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SELECTED QUARTERLY DATA (UNAUDITED)

12 Months Ended

Apr. 28, 2019

Quarterly Financial Information Disclosure [Abstract]

(amounts in thousands except per share, ratios & other, stock data)	fiscal 2019 4th quarter			fiscal 2019 3rd quarter			fiscal 2019 2nd quarter			fiscal 2019 1st quarter			fiscal 2018 4th quarter			fiscal 2018 3rd quarter			fiscal 2018 2nd quarter			fiscal 2018 1st quarter
INCOME STATEMENT DATA
net sales	$	70,963			77,226			77,006			71,473			78,184			85,310			80,698			79,533
cost of sales		58,774			63,103			63,680			60,914			63,424			67,707			64,894			63,068
gross profit		12,189			14,123			13,326			10,559			14,760			17,603			15,804			16,465
selling, general and administrative expenses		10,230			10,038			10,103			8,033			8,296			9,959			9,415			9,501
restructuring (credit) expense		—			(214	)		(1,061	)		451			—			—			—			—
income from operations		1,959			4,299			4,284			2,075			6,464			7,644			6,389			6,964
interest expense		4			—			18			20			26			31			37			—
interest income		(214	)		(251	)		(151	)		(150	)		(143	)		(132	)		(128	)		(131	)
other expense		658			288			142			257			115			229			321			353
income before income taxes		1,511			4,262			4,275			1,948			6,466			7,516			6,159			6,742
income taxes		3,017			1,225			1,276			906			(6,217	)		8,208			2,108			1,640
loss (income) from investment in unconsolidated joint venture		5			(23	)		55			77			17			56			75			118
net (loss) income		(1,511	)		3,060			2,944			965			12,666			(748	)		3,976			4,984
net loss (income) attributable to non-controlling interest		143			94			(11	)		(8	)		—			—			—			—
net (loss) income attributable to Culp Inc. common shareholders	$	(1,368	)		3,154			2,933			957			12,666			(748	)		3,976			4,984
depreciation	$	2,030			2,031			2,041			2,015			1,992			1,966			1,905			1,807
weighted average shares outstanding		12,384			12,438			12,515			12,510			12,450			12,436			12,440			12,399
weighted average shares outstanding, assuming dilution		12,384			12,465			12,551			12,600			12,611			12,436			12,580			12,590
PER SHARE DATA
net (loss) income attributable to Culp Inc. common shareholders - basic	$	(0.11	)		0.25			0.23			0.08			1.02			(0.06	)		0.32			0.40
net (loss) income attributable to Culp Inc. common shareholders - diluted		(0.11	)		0.25			0.23			0.08			1.00			(0.06	)		0.32			0.40
dividends per share		0.10			0.10			0.09			0.09			0.09			0.09			0.08			0.29
book value		12.91			13.16			13.04			12.90			13.12			12.22			12.31			12.03
BALANCE SHEET DATA
operating working capital (3)	$	49,757			52,573			50,193			51,648			49,939			47,760			46,620			42,608
property, plant and equipment, net		48,389			50,129			51,325			53,178			51,794			51,838			52,530			52,912
total assets		219,726			224,908			222,211			226,372			217,984			216,844			201,043			207,904
capital expenditures		295			835			590			1,255			1,568			1,274			1,529			3,068
dividends paid		1,239			1,240			1,126			1,127			1,121			1,119			995			3,608
subordinated loan payable and line of credit (1)		675			—			—			4,000			—			—			—			5,000
shareholders’ equity attributable to Culp Inc.		159,933			162,775			162,918			161,490			163,376			152,182			153,080			149,677
capital employed (2)		125,311			130,155			129,853			134,095			114,817			109,165			109,373			108,222
RATIOS & OTHER DATA
gross profit margin		17.2	%		18.3	%		17.3	%		14.8	%		18.9	%		20.6	%		19.6	%		20.7	%
operating income margin		2.8			5.6			5.6			2.9			8.3			9.0			7.9			8.8
net (loss) income margin		(2.1	)		4.0			3.8			1.4			16.2			(0.9	)		4.9			6.3
effective income tax rate		199.7			28.7			29.8			46.5			(96.1	)		109.2			34.2			24.3
Debt-to-total capital employed ratio (1) (2)		0.5			0.0			0.0			3.0			0.0			0.0			0.0			4.6
operating working capital turnover (3)		5.8			6.0			6.3			6.6			7.1			7.4			7.4			7.4
days sales in receivables		30			30			28			29			30			28			27			25
inventory turnover		4.6			4.6			5.0			4.5			4.8			5.2			5.2			4.7
STOCK DATA
stock price
high	$	21.06			23.84			27.78			32.05			32.29			34.05			33.25			34.00
low		17.05			18.06			21.04			23.90			27.40			26.15			27.00			30.60
close		20.74			18.47			22.31			24.75			30.10			31.35			31.95			30.65
daily average trading volume (shares)		35.6			43.3			29.8			27.0			18.3			17.4			24.4			27.9

(1)	Debt represents outstanding borrowings on our long-term subordinated loan payable and lines of credit.

(2)

Capital employed does not include cash and cash equivalents, short-term investments (available-for-sale), short-term investments (held-to-maturity), long-term investments (held-to-maturity), long-term investments (rabbi trust), lines of credit, subordinated loan payable, noncurrent deferred tax assets and liabilities, income taxes receivable and payable, and deferred compensation.

(3)	Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade, accounts payable - capital expenditures, and deferred revenue.