XML 46 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1

Business Combinations (Tables)

9 Months Ended

Jan. 27, 2019

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations for the three-month and nine-month periods ending January 27, 2019, and January 28, 2018, 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)		January 27, 2019				January 28, 2018
Net Sales		$	77,226			$	93,451
Income from operations			4,299				7,257
Net income (loss)			3,060				(1,073	)
Net loss (income)—noncontrolling interest			94				(36	)
Net income (loss)—Culp Inc. common shareholders			3,154				(1,109	)
Net income (loss) per share (basic)—Culp Inc. common shareholders			0.25				(0.09	)
Net income (loss) per share (diluted)—Culp Inc. common shareholders			0.25				(0.09	)

		Nine Months Ended
(dollars in thousands, except per share data)		January 27, 2019				January 28, 2018
Net Sales		$	228,830			$	270,950
Income from operations			10,657				20,799
Net income			6,943				7,901
Net loss (income)—noncontrolling interest			83				(27	)
Net income—Culp Inc. common shareholders			7,026				7,874
Net income per share (basic)—Culp Inc. common shareholders			0.56				0.63
Net income per share (diluted)—Culp Inc. common shareholders			0.56				0.62

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

X

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_BusinessAcquisitionAxis=culp_ReadWindowProductsLLCMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_BusinessAcquisitionAxis=culp_ELuxuryMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: