Financial Data and Key Metrics - Consolidated revenue for Q2 declined by 5% year-over-year, with net sales of $55.7 million [10][33] - The company reported an operating loss of $5.4 million, including $2.8 million in restructuring expenses, compared to a loss of $2.2 million in the prior year period [33] - Adjusted EBITDA for the 12-month period ending with Q2 was negative $1.3 million, compared to negative $240,000 in the prior year [36] - Net loss for Q2 was $5.6 million, or $0.45 per diluted share, compared to a net loss of $2.4 million, or $0.19 per diluted share, in the prior year period [35] Business Segment Performance Mattress Fabrics Segment - Sales for the mattress fabrics segment were $30.1 million, down 4.2% year-over-year but up 7.1% sequentially [38] - Operating loss for the segment was $1 million, a 70.7% sequential improvement from Q1, driven by restructuring progress [11][39] - The segment is expected to return to profitability in the second half of fiscal 2025 [11] Upholstery Fabrics Segment - Sales for the upholstery fabrics segment were $25.6 million, down 6.4% year-over-year and 10% sequentially [41] - Operating income for the segment was $615,000, down from $1.4 million in the prior year, impacted by lower sales and unfavorable foreign exchange rates [42] - Hospitality contract fabric sales remained solid, representing 35% of the segment's total sales [16] Market and Geographic Performance - The company has expanded its North American capacity with strong supply chain operations in Asia, including Vietnam and Turkey [13] - Foreign exchange rates in China negatively impacted Q2 results, but a favorable currency impact is expected in Q3 [18] - The company has fully ceased production in Canada and is transitioning to a sourcing model, improving margins [12][24] Strategic Direction and Industry Competition - The company is focused on restructuring to return to profitability, with the majority of restructuring activities expected to be completed by Q3 [12][19] - The mattress fabrics segment is a critical catalyst for recovery, with expected annualized cost savings of $10 million to $11 million [27] - The company is enhancing its product offerings, including the LiveSmart brand of performance fabrics, to meet customer demand for functionality and sustainability [15] Management Commentary on Operating Environment and Outlook - Management remains optimistic about the company's strategic approach and expects to return to positive adjusted EBITDA in the second half of fiscal 2025 [31][49] - The company anticipates continued pressure on sales in the residential upholstery fabrics segment but expects to achieve positive consolidated adjusted operating income by Q4 [49] - The restructuring process is expected to result in significant operational improvements and cost savings, positioning the company for growth as market conditions improve [32] Other Important Information - The company has $10.5 million in cash and $4.1 million in outstanding debt under its China credit line as of Q2 [45] - Capital expenditures for the first six months of fiscal 2025 were $1.6 million, with full-year projections of $3.5 million to $4 million [44] - The company expects to sell its Canadian facility in Q4, with net proceeds estimated at $6 million to $8 million [29][30] Q&A Session Summary Question: Market Share and Order Growth in Mattress Fabrics - The company is gaining market share in the mattress fabrics segment, driven by product innovation and strategic placements [54] - Positive momentum is expected to continue through Q3 and Q4, with new programs scheduled to launch [55] Question: Upholstery Fabrics Demand and Inventory Adjustments - The decline in upholstery fabrics sales is attributed to customers adjusting inventory levels due to soft industry demand, with some customers over-ordering in Q1 [59] - The company remains optimistic about the segment's potential, with strong customer interest in new products [58] Question: Contract and Hospitality Business Performance - The hospitality contract business is outperforming, driven by strong demand for hotel-related fabrics and window treatments, offsetting declines in office furniture sales [60][62] Question: Mattress Fabrics Restructuring Economics - The company expects annualized cost savings of at least $10 million from the restructuring, with significant operating leverage potential as sales grow [65][66] Question: Tariff Risks and Supply Chain Flexibility - The company is well-positioned to handle potential tariff changes, with a flexible supply chain and a strong U S manufacturing base for mattress fabrics [69][70][71] - The upholstery fabrics segment is largely insulated from tariff risks due to its asset-light model and global supplier relationships [73]

