Business
Culp Announces Results for Fourth Quarter and Fiscal 2024, Provides Update on Restructuring Initiatives
HIGH POINT, N.C.--(BUSINESS WIRE)-- Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating
About this update from Culp, Inc.
[{"type":"text","content":" HIGH POINT, N.C.--(BUSINESS WIRE)--\nCulp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating results for the fourth quarter and fiscal year ended April 28, 2024.\n\n\nFiscal 2024 Fourth Quarter Financial Summary\n\n\n\nNet sales for the fourth quarter of fiscal 2024 were $49.5 million, down 19.4 percent compared with the prior-year period, with mattress fabrics sales down 16.1 percent, and upholstery fabrics sales down 22.6 percent.\n\n\n\nLoss from operations was $(4.2) million (which included $204,000 in restructuring expense during the period), compared with a loss from operations of $(4.0) million for the prior-year period (which included $70,000 in restructuring expense during the period).\n\n\n\nNet loss was $(4.9) million, or $(0.39) per diluted share, compared with a net loss of $(4.7) million, or $(0.38) per diluted share, for the prior-year period. The effective tax rate for the fourth quarter was negative (19.8) percent, reflecting the company’s mix of taxable income between its U.S. and foreign jurisdictions during the period.\n\n\n\nThe company maintained a solid financial position, with its balance sheet reflecting $10.0 million of total cash and no outstanding borrowings as of April 28, 2024. Total liquidity as of April 28, 2024, was $32.5 million (consisting of $10.0 million in cash and $22.5 million in borrowing availability under the company's domestic and foreign credit facilities).\n\n\n\nFiscal 2024 Full Year Financial Summary\n\n\n\nNet sales for fiscal 2024 were $225.3 million, down 4.1 percent from the prior year, with mattress fabrics sales up 4.8 percent and upholstery fabrics sales down 12.1 percent.\n\n\n\nLoss from operations was $(11.3) million (which included $676,000 in restructuring and related expenses during the period), compared with a loss from operations of $(28.5) million for the prior year (which included approximately $9.9 million relating to certain inventory impairment and other charges and restructuring and related expenses during the period).\n\n\n\nNet loss was $(13.8) million, or $(1.11) per diluted share, compared with a net loss of $(31.5) million, or $(2.57) per diluted share, for the prior year. The effective tax rate for fiscal 2024 was negative (28.3) percent, reflecting the company's mix of taxable income between i...