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Culp (CULP)

Culp, Inc. is one of the world's largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp's manufacturing facilities and fabrics sourced through other suppliers. Culp has manufacturing and sourcing capabilities located in the United States, Canada, China, Haiti, Turkey, and Vietnam.

Company profile

Ticker
CULP
Exchange
Website
CEO
Robert Culp
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Culp Fabrics (Shanghai) Co., Ltd. • Culp International Holdings Ltd. • Culp Home Fashions – Haiti, Ltd. • Culp Upholstery Fabrics – Haiti, Ltd. • Rayonese Textile Inc. • Read Window Products, LLC ...
IRS number
561001967

CULP stock data

Calendar

15 Jul 22
19 Aug 22
3 May 23
Quarter (USD) May 22 Jan 22 Oct 21 Aug 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) May 22 May 21 May 20 Apr 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 14.55M 14.55M 14.55M 14.55M 14.55M 14.55M
Cash burn (monthly) (no burn) 1.87M 1.92M (no burn) 1.69M 1.45M
Cash used (since last report) n/a 6.83M 7.02M n/a 6.17M 5.3M
Cash remaining n/a 7.72M 7.53M n/a 8.38M 9.25M
Runway (months of cash) n/a 4.1 3.9 n/a 5.0 6.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 Robert George Iv Culp RSU Common Stock Grant Acquire A No No 0 55,741 0 55,741
10 Aug 22 Kenneth R Bowling RSU Common Stock Grant Acquire A No No 0 22,630 0 22,630
10 Aug 22 Chumbley Boyd Brooks RSU Common Stock Grant Acquire A No No 0 26,944 0 26,944
10 Aug 22 Ashley Carter Durbin RSU Common Stock Grant Acquire A No No 0 10,926 0 10,926
10 Aug 22 Teresa Atkins Huffman RSU Common Stock Grant Acquire A No No 0 10,485 0 10,485
13F holders Current Prev Q Change
Total holders 46 43 +7.0%
Opened positions 9 3 +200.0%
Closed positions 6 9 -33.3%
Increased positions 12 11 +9.1%
Reduced positions 14 19 -26.3%
13F shares Current Prev Q Change
Total value 106.24M 127.62M -16.7%
Total shares 14.33M 14.68M -2.4%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Mill Road Capital III 6.8M $64.71M 0.0%
CIBC Private Wealth 879.84K $3.78M 0.0%
Renaissance Technologies 783.42K $3.37M -0.3%
22NW 730.91K $3.14M 0.0%
Mill Road Capital Management 695.47K $2.99M 0.0%
Dimensional Fund Advisors 689.16K $2.96M +1.0%
AMP Ameriprise Financial 594.01K $2.55M +7.6%
Brown Advisory 531.94K $2.29M -3.2%
Vanguard 439.73K $1.89M 0.0%
BLK Blackrock 389.34K $1.68M -3.1%
Largest transactions Shares Bought/sold Change
Punch & Associates Investment Management 46.77K -443.23K -90.5%
Grace & White 178.43K +178.43K NEW
Russell Investments 0 -151.76K EXIT
Ancora Advisors 137.18K +52.9K +62.8%
Susquehanna International 0 -44.29K EXIT
AMP Ameriprise Financial 594.01K +42.05K +7.6%
Bridgeway Capital Management 104.9K +40K +61.6%
Isthmus Partners 175.19K +35.01K +25.0%
Keeley-Teton Advisors 345K -34.11K -9.0%
USB U.S. Bancorp. 25.44K +25.44K NEW

Financial report summary

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Risks
  • The global COVID-19 pandemic has significantly and adversely affected, and may continue to adversely affect, our business, financial position, results of operations, and cash flows.
  • Continued economic and industry uncertainty could negatively affect our sales and earnings.
  • Loss of market share due to competition would result in declines in sales and could result in losses or decreases in earnings.
  • Our operations are subject to risks of unsettled political conditions, civil unrest or instability, public health concerns or pandemics, natural or man-made disasters, acts of war, terrorism, and the effects of climate change, any one of which could adversely affect our business and results of operations.
  • Our business may be adversely affected by increased tariffs or other changes in U.S. policy related to imported products, as well as violations of existing trade policies.
  • Greater reliance on offshore operations and foreign sources of products or raw materials increases the likelihood of disruptions to our supply chain or our ability to deliver products to our customers on a timely basis.
  • Our business faces several risks associated with doing business in China
  • We may have difficulty managing the outsourcing arrangements being used for products and services.
  • Write-offs or write-downs of assets would result in a decrease in our earnings and shareholders’ equity.
  • Changes in the price, availability, and quality of raw materials could increase our costs or cause production delays and sales interruptions, which would result in decreased earnings.
  • Increases in energy costs increase our operating costs and could adversely affect earnings.
  • Business difficulties or failures of large customers could result in a decrease in our sales and earnings.
  • If we fail to anticipate and respond to changes in consumer tastes and fashion trends, our sales and earnings may decline.
  • Increasing dependence on information technology systems comes with specific risks, including cybersecurity breaches and data leaks, which could have an adverse effect on our business.
  • Our intellectual property rights may not prevent others from using our copyrights or trademarks in connection with the sale of competitive products. We may be subject to claims that our products or trademarks infringe intellectual property rights of others.
  • We have made and expect to continue to make acquisitions, which could involve certain risks and uncertainties.
  • We may require funding from external sources, which may not be available at the levels we require or may cost more than we expect. As a result, our expenses and operating results could be negatively affected.
  • We are subject to litigation and environmental regulations that could adversely affect our sales and earnings.
  • We must comply with many governmental regulations applicable to our business, and changes in those regulations could adversely affect our business.
Management Discussion
  • We did not meet the GILTI High-Tax exception for the 2021 tax year regarding our operations located in China. This was due primarily to significant income tax deductible foreign exchange losses that significantly lowered income tax expense associated with current year’s earnings. As a result, the current effective income tax rate was lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Consequently, we incurred a non-cash income tax charge of $1.8 million, which charge was fully offset by a $1.8 million non-cash income tax benefit due to a corresponding reversal of our full valuation allowance associated with our U.S. net deferred income tax assets.

Content analysis

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