Exhibit 99(b)
Page 1 of 10
Page 1 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF NET INCOME | ||||||||||||||||||||
FOR THREE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
(Amounts in Thousands, Except for Per Share Data) | ||||||||||||||||||||
THREE MONTHS ENDED | ||||||||||||||||||||
Amounts | Percent of Sales | |||||||||||||||||||
May 3, | April 27, | % Over | May 3, | April 27, | ||||||||||||||||
2015 | 2014 | (Under) | 2015 | 2014 | ||||||||||||||||
Net sales | $ | 78,846 | 74,043 | 6.5 | % | 100.0 | % | 100.0 | % | |||||||||||
Cost of sales | 62,674 | 62,282 | 0.6 | % | 79.5 | % | 84.1 | % | ||||||||||||
Gross profit | 16,172 | 11,761 | 37.5 | % | 20.5 | % | 15.9 | % | ||||||||||||
Selling, general and | ||||||||||||||||||||
administrative expenses | 9,605 | 7,317 | 31.3 | % | 12.2 | % | 9.9 | % | ||||||||||||
Income from operations | 6,567 | 4,444 | 47.8 | % | 8.3 | % | 6.0 | % | ||||||||||||
Interest expense | 15 | 97 | (84.5 | )% | 0.0 | % | 0.1 | % | ||||||||||||
Interest income | (143 | ) | (139 | ) | 2.9 | % | (0.2 | )% | (0.2 | )% | ||||||||||
Other expense | 10 | 366 | (97.3 | )% | 0.0 | % | 0.5 | % | ||||||||||||
Income before income taxes | 6,685 | 4,120 | 62.3 | % | 8.5 | % | 5.6 | % | ||||||||||||
Income taxes* | 1,772 | 1,380 | 28.4 | % | 26.5 | % | 33.5 | % | ||||||||||||
Net income | $ | 4,913 | 2,740 | 79.3 | % | 6.2 | % | 3.7 | % | |||||||||||
Net income per share-basic | $ | 0.40 | $ | 0.22 | 81.8 | % | ||||||||||||||
Net income per share-diluted | $ | 0.39 | $ | 0.22 | 77.3 | % | ||||||||||||||
Average shares outstanding-basic | 12,219 | 12,188 | 0.3 | % | ||||||||||||||||
Average shares outstanding-diluted | 12,440 | 12,413 | 0.2 | % | ||||||||||||||||
PRESENTATION OF ADJUSTED NET INCOME, ADJUSTED INCOME TAXES AND EARNINGS PER SHARE (1) | ||||||||||||||||||||
THREE MONTHS ENDED | ||||||||||||||||||||
Amounts | Percent of Sales | |||||||||||||||||||
May 3, | April 27, | % Over | May 3, | April 27, | ||||||||||||||||
2015 | 2014 | (Under) | 2015 | 2014 | ||||||||||||||||
Income before income taxes (see above) | $ | 6,685 | 4,120 | 62.3 | % | 8.5 | % | 5.6 | % | |||||||||||
Adjusted Income taxes (2)* | 1,050 | 725 | 44.8 | % | 15.7 | % | 17.6 | % | ||||||||||||
Adjusted net income | 5,635 | 3,395 | 66.0 | % | 7.1 | % | 4.6 | % | ||||||||||||
Adjusted net income per share-basic | $ | 0.46 | $ | 0.28 | 64.3 | % | ||||||||||||||
Adjusted net income per share-diluted | $ | 0.45 | $ | 0.27 | 66.7 | % | ||||||||||||||
Average shares outstanding-basic | 12,219 | 12,188 | 0.3 | % | ||||||||||||||||
Average shares outstanding-diluted | 12,440 | 12,413 | 0.2 | % | ||||||||||||||||
(1) Culp, Inc. currently does not incur cash income tax expense in the US due to its $32.2 million in net operating loss carryforwards. Therefore, | ||||||||||||||||||||
adjusted net income is calculated using only income tax expense for our subsidiaries located in Canada and China. See reconciliation on | ||||||||||||||||||||
page 10 of 10. | ||||||||||||||||||||
(2) Represents estimated income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 10 of 10. | ||||||||||||||||||||
* Percent of sales column for income taxes is calculated as a % of income before income taxes. |
Page 2 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF NET INCOME | ||||||||||||||||||||
FOR THE TWELVE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
(Amounts in Thousands, Except for Per Share Data) | ||||||||||||||||||||
TWELVE MONTHS ENDED | ||||||||||||||||||||
Amounts | Percent of Sales | |||||||||||||||||||
May 3, | April 27, | % Over | May 3, | April 27, | ||||||||||||||||
2015 | 2014 | (Under) | 2015 | 2014 | ||||||||||||||||
