Business Combinations (Tables)

3 Months Ended

Jul. 29, 2018

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations for the three-month periods ending July 29, 2018, and July 30, 2017, have been prepared as if the acquisitions of Read had occurred on May 2, 2016 and eLuxury had occurred on May 1, 2017.


	Three Months Ended
(dollars in thousands, except per share data)	July 29, 2018		July 30, 2017
Net Sales	$	74,598	$	88,739
Income from operations		2,073		6,867
Net income		939		4,875
Net income (loss)—noncontrolling interest		—		(85	)
Net income – Culp Inc. common shareholders		939		4,959
Net income per share (basic) – Culp Inc. common shareholders		0.08		0.40
Net income per share (diluted) – Culp Inc. common shareholders		0.07		0.39

Read Window Products, LLC [Member]

Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.


(dollars in thousands)	Fair Value
Customer relationships	$	2,247
Goodwill		2,107
Inventory		1,128
Accounts receivable		897
Tradename		683
Property, plant & equipment		379
Other assets		35
Deferred revenue		(903	)
Accounts payable		(719	)
Accrued expenses		(174	)

	$	5,680

eLuxury [Member]

Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.


(dollars in thousands)	Fair Value
Goodwill	$	13,653
Tradename		6,549
Equipment		2,179
Inventory		1,804
Accounts receivable and other current assets		108
Accounts payable		(1,336	)
Accrued expenses		(295	)
Non-controlling interest in eLuxury		(4,532	)

	$	18,130