Financial Performance - Consolidated net sales for Q2 FY2025 were $55.7 million, a decrease of 5.2% year-over-year, with mattress fabrics sales down 4.2% and upholstery fabrics sales down 6.4%[13]. - The upholstery fabrics segment reported sales of $25.6 million for Q2 FY2025, down 6.4% year-over-year and down 10.0% sequentially[21]. - Net sales for the three months ended October 27, 2024, were $55.674 million, a decrease of 5.2% compared to $58.725 million for the same period in 2023[36]. - For the six months ended October 27, 2024, net sales were $112.211 million, a decrease of 2.8% from $115.387 million in the prior year[39]. - Net sales for the second quarter of fiscal 2025 were $55.674 million, a decrease of 5.2% compared to $58.725 million in the same period last year[48]. Profitability and Losses - GAAP consolidated loss from operations was $(5.4) million, including $2.8 million in restructuring expenses, compared to a loss of $(2.2) million in the prior-year period[15]. - The company reported a net loss of $5.644 million for the three months ended October 27, 2024, compared to a net loss of $2.424 million for the same period in 2023, representing an increase in loss of 132.8%[36]. - The company incurred a loss from operations of $12.251 million for the six months ended October 27, 2024, compared to a loss of $5.321 million for the same period in 2023, reflecting a 130.2% increase in loss[39]. - The net loss per share for the three months ended October 27, 2024, was $0.45, compared to $0.19 for the same period in 2023, indicating a 136.8% increase in loss per share[36]. - CULP reported a net loss of $20,958,000 for the trailing 12 months ended October 27, 2024, compared to a net loss of $19,415,000 for the previous year, indicating a year-over-year increase in losses[57]. Restructuring Efforts - The restructuring plan is expected to generate $10.0 - $11.0 million in annualized savings and operating improvements post-implementation[10]. - Total restructuring costs for FY2025 are now estimated at $7.3 million, with $4.4 million expected to be cash expenditures[11]. - Restructuring expenses for the three months ended October 27, 2024, totaled $2.031 million, significantly higher than $144,000 in the same period last year[36]. - Restructuring expenses for the six months ended October 27, 2024, amounted to $4.662 million, compared to $482,000 in the same period last year[39]. - The company anticipates a return to profitability post-restructuring, with expectations for improved market conditions in the future[8]. Cash Flow and Liquidity - Cash flow from operations for the first six months of FY2025 was negative $(2.6) million, an improvement from negative $(4.5) million in the same period of FY2024[26]. - As of October 27, 2024, the company reported $10.5 million in cash and $4.1 million in outstanding debt, with total liquidity of approximately $33.1 million[28]. - Free cash flow for the six months ended October 27, 2024, was $(3,423,000), an improvement from $(5,604,000) in the same period last year[47]. - Net cash used in operating activities for the six months ended October 27, 2024, was $(2,633,000), an improvement from $(4,476,000) in the same period last year[46]. Asset and Liability Management - Total current assets decreased by 1.9% to $86,901,000 compared to $88,594,000 in the previous year[41]. - Total liabilities increased by 11.7% to $65,364,000 from $58,532,000 year-over-year[41]. - Shareholders' equity decreased by 23.9% to $63,623,000 from $83,628,000 in the previous year[41]. - Accounts payable - trade increased by 16.0% to $32,373,000 compared to $27,903,000 in the previous year[41]. - Inventories increased by 1.5% to $45,132,000 from $44,465,000 year-over-year[41]. Market Conditions and Future Outlook - The company highlighted the impact of macroeconomic factors such as inflation, interest rates, and foreign currency fluctuations on its financial performance and future operations[34]. - The company anticipates continued challenges in the market, with a focus on restructuring efforts to improve operational efficiency[50]. - The overall financial outlook remains cautious due to ongoing operational losses and market conditions[73]. - The company is focusing on market expansion and new product development to improve future performance[73].