Net sales | $ | 310,166 | 287,162 | 8.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Cost of sales | 254,599 | 238,256 | 6.9 | % | 82.1 | % | 83.0 | % | ||||||||||||
Gross profit | 55,567 | 48,906 | 13.6 | % | 17.9 | % | 17.0 | % | ||||||||||||
Selling, general and | ||||||||||||||||||||
administrative expenses | 32,778 | 28,657 | 14.4 | % | 10.6 | % | 10.0 | % | ||||||||||||
Income from operations | 22,789 | 20,249 | 12.5 | % | 7.3 | % | 7.1 | % | ||||||||||||
Interest expense | 64 | 427 | (85.0 | )% | 0.0 | % | 0.1 | % | ||||||||||||
Interest income | (622 | ) | (482 | ) | 29.0 | % | (0.2 | )% | (0.2 | )% | ||||||||||
Other expense | 391 | 1,261 | (69.0 | )% | 0.1 | % | 0.4 | % | ||||||||||||
Income before income taxes | 22,956 | 19,043 | 20.5 | % | 7.4 | % | 6.6 | % | ||||||||||||
Income taxes* | 7,885 | 1,596 | 394.0 | % | 34.3 | % | 8.4 | % | ||||||||||||
Net income | $ | 15,071 | 17,447 | (13.6 | )% | 4.9 | % | 6.1 | % | |||||||||||
Net income per share-basic | $ | 1.23 | $ | 1.43 | (14.0 | )% | ||||||||||||||
Net income per share-diluted | $ | 1.21 | $ | 1.41 | (14.2 | )% | ||||||||||||||
Average shares outstanding-basic | 12,217 | 12,177 | 0.3 | % | ||||||||||||||||
Average shares outstanding-diluted | 12,422 | 12,414 | 0.1 | % | ||||||||||||||||
PRESENTATION OF ADJUSTED NET INCOME, ADJUSTED INCOME TAXES AND EARNINGS PER SHARE (1) | ||||||||||||||||||||
TWELVE MONTHS ENDED | ||||||||||||||||||||
Amounts | Percent of Sales | |||||||||||||||||||
May 3, | April 27, | % Over | May 3, | April 27, | ||||||||||||||||
2015 | 2014 | (Under) | 2015 | 2014 | ||||||||||||||||
Income before income taxes (see above) | $ | 22,956 | 19,043 | 20.5 | % | 7.4 | % | 6.6 | % | |||||||||||
Adjusted Income taxes (2)* | 3,604 | 3,352 | 7.5 | % | 15.7 | % | 17.6 | % | ||||||||||||
Adjusted net income | 19,352 | 15,691 | 23.3 | % | 6.2 | % | 5.5 | % | ||||||||||||
Adjusted net income per share-basic | $ | 1.58 | $ | 1.29 | 22.5 | % | ||||||||||||||
Adjusted net income per share-diluted | $ | 1.56 | $ | 1.26 | 23.8 | % | ||||||||||||||
Average shares outstanding-basic | 12,217 | 12,177 | 0.3 | % | ||||||||||||||||
Average shares outstanding-diluted | 12,422 | 12,414 | 0.1 | % | ||||||||||||||||
(1) Culp, Inc. currently does not incur cash income tax expense in the US due to its $32.2 million in net operating loss carryforwards. Therefore, |
adjusted net income is calculated using only income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 10 of 10. |
(2) Represents estimated income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 10 of 10. |
* Percent of sales column for income taxes is calculated as a % of income before income taxes. |
Page 3 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||||||
Unaudited | ||||||||||||||||
(Amounts in Thousands) | ||||||||||||||||
Amounts | Increase | |||||||||||||||
May 3, | * April 27, | (Decrease) | ||||||||||||||
2015 | 2014 | Dollars | Percent | |||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 29,725 | $ | 29,303 | 422 | 1.4 | % | |||||||||
Short-term investments | 10,004 | 6,294 | 3,710 | 58.9 | % | |||||||||||
Accounts receivable | 28,749 | 27,409 | 1,340 | 4.9 | % | |||||||||||
Inventories | 42,484 | 40,674 | 1,810 | 4.5 | % | |||||||||||
Deferred income taxes | 4,790 | 6,230 | (1,440 | ) | (23.1 | )% | ||||||||||
Income taxes receivable | 229 | 121 | 108 | 89.3 | % | |||||||||||
Other current assets | 2,440 | 2,344 | 96 | 4.1 | % | |||||||||||
Total current assets | 118,421 | 112,375 | 6,046 | 5.4 | % | |||||||||||
Property, plant and equipment, net | 36,078 | 31,376 | 4,702 | 15.0 | % | |||||||||||
Goodwill | 11,462 | 11,462 | - | 0.0 | % | |||||||||||
Deferred income taxes | 447 | 2,040 | (1,593 | ) | (78.1 | )% | ||||||||||
Long-term investments | 2,415 | 765 | 1,650 | 215.7 | % | |||||||||||
Other assets | 2,545 | 2,917 | (372 | ) | (12.8 | )% | ||||||||||
Total assets | $ | 171,368 | $ | 160,935 | 10,433 | 6.5 | % | |||||||||
Current liabilities | ||||||||||||||||
Current maturities of long-term debt | $ | 2,200 | $ | 2,200 | - | 0.0 | % | |||||||||
Accounts payable - trade | 28,414 | 26,686 | 1,728 | 6.5 | % | |||||||||||
Accounts payable - capital expenditures | 990 | 277 | 713 | 257.4 | % | |||||||||||
Accrued expenses | 11,129 | 9,181 | 1,948 | 21.2 | % | |||||||||||
Income taxes payable - current | 325 | 442 | (117 | ) | (26.5 | )% | ||||||||||
Total current liabilities | 43,058 | 38,786 | 4,272 | 11.0 | % | |||||||||||
Income taxes payable - long-term | 3,792 | 3,962 | (170 | ) | (4.3 | )% | ||||||||||
Deferred income taxes | 1,050 | 1,013 | 37 | 3.7 | % | |||||||||||
Line of credit | - | 586 | (586 | ) | (100.0 | )% | ||||||||||
Deferred compensation | 4,041 | 2,644 | 1,397 | 52.8 | % | |||||||||||
Long-term debt , less current maturities | - | 2,200 | (2,200 | ) | (100.0 | % | ||||||||||
Total liabilities | 51,941 | 49,191 | 2,750 | 5.6 | % | |||||||||||
Shareholders' equity | 119,427 | 111,744 | 7,683 | 6.9 | % | |||||||||||
Total liabilities and | ||||||||||||||||
shareholders' equity | $ | 171,368 | $ | 160,935 | 10,433 | 6.5 | % | |||||||||
Shares outstanding | 12,219 | 12,250 | (31 | ) | (0.3 | )% | ||||||||||
* Derived from audited financial statements |
Page 4 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
FOR THE TWELVE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | |||||
Unaudited | |||||
(Amounts in Thousands) |
TWELVE MONTHS ENDED | ||||||||
Amounts | ||||||||
May 3, | April 27, | |||||||
2015 | 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 15,071 | $ | 17,447 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation | 5,773 | 5,312 | ||||||
Amortization of other assets | 187 | 169 | ||||||
Stock-based compensation | 786 | 710 | ||||||
Excess tax benefit related to stock-based compensation | (109 | ) | (143 | ) | ||||
Deferred income taxes | 3,179 | (1,727 | ) | |||||
Gain on sale of equipment | (78 | ) | (283 | ) | ||||
Foreign currency exchange (gains) losses | (84 | ) | 626 | |||||
Changes in assets and liabilities, net of effects of acquisition of assets: | ||||||||
Accounts receivable | (1,636 | ) | (3,857 | ) | ||||
Inventories | (1,883 | ) | (2,200 | ) | ||||
Other current assets | (151 | ) | (270 | ) | ||||
Other assets | (117 | ) | (72 | ) | ||||
Accounts payable-trade | 1,964 | 4,131 | ||||||
Accrued expenses and deferred compensation | 3,372 | 34 | ||||||
Income taxes | (163 | ) | 342 | |||||
Net cash provided by operating activities | 26,111 | 20,219 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (10,461 | ) | (5,258 | ) | ||||
Net cash paid for acquisition of assets | - | (2,640 | ) | |||||
Proceeds from the sale of equipment | 727 | 407 | ||||||
Proceeds from life insurance policies | 320 | - | ||||||
Payments on life insurance policies | (18 | ) | (30 | ) | ||||
Proceeds from the sale of short-term investments | 1,628 | 810 | ||||||
Purchase of short-term investments | (5,355 | ) | (1,945 | ) | ||||
Purchase of long-term investments | (1,650 | ) | (765 | ) | ||||
Net cash used in investing activities | (14,809 | ) | (9,421 | ) | ||||
Cash flows from financing activities: | ||||||||
Payments on lines of credit | (538 | ) | - | |||||
Payments on long-term debt | (2,200 | ) | (2,200 | ) | ||||
Proceeds from common stock issued | 94 | 194 | ||||||
Common stock shares repurchased | (745 | ) | - | |||||
Dividends paid | (7,579 | ) | (2,204 | ) | ||||
Debt issance costs | - | (83 | ) | |||||
