Culp (CULP) 8-K Results of Operations and Financial Condition

Exhibit 99(b)
Page 1 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
FOR THE THREE MONTHS AND TWELVE MONTHS ENDED APRIL 27, 2008 AND APRIL 29, 2007
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)
			THREE MONTHS ENDED
			Amounts					Percent of Sales
			April 27,		April 29,	% Over		April 27,		April 29,
			2008		2007	(Under)		2008		2007
Net sales		$	63,998	$	73,196	(12.6)	%	100.0	%	100.0	%
Cost of sales			55,093		62,753	(12.2)	%	86.1	%	85.7	%
	Gross profit		8,905		10,443	(14.7)	%	13.9	%	14.3	%
Selling, general and
administrative expenses			6,698		7,790	(14.0)	%	10.5	%	10.6	%
Restructuring expense			127		1,792	(92.9)	%	0.2	%	2.4	%
	Income from operations		2,080		861	141.6	%	3.3	%	1.2	%
Interest expense			595		940	(36.7)	%	0.9	%	1.3	%
Interest income			(57)		(60)	(5.0)	%	(0.1)	%	(0.1)	%
Other expense			112		166	(32.5)	%	0.2	%	0.2	%
	Income (loss) before income taxes		1,430		(185)	N.M.		2.2	%	(0.3)	%
Income taxes*			(647)		(145)	346.2	%	(45.2)	%	78.4	%
	Net income (loss)	$	2,077	$	(40)	N.M.		3.2	%	(0.1)	%
Net income (loss) per share-basic			$0.16		$0.00	100.0	%
Net income (loss) per share-diluted			$0.16		$0.00	100.0	%
Net income per share, diluted, excluding restructuring
and related charges (see proforma statement on page 6)			$0.18		$0.14	28.6	%
Average shares outstanding-basic			12,642		12,559	0.7	%
Average shares outstanding-diluted			12,729		12,559	1.4	%

			TWELVE MONTHS ENDED
			Amounts					Percent of Sales
			April 27,		April 29,	% Over		April 27,		April 29,
			2008		2007 (1)	(Under)		2008		2007
Net sales		$	254,046	$	250,533	1.4	%	100.0	%	100.0	%
Cost of sales			220,887		219,328	0.7	%	86.9	%	87.5	%
	Gross profit		33,159		31,205	6.3	%	13.1	%	12.5	%
Selling, general and
administrative expenses			23,973		27,030	(11.3)	%	9.4	%	10.8	%
Restructuring expense			886		3,534	(74.9)	%	0.3	%	1.4	%
	Income from operations		8,300		641	N.M.		3.3	%	0.3	%
Interest expense			2,975		3,781	(21.3)	%	1.2	%	1.5	%
Interest income			(254)		(207)	22.7	%	(0.1)	%	(0.1)	%
Other expense			736		68	982.4	%	0.3	%	0.0	%
	Income (loss) before income taxes		4,843		(3,001)	N.M.		1.9	%	(1.2)	%
Income taxes*			(542)		(1,685)	(67.8)	%	(11.2)	%	56.1	%
	Net income (loss)	$	5,385	$	(1,316)	N.M.		2.1	%	(0.5)	%
Net income (loss) per share-basic			$0.43		($0.11)	N.M.
Net income (loss) per share-diluted			$0.42		($0.11)	N.M.
Net income per share, diluted, excluding restructuring
and related charges (see proforma statement on page 7)			$0.57		$0.32	78.1	%
Average shares outstanding-basic			12,624		11,922	5.9	%
Average shares outstanding-diluted			12,765		11,922	7.1	%
* Percent of sales column for income taxes is calculated as a % of income (loss) before income taxes.

(1) Derived from audited financial statements.