Financial Performance - Net sales for the three months ended July 28, 2024, were $56,537,000, a slight decrease of 0.22% compared to $56,662,000 for the same period in 2023[4] - Gross profit decreased to $5,076,000, down 28.3% from $7,085,000 year-over-year[4] - The net loss for the three months ended July 28, 2024, was $7,261,000, compared to a net loss of $3,342,000 for the same period in 2023, representing a 117.3% increase in losses[4] - The company reported a comprehensive loss of $7,181,000 for the three months ended July 28, 2024, compared to $3,285,000 for the same period in 2023[6] - The company incurred a total loss from operations of $6.85 million for the three months ended July 28, 2024, compared to a loss of $3.08 million for the same period in 2023[83] - The company reported a basic net loss per share of $0.55 for the three months ended July 28, 2024, compared to a loss of $0.25 for the same period in 2023[78] Assets and Liabilities - Total current assets decreased to $82,678,000 from $88,064,000, a decline of 6.4% year-over-year[9] - Total liabilities increased to $60,015,000 from $56,785,000, reflecting a rise of 4.3%[9] - Cash and cash equivalents at the end of the period were $13,472,000, down from $16,812,000, a decrease of 19.3%[11] - As of July 30, 2023, total shareholders' equity decreased to $86,117,000 from $89,080,000 as of April 30, 2023, reflecting a net loss of $3,342,000 during the period[14] - Total segment assets decreased to $95.85 million as of July 28, 2024, from $105.09 million as of July 30, 2023[86] Inventory and Receivables - The company reported a decrease in raw materials inventory from $8,408,000 as of July 30, 2023, to $7,076,000 as of July 28, 2024[28] - Accounts receivable decreased by $964,000, or 8.7%, as of July 28, 2024, reflecting faster cash collections and a decrease in net sales[152] - Inventory increased by $699,000, or 2.8%, compared to July 30, 2023, due to increased finished goods inventory during the transition to a strategic sourcing model[154] - Inventory decreased by $2.8 million, or 14.8%, compared to July 30, 2023, reflecting management's ability to maintain appropriate inventory levels[169] Restructuring and Expenses - Restructuring expenses for the quarter were $2,631,000, significantly higher than $338,000 in the prior year[4] - The company expects restructuring charges of approximately $5.1 million in fiscal 2025, with $3.0 million expected to be cash expenditures[47] - Estimated restructuring charges for the mattress fabrics segment include $1.7 million for relocating equipment and $1.2 million for employee termination benefits[48] - The company incurred restructuring expenses of $517,000 for the three months ending July 30, 2023, including employee termination benefits and impairment losses[57] - Restructuring expenses for Q1 fiscal 2025 were $2.6 million, a significant increase of 678.4% from $338,000 in Q1 fiscal 2024[133] - The company closed its upholstery fabrics finishing operation in Shanghai, resulting in restructuring charges of $218,000 during the first quarter of fiscal 2025[56] Cash Flow and Financing - Cash and cash equivalents decreased to $13.47 million as of July 28, 2024, from $16.81 million as of July 30, 2023[86] - The company has $3.2 million available for additional repurchases of common stock as of July 28, 2024, with no shares repurchased during the three-month periods ending July 28, 2024, and July 30, 2023[123] - The ABL Facility provides a maximum principal amount of $35.0 million, with available borrowings totaling $19.2 million as of July 28, 2024[66] - The company has outstanding borrowings of $4.0 million under a line of credit associated with operations in China as of July 28, 2024[199] Taxation - The effective income tax rate for the three-month period ending July 28, 2024, was (3.4%), significantly lower than (26.5%) for the same period in 2023[12] - The company had gross unrecognized income tax benefits of $1.3 million as of July 28, 2024, which could favorably affect future income tax expense[101] - The company projects annual cash income tax payments of approximately $2.0 million associated with operations in China, while no cash income taxes are expected in the U.S. during fiscal 2025 due to existing net operating loss carryforwards of $69.6 million[188] Segment Performance - The mattress fabrics segment experienced a cumulative operating loss of $28.8 million since Q2 fiscal 2023, attributed to factors such as inflation and shifting consumer demand[37] - The mattress fabrics segment reported a net sales of $28.08 million, down from $29.22 million year-over-year, resulting in a gross loss of $326,000 compared to a gross profit of $1.99 million in the prior year[83] - The upholstery fabrics segment achieved net sales of $28.46 million, an increase from $27.44 million, with a gross profit of $5.52 million, up from $5.27 million[83] - Net sales for the upholstery fabrics segment increased by 3.7% to $28.5 million for the three months ended July 28, 2024, compared to $27.4 million in the prior year[159] Accounting Policies - As of July 28, 2024, there were no changes in significant accounting policies from the annual report for the year ended April 28, 2024[202] - The