| --- | --- | --- | --- | |------------------------------------------|--------------------|---------------|------------------| | | January 29, 2023 | May 1, 2022 | January 30, 2022 | | Accounts receivable, net 21.2 22.2 39.0 | | | | | Inventories, net 47.6 66.6 73.1 | | | | | Accounts payable (22.5) (20.1) (46.7) | | | | | Accounts payable – capital expenditures | (0.0) (0.5) (0.0) | | | | Operating working capital 46.3 68.2 65.4 | | | | | Percent of sales* | 20.0% | 23.1% | 20.6% | | Days sales outstanding ...

Culp, Inc. (NYSE:CULP) Q2 2023 Earnings Conference Call December 8, 2022 11:00 AM ET Company Participants Dru Anderson - IR Iv Culp - President and CEO Ken Bowling - CFO Boyd Chumbley - President, Upholstery Fabrics Conference Call Participants Rex Henderson - Water Tower Anthony Lebiedzinski - Sidoti & Company Operator Good morning, and welcome to the Culp, Inc. Second Quarter Fiscal 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event ...

CULP 1 | --- | --- | |-------------------------------|-------| | | | | CULP, INC. | | | NYSE: CULP | | | Second Quarter Fiscal 2023 | | | Summary Financial Information | | | December 7, 2022 | | FORWARD LOOKING STATEMENTS 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Name of Each Exchange Title of Each Class Trading Symbol(s) On Which Registered Common Stock, par value $.05/ Share CULP New York Stock Exchange Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller Reporting Company ☒ Emerging Growth Company ☐ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 30, 2022 Commission File No. 1-125 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Name of Each Exchange Title of Each Class Trading Symbol(s) On Which Registered Common Stock, par value $.05/ Share CULP New York Stock Exchange Non-accelerated filer ☐ Smaller Reporting Company ☒ Emerging Growth Company ☐ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 Commission File No. 1-12597 CULP, INC. (Exact name of registrant as specif ...

Culp, Inc. (NYSE:CULP) Q1 2023 Earnings Conference Call August 31, 2021 11:00 AM ET Company Participants Dru Anderson - IR Iv Culp - President and CEO Ken Bowling - CFO Boyd Chumbley - President, Upholstery Fabrics Conference Call Participants Rex Henderson - Water Tower Anthony Lebiedzinski - Sidoti & Company Operator Good day and welcome to the Culp, Inc. First Quarter Fiscal 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, th ...

CULP 1 | --- | --- | |-------------------------------|-------| | | | | CULP, INC. | | | | | | NYSE: CULP | | | First Quarter Fiscal 2023 | | | Summary Financial Information | | | August 31, 2022 | | FORWARD LOOKING STATEMENTS 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 stateme ...

Part I [Business](index=6&type=section&id=Item%201.%20Business) Culp, Inc. manufactures mattress (52%) and upholstery (48%) fabrics globally; FY2022 net sales **decreased 1.6%** to **$294.8 million** due to market challenges [Overview](index=6&type=section&id=Overview) Culp manufactures mattress and upholstery fabrics, operating two segments and expanding capacity despite fiscal **2022** market challenges - Culp is the **largest producer of mattress fabrics** and one of the **largest marketers of upholstery fabrics** in North America by total sales[13](index=13&type=chunk) - The company has **increasingly relied on production outside the U.S. and Canada**, particularly in the upholstery fabrics segment where most sales are from fabrics produced in Asia[15](index=15&type=chunk) - In fiscal **2022**, Culp expanded its capacity by commencing operations at a new upholstery cut and sew facility in Haiti and launched a new innovation campus in High Point, North Carolina[18](index=18&type=chunk) [COVID-19 Impact and Business Response](index=7&type=section&id=COVID-19%20Impact%20and%20Business%20Response) COVID-19 **significantly impacted** Culp's FY**2022** operations with shutdowns, **increased costs**, and ongoing uncertainty, prompting safety and liquidity measures - In response to the pandemic, Culp implemented safety measures, adjusted its workforce, temporarily reduced salaries and board compensation, and drew on credit facilities to preserve liquidity in early **2020**[22](index=22&type=chunk) - Fiscal **2022** operations were **materially affected** by COVID-19 shutdowns of sourcing partners in Vietnam (**Q2**) and its own operations in China (**Q4**), which prevented shipments[24](index=24&type=chunk) - The ongoing impact of the pandemic on financial operations remains unknown and depends on factors like virus spread, government restrictions, supply chain conditions, and consumer demand[25](index=25&type=chunk) [Segments](index=8&type=section&id=Segments) Culp operates two segments: Mattress Fabrics (**52%** of FY**2022** sales) and Upholstery Fabrics (**48%**), utilizing global supply chains and expanding facilities Net Sales by Segment (in Millions) | Segment | Fiscal 