C
CULP INC
CULPCIK 0000723603NasdaqNon-AcceleratedSmaller ReportingBroadwoven Fabric Mills, CottonNorth CarolinaFY ends Dec 31
Period
FY 2025
Revenue
$213.24M
Net Income
$-19.10M
Total Assets
$123.37M
Equity
$57.64M
Shares Out
12.66M
Op. Cash Flow
$-17.65M
Business
CULP INC is a leading marketer of mattress and upholstery fabrics, supplying fabrics and related products to bedding, residential, commercial, and hospitality furniture manufacturers. The company offers knitted and woven fabrics, converted fabrics, sewn mattress covers, cut-and-sewn kits, window treatments and installation services, and specialty finishes and performance treatments. Operations are organized for reporting into two segments—mattress fabrics and upholstery fabrics (which includes Read Window Products)—with an integrated business model for design, finishing, and sourcing. Culp manufactures and sources products across North America, Asia, Turkey, and Haiti and distributes primarily to manufacturers through its North American and international facilities and strategic supplier network.
Summary from filing dated 2025-07-11
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-04-30 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| net sales | 213 | 225 | 235 | 295 | 300 | |
| cost of sales | −188 | −197 | −224 | −259 | −250 | |
| gross profit | 25 | 28 | 11 | 36 | 50 | |
| selling, general and administrative expenses | −36 | −39 | −38 | −35 | −38 | |
| restructuring expense | −8 | −636,000 | −1 | — | — | |
| loss from operations | −18 | −11 | −28 | 678,000 | 12 | |
| interest expense | −231,000 | −11,000 | — | −17,000 | −51,000 | |
| interest income | 915,000 | 1 | 531,000 | 373,000 | 244,000 | |
| other expense | −1 | −625,000 | −443,000 | −1 | −2 | |
| loss before income taxes | −19 | −11 | −28 | −325,000 | 11 | |
| income tax expense | −392,000 | −3 | −3 | −3 | −8 | |
| net loss | −19 | −14 | −32 | −3 | 3 | |
| net loss per share-basic | −1.53 | −1.11 | −2.57 | −0.26 | 0.26 | |
| net loss per share-diluted | −1.53 | −1.11 | −2.57 | −0.26 | 0.26 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-04-30 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| cash and cash equivalents | 6 | 10 | 21 | 15 | 37 | |
| short-term investments - rabbi trust | 1 | 903,000 | 1 | — | — | |
| accounts receivable, net | 22 | 21 | 25 | 22 | 38 | |
| inventories | 49 | 45 | 45 | 67 | 56 | |
| short-term notes receivable | 280,000 | 264,000 | 219,000 | — | — | |
| current income taxes receivable | — | 350,000 | — | 857,000 | — | |
| assets held for sale | 2 | — | — | — | — | |
| other current assets | 3 | 3 | 3 | 3 | 4 | |
| total current assets | 84 | 81 | 96 | 107 | 143 | |
| Property, plant and equipment, net | 25 | 33 | 36 | 42 | 44 | |
| right of use assets | 6 | 6 | 8 | 16 | 12 | |
| long-term investments - rabbi trust | 6 | 7 | 7 | 9 | 8 | |
| intangible assets | 960,000 | 2 | 2 | 3 | 3 | |
| long-term notes receivable | 1 | 1 | 2 | — | — | |
| deferred income taxes | 637,000 | 518,000 | 480,000 | 528,000 | 545,000 | |
| other assets | 591,000 | 830,000 | 840,000 | 595,000 | 2 | |
| total assets | 123 | 132 | 152 | 178 | 214 | |
| Lines of credit - current | 8 | — | — | — | — | |
| accounts payable - trade | 27 | 26 | 29 | 20 | 43 | |
| accounts payable - capital expenditures | 23,000 | 343,000 | 56,000 | 473,000 | 348,000 | |
| operating lease liability - current | 2 | 2 | 3 | 3 | 3 | |
| deferred compensation - current | 1 | 903,000 | 1 | — | — | |
| deferred revenue | 422,000 | 2 | 1 | 520,000 | 540,000 | |
| accrued restructuring | 610,000 | — | — | — | — | |
| accrued expenses | 5 | 7 | 9 | 8 | 15 | |