Excess tax benefit related to stock-based compensation | 109 | 143 | ||||||
Net cash used in financing activities | (10,859 | ) | (4,150 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (21 | ) | (875 | ) | ||||
Increase in cash and cash equivalents | 422 | 5,773 | ||||||
Cash and cash equivalents at beginning of period | 29,303 | 23,530 | ||||||
Cash and cash equivalents at end of period | $ | 29,725 | $ | 29,303 | ||||
Free Cash Flow (1) | $ | 15,117 | $ | 13,841 |
(1) Free Cash Flow reconciliation is as follows: | ||||||||||
FY 2015 | FY 2014 | |||||||||
A | ) | Net cash provided by operating activities | $ | 26,111 | $ | 20,219 | ||||
B | ) | Minus: Capital Expenditures | (10,461 | ) | (5,258 | ) | ||||
C | ) | Add: Proceeds from the sale of equipment | 727 | 407 | ||||||
D | ) | Add: Proceeds from life insurance policies | 320 | - | ||||||
E | ) | Minus: Payments on life insurance policies | (18 | ) | (30 | ) | ||||
F | ) | Minus: Purchase of long-term investments | (1,650 | ) | (765 | ) | ||||
G | ) | Add: Excess tax benefit related to stock-based compensation | 109 | 143 | ||||||
H | ) | Effect of exchange rate changes on cash and cash equivalents | (21 | ) | (875 | ) | ||||
Free Cash Flow | $ | 15,117 | $ | 13,841 | ||||||
Page 5 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||||||||||||||
STATEMENTS OF OPERATIONS BY SEGMENT | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
THREE MONTHS ENDED | ||||||||||||||||||||
Amounts | Percent of Total Sales | |||||||||||||||||||
May 3, | April 27, | % Over | May 3, | April 27, | ||||||||||||||||
Net Sales by Segment | 2015 | 2014 | (Under) | 2015 | 2014 | |||||||||||||||
Mattress Fabrics | $ | 48,196 | 43,669 | 10.4 | % | 61.1 | % | 59.0 | % | |||||||||||
Upholstery Fabrics | 30,650 | 30,374 | 0.9 | % | 38.9 | % | 41.0 | % | ||||||||||||
Net Sales | $ | 78,846 | 74,043 | 6.5 | % | 100.0 | % | 100.0 | % | |||||||||||
Gross Profit by Segment | Gross Profit Margin | |||||||||||||||||||
Mattress Fabrics | $ | 10,274 | 7,165 | 43.4 | % | 21.3 | % | 16.4 | % | |||||||||||
Upholstery Fabrics | 5,898 | 4,596 | 28.3 | % | 19.2 | % | 15.1 | % | ||||||||||||
Gross Profit | $ | 16,172 | 11,761 | 37.5 | % | 20.5 | % | 15.9 | % | |||||||||||
Selling, General and Administrative Expenses by Segment | Percent of Sales | |||||||||||||||||||
Mattress Fabrics | $ | 3,187 | 2,683 | 18.8 | % | 6.6 | % | 6.1 | % | |||||||||||
Upholstery Fabrics | 4,044 | 3,385 | 19.5 | % | 13.2 | % | 11.1 | % | ||||||||||||
Unallocated Corporate expenses | 2,374 | 1,249 | 90.1 | % | 3.0 | % | 1.7 | % | ||||||||||||
Selling, General and Administrative Expenses | $ | 9,605 | 7,317 | 31.3 | % | 12.2 | % | 9.9 | % | |||||||||||
Operating Income (loss) by Segment | Operating Income (Loss) Margin | |||||||||||||||||||
Mattress Fabrics | $ | 7,087 | 4,482 | 58.1 | % | 14.7 | % | 10.3 | % | |||||||||||
Upholstery Fabrics | 1,854 | 1,211 | 53.1 | % | 6.0 | % | 4.0 | % | ||||||||||||
Unallocated corporate expenses | (2,374 | ) | (1,249 | ) | 90.1 | % | (3.0 | )% | (1.7 | )% | ||||||||||
Operating income | $ | 6,567 | 4,444 | 47.8 | % | 8.3 | % | 6.0 | % | |||||||||||
Depreciation by Segment | ||||||||||||||||||||
Mattress Fabrics | $ | 1,341 | 1,184 | 13.3 | % | |||||||||||||||
Upholstery Fabrics | 187 | 164 | 14.0 | % | ||||||||||||||||
Depreciation | $ | 1,528 | 1,348 | 13.4 | % | |||||||||||||||
Page 6 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||||||||||||||
STATEMENTS OF OPERATIONS BY SEGMENT | ||||||||||||||||||||
FOR THE TWELVE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
TWELVE MONTHS ENDED | ||||||||||||||||||||
Amounts | Percent of Total Sales | |||||||||||||||||||
May 3, | April 27, | % Over | May 3, | April 27, | ||||||||||||||||