2022 | Fiscal 2021 | Fiscal 2020 | | :--- | :--- | :--- | :--- | | Mattress Fabrics | $152.2 | $157.7 | $131.4 | | Upholstery Fabrics | $142.6 | $142.0 | $124.8 | | **Total Company** | **$294.8** | **$299.7** | **$256.2** | - The Mattress Fabrics segment utilizes an on-shore (U.S.), near-shore (Haiti), and off-shore (China) supply chain strategy for its sewn mattress covers to provide flexibility in meeting customer demand[37](index=37&type=chunk) - The Upholstery Fabrics segment has shifted to a flexible, scalable model, sourcing most products from Asia while maintaining control over design, finishing, and quality control. It recently expanded with a cut and sew facility in Haiti[44](index=44&type=chunk)[43](index=43&type=chunk) [Overview of Industry and Markets](index=10&type=section&id=Overview%20of%20Industry%20and%20Markets) Culp serves bedding and furniture industries, sensitive to economic conditions, which experienced a demand surge in FY**2021** but slowed in H**2** FY**2022** due to inflation - The bedding industry experienced weakness in the second half of FY**2022** due to inflationary pressures affecting consumer spending, a trend expected to continue into FY**2023**[50](index=50&type=chunk) - Key trends in the bedding industry include the rise of roll-packed/boxed mattresses, consumer focus on health benefits of sleep, and the growing importance of fabric design[54](index=54&type=chunk) - The residential furniture industry saw a sales trend reversal in the second half of FY**2022** as pandemic restrictions lifted and inflationary pressures grew, causing a slowdown expected to persist into FY**2023**[56](index=56&type=chunk) [Human Capital](index=16&type=section&id=Human%20Capital) Culp employed **1,582 people** globally in FY**2022**, emphasizing a safe, diverse environment through development, giving, and safety programs, with good employee relations - As of the end of fiscal **2022**, Culp employed **1,582 people**, an **increase of 152** from the prior year, with **945** in the mattress fabrics segment and **603** in the upholstery segment[103](index=103&type=chunk) - The company launched the "CULPgrow" program in **2021** to provide employees with skills assessment, education assistance (GED, ESOL), and career development resources[111](index=111&type=chunk) - The company maintains comprehensive safety programs and developed extensive protocols to manage the COVID-19 pandemic, including hosting on-site vaccination clinics for employees and the community[115](index=115&type=chunk)[116](index=116&type=chunk) [Customers and Sales](index=18&type=section&id=Customers%20and%20Sales) Culp's **largest customers** are Serta Simmons (**11%** of sales) and La-Z-Boy (**13%**), with the US accounting for **69.3%** of FY**2022** net sales - La-Z-Boy Incorporated was the **largest customer** in the upholstery fabrics segment, accounting for approximately **13%** of the company's consolidated sales in fiscal **2022**[118](index=118&type=chunk) - Serta Simmons Holdings, LLC was the **largest customer** in the mattress fabrics segment, accounting for approximately **11%** of the company's overall sales in fiscal **2022**[117](index=117&type=chunk) Net Sales by Geographic Area (in thousands) | Geographic Area | FY 2022 | % of Total | FY 2021 | % of Total | | :--- | :--- | :--- | :--- | :--- | | United States | $204,454 | 69.3% | $217,473 | 72.6% | | International | $90,385 | 30.7% | $82,247 | 27.4% | | **Total** | **$294,839** | **100.0%** | **$299,720** | **100.0%** | - Culp, Inc. is one of the **largest producers of mattress fabrics** and **marketers of upholstery fabrics** in North America, with operations classified into two segments: mattress fabrics and upholstery fabrics[13](index=13&type=chunk) Fiscal 2022 Net Sales Breakdown | Segment | Net Sales (in millions) | Percentage of Total | | :--- | :--- | :--- | | Mattress Fabrics | $152.2 | 52% | | Upholstery Fabrics | $142.6 | 48% | | **Total** | **$294.8** | **100%** | - Fiscal **2022** sales **declined 1.6% year-over-year**, driven by a fourth-quarter drop due to COVID-related shutdowns in China and weakness in the domestic mattress and residential home furnishings industries[17](index=17&type=chunk) - The company operates production facilities in North Carolina, Tennessee, Quebec (Canada), Shanghai (China), and Ouanaminthe (Haiti), and sources products from China, Vietnam, and Turkey[14](index=14&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces **significant macroeconomic, operational, and financial risks**, including COVID-19 impacts, foreign sourcing reliance, supply chain disruptions, and cost fluctuations - **Macroeconomic Risks:** The COVID-19 pandemic continues to pose a threat through potential shutdowns, supply chain disruptions, and reduced consumer demand. Economic uncertainty, inflation, and competition could also **negatively impact sales and