company refers to Note 2 of the consolidated financial statements for recently adopted and issued accounting pronouncements[202] - The financial results and accounting policies remain consistent with those reported in the previous annual report[202] - The company continues to monitor and apply critical accounting policies as necessary[202]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were $56.5 million, down 0.2% compared to the prior year period [21] - The company reported a loss from operations of $6.9 million, which included $2.7 million in restructuring expenses [21] - Net loss for the first quarter was $7.3 million or $0.58 per diluted share, compared to a net loss of $3.3 million or $0.27 per diluted share for the prior year period [22] - Adjusted EBITDA for the 12-month period ending Q1 was a negative $5.7 million, showing a 66% improvement from the prior year [22] Business Segment Data and Key Metrics Changes - Mattress fabric segment sales were $28.1 million, down 3.9% year-over-year but up 9% sequentially [24] - Upholstery fabrics segment sales were $28.5 million, up 3.7% year-over-year and up 19.7% sequentially [25] - Operating income for the upholstery fabrics segment was $1.7 million with an operating margin of 6%, compared to 4.8% a year ago [26] Market Data and Key Metrics Changes - The hospitality fabrics segment accounted for approximately 33% of the upholstery fabrics segment total sales for Q1 [25] - The company noted that the hospitality industry is booming post-COVID, contributing to growth in the hospitality fabrics segment [46] Company Strategy and Development Direction - The company is undergoing a significant restructuring plan focused on the mattress fabric segment to reduce fixed costs and improve efficiency [11][12] - The restructuring is expected to yield annualized cost savings of $10 million to $11 million, primarily from the mattress fabrics division [16] - The company aims to return to positive consolidated adjusted operating income in the third quarter of fiscal 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving market position in both business segments despite ongoing macroeconomic challenges [19] - The company anticipates that macro industry conditions may remain pressured during fiscal 2025, but believes the toughest conditions are behind them [19] - Management expects to return to near breakeven adjusted EBITDA in the second quarter of fiscal 2025 [31] Other Important Information - The company has completed the consolidation of its Haiti sewn mattress cover operation and is making progress in transitioning its damask weaving business to a sourcing model [14][15] - The company reported a total cash position of $13.5 million and $4 million in outstanding debt under its China credit line as of the end of Q1 [28] Q&A Session Summary Question: Can you discuss the cadence of business over the quarter? - Management noted a strong start in May, June, and July, with some weakness in July but overall feeling positive about market share [33][34] Question: Can you elaborate on the restructuring savings? - The savings are primarily from the closure of the Canadian plant, operational efficiencies, and outsourcing the damask line [35][36] Question: How will the restructuring change the business model? - The restructuring aims to reduce costs and shift to a more asset-light model, particularly in the mattress fabrics segment [42][43] Question: What is driving growth in the hospitality segment? - The hospitality industry is booming post-COVID, with new product lines and expanded roller shade capacity contributing to growth [46][47]

1 CUI P Positioning for the Future Culp Restructuring Plan – September 2024 Forward Looking Statements 2 This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from ...

Financial Performance - Consolidated net sales for Q1 fiscal 2025 were $56.5 million, a 14.2% sequential increase, with upholstery fabrics sales up 19.7% and mattress fabrics sales up 9.0%[2] - The upholstery fabrics segment achieved an operating income of $1.7 million, reflecting a 28.9% year-over-year increase and a 75.6% sequential increase, with an operating margin of 6.0%[2] - The company reported a GAAP consolidated loss from operations of $(6.9) million, which included $2.7 million in restructuring expenses[2] - Mattress fabrics segment sales were $28.1 million, down 3.9% year-over-year but up 9.0% sequentially, driven by higher order levels[12] - Upholstery fabrics segment sales were $28.5 million, up 3.7% year-over-year and up 19.7% sequentially, with hospitality/contract business accounting for approximately 33% of total sales[14] - Net sales for the three months ended July 28, 2024, were $56.537 million, a decrease of 0.2% compared to $56.662 million for the same period in 2023[24] - Gross profit decreased by 28.4% to $5.076 million, representing 9.0% of net sales, down from 12.5% in the prior year[24] - Net loss for the quarter was $7.261 million, up 117.3% from a net loss of $3.342 million in the same quarter of 2023[24] - Net loss per share (basic and diluted) was $(0.58), compared to $(0.27) in the prior year, reflecting a 114.8% increase in loss per share[24] - Loss from operations was $6.851 million, a 122.3% increase