Net Sales by Segment | 2015 | 2014 | (Under) | 2015 | 2014 | |||||||||||||||
Mattress Fabrics | $ | 179,739 | 160,705 | 11.8 | % | 57.9 | % | 56.0 | % | |||||||||||
Upholstery Fabrics | 130,427 | 126,457 | 3.1 | % | 42.1 | % | 44.0 | % | ||||||||||||
Net Sales | $ | 310,166 | 287,162 | 8.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Gross Profit by Segment | Gross Profit Margin | |||||||||||||||||||
Mattress Fabrics | $ | 32,877 | 27,477 | 19.7 | % | 18.3 | % | 17.1 | % | |||||||||||
Upholstery Fabrics | 22,690 | 21,429 | 5.9 | % | 17.4 | % | 16.9 | % | ||||||||||||
Gross Profit | $ | 55,567 | 48,906 | 13.6 | % | 17.9 | % | 17.0 | % | |||||||||||
Selling, General and Administrative Expenses by Segment | Percent of Sales | |||||||||||||||||||
Mattress Fabrics | $ | 11,206 | 9,962 | 12.5 | % | 6.2 | % | 6.2 | % | |||||||||||
Upholstery Fabrics | 14,562 | 13,393 | 8.7 | % | 11.2 | % | 10.6 | % | ||||||||||||
Unallocated Corporate expenses | 7,010 | 5,302 | 32.2 | % | 2.3 | % | 1.8 | % | ||||||||||||
Selling, General, and Administrative Expenses | $ | 32,778 | 28,657 | 14.4 | % | 10.6 | % | 10.0 | % | |||||||||||
Operating Income (loss) by Segment | Operating Income (Loss) Margin | |||||||||||||||||||
Mattress Fabrics | $ | 21,671 | 17,515 | 23.7 | % | 12.1 | % | 10.9 | % | |||||||||||
Upholstery Fabrics | 8,128 | 8,036 | 1.1 | % | 6.2 | % | 6.4 | % | ||||||||||||
Unallocated corporate expenses | (7,010 | ) | (5,302 | ) | 32.2 | % | (2.3 | )% | (1.8 | )% | ||||||||||
Operating income | $ | 22,789 | 20,249 | 12.5 | % | 7.3 | % | 7.1 | % | |||||||||||
Return on Capital (1) | ||||||||||||||||||||
Mattress Fabrics | 33.5 | % | 29.3 | % | ||||||||||||||||
Upholstery Fabrics | 48.7 | % | 40.7 | % | ||||||||||||||||
Unallocated Corporate | N/A | N/A | ||||||||||||||||||
Consolidated | 29.3 | % | 26.2 | % | ||||||||||||||||
Capital Employed (2) | ||||||||||||||||||||
Mattress Fabrics | 70,472 | 62,457 | 12.8 | % | ||||||||||||||||
Upholstery Fabrics | 14,026 | 17,419 | (19.5 | )% | ||||||||||||||||
Unallocated Corporate | (5,314 | ) | (2,482 | ) | N/A | |||||||||||||||
Consolidated | 79,184 | 77,394 | 2.3 | % | ||||||||||||||||
Depreciation by Segment | ||||||||||||||||||||
Mattress Fabrics | $ | 5,034 | 4,694 | 7.2 | % | |||||||||||||||
Upholstery Fabrics | 739 | 618 | 19.6 | % | ||||||||||||||||
Depreciation | $ | 5,773 | 5,312 | 8.7 | % | |||||||||||||||
Notes: | ||||||||||||||||||||
(1) See pages 8 and 9 of this financial information release for calculations. | ||||||||||||||||||||
(2) The capital employed balances are as of May 3, 2015 and April 27, 2014. |
Page 7 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF ADJUSTED EBITDA | ||||||||||||||||||||
FOR THE TWELVE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
(AMOUNTS IN THOUSANDS) | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
Trailing 12 | ||||||||||||||||||||
Months | ||||||||||||||||||||
8/3/2014 | 11/2/2014 | 2/1/2015 | 5/3/2015 | 5/3/2015 | ||||||||||||||||
Net income | $ | 3,345 | $ | 3,001 | $ | 3,812 | $ | 4,913 | $ | 15,071 | ||||||||||
Income taxes | 2,114 | 1,889 | 2,110 | 1,772 | 7,885 | |||||||||||||||
Interest income, net | (75 | ) | (153 | ) | (202 | ) | (128 | ) | (558 | ) | ||||||||||
Depreciation and amortization expense | 1,446 | 1,460 | 1,478 | 1,576 | 5,960 | |||||||||||||||
Stock based compensation | 46 | 245 | 191 | 304 | 786 | |||||||||||||||
Adjusted EBITDA | $ | 6,876 | $ | 6,442 | $ | 7,389 | $ | 8,437 | $ | 29,144 | ||||||||||
Quarter Ended | ||||||||||||||||||||
Trailing 12 | ||||||||||||||||||||
Months | ||||||||||||||||||||
7/28/2013 | 10/27/2013 | 1/26/2014 | 4/27/2014 | 4/27/2014 | ||||||||||||||||
Net income | $ | 3,230 | $ | 3,096 | $ | 8,381 | $ | 2,740 | $ | 17,447 | ||||||||||