earnings**[130](index=130&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) - **Operational Risks:** The company is **vulnerable to tariffs**, changes in U.S. trade policy, and disruptions in its extensive offshore operations, particularly in China. Reliance on a global supply chain increases risks of delays, and cybersecurity breaches pose a **significant threat**[142](index=142&type=chunk)[147](index=147&type=chunk)[164](index=164&type=chunk) - **Financial & Business Risks:** The business is **sensitive to the price and availability of raw materials**, particularly petrochemicals. It relies on several large customers, and the loss of any could **significantly impact sales**. Failure to anticipate fashion trends could also lead to **sales declines**[156](index=156&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are **no unresolved staff comments** - **None**[181](index=181&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) As of May **1, 2022**, Culp owned or leased seventeen facilities globally, including manufacturing plants in NC, Canada, Haiti, and China, deemed adequate for demand - The company's principal owned properties are its mattress fabrics manufacturing and distribution facilities in Stokesdale, North Carolina, and its manufacturing facility in St. Jerome, Quebec, Canada[185](index=185&type=chunk) - Key leased properties include manufacturing facilities in Haiti for both mattress and upholstery segments, manufacturing and warehouse facilities in Shanghai, China, and corporate offices in High Point, North Carolina[185](index=185&type=chunk) - Management believes its facilities are **well-maintained** and provide **sufficient capacity** to meet current and expected demand, with the ability to source additional products from outside suppliers if needed[187](index=187&type=chunk) [Legal Proceedings](index=28&type=section&id=Item%203.%20Legal%20Proceedings) The company reports **no material legal proceedings** required for disclosure - There are **no material legal proceedings** to which the company or its subsidiaries are a party[190](index=190&type=chunk) [Mine Safety Disclosure](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This item is **not applicable** to the company - **Not applicable**[191](index=191&type=chunk) Part II [Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=29&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Culp's common stock trades on NYSE (CULP); the company **suspended** its quarterly cash dividend in June **2022** to preserve capital, with **$3.2 million** available for repurchases - On June **29, 2022**, the board of directors **suspended** the company's quarterly cash dividend to preserve capital and manage liquidity[198](index=198&type=chunk) Dividend Payments (FY2020-2022) | Fiscal Year | Total Dividend Payments (in millions) | Quarterly Dividend per Share Range | | :--- | :--- | :--- | | 2022 | $5.5 | $0.11 - $0.115 | | 2021 | $5.3 | $0.105 - $0.11 | | 2020 | $5.1 | $0.10 - $0.105 | - As of May **1, 2022**, approximately **$3.2 million** remained **available for share repurchases** under the **$5.0 million** authorization from March **2020**. **No shares were repurchased** during the fourth quarter of fiscal **2022**[197](index=197&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY**2022**, Culp's **net sales decreased 1.6%** to **$294.8 million**, resulting in a **net loss of $3.2 million** due to **lower sales**, margin pressure, and **increased costs**, impacting liquidity Fiscal 2022 vs. 2021 Performance Summary (in thousands) | Metric | Fiscal 2022 | Fiscal 2021 | Change | | :--- | :--- | :--- | :--- | | Net sales | $294,839 | $299,720 | (1.6)% | | Gross profit | $36,093 | $49,832 | (27.6)% | | Income from operations | $678 | $12,076 | (94.4)% | | Net (loss) income | $(3,211) | $3,218 | (199.8)% | - Operating performance in fiscal **2022** was **materially affected by lower sales**, operating inefficiencies from a rapid Q**4** revenue decline, and **higher freight, raw material, and labor costs**[222](index=222&type=chunk) - **Cash and investments decreased** from **$46.9 million** at the end of FY**2021** to **$14.6 million** at the end of FY**2022**, driven by **net cash used in operating activities** (**$17.4 million**), capital expenditures (**$5.7 million**), dividends (**$5.5 million**), and stock repurchases (**$1.8 million**)[229](index=229&type=chunk)[230](index=230&type=chunk) [Segment Analysis](index=35&type=section&id=Segment%20Analysis) In FY**2022**, Mattress Fabrics sales fell **3.5%** with **operating income down 64.3%**, while Upholstery Fabrics sales rose **0.4%** but **operating income fell 52.6%**, both impacted by inflation Mattress Fabrics Segment Performance (FY2022 vs FY2021, in thousands) | Metric | FY 2022 | FY 2021 | Change | | :--- | :--- | :--- | :--- | | Net sales | $152,159 | $157,671 | (3.5)% | | Operating income | $4,212 | $11,798 | (64.3)% | | Operating margin | 