culp Effective Income Tax Rate Reconciliation Withholding Taxes Associated With Foreign Jurisdictions
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CY2022Q3 culp Effective Income Tax Rate Reconciliation Withholding Taxes Associated With Foreign Jurisdictions
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CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022Q3 culp Effective Income Tax Rate Reconciliation Taxable Foreign Exchange Rate Gains And Deductible Foreign Exchange Rate Losses
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CY2022Q3 us-gaap Operating Lease Right Of Use Asset
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CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q3 culp Dividends Received Deduction Percentage For Earnings And Profits Received From Foreign Corporation
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CY2023Q3 culp Dividends Received Deduction Foreign Corporation Ownership Percentage
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CY2022Q3 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
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CY2023Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1200000
CY2022Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1100000
CY2023Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1200000
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1200000
CY2023Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1112000
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
630000
CY2023Q3 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
renewal options for additional periods ranging up to twelve years
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2558000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3126000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2640000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2994000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6160000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3612000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
656000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
920000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
774000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1962000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1871000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
609000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
344000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
225000
CY2023Q3 culp Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
804000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5815000
CY2023Q3 culp Interest Payable On Operating Lease Liabilities
InterestPayableOnOperatingLeaseLiabilities
263000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5552000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M29D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0349
CY2023Q3 culp Accounts Payable Capital Expenditures Current
AccountsPayableCapitalExpendituresCurrent
257000
CY2022Q3 culp Accounts Payable Capital Expenditures Current
AccountsPayableCapitalExpendituresCurrent
346000
CY2023Q2 culp Accounts Payable Capital Expenditures Current
AccountsPayableCapitalExpendituresCurrent
56000

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