Income taxes | 2,305 | 1,718 | (3,807 | ) | 1,380 | 1,596 | ||||||||||||||
Interest expense (income), net | 47 | (3 | ) | (57 | ) | (42 | ) | (55 | ) | |||||||||||
Depreciation and amortization expense | 1,344 | 1,373 | 1,370 | 1,394 | 5,481 | |||||||||||||||
Stock based compensation | 152 | 224 | 175 | 159 | 710 | |||||||||||||||
Adjusted EBITDA | $ | 7,078 | $ | 6,408 | $ | 6,062 | $ | 5,631 | $ | 25,179 | ||||||||||
% Over (Under) | -2.9 | % | 0.5 | % | 21.9 | % | 49.8 | % | 15.7 | % |
Page 8 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | |||||||||||||
RETURN ON CAPITAL EMPLOYED BY SEGMENT | |||||||||||||
FOR THE TWELVE MONTHS ENDED MAY 3, 2015 | |||||||||||||
(Amounts in Thousands) | |||||||||||||
(Unaudited) | |||||||||||||
Operating Income | |||||||||||||
Twelve Months | Average | Return on | |||||||||||
Ended | Capital | Avg. Capital | |||||||||||
May 3, 2015 (1) | Employed (3) | Employed (2) | |||||||||||
Mattress Fabrics | $ | 21,671 | $ | 64,783 | 33.5 | % | |||||||
Upholstery Fabrics | 8,128 | 16,680 | 48.7 | % | |||||||||
(less: Unallocated Corporate) | (7,010 | ) | (3,575 | ) | N/A | ||||||||
Total | $ | 22,789 | $ | 77,888 | 29.3 | % | |||||||
Average Capital Employed | As of the three Months Ended May 3, 2015 | As of the three Months Ended February 1, 2015 | As of the three Months Ended November 2, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Mattress | Upholstery | Unallocated | Mattress | Upholstery | Unallocated | Mattress | Upholstery | Unallocated | ||||||||||||||||||||||||||||||||||||||||
Fabrics | Fabrics | Corporate | Total | Fabrics | Fabrics | Corporate | Total | Fabrics | Fabrics | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Total assets | 89,066 | 32,838 | 49,464 | 171,368 | 83,648 | 35,761 | 48,406 | 167,815 | 80,121 | 30,916 | 45,625 | 156,662 | ||||||||||||||||||||||||||||||||||||
Total liabilities | (18,594 | ) | (18,812 | ) | (14,535 | ) | (51,941 | ) | (18,470 | ) | (18,927 | ) | (15,446 | ) | (52,843 | ) | (17,247 | ) | (14,847 | ) | (12,894 | ) | (44,988 | ) | ||||||||||||||||||||||||
Subtotal | $ | 70,472 | $ | 14,026 | $ | 34,929 | $ | 119,427 | $ | 65,178 | $ | 16,834 | $ | 32,960 | $ | 114,972 | $ | 62,874 | $ | 16,069 | $ | 32,731 | $ | 111,674 | ||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - | - | (29,725 | ) | (29,725 | ) | - | - | (28,772 | ) | (28,772 | ) | - | - | (28,953 | ) | (28,953 | ) | ||||||||||||||||||||||||||||||
Short-term investments | - | - | (10,004 | ) | (10,004 | ) | - | - | (8,384 | ) | (8,384 | ) | - | - | (6,318 | ) | (6,318 | ) | ||||||||||||||||||||||||||||||
Long-term investments | - | - | (2,415 | ) | (2,415 | ) | - | - | (2,063 | ) | (2,063 | ) | - | - | (1,911 | ) | (1,911 | ) | ||||||||||||||||||||||||||||||
Income taxes receivable | - | - | (229 | ) | (229 | ) | - | - | (104 | ) | (104 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Deferred income taxes - current | - | - | (4,790 | ) | (4,790 | ) | - | - | (6,995 | ) | (6,995 | ) | - | - | (6,191 | ) | (6,191 | ) | ||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | (447 | ) | (447 | ) | - | - | (482 | ) | (482 | ) | - | - | (508 | ) | (508 | ) | ||||||||||||||||||||||||||||||
Current maturities of long-term debt | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||||||
Line of credit | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Income taxes payable - current | - | - | 325 | 325 | - | - | 325 | 325 | - | - | 268 | 268 | ||||||||||||||||||||||||||||||||||||
Income taxes payable - long-term | - | - | 3,792 | 3,792 | - | - | 3,630 | 3,630 | - | - | 3,980 | 3,980 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | 1,050 | 1,050 | - | - | 3,384 | 3,384 | - | - | 1,395 | 1,395 | ||||||||||||||||||||||||||||||||||||