2.8% | 7.5% | (470) bp | Upholstery Fabrics Segment Performance (FY2022 vs FY2021, in thousands) | Metric | FY 2022 | FY 2021 | Change | | :--- | :--- | :--- | :--- | | Net sales | $142,680 | $142,049 | 0.4% | | Operating income | $5,626 | $11,876 | (52.6)% | | Operating margin | 3.9% | 8.4% | (450) bp | - Mattress fabrics **profitability was hurt by lower sales**, operating inefficiencies from the Q**4** revenue decline, **higher costs** (freight, raw material, labor), and **unfavorable foreign exchange rates**[247](index=247&type=chunk) - Upholstery fabrics **profitability decreased** due to **higher freight and material costs**, start-up costs at the new Haiti facility, and **unfavorable currency fluctuations** in China[269](index=269&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Culp's liquidity **tightened** in FY**2022**, with **cash and investments decreasing** to **$14.6 million** from **$46.9 million** due to cash used in operations, capital expenditures, dividends, and repurchases - **Cash and investments totaled $14.6 million** as of May **1, 2022**, a **decrease** from **$46.9 million** as of May **2, 2021**[317](index=317&type=chunk) - **Net cash used in operating activities was $17.4 million** in FY**2022**, compared to **net cash provided by operating activities of $21.5 million** in FY**2021**[319](index=319&type=chunk) - The board of directors **suspended** the quarterly cash dividend on June **29, 2022**, to preserve capital and manage liquidity[324](index=324&type=chunk) - During fiscal **2022**, the company **repurchased 121,688 shares** of common stock for **$1.8 million**[327](index=327&type=chunk) [Critical Accounting Estimates](index=46&type=section&id=Critical%20Accounting%20Estimates) Management identifies three **critical accounting estimates**: Inventory Valuation, Income Taxes (valuation allowance), and Stock-Based Compensation, all requiring **significant judgment** - **Inventory Valuation:** Management provides markdowns based on inventory aging (at **6, 9, 12, and 15-month intervals**) and planned product discontinuations. The reserve for markdowns was **$7.3 million** as of May **1, 2022**[350](index=350&type=chunk)[351](index=351&type=chunk) - **Income Taxes – Valuation Allowance:** The company uses **significant judgment** to assess the realizability of deferred tax assets. As of May **1, 2022**, a **full valuation allowance of $11.9 million** was recorded against all U.S. net deferred income tax assets due to a recent history of U.S. taxable losses[352](index=352&type=chunk)[354](index=354&type=chunk) - **Stock-Based Compensation:** The company uses a Monte Carlo valuation model for performance-based awards with market conditions, requiring complex assumptions about volatility and interest rates. Determining the probability of vesting for performance awards also requires **significant judgment**[357](index=357&type=chunk)[358](index=358&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risk from interest rate changes and foreign currency fluctuations in Canada and China, but believes a **10%** exchange rate change would not be material - The company is exposed to interest rate risk on its revolving credit agreements, which have variable rates tied to LIBOR (now SOFR) for the U.S. facility and Chinese government rates for China facilities[363](index=363&type=chunk)[364](index=364&type=chunk)[365](index=365&type=chunk) - The company faces foreign currency exchange risk from its operations in Canada and China, as their functional currency is the U.S. dollar. It attempts to mitigate this with a natural hedge[366](index=366&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=48&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Culp's audited consolidated financial statements for FY**2022** and prior years, including the independent auditor's report and detailed notes - The independent auditor, Grant Thornton LLP, issued an **unqualified opinion** on the consolidated financial statements, stating they are presented fairly in all material respects in conformity with U.S. GAAP[369](index=369&type=chunk) - Note **2** details the fiscal **2021** business combination where Culp acquired the remaining **50%** of its CLASS International Holdings, Ltd. (CIH) joint venture in Haiti, resulting in a **gain on bargain purchase of $819,000**[454](index=454&type=chunk)[459](index=459&type=chunk) - Note **3** explains the sale of the eLuxury business and elimination of the home accessories segment in March **2020**, which is presented as a **discontinued operation** with a **net loss of $17.5 million** in fiscal **2020**[394](index=394&type=chunk)[476](index=476&type=chunk) - Note **18** provides detailed financial information by operating segment (Mattress Fabrics and Upholstery Fabrics), including breakdowns of sales, profit, assets, and capital