Page 2 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED BALANCE SHEETS
APRIL 27, 2008 AND APRIL 29, 2007
Unaudited
(Amounts in Thousands)
				Amounts			Increase
				April 27,		* April 29,	(Decrease)
				2008		2007	Dollars	Percent
Current assets
	Cash and cash equivalents		$	4,914	$	10,169	(5,255)	(51.7)	%
	Accounts receivable			27,073		29,290	(2,217)	(7.6)	%
	Inventories			35,394		40,630	(5,236)	(12.9)	%
	Deferred income taxes			4,380		5,376	(996)	(18.5)	%
	Assets held for sale			5,610		2,499	3,111	124.5	%
	Income taxes receivable			438		-	438	100.0	%
	Other current assets			1,328		1,824	(496)	(27.2)	%
		Total current assets		79,137		89,788	(10,651)	(11.9)	%
Property, plant and equipment, net				32,939		37,773	(4,834)	(12.8)	%
Goodwill				4,114		4,114	-	0.0	%
Deferred income taxes				29,430		25,683	3,747	14.6	%
Other assets				2,409		2,588	(179)	(6.9)	%
		Total assets	$	148,029	$	159,946	(11,917)	(7.5)	%
Current liabilities
	Current maturities of long-term debt		$	7,375	$	16,046	(8,671)	(54.0)	%
	Lines of credit			-		2,593	(2,593)	(100.0)	%
	Accounts payable - trade			21,103		22,027	(924)	(4.2)	%
	Accounts payable - capital expenditures			1,547		1,558	(11)	(0.7)	%
	Accrued expenses			8,300		8,670	(370)	(4.3)	%
	Accrued restructuring			1,432		3,282	(1,850)	(56.4)	%
	Income taxes payable - current (1)			150		4,579	(4,429)	(96.7)	%
		Total current liabilities		39,907		58,755	(18,848)	(32.1)	%
Accounts payable - capital expenditures				1,449		-	1,449	100.0	%
Income taxes payable - long-term (1)				4,802		-	4,802	100.0	%
Deferred income taxes				1,464		-	1,464	100.0	%
Long-term debt , less current maturities				14,048		22,114	(8,066)	(36.5)	%
		Total liabilities		61,670		80,869	(19,199)	(23.7)	%
Shareholders' equity				86,359		79,077	7,282	9.2	%
		Total liabilities and
		shareholders' equity	$	148,029	$	159,946	(11,917)	(7.5)	%
Shares outstanding				12,648		12,569	79	0.6	%
* Derived from audited financial statements
(1) Amounts as of April 27, 2008 reflect the adoption of Financial Accounting Standards Board (FASB)
Interpretation No. 48, Accounting for Uncertainty in Income Taxes" during the first quarter of fiscal 2008.

Page 3 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED APRIL 27, 2008 AND APRIL 29, 2007
Unaudited
(Amounts in Thousands)
							TWELVE MONTHS ENDED
							Amounts
							April 27,		* April 29,
							2008		2007
Cash flows from operating activities:
	Net income (loss)					$	5,385	$	(1,316)
	Adjustments to reconcile net income (loss) to net cash
		provided by operating activities:
			Depreciation				5,548		7,849
			Amortization of other assets				373		150
			Stock-based compensation				618		525
			Excess tax benefit related to stock options exercised				(17)		-
			Deferred income taxes				(919)		(3,763)
			Loss on impairment of equipment				289		-
			Restructuring expenses, net of gain on sale of related assets				140		536
			Changes in assets and liabilities, net of effects of acquisition of assets:
				Accounts receivable			2,242		(241)
				Inventories			5,236		817
				Other current assets			496		1,673
				Other assets			(188)		(42)
				Accounts payable-trade			(924)		3,133
				Accrued expenses			(445)		825
				Accrued restructuring			(1,926)		(772)
				Income taxes			456		2,091
					Net cash provided by operating activities		16,364		11,465
Cash flows from investing activities:
	Capital expenditures						(4,846)		(3,762)
	Acquisition of assets						-		(2,500)
	Proceeds from the sale of buildings and equipment						2,723		3,315