from the loss of $3.082 million in the prior year[24] Restructuring and Cost Management - The company expects Q2 fiscal 2025 consolidated net sales to be flat sequentially and aims to return to near break-even adjusted EBITDA in Q2 and positive adjusted operating income in Q3[3] - The restructuring plan is expected to generate $10.0 to $11.0 million in annualized savings and operating improvements by the end of the calendar year[8] - Total restructuring costs for fiscal 2025 are projected at $5.1 million, with $3.0 million expected as cash expenditures[9] - The company is undergoing restructuring in its mattress fabric operations, which includes the discontinuation of operations in Quebec, Canada, and consolidation of facilities in Haiti[25] - Restructuring expenses increased significantly by 678.4% to $2.631 million, compared to $338,000 in the same period last year[24] - The company reported a restructuring-related charge of $116,000 for losses on the disposal of obsolete inventory during the quarter[36] - The company incurred restructuring expenses of $615,000 for the quarter ended July 28, 2024, compared to $711,000 in the previous quarter[39] Cash and Liquidity - Cash position remained stable at $13.5 million, with a net cash position of $9.5 million after only a $560,000 decrease since the end of fiscal 2024[2] - As of July 28, 2024, the company had approximately $32.7 million in liquidity, consisting of $13.5 million in cash and $19.2 million in borrowing availability[16] - The company reported a net cash position of $9,455 as of July 28, 2024, down from $16,812 on July 30, 2023[29] - Cash and cash equivalents decreased by $3,340, or 19.9%, from $16,812 on July 30, 2023, to $13,472 on July 28, 2024[28] Assets and Liabilities - Total current assets decreased by $5,386, or 6.1%, from $88,064 on July 30, 2023, to $82,678 on July 28, 2024[28] - Total liabilities increased by $3,230, or 5.7%, from $56,785 on July 30, 2023, to $60,015 on July 28, 2024[28] - Total assets decreased by $13,763, or 9.6%, from $142,902 on July 30, 2023, to $129,139 on July 28, 2024[28] - Total assets as of July 28, 2024, were $129,139,000, with total liabilities of $60,015,000[42] Economic and Market Factors - Economic factors such as interest rates, consumer confidence, and inflation are expected to impact future performance[22] - The company faces risks related to foreign operations, including currency fluctuations and political instability, which could affect financial results[22] Segment Performance - Mattress Fabrics segment reported a gross loss of $326,000, a decline of 116.3% from a gross profit of $1,994,000 in the prior year[32] - Total segment gross profit decreased by 28.5% to $5,192,000 from $7,264,000 year-over-year[32] - The mattress fabrics segment's return on capital employed was -14.6%, compared to -25.4% in the previous year[33] - The Upholstery Fabrics segment achieved an adjusted operating income of $6,170,000, with a return on average capital employed of 70.5%[41] - The Mattress Fabrics segment experienced an operating loss of $17,159,000, resulting in a return on average capital employed of (25.4)%[45] - The Upholstery Fabrics segment generated an operating income of $2,781,000, achieving a return on average capital employed of 18.2%[45]

Financial Performance - In fiscal 2024, total company sales were $225.3 million, a decrease of 4.3% from $234.9 million in fiscal 2023[25] - The mattress fabrics segment generated $116.4 million in sales, accounting for 52% of total company sales, compared to $111.0 million (47%) in fiscal 2023[25] - The upholstery fabrics segment saw sales decline to $108.9 million (48% of total sales) from $123.9 million (53%) in fiscal 2023[25] - Total net sales for fiscal 2024 were $225.3 million, a decrease from $234.9 million in fiscal 2023[111] - Net sales in the United States for fiscal 2024 were $153.6 million, representing 68.2% of total net sales[111] - International sales accounted for 31.8% of total net sales in fiscal 2024, with the Far East and Asia contributing $36.3 million[111] Restructuring and Operational Changes - Culp announced a restructuring plan in May 2024, expecting to incur approximately $8.0 million in restructuring costs, with $2.5 million anticipated in the first half of fiscal 2025[23] - The restructuring plan includes consolidating operations in Quebec, Canada, and relocating some knitting operations to Stokesdale, North Carolina[19] - The company is consolidating its North American mattress fabrics operations, including the closure of a manufacturing plant in Quebec, Canada, to improve efficiency and reduce costs[29] - The company plans to complete the Fiscal 2025 restructuring, which includes the closure of the St. Jerome plant and reducing Haiti production operations to a single facility[61] - The restructuring includes the phased wind-down of the Quebec manufacturing plant and consolidation of operations in North Carolina and Haiti[19] Supply Chain and Sourcing - The company emphasizes the importance of diversifying its supply chain to mitigate risks associated with global operations[12] - The company is diversifying its sourcing strategies to mitigate risks associated with global trade tensions and