Culp Inc.

NYSE:CULP   1:04:45 PM EDT
4.88
-0.12 (-2.50%)
Earnings Announcements

Culp Announces Results For Fourth Quarter And Fiscal 2022

Published: 06/29/2022 22:07 GMT
Culp Inc. (CULP) - Culp Announces Results for Fourth Quarter and Fiscal 2022; Company Takes Steps to Enhance Liquidity.
Q4 Loss per Share $0.49.
Q4 Revenue $56.9 Million.
Announced It Has Completed Closing of a New Three-year Secured Credit Facility With Up to $40 Million in Borrowing Availability.
New Credit Facility Replaces Company's Prior $30 Million Unsecured Facility, Which Was Scheduled to Expire in August 2022.
Net Sales for Q1 of Fiscal 2023 Are Expected to Be Comparable to Q4 of Fiscal 2022.
Suspended Quarterly Cash Dividend on Its Common Stock and Taken Other Measures to Preserve Strong Liquidity.
Expects Its Cash Position As of End of Q1 of Fiscal 2023 to Be Comparable to End of Fiscal 2022.
Qtrly Net Sales Were $56.9 Million, Down 28.0 Percent From Prior-year Period.
Results for Q4 Were Significantly Challenged by Unexpected Shutdown of Our China Facilities Due to Covid-related Restrictions.
Taking Measures Including Reducing Inventory, Limiting Capital Expenditures and Other Discretionary Spending.
Taking Measures Including Eliminating Under-utilized Equipment, Reducing Production Schedules, Workforce Adjustments to Align With Demand.
Planning to Announce Additional Pricing Action During Q1.
Expect Prevailing Macro-economic Pressures, Retail Softness Will Continue to Affect Our Business Through at Least First Half of Fiscal 2023.
Revenue is expected to be $59.04 Million
Adjusted EPS is expected to be -$0.28

Next Quarter Revenue Guidance is expected to be $68.6 Million
Next Quarter EPS Guidance is expected to be -$0.06

More details on our Analysts Page.