$CULP
CULP INC

2017 Q1 Form 10-Q Financial Statement

#000115752318000540 Filed on March 09, 2018

View on sec.gov

Income Statement

Concept 2017 Q1
Revenue $76.17M
YoY Change -2.93%
Cost Of Revenue $59.41M
YoY Change -4.03%
Gross Profit $16.76M
YoY Change 1.18%
Gross Profit Margin 22.0%
Selling, General & Admin $9.824M
YoY Change 5.22%
% of Gross Profit 58.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.793M
YoY Change 5.16%
% of Gross Profit 10.7%
Operating Expenses $9.824M
YoY Change 5.22%
Operating Profit $6.935M
YoY Change -4.03%
Interest Expense $100.0K
YoY Change
% of Operating Profit 1.44%
Other Income/Expense, Net -$69.00K
YoY Change -18.82%
Pretax Income $6.990M
YoY Change -2.63%
Income Tax $643.0K
% Of Pretax Income 9.2%
Net Earnings $6.347M
YoY Change 30.54%
Net Earnings / Revenue 8.33%
Basic Earnings Per Share $0.52
Diluted Earnings Per Share $0.51
COMMON SHARES
Basic Shares Outstanding 12.31M shares
Diluted Shares Outstanding 12.54M shares

Balance Sheet

Concept 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.10M
YoY Change -49.72%
Cash & Equivalents $15.66M
Short-Term Investments $2.400M
Other Short-Term Assets $2.514M
YoY Change 7.85%
Inventory $46.19M
Prepaid Expenses
Receivables $22.73M
Other Receivables $0.00
Total Short-Term Assets $89.50M
YoY Change -21.21%
LONG-TERM ASSETS
Property, Plant & Equipment $50.33M
YoY Change 31.91%
Goodwill $11.46M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $600.0K
YoY Change -84.62%
Other Assets $2.417M
YoY Change -0.74%
Total Long-Term Assets $101.6M
YoY Change 69.38%
TOTAL ASSETS
Total Short-Term Assets $89.50M
Total Long-Term Assets $101.6M
Total Assets $191.1M
YoY Change 10.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.20M
YoY Change 4.62%
Accrued Expenses $10.51M
YoY Change -17.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.97M
YoY Change -3.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $7.900M
YoY Change -1.25%
Total Long-Term Liabilities $7.900M
YoY Change -1.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.97M
Total Long-Term Liabilities $7.900M
Total Liabilities $48.74M
YoY Change 0.55%
SHAREHOLDERS EQUITY
Retained Earnings $95.39M
YoY Change 16.61%
Common Stock $46.98M
YoY Change 7563.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $142.3M
YoY Change
Total Liabilities & Shareholders Equity $191.1M
YoY Change 10.09%

Cashflow Statement

Concept 2017 Q1
OPERATING ACTIVITIES
Net Income $6.347M
YoY Change 30.54%
Depreciation, Depletion And Amortization $1.793M
YoY Change 5.16%
Cash From Operating Activities $7.660M
YoY Change 63.68%
INVESTING ACTIVITIES
Capital Expenditures -$2.940M
YoY Change 20.99%
Acquisitions
YoY Change
Other Investing Activities -$1.030M
YoY Change -166.88%
Cash From Investing Activities -$3.970M
YoY Change 346.07%
FINANCING ACTIVITIES
Cash Dividend Paid $985.0K
YoY Change 14.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.010M
YoY Change -38.34%
NET CHANGE
Cash From Operating Activities 7.660M
Cash From Investing Activities -3.970M
Cash From Financing Activities -2.010M
Net Change In Cash 1.680M
YoY Change 216.98%
FREE CASH FLOW
Cash From Operating Activities $7.660M
Capital Expenditures -$2.940M
Free Cash Flow $10.60M
YoY Change 49.09%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The accompanying unaudited consolidated financial statements of Culp, Inc. and subsidiaries (the &#x201C;company&#x201D;) include all adjustments, which are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All of these adjustments are of a normal recurring nature, with the exception of our assessments made and provisional amounts recorded with regard to the 2017 Tax Cuts and Job Act (See Note 13 for further details). Results of operations for interim periods may not be indicative of future results. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the company&#x2019;s annual report on Form&#xA0;<font style="WHITE-SPACE: nowrap">10-K</font>&#xA0;filed with the Securities and Exchange Commission on July&#xA0;14, 2017, for the fiscal year ended April&#xA0;30, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The company&#x2019;s nine months ended January&#xA0;28, 2018, and January&#xA0;29, 2017, represent 39 week periods, respectively.</p> </div>
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