Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 0

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 0
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CULP, INC.

CONSOLIDATED STATEMENTS OF NET LOSS

FOR THE THREE MONTHS ENDED JANUARY 26, 2025, AND JANUARY 28, 2024

UNAUDITED

(Amounts in Thousands, Except for Per Share Data)

    THREE MONTHS ENDED

    January 26,

    January 28,

    2025

    2024

    Net sales
     
    $
    52,253

    $
    60,418

    Cost of sales

    (45,906
    )

    (52,715
    )

    Gross profit

    6,347

    7,703

    Selling, general and administrative expenses

    (8,579
    )

    (9,493
    )

    Restructuring (expense) credit

    (1,655
    )

    50

    Loss from operations

    (3,887
    )

    (1,740
    )

    Interest expense

    (63
    )

    —

    Interest income

    255

    284

    Other income (expense)

    15

    (705
    )

    Loss before income taxes

    (3,680
    )

    (2,161
    )

    Income tax expense

    (446
    )

    (1,027
    )

    Net loss

    (4,126
    )
     
    $
    (3,188
    )

    Net loss per share - basic
     
    $
    (0.33
    )
     
    $
    (0.26
    )

    Net loss per share - diluted
     
    $
    (0.33
    )
     
    $
    (0.26
    )

    Average shares outstanding, basic

    12,559

    12,470

    Average shares outstanding, diluted

    12,559

    12,470

See accompanying notes to consolidated financial statements.

I-1

CULP, INC.

CONSOLIDATED STATEMENTS OF NET LOSS

FOR THE NINE MONTHS ENDED JANUARY 26, 2025, AND JANUARY 28, 2024

UNAUDITED

(Amounts in Thousands, Except for Per Share Data)

    NINE MONTHS ENDED

    January 26,

    January 28,

    2025