$CULP
CULP INC

2019 Q1 Form 10-Q Financial Statement

#000115752319000563 Filed on March 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $73.13M $85.31M
YoY Change -14.28% 12.0%
Cost Of Revenue $60.05M $67.71M
YoY Change -11.3% 13.97%
Gross Profit $13.07M $17.60M
YoY Change -25.73% 5.04%
Gross Profit Margin 17.88% 20.63%
Selling, General & Admin $8.677M $9.959M
YoY Change -12.87% 1.37%
% of Gross Profit 66.37% 56.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.031M $1.966M
YoY Change 3.31% 9.65%
% of Gross Profit 15.54% 11.17%
Operating Expenses $8.677M $9.959M
YoY Change -12.87% 1.37%
Operating Profit $4.610M $7.644M
YoY Change -39.69% 10.22%
Interest Expense $0.00 $31.00K
YoY Change -100.0% -69.0%
% of Operating Profit 0.0% 0.41%
Other Income/Expense, Net -$294.0K $229.0K
YoY Change -228.38% -431.88%
Pretax Income $4.575M $7.516M
YoY Change -39.13% 7.53%
Income Tax $1.274M $8.208M
% Of Pretax Income 27.85% 109.21%
Net Earnings $3.060M -$748.0K
YoY Change -509.09% -111.79%
Net Earnings / Revenue 4.18% -0.88%
Basic Earnings Per Share $0.25 -$0.06
Diluted Earnings Per Share $0.25 -$0.06
COMMON SHARES
Basic Shares Outstanding 12.44M 12.44M
Diluted Shares Outstanding 12.47M 12.44M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.42M $24.90M
YoY Change 6.1% 37.57%
Cash & Equivalents $26.42M $22.43M
Short-Term Investments $0.00 $2.472M
Other Short-Term Assets $2.954M $3.114M
YoY Change -5.14% 23.87%
Inventory $55.42M $55.65M
Prepaid Expenses
Receivables $26.14M $26.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $124.5M $127.0M
YoY Change -1.97% 41.86%
LONG-TERM ASSETS
Property, Plant & Equipment $48.14M $51.84M
YoY Change -7.13% 2.99%
Goodwill $27.22M $11.46M
YoY Change 137.5% 0.0%
Intangibles $10.54M $1.397M
YoY Change 654.62%
Long-Term Investments $1.512M $1.518M
YoY Change -0.4% 153.0%
Other Assets $972.0K $918.0K
YoY Change 5.88% -62.02%
Total Long-Term Assets $101.3M $89.88M
YoY Change 12.67% -11.5%
TOTAL ASSETS
Total Short-Term Assets $124.5M $127.0M
Total Long-Term Assets $101.3M $89.88M
Total Assets $225.7M $216.8M
YoY Change 4.1% 13.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.50M $34.00M
YoY Change -16.18% 25.0%
Accrued Expenses $9.740M $8.842M
YoY Change 10.16% -15.88%
Deferred Revenue $492.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.59M $44.41M
YoY Change -10.84% 16.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.90M $18.20M
YoY Change -12.64% 130.38%
Total Long-Term Liabilities $15.90M $18.20M
YoY Change -12.64% 130.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.59M $44.41M
Total Long-Term Liabilities $15.90M $18.20M
Total Liabilities $57.68M $64.66M
YoY Change -10.8% 32.66%
SHAREHOLDERS EQUITY
Retained Earnings $118.2M $103.1M
YoY Change 14.64% 8.07%
Common Stock $44.58M $49.04M
YoY Change -9.09% 4.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $162.8M $152.2M
YoY Change
Total Liabilities & Shareholders Equity $224.9M $216.8M
YoY Change 3.72% 13.5%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $3.060M -$748.0K
YoY Change -509.09% -111.79%
Depreciation, Depletion And Amortization $2.031M $1.966M
YoY Change 3.31% 9.65%
Cash From Operating Activities $1.490M $11.29M
YoY Change -86.8% 47.39%
INVESTING ACTIVITIES
Capital Expenditures -$850.0K -$1.680M
YoY Change -49.4% -42.86%
Acquisitions
YoY Change
Other Investing Activities $14.70M -$320.0K
YoY Change -4693.75% -68.93%
Cash From Investing Activities $13.85M -$2.000M
YoY Change -792.5% -49.62%
FINANCING ACTIVITIES
Cash Dividend Paid $1.240M $1.119M
YoY Change 10.81% 13.6%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.770M -2.640M
YoY Change 42.8% 31.34%
NET CHANGE
Cash From Operating Activities 1.490M 11.29M
Cash From Investing Activities 13.85M -2.000M
Cash From Financing Activities -3.770M -2.640M
Net Change In Cash 11.57M 6.650M
YoY Change 73.98% 295.83%
FREE CASH FLOW
Cash From Operating Activities $1.490M $11.29M
Capital Expenditures -$850.0K -$1.680M
Free Cash Flow $2.340M $12.97M
YoY Change -81.96% 22.36%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Basis of Presentation</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The accompanying unaudited consolidated financial statements of Culp, Inc. and its majority-owned 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. 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 <font style="white-space:nowrap">10-K</font> filed with the Securities and Exchange Commission on July&#xA0;13, 2018, for the fiscal year ended April&#xA0;29, 2018.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The company&#x2019;s nine-months ended January&#xA0;27, 2019, and January&#xA0;28, 2018, represent <font style="white-space:nowrap">39-week</font> periods, respectively.</p> </div>
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14123000
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
251000
CY2019Q1 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
-94000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4262000
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
23000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1225000
CY2019Q1 us-gaap Interest Expense
InterestExpense
0
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
27000 shares
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-53000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3154000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-53000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-288000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4299000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-22000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-75000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
3060000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10038000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77226000
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
2472000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12465000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12438000 shares
CY2019Q1 culp Restructuring Credit
RestructuringCredit
214000
CY2019Q1 culp Tax Cuts And Jobs Act Of2017 Incomplete Accounting Deemed Repatriation Foreign Earnings Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingDeemedRepatriationForeignEarningsProvisionalIncomeTaxExpenseBenefit
-283000
CY2019Q1 culp Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
-593000
CY2019Q1 culp Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
-310000
CY2019Q1 culp Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
480000

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