					Net cash used in investing activities		(2,123)		(2,947)
Cash flows from financing activities:
	Proceeds from lines of credit						1,339		2,593
	Payments on lines of credit						(3,932)		-
	Payments on vendor-financed capital expenditures						(642)		(1,356)
	Payments on long-term debt						(16,737)		(12,062)
	Proceeds from the issuance of long-term debt						-		2,500
	Proceeds from common stock issued						459		262
	Excess tax benefit related to stock options exercised						17		-
					Net cash used in financing activities		(19,496)		(8,063)
(Decrease) increase in cash and cash equivalents							(5,255)		455
Cash and cash equivalents at beginning of year							10,169		9,714
Cash and cash equivalents at end of year						$	4,914	$	10,169
Free Cash Flow (1)						$	13,616	$	9,662
(1) Free Cash Flow reconciliation is as follows:
							FY 2008		FY 2007
A)	Net cash provided by operating activities					$	16,364	$	11,465
B)	Minus: Capital Expenditures						(4,846)		(3,762)
C)	Add: Proceeds from the sale of buildings and equipment						2,723		3,315
D)	Minus: Payments on vendor-financed capital expenditures						(642)		(1,356)
E)	Add: Excess tax benefit related to stock options exercised						17		-
						$	13,616	$	9,662
* Derived from audited financial statements.

Page 4 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE THREE MONTHS ENDED APRIL 27, 2008 AND APRIL 29, 2007
(Amounts in thousands)
		THREE MONTHS ENDED (UNAUDITED)
		Amounts						Percent of Total Sales
		April 27,		April 29,		% Over		April 27,		April 29,
Net Sales by Segment		2008		2007		(Under)		2008		2007
Mattress Fabrics	$	34,638		38,062		(9.0)	%	54.1	%	52.0	%
Upholstery Fabrics		29,360		35,134		(16.4)	%	45.9	%	48.0	%
Net Sales	$	63,998		73,196		(12.6)	%	100.0	%	100.0	%
Gross Profit by Segment								Gross Profit Margin
Mattress Fabrics	$	6,533		6,730		(2.9)	%	18.9	%	17.7	%
Upholstery Fabrics		2,907		4,707		(38.2)	%	9.9	%	13.4	%
Subtotal		9,440		11,437		(17.5)	%	14.8	%	15.6	%
Loss on impairment of equipment		(33)	(1)	-		(100.0)	%	(0.1)	%	0.0	%
Restructuring related charges		(502)	(2)	(994)	(4)	(49.5)	%	(0.8)	%	(1.4)	%
Gross Profit	$	8,905		10,443		(14.7)	%	13.9	%	14.3	%
Selling, General and Administrative expenses by Segment								Percent of Sales
Mattress Fabrics	$	2,679		2,813		(4.8)	%	7.7	%	7.4	%
Upholstery Fabrics		2,773		3,845		(27.9)	%	9.4	%	10.9	%
Unallocated Corporate expenses		1,242		1,132		9.7	%	1.9	%	1.5	%
	$	6,694		7,790		(14.1)	%	10.5	%	10.6	%
Restructuring related charges		4	(2)	-		100.0	%	0.0	%	0.0	%
Selling, General and Administrative expenses	$	6,698		7,790		(14.0)	%	10.5	%	10.6	%
Operating Income (loss) by Segment								Operating Income (Loss) Margin
Mattress Fabrics	$	3,854		3,916		(1.6)	%	11.1	%	10.3	%
Upholstery Fabrics		134		863		(84.5)	%	0.5	%	2.5	%
Unallocated corporate expenses		(1,242)		(1,132)		(9.7)	%	(1.9)	%	(1.5)	%
Subtotal		2,746		3,647		(24.7)	%	4.3	%	5.0	%
Loss on impairment of equipment		(33)	(1)	-		(100.0)	%	(0.1)	%	0.0	%
Restructuring expense and restructuring related charges		(633)	(3)	(2,786)	(5)	(77.3)	%	(1.0)	%	(3.8)	%
Operating income	$	2,080		861		141.6	%	3.3	%	1.2	%
Depreciation by Segment
Mattress Fabrics	$	776		908		(14.5)	%
Upholstery Fabrics		507		704		(28.0)	%
Subtotal		1,283		1,612		(20.4)	%
Accelerated Depreciation		-		584		(100.0)	%
Total Depreciation	$	1,283		2,196		(41.6)	%
Notes:
(1) The $33 represents an impairment loss on older and existing equipment that is being replaced
by newer and more efficient equipment. This impairment loss pertains to the mattress fabrics
segment.
