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Business Combinations (Tables)

9 Months Ended

Feb. 02, 2020

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 February 2, 2020, and January 27, 2019, have been prepared as if the acquisition of eLuxury had occurred on May 1, 2017.

		Three Months Ended
(dollars in thousands, except per share data)		February 2, 2020				January 27, 2019
Net Sales		$	71,998			$	77,226
(Loss) income from operations			(5,091	)			4,299
Net (loss) income			(4,207	)			3,060
Net loss - noncontrolling interest			4,149				94
Net (loss) income – Culp Inc. common shareholders			(58	)			3,154
Net (loss) income per share (basic) – Culp Inc. common shareholders			0.00				0.25
Net (loss) income per share (diluted) – Culp Inc. common    shareholders			0.00				0.25

		Nine Months Ended
(dollars in thousands, except per share data)		February 2, 2020				January 27, 2019
Net Sales		$	219,465			$	228,830
Income from operations			1,582				10,657
Net (loss) income			(841	)			6,943
Net loss - noncontrolling interest			4,421				83
Net income – Culp Inc. common shareholders			3,580				7,026
Net income per share (basic) – Culp Inc. common shareholders			0.29				0.56
Net income per share (diluted) – Culp Inc. common    shareholders			0.29				0.56

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)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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- 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

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-Topic 805
-SubTopic 20
-Section 50
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