Business
Culp Announces Results for Fourth Quarter and Fiscal 2021
Achieves Solid Finish to Fiscal 2021, Positive Momentum for Fiscal 2022 HIGH POINT, N.C.--(BUSINESS WIRE)-- Culp, Inc. (NYSE: CULP) (together with its
About this update from Culp, Inc.
[{"type":"text","content":"\nAchieves Solid Finish to Fiscal 2021, Positive Momentum for Fiscal 2022\n\n HIGH POINT, N.C.--(BUSINESS WIRE)--\nCulp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating results from continuing operations for the fourth quarter and fiscal year ended May 2, 2021.\n\nFiscal 2021 Fourth Quarter Financial Summary(1)\n\n\nNet sales were $79.1 million, up 67 percent over the prior-year period, with mattress fabrics sales up 84 percent and upholstery fabrics sales up 50 percent compared with the fourth quarter of last year.\n\n\nIncome from continuing operations (operating income) for the fourth quarter of fiscal 2021 was $1.6 million, compared with a loss from continuing operations of $(18.0) million for the prior-year period, which included $13.7 million in non-cash asset impairment charges.\n\n\nNet income from continuing operations (GAAP) for the fourth quarter of fiscal 2021 was $1.5 million, or $0.12 per diluted share, compared with net loss from continuing operations (GAAP) of $(16.2) million, or $(1.32) per diluted share, for the fourth quarter of fiscal 2020.\n\n\nAdjusted net income from continuing operations (non-GAAP) for the fourth quarter of fiscal 2021 was $1.4 million, or $0.11 per diluted share, compared with adjusted net loss from continuing operations (non-GAAP) of $(5.3) million, or $(0.43) per diluted share, for the prior-year period.(2) (See reconciliation table on page 17.)\n\n\nThe company’s financial position as of the end of fiscal 2021 reflected total cash and investments of $46.9 million and no outstanding borrowings. This compares with a net cash position of $38.7 million as of the end of the prior year. (See summary of cash and investments table on page 12.)\n\n\nThe company announced a quarterly cash dividend of $0.11 per share, payable in July. At an annual indicated dividend of $0.44 per share, the yield is 2.57 percent, based upon yesterday’s closing stock price of $17.14 per share.\n\n\n\n\n(1)\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 discon...