Long-term debt, less current maturities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Total Capital Employed | $ | 70,472 | $ | 14,026 | $ | (5,314 | ) | $ | 79,184 | $ | 65,178 | $ | 16,834 | $ | (4,301 | ) | $ | 77,711 | $ | 62,874 | $ | 16,069 | $ | (3,307 | ) | $ | 75,636 | |||||||||||||||||||||
As of the three Months Ended August 3, 2014 | As of the three Months Ended April 27, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
Mattress | Upholstery | Unallocated | Mattress | Upholstery | Unallocated | |||||||||||||||||||||||||||||||||||||||||||
Fabrics | Fabrics | Corporate | Total | Fabrics | Fabrics | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||
Total assets | 81,400 | 30,520 | 42,292 | 154,212 | 79,055 | 34,987 | 46,893 | 160,935 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | (18,464 | ) | (11,468 | ) | (15,133 | ) | (45,065 | ) | (16,598 | ) | (17,568 | ) | (15,025 | ) | (49,191 | ) | ||||||||||||||||||||||||||||||||
Subtotal | $ | 62,936 | $ | 19,052 | $ | 27,159 | $ | 109,147 | $ | 62,457 | $ | 17,419 | $ | 31,868 | $ | 111,744 | ||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - | - | (24,665 | ) | (24,665 | ) | - | - | (29,303 | ) | (29,303 | ) | ||||||||||||||||||||||||||||||||||||
Short-term investments | - | - | (6,311 | ) | (6,311 | ) | - | - | (6,294 | ) | (6,294 | ) | ||||||||||||||||||||||||||||||||||||
Long-term investments | - | - | (1,749 | ) | (1,749 | ) | - | - | (765 | ) | (765 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes receivable | - | - | (136 | ) | (136 | ) | - | - | (121 | ) | (121 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes - current | - | - | (6,203 | ) | (6,203 | ) | - | - | (6,230 | ) | (6,230 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | (973 | ) | (973 | ) | - | - | (2,040 | ) | (2,040 | ) | ||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||||||||||
Line of credit | - | - | 569 | 569 | 586 | 586 | ||||||||||||||||||||||||||||||||||||||||||
Income taxes payable - current | - | - | 387 | 387 | - | - | 442 | 442 | ||||||||||||||||||||||||||||||||||||||||
Income taxes payable - long-term | - | - | 4,037 | 4,037 | - | - | 3,962 | 3,962 | ||||||||||||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | 1,013 | 1,013 | - | - | 1,013 | 1,013 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, less current maturities | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||||||||||
Total Capital Employed | $ | 62,936 | $ | 19,052 | $ | (2,472 | ) | $ | 79,516 | $ | 62,457 | $ | 17,419 | $ | (2,482 | ) | $ | 77,394 | ||||||||||||||||||||||||||||||
Mattress | Upholstery | Unallocated | ||||||||||||||||||||||||||||||||||||||||||||||
Fabrics | Fabrics | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||
Average Capital Employed (3) | $ | 64,783 | $ | 16,680 | $ | (3,575 | ) | $ | 77,888 | |||||||||||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) See reconciliation per page 6 of this financial information release. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) Return on average capital employed represents operating income for fiscal 2015 divided by average capital employed. | ||||||||||||||||||||||||||||||||||||||||||||||||
Average capital employed does not include cash and cash equivalents, short-term investments, long-term investments, long-term debt, | ||||||||||||||||||||||||||||||||||||||||||||||||
including current maturities, line of credit, current and noncurrent deferred tax assets and liabilities, income taxes payable and income taxes receivable. | ||||||||||||||||||||||||||||||||||||||||||||||||
