Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 5

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 5
---
 stock issued in connection with the    vesting of time-based restricted stock units

    151,653

    8

    (8
    )

    —

    —

    —

    Common stock surrendered in connection with     payroll withholding taxes

    (25,780
    )

    (1
    )

    (145
    )

    —

    —

    (146
    )

    Balance, October 29, 2023

    12,469,903

    $
    624

    $
    44,581

    $
    38,429

    $
    (6
    )
     
    $
    83,628

    Net loss

    —

    —

    —

    (3,188
    )

    —

    (3,188
    )

    Stock-based compensation

    —

    —

    262

    —

    —

    262

    Unrealized gain on investments

    —

    —

    —

    —

    94

    94

    Balance, January 28, 2024

    12,469,903

    $
    624

    $
    44,843

    $
    35,241

    $
    88

    $
    80,796

* Derived from audited consolidated financial statements.

See accompanying notes to consolidated financial statements.

I-7

Culp, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of Culp, Inc. and its majority-owned subsidiaries (the “company”) include all adjustments that are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on July 12, 2024, for the fiscal year ended April 28, 2024.The company's nine months ended January 26, 2025, and January 28, 2024, each represent 39-week periods.

2. Significant Accounting PoliciesAs of January 26, 2025, there were no changes in the nature of our significant accounting policies or the application