| income taxes payable - current | 1 | 972,000 | 753,000 | 413,000 | 229,000 | |
| total current liabilities | 47 | 38 | 44 | 33 | 61 | |
| Lines of credit - long term | 5 | — | — | — | — | |
| operating lease liability - long-term | 3 | 2 | 4 | 7 | 7 | |
| income taxes payable - long-term | 790,000 | 2 | 3 | 3 | 3 | |
| deferred income taxes | 5 | 6 | 6 | 6 | 5 | |
| deferred compensation | 6 | 7 | 7 | 9 | 8 | |
| total liabilities | 66 | 56 | 63 | 58 | 85 | |
| commitments and contingencies (notes 11, 13, and 14) | — | — | — | — | — | |
| preferred stock, $.05 par value, authorized 10,000,000 shares | — | — | — | — | — | |
| common stock, $.05 par value, authorized 40,000,000 shares, issued and outstanding 12,559,129 at April 27, 2025 and 12,469,903 at April 28, 2024 | 628,000 | 624,000 | 616,000 | 611,000 | 616,000 | |
| capital contributed in excess of par value | 46 | 45 | 44 | 43 | 44 | |
| accumulated earnings | 11 | 30 | 44 | 76 | 84 | |
| accumulated other comprehensive income | 150,000 | 118,000 | 19,000 | 32,000 | 146,000 | |
| total equity | 58 | 76 | 89 | 120 | 129 | |
| total liabilities and equity | 123 | 132 | 152 | 178 | 214 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-04-30 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| depreciation | 5 | 7 | 7 | 7 | 7 | |
| non-cash inventory (credit) charge | −2 | −2 | 6 | 2 | 882,000 | |
| amortization | 405,000 | 390,000 | 438,000 | 559,000 | 466,000 | |
| stock-based compensation | 650,000 | 915,000 | 1 | 1 | 1 | |
| deferred income taxes | −1 | 387,000 | −2,000 | 691,000 | 4 | |
| gain on sale of equipment | −27,000 | −299,000 | −314,000 | — | −57,000 | |
| non-cash restructuring expense | 3 | 330,000 | 791,000 | — | — | |
| foreign currency exchange gain | −145,000 | −593,000 | −537,000 | 16,000 | 2 | |
| accounts receivable | −722,000 | 4 | −3 | 15 | −12 | |
| inventories | −2 | 2 | 15 | −13 | −8 | |
| other current assets | 384,000 | −329,000 | −297,000 | 946,000 | −1 | |
| other assets | 114,000 | −115,000 | 86,000 | −1 | −1 | |
| accounts payable-trade | 2 | −3 | 10 | −22 | 17 | |
| deferred revenue | −1 | 303,000 | 672,000 | −20,000 | 38,000 | |
| accrued restructuring | 633,000 | — | — | — | — | |
| accrued expenses and deferred compensation | −2 | −2 | 853,000 | −5 | 9 | |
| income taxes | −485,000 | −643,000 | 823,000 | −907,000 | 843,000 | |
| net cash (used in) provided by operating activities | −18 | −8 | 8 | −17 | 21 | |
| capital expenditures | −3 | −4 | −2 | −6 | −7 | |
| proceeds from the sale of property, plant, and equipment | 2 | 385,000 | 468,000 | — | 12,000 | |
| proceeds from notes receivable | 610,000 | 330,000 | 15,000 | — | — | |
| proceeds from the sale of investments (rabbi trust) | 2 | 1 | 2 | 56,000 | 157,000 | |
| purchase of investments (rabbi trust) | −735,000 | −884,000 | −1 | −1 | −619,000 | |
| net cash provided by (used in) investing activities | 598,000 | −2 | −752,000 | 2 | −11 | |
| proceeds from lines of credit | 22 | 4 | — | 9 | — | |
| payments associated with lines of credit | −9 | −4 | — | −9 | −31 | |
| common stock surrendered for payroll withholding taxes | −68,000 | −146,000 | −33,000 | −50,000 | −25,000 | |
| payments for debt issuance costs | — | 0 | −403,000 | −110,000 | −15,000 | |
| net cash provided by (used in) financing activities | 13 | −126,000 | −436,000 | −7 | −44 | |
| effect of exchange rate changes on cash and cash equivalents | −4,000 | −171,000 | −202,000 | −91,000 | 131,000 | |
| (decrease) increase in cash and cash equivalents | −4 | −11 | 6 | −22 | −33 |
Filings
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