(2) The $502 restructuring related charge represents $469 for inventory markdowns and $33
for other operating costs with closed plant facilities. The $4 restructuring related charge
represents other operating costs associated with closed plant facilities.
(3) The $633 restructuring and related charge represents $469 for inventory markdowns,
$183 for employee termination benefits, $37 for other operating costs associated with
closed plant facilities, $21 for a write-down of equipment, $5 for asset movement costs,
a credit of $3 for sales proceeds received on equipment with no carring value, and a
credit of $79 for lease termination and other exit costs. Of this total charge, $502 was
recorded in cost of sales, $4 was recorded in selling, general, and administrative
expenses, and $127 was recorded in restructuring expense. The total $633 restructuring
and related charge pertains to the upholstery fabrics segment.
(4) The $994 represents restructuring related charges of $582 for accelerated
depreciation and $412 for operating costs associated with closed plant facilities.
(5) The $2.8 million represents restructuring and related charges of $1.1 million for
write-downs of buildings and equipment, $582 for accelerated depreciation, $479 for
asset movement costs, $412 for other operating costs associated with closed plant
facilities, $312 for lease termination and other exit costs, a credit of $40 for sales
proceeds received on equipment with no carrying value, and a credit of $82 for employee
termination benefits. Of this total charge, $1.8 million and $994 are included in restructuring
expense and cost of sales, respectively. The total $2.8 million restructuring and related
charge pertains to the upholstery fabrics segment.

Page 5 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE TWELVE MONTHS ENDED APRIL 27, 2008 AND APRIL 29, 2007
(Amounts in thousands)
		TWELVE MONTHS ENDED (UNAUDITED)
		Amounts						Percent of Total Sales
		April 27,		* April 29,		% Over		April 27,		April 29,
Net Sales by Segment		2008		2007		(Under)		2008		2007
Mattress Fabrics	$	138,064		107,797		28.1	%	54.3	%	43.0	%
Upholstery Fabrics		115,982		142,736		(18.7)	%	45.7	%	57.0	%
Net Sales	$	254,046		250,533		1.4	%	100.0	%	100.0	%
Gross Profit by Segment								Gross Profit Margin
Mattress Fabrics	$	22,576		18,610		21.3	%	16.4	%	17.3	%
Upholstery Fabrics		12,829		17,397		(26.3)	%	11.1	%	12.2	%
Subtotal		35,405		36,007		(1.7)	%	13.9	%	14.4	%
Loss on impairment of equipment		(289)	(1)	-		(100.0)	%	(0.1)	%	0.0	%
Restructuring related charges		(1,957)	(2)	(4,802)	(4)	(59.2)	%	(0.8)	%	(1.9)	%
Gross Profit	$	33,159		31,205		6.3	%	13.1	%	12.5	%
Selling, General and Administrative expenses by Segment								Percent of Sales
Mattress Fabrics	$	8,457		7,856		7.7	%	6.1	%	7.3	%
Upholstery Fabrics		11,650		15,065		(22.7)	%	10.0	%	10.6	%
Unallocated Corporate expenses		3,797		4,051		(6.3)	%	1.5	%	1.6	%
Subtotal		23,904		26,972		(11.4)	%	9.4	%	10.8	%
Restructuring related charges		69	(2)	58	(4)	19.0	%	0.0	%	0.0	%
Selling, General and Administrative expenses	$	23,973		27,030		(11.3)	%	9.4	%	10.8	%