tariffs, particularly concerning imports from China[51] - The company has established strategic supplier relationships in Vietnam and Turkey to diversify its supply chain and enhance sourcing capabilities[65] - The company aims to enhance its supply chain by diversifying partnerships and optimizing operations to improve efficiency and reduce costs[30] Employee and Workforce Management - The company employed 1,000 people at the end of fiscal 2024, a decrease of 333 employees compared to the previous year, with significant reductions in both mattress and upholstery segments[93] - The company plans to reduce the number of employees in its mattress fabrics segment by approximately 240, representing close to 35% of the segment's total workforce at the end of fiscal 2024[97] - The company-wide annual employee turnover rate was approximately 43.5% during the past fiscal year, compared to approximately 42% in the prior year[96] - The company has adopted a mission statement focused on providing outstanding employee support in a safe and collaborative environment[98] - The company maintains comprehensive safety monitoring and training programs to ensure employee health and safety[107] Market Trends and Competition - The bedding industry experienced significant unit contraction during fiscal 2023 and fiscal 2024, primarily due to inflationary pressures and a shift in consumer spending[41] - The upholstery fabrics segment is impacted by economic trends affecting consumer spending and housing market fluctuations[45] - The company faces high competition in both mattress and upholstery fabrics markets, primarily based on price, design, and quality[84] - The upholstery fabrics segment has become more vulnerable to price increases and production interruptions due to increased reliance on outside suppliers[80] Product and Innovation - Culp's mattress fabrics segment includes woven jacquard and knitted fabrics, with a focus on product innovation and customer service[16][17] - The company has invested in knitting software and a chemical dosing system to enhance finishing capabilities and monitor machine efficiency, leading to immediate cost-saving benefits[31] - The company launched a new innovation campus in High Point, North Carolina, to enhance design and innovation collaboration across its mattress and upholstery segments[68] - The company is focusing on creative design and product innovation as key strategies for long-term success in the mattress fabrics business[32] Pricing and Cost Structure - Raw materials account for approximately 60%-70% of production costs in both mattress and upholstery fabrics segments, with costs sensitive to oil prices[77][79] - The upholstery fabrics segment's manufacturing costs are also approximately 60%-70% dependent on raw materials, similar to the mattress fabrics segment[79] - The company emphasizes fabrics with broad appeal, priced between $1.60 to over $10.00 per yard for mattress fabrics and $2.50 to $16.00 per yard for upholstery fabrics[53][54] Sales Dynamics - The mattress fabrics business experiences slight seasonality, with sales peaking in early spring and late summer[82] - Increased demand for roll-packed/compressed mattresses is driving growth, with knitted fabrics gaining popularity across various price points[43] - The largest customer in the mattress fabrics segment, Serta Simmons Holdings, accounted for approximately 13% of the company's consolidated sales in fiscal 2024[108] - The largest customer in the upholstery fabrics segment, La-Z-Boy Incorporated, accounted for approximately 12% of the company's consolidated sales in fiscal 2024[109] - The backlog for the upholstery fabric segment with confirmed shipping dates prior to June 3, 2024, was $11.7 million, compared to $10.6 million as of the end of fiscal 2023[114]

Culp, Inc. (NYSE:CULP) Q4 2024 Earnings Conference Call June 28, 2024 11:00 AM ET Company Participants Dru Anderson - IR Robert Culp - President and CEO Ken Bowling - CFO Tommy Bruno - President of Mattress Fabrics Boyd Chumbley - President, Culp Upholstery Fabric Division Conference Call Participants Brian Gordon - Water Tower Research John Deysher - Pinnacle Operator Good morning, and welcome to the Culp, Incorporated, Fourth Quarter Fiscal 2024 Earnings Conference Call. All participants will be in listen ...

Inside the Numbers In the fiscal fourth quarter, the company incurred an adjusted loss of 39 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents per share. It had reported an adjusted loss of 38 cents per share in the prior-year quarter. Net sales of $49.5 million marginally missed the consensus estimate of $49.8 million by 0.5% and declined 19.4% from the year-ago quarter's figure. Culp, Inc. Price, Consensus and EPS Surprise Culp, Inc. price-consensus-eps-surprise-chart | Cul ...

Culp, Inc. (CULP) came out with a quarterly loss of $0.39 per share versus the Zacks Consensus Estimate of a loss of $0.44. This compares to loss of $0.38 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.36%. A quarter ago, it was expected that this company would post a loss of $0.16 per share when it actually produced a loss of $0.26, delivering a surprise of -62.50%. Over the last four quarters, the company has surpassed ...