Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 39

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 39
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 Cash Flow Information 

        Nine MonthsEnded

        Nine MonthsEnded

        (dollars in thousands)
         
        January 26, 2025

        January 28, 2024

        Operating lease liability payments
         
        $
        1,694

        $
        1,992

        Right of use assets exchanged for lease liabilities

        2,660

        978

        Operating lease expense for the three-month periods ended January 26, 2025, and January 28, 2024, was $683,000 and $789,000, respectively. Operating lease expense for the nine-month periods ended  January 26, 2025, and January 28, 2024, was $2.1 million and $2.3 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 26, 2025, and January 28, 2024.Other InformationMaturity of our operating lease liabilities for the remainder of fiscal 2025, the subsequent next four fiscal years, and thereafter follows: 

        (dollars in thousands)

        2025

        655

        2026

        2,217

        2027

        1,556

        2028

        388

        2029

        227

        Thereafter

        576

        $
        5,619

        Less: interest

        (467
        )

        Present value of lease liabilities
         
        $
        5,152

I-30

 As of January 26, 2025, the weighted average remaining lease term and discount rate for our operating leases follows: 

        January  26, 2025

        Weighted average lease term (in years)
         
        3.24

        Weighted average discount rate

        5.50
        %

18. Commitments and ContingenciesLitigationThe company is involved from time to time in legal proceedings and claims which arise in the ordinary course of business. Management has determined that it is not reasonably possible that any pending actions, when ultimately concluded and settled, will have a material adverse effect upon the consolidated financial position, consolidated results of operations, or consolidated cash flows of the company.Accounts Payable – Capital ExpendituresAs of January 26, 2025, January 28, 202