Operating Income (loss) by Segment								Operating Income (Loss) Margin
Mattress Fabrics	$	14,118		10,754		31.3	%	10.2	%	10.0	%
Upholstery Fabrics		1,180		2,332		(49.4)	%	1.0	%	1.6	%
Unallocated corporate expenses		(3,797)		(4,051)		(6.3)	%	(1.5)	%	(1.6)	%
Subtotal		11,501		9,035		27.3	%	4.5	%	3.6	%
Loss on impairment of equipment		(289)	(1)	-		(100.0)	%	(0.1)	%	0.0	%
Restructuring expense and restructuring related charges		(2,912)	(3)	(8,394)	(5)	(65.3)	%	(1.1)	%	(3.4)	%
Operating income	$	8,300		641		N.M.		3.3	%	0.3	%
Depreciation by Segment
Mattress Fabrics	$	3,443		3,679		(6.4)	%
Upholstery Fabrics		2,105		2,923		(28.0)	%
Subtotal		5,548		6,602		(16.0)	%
Accelerated Depreciation		-		1,247		(100.0)	%
Total Depreciation	$	5,548		7,849		(29.3)	%
Notes:
(1) The $289 represents impairment losses on older and existing equipment that is being replaced
by newer and more efficient equipment. This impairment loss pertains to the mattress fabrics segment.
(2) The $1.9 million restructuring related charge represents $1.0 million for inventory markdowns and $954
for other operating costs associated with closed plant facilities. The $69 restructuring related charge
represents other operating costs associated with closed plant facilities.
(3) The $2.9 million represents $1.0 million for inventory markdowns, $1.0 million for other operating costs
associated with closed plant facilities, $533 for lease termination and other exit costs, $503 for write-downs
of buildings and equipment, $189 for asset movement costs, $23 for employee termination benefits, and
a credit of $362 for sales proceeds received on equipment with no carrying value. Of this total charge, $1.9
million was recorded in cost of sales, $69 was recorded in selling, general, and administrative expenses, and
$886 was recorded in restrucuturing expense. The total $2.9 restructuring and related charge pertains to
the upholstery fabrics segment.
(4) The $4.8 million represents restructuring related charges of $2.4 million for inventory markdowns, $1.2
million for accelerated depreciation, and $1.2 million for other operating costs associated with closed
plant facilities. The $58 represents other operating costs associated with closed plant facilities.
(5) The $8.4 million represents restructuring and related charges of $2.4 million for inventory markdowns, $1.5
million for write-downs and buildings and equipment, $1.4 million for asset movement costs, $1.2 million for
accelerated depreciation, $1.2 million for other operating costs associated with the closing of plant facilities,
$909 for employee termination benefits, $706 for lease termination and other exit costs, and a credit of $930
for sales proceeds received on equipment with no carrying value. Of this total charge, $4.8 million was recorded
in cost of sales, $58 was recorded in selling, general, and administrative expenses, and $3.5 million was recorded
in restructuring expense. The total $8.4 restructuring and related charge pertains to the upholstery fabrics segment.
* Derived from audited financial statements.