expenditures[664](index=664&type=chunk)[665](index=665&type=chunk)[668](index=668&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=92&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports **no disagreements** with its accountants on accounting or financial disclosure matters for the past three fiscal years - There were **no disagreements** with accountants on accounting principles or financial disclosures[686](index=686&type=chunk) [Controls and Procedures](index=92&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that Culp's disclosure controls and internal control over financial reporting were **effective** as of May **1, 2022**, with an **unqualified auditor opinion** - Management concluded that the company's disclosure controls and procedures were **effective** as of May **1, 2022**[688](index=688&type=chunk) - Management concluded that the company's internal control over financial reporting was **effective** as of May **1, 2022**, based on the COSO **2013** framework[690](index=690&type=chunk) - The independent auditor, Grant Thornton LLP, issued an **unqualified opinion** on the **effectiveness** of the company's internal control over financial reporting as of May **1, 2022**[696](index=696&type=chunk) [Other Information](index=94&type=section&id=Item%209B.%20Other%20Information) The company reports **no other information** under this item - **None**[702](index=702&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=95&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information for this section is incorporated by reference from the company's definitive Proxy Statement - Information for this section is incorporated by reference from the company's definitive Proxy Statement[708](index=708&type=chunk) [Executive Compensation](index=95&type=section&id=Item%2011.%20Executive%20Compensation) Information for this section is incorporated by reference from the company's definitive Proxy Statement - Information for this section is incorporated by reference from the company's definitive Proxy Statement[710](index=710&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=95&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership and equity compensation plans is incorporated by reference from the company's definitive Proxy Statement Equity Compensation Plan Information as of May 1, 2022 | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | — | $ — | 577,349 | | Equity compensation plans not approved by security holders | — | $ — | — | | **Total** | **—** | **$ —** | **577,349** | - Other information regarding security ownership is incorporated by reference from the company's definitive Proxy Statement[711](index=711&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=95&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this section is incorporated by reference from the company's definitive Proxy Statement - Information for this section is incorporated by reference from the company's definitive Proxy Statement[715](index=715&type=chunk) [Principal Accountant Fees and Services](index=95&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this section is incorporated by reference from the company's definitive Proxy Statement - Information for this section is incorporated by reference from the company's definitive Proxy Statement[717](index=717&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=96&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed with the Form **10-K**, including consolidated financial statements, notes, and an index of all exhibits - This section contains the list of consolidated financial statements filed with the report[721](index=721&type=chunk) - An index of all exhibits filed with the Form **10-K** is provided, including governance documents, material contracts, and certifications[726](index=726&type=chunk)[729](index=729&type=chunk) [Form 10-K Summary](index=98&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports **no summary** under this item - **None**[728](index=728&type=chunk)

CULP 1 | --- | --- | |-------------------------------|-------| | | | | CULP, INC. | | | | | | NYSE: CULP | | | Fourth Quarter Fiscal 2022 | | | Summary Financial Information | | | June 29, 2022 | | FOURTH QUARTER FISCAL 2022 FINANCIAL SUMMARY Net sales were $56.9 million, down 28.0 percent over the prior-year period, with mattress fabrics sales down 30.6 percent and upholstery fabrics sales down 24.8 percent compared with the fourth quarter of last year. Loss from operations was $(5.4) million, as compared ...

Culp, Inc. (NYSE:CULP) Q4 2022 Earnings Conference Call June 30, 2022 11:00 AM ET Company Participants Dru Anderson - IR Iv Culp - President and CEO Ken Bowling - CFO Boyd Chumbley - President, Upholstery Fabrics Conference Call Participants Budd Bugatch - Water Tower Anthony Lebiedzinski - Sidoti & Company Operator Good morning and welcome to the Culp, Inc. Fourth Quarter Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I’d now like to turn the conference over to ...