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BUSINESS COMBINATIONS (Tables)

12 Months Ended

Apr. 28, 2019

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations for the years ending April 28, 2019, April 29, 2018, and April 30, 2017, have been prepared as if the acquisitions of eLuxury had occurred on May 1, 2017 and Read had occurred on May 2, 2016.

(dollars in thousands, except per share data)		April 28, 2019				April 29, 2018				April 30, 2017
Net Sales		$	299,599			$	354,509			$	321,398
Income from operations			12,616				26,948				30,441
Net income			5,432				20,299				22,552
Net loss - noncontrolling interest			(226	)			(48	)			—
Net income – Culp Inc. common shareholders			5,658				20,347				22,552
Net income per share (basic) – Culp Inc. common shareholders			0.45				1.64				1.83
Net income per share (diluted) – Culp Inc. common shareholders			0.45				1.61				1.80

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 final 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

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ References

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