Page 6 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
PROFORMA CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
FOR THE THREE MONTHS ENDED APRIL 27, 2008 AND APRIL 29, 2007
				(Unaudited)
(Amounts in Thousands, Except for Per Share Data)
			THREE MONTHS ENDED
			As Reported April 27, 2008					April 27, 2008 Proforma Net of Adjustments		As Reported April 29, 2007					April 29, 2007 Proforma Net of Adjustments		Proforma % Over (Under)
				% of Sales		% of Sales			% of Sales		% of Sales		% of Sales			% of Sales
					Adjustments							Adjustments
Net sales		$	63,998	100.0%	-			63,998	100.0%	73,196	100.0%	-			73,196	100.0%	-12.6%
Cost of sales			55,093	86.1%	(502)	-0.8%	(1)	54,591	85.3%	62,753	85.7%	(994)	-1.4%	(3)	61,759	84.4%	-11.6%
	Gross profit		8,905	13.9%	(502)	-0.8%		9,407	14.7%	10,443	14.3%	(994)	-1.4%		11,437	15.6%	-17.7%
Selling, general and
administrative expenses			6,698	10.5%	(4)	0.0%	(1)	6,694	10.5%	7,790	10.6%	-	0.0%		7,790	10.6%	-14.1%
Restructuring expense			127	0.2%	(127)	-0.2%	(2)	-	0.0%	1,792	2.4%	(1,792)	-2.4%	(4)	-	0.0%	0.0%
	Income from operations		2,080	3.3%	(633)	-1.0%		2,713	4.2%	861	1.2%	(2,786)	-3.8%		3,647	5.0%	-25.6%
Interest expense			595	0.9%	-	0.0%		595	0.9%	940	1.3%	-	0.0%		940	1.3%	-36.7%
Interest income			(57)	-0.1%	-	0.0%		(57)	-0.1%	(60)	-0.1%	-	0.0%		(60)	-0.1%	-5.0%
Other expense			112	0.2%	-	0.0%		112	0.2%	166	0.2%	-	0.0%		166	0.2%	-32.5%
	Income (loss) before income taxes		1,430	2.2%	(633)	-1.0%	(5)	2,063	3.2%	(185)	-0.3%	(2,786)	-3.8%	(6)	2,601	3.6%	-20.7%
Income taxes (7)			(647)	-45.2%	(447)	70.6%		(200)	-9.7%	(145)	78.4%	(965)	34.6%		820	31.5%	124.4%
Net income (loss)		$	2,077	3.2%	(186)	-0.3%		2,263	3.5%	(40)	-0.1%	(1,821)	-2.5%		1,781	2.4%	27.1%
Net income (loss) per share-basic			$0.16		($0.01)			$0.18		$0.00		($0.14)			$0.14
Net income (loss) per share-diluted			$0.16		($0.01)			$0.18		$0.00		($0.14)			$0.14
Average shares outstanding-basic			12,642		12,642			12,642		12,559		12,559			12,559
Average shares outstanding-diluted			12,729		12,642			12,729		12,559		12,559			12,566
Notes:
(1) The $502 restructuring related charge represents $469 for inventory markdowns and $33 for other operating
costs associated with closed plant facilities. The $4 restructuring related charge represents other operating
costs associated with closed plant facilties.
(2) The $127 restructuring charge represents $183 for employee termination benefits, $21 for a write-down of
equipment, $5 for asset movement costs, a credit of $3 for sales proceeds received on equipment with no
carrying value, and a credit of $79 for lease termination and other exit costs.
(3) The $994 represents restructuring related charges of $582 for accelerated depreciation and $412 for other
operating costs associated with closed plant facilities.
(4) The $1.8 million restructuring charge represents $1.1 million for write-downs of buildings and equipment, $479
for asset movement costs, $312 for lease termination and other exit costs, a credit of $40 for sales
proceeds received on equipment with no carrying value, and a credit of $82 for employee termination benefits.
(5) Of this total charge, $143 and $490 represent cash and non-cash charges, respectively.
(6) Of this total charge, $1.1 million and $1.7 million represent cash charges and non-cash charges, respectively.
(7)The percent of net sales column for income taxes is calculated as a % of income (loss) before income taxes.

