Business
Culp Announces Results and Strengthened Liquidity for First Quarter Fiscal 2021, Announces Quarterly Dividend
HIGH POINT, N.C.--(BUSINESS WIRE)-- Culp, Inc. (NYSE: CULP) today reported financial and operating results for the first quarter ended August 2, 2020, which
About this update from Culp, Inc.
[{"type":"text","content":" HIGH POINT, N.C.--(BUSINESS WIRE)--\nCulp, Inc. (NYSE: CULP) today reported financial and operating results for the first quarter ended August 2, 2020, which were materially affected by the coronavirus (“COVID-19”) pandemic. Additionally, the first quarter of fiscal 2021 included 13 weeks compared with 14 weeks for the first quarter of fiscal 2020.\n\n\nFiscal 2021 First Quarter Financial Summary(1)\n\n\n\nNet sales were $64.5 million, down 8.8 percent over the prior-year period, with mattress fabric sales down 7.1 percent and upholstery fabric sales down 11.0 percent compared with the first quarter of last year.\n\n\nPre-tax income from continuing operations was $1.5 million, compared with pre-tax income from continuing operations of $3.5 million for the prior-year period.\n\n\nNet loss from continuing operations was $(2.7) million, or $(0.22) per diluted share, compared with net income from continuing operations of $1.8 million, or $0.14 per diluted share, for the prior-year period.\n\n\nAdjusted net income from continuing operations (non-GAAP) was $1.0 million, or $0.08 per diluted share(2). Adjusted net income from continuing operations for the prior-year period was $2.0 million, or $0.16 per diluted share(3). (See reconciliation table on page 11.)\n\n\nThe company’s financial position reflected total cash and investments of $47.4 million and no outstanding borrowings as of August 2, 2020. This compares with a net cash position of $38.7 million as of the end of the fourth quarter of fiscal 2020. (See summary of cash and investments table on page 7.)\n\n\nCash flow from operations and free cash flow were $10.6 million and $10.0 million, respectively, compared with cash flow from operations and free cash flow of $2.0 million and $1.0 million, respectively, for the prior-year period. (See reconciliation table on page 9.)\n\n\nThe company announced a quarterly cash dividend of 10.5 cents per share, payable in October.\n\n\n\n\n__________________________\n\n\n\n(1)\n\n\n \n\n\n\nDuring the fourth quarter of fiscal 2020, the company sold its majority ownership interest in eLuxury, LLC, resulting in the elimination of its home accessories segment. Accordingly, the financial results for this segment are excluded from the reported financial performance of the company’s continuing operations and are presented as a discontinued operat...