Page 7 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
PROFORMA CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
FOR THE TWELVE MONTHS ENDED APRIL 27, 2008 AND APRIL 29, 2007
				(Unaudited)
(Amounts in Thousands, Except for Per Share Data)
			TWELVE MONTHS ENDED
			As Reported April 27, 2008					April 27, 2008 Proforma Net of Adjustments		As Reported April 29, 2007					April 29, 2007 Proforma Net of Adjustments		Proforma % Over (Under)
				% of Sales		% of Sales			% of Sales		% of Sales		% of Sales			% of Sales
					Adjustments							Adjustments
Net sales		$	254,046	100.0%	-			254,046	100.0%	250,533	100.0%	-			250,533	100.0%	1.4%
Cost of sales			220,887	86.9%	(1,957)	-0.8%	(1)	218,930	86.2%	219,328	87.5%	(4,802)	-1.9%	(3)	214,526	85.6%	2.1%
	Gross profit		33,159	13.1%	(1,957)	-0.8%		35,116	13.8%	31,205	12.5%	(4,802)	-1.9%		36,007	14.4%	-2.5%
Selling, general and
administrative expenses			23,973	9.4%	(69)	0.0%	(1)	23,904	9.4%	27,030	10.8%	(58)	0.0%	(3)	26,972	10.8%	-11.4%
Restructuring expense			886	0.3%	(886)	-0.3%	(2)	-	0.0%	3,534	1.4%	(3,534)	-1.4%	(4)	-	0.0%	0.0%
	Income from operations		8,300	3.3%	(2,912)	-1.1%		11,212	4.4%	641	0.3%	(8,394)	-3.4%		9,035	3.6%	24.1%
Interest expense			2,975	1.2%	-	0.0%		2,975	1.2%	3,781	1.5%	-	0.0%		3,781	1.5%	-21.3%
Interest income			(254)	-0.1%	-	0.0%		(254)	-0.1%	(207)	-0.1%	-	0.0%		(207)	-0.1%	22.7%
Other expense			736	0.3%	-	0.0%		736	0.3%	68	0.0%	-	0.0%		68	0.0%	982.4%
	Income (loss) before income taxes		4,843	1.9%	(2,912)	-1.1%	(5)	7,755	3.1%	(3,001)	-1.2%	(8,394)	-3.4%	(6)	5,393	2.2%	43.8%
Income taxes (7)			(542)	-11.2%	(1,047)	36.0%		505	6.5%	(1,685)	56.1%	(3,234)	38.5%		1,549	28.7%	-67.4%
Net income (loss)		$	5,385	2.1%	(1,865)	-0.7%		7,250	2.9%	(1,316)	-0.5%	(5,160)	-2.1%		3,844	1.5%	88.6%
Net income (loss) per share-basic			$0.43		($0.15)			$0.57		($0.11)		($0.43)			$0.32
Net income (loss) per share-diluted			$0.42		($0.15)			$0.57		($0.11)		($0.43)			$0.32
Average shares outstanding-basic			12,624		12,624			12,624		11,922		11,922			11,922
Average shares outstanding-diluted			12,765		12,624			12,765		11,922		11,922			11,926
Notes:
(1) The $1.9 million restructuring related charge represents $1.0 million for inventory markdowns and $954 for other
operating costs associated with closed plant facilities. The $69 restructuring related charge represents other
operating costs associated with closed plant facilities.
(2) The $886 restructuring charge represents $533 for lease termination and other exit costs, $503 for write-downs
of buildings and equipment, $189 for asset movement costs, $23 for employee termination benefits, and a
credit of $362 for sales proceeds received on equipment with no carrying value.
(3) The $4.8 million represents restructuring related charges of $2.4 million for inventory markdowns, $1.2 million
for accelerated depreciation, and $1.2 million for other operating costs associated with closed plant facilities.
The $58 represents other operating costs associated with closed plant facilities.
(4) The $3.5 million represents restructuring charges of $1.5 million for write-downs of buildings and equipment,
$1.4 million for asset movement costs, $909 for employee termination benefits, $706 for lease termination
and other exit costs, and a credit of $930 for sales proceeds received on equipment with no carrying value.
(5) Of this total charge, $1.4 million and $1.5 million represent cash and non-cash charges, respectively.
(6) Of this total charge, $3.3 million and $5.1 million represent cash and non-cash charges, respectively.
(7) The percent of net sales column for income taxes is calculated as a % of income (loss) before income taxes.