(3) Average capital employed was computed using the five periods ending May 3, 2015, February 1, 2015, November 2, 2014, August 3, 2014 and April 27, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
Page 9 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE | |||||||||||||||
RETURN ON CAPITAL EMPLOYED BY SEGMENT | |||||||||||||||
FOR THE TWELVE MONTHS ENDED APRIL 27, 2014 | |||||||||||||||
(Amounts in Thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Operating Income | |||||||||||||||
Twelve Months | Average | Return on | |||||||||||||
Ended | Capital | Avg. Capital | |||||||||||||
April 27, 2014 (1) | Employed (3) | Employed (2) | |||||||||||||
Mattress Fabrics | $ | 17,515 | $ | 59,728 | 29.3 | % | |||||||||
Upholstery Fabrics | 8,036 | 19,760 | 40.7 | % | |||||||||||
(less: Unallocated Corporate) | (5,302 | ) | (2,329 | ) | N/A | ||||||||||
Total | $ | 20,249 | $ | 77,159 | 26.2 | % | |||||||||
Average Capital Employed | As of the three Months Ended April 27, 2014 | As of the three Months Ended January 26, 2014 | As of the three Months Ended October 27, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Mattress | Upholstery | Unallocated | Mattress | Upholstery | Unallocated | Mattress | Upholstery | Unallocated | ||||||||||||||||||||||||||||||||||||||||
Fabrics | Fabrics | Corporate | Total | Fabrics | Fabrics | Corporate | Total | Fabrics | Fabrics | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Total assets | 79,055 | 34,987 | 46,893 | 160,935 | 78,503 | 37,147 | 41,028 | 156,678 | 79,444 | 35,881 | 40,917 | 156,242 | ||||||||||||||||||||||||||||||||||||
Total liabilities | (16,598 | ) | (17,568 | ) | (15,025 | ) | (49,191 | ) | (18,804 | ) | (13,589 | ) | (14,842 | ) | (47,235 | ) | (20,500 | ) | (15,581 | ) | (18,646 | ) | (54,727 | ) | ||||||||||||||||||||||||
Subtotal | $ | 62,457 | $ | 17,419 | $ | 31,868 | $ | 111,744 | $ | 59,699 | $ | 23,558 | $ | 26,186 | $ | 109,443 | $ | 58,944 | $ | 20,300 | $ | 22,271 | $ | 101,515 | ||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - | - | (29,303 | ) | (29,303 | ) | - | - | (23,293 | ) | (23,293 | ) | - | - | (24,267 | ) | (24,267 | ) | ||||||||||||||||||||||||||||||
Short-term investments | - | - | (6,294 | ) | (6,294 | ) | - | - | (7,077 | ) | (7,077 | ) | - | - | (6,220 | ) | (6,220 | ) | ||||||||||||||||||||||||||||||
Long-term investments | - | - | (765 | ) | (765 | ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Income taxes receivable | - | - | (121 | ) | (121 | ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Deferred income taxes - current | - | - | (6,230 | ) | (6,230 | ) | - | - | (7,503 | ) | (7,503 | ) | - | - | (7,745 | ) | (7,745 | ) | ||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | (2,040 | ) | (2,040 | ) | - | - | (1,227 | ) | (1,227 | ) | - | - | (661 | ) | (661 | ) | ||||||||||||||||||||||||||||||
Current maturities of long-term debt | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||||||
Line of credit | - | - | 586 | 586 | - | - | 573 | 573 | - | - | 585 | 585 | ||||||||||||||||||||||||||||||||||||
Income taxes payable - current | - | - | 442 | 442 | - | - | 130 | 130 | - | - | 304 | 304 | ||||||||||||||||||||||||||||||||||||
Income taxes payable - long-term | - | - | 3,962 | 3,962 | - | - | 3,953 | 3,953 | - | - | 4,141 | 4,141 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | 1,013 | 1,013 | - | - | 945 | 945 | - | - | 5,016 | 5,016 | ||||||||||||||||||||||||||||||||||||
Long-term debt, less current maturities | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||||||
Total Capital Employed | $ | 62,457 | $ | 17,419 | $ | (2,482 | ) | $ | 77,394 | $ | 59,699 | $ | 23,558 | $ | (2,913 | ) | $ | 80,344 | $ | 58,944 | $ | 20,300 | $ | (2,176 | ) | $ | 77,068 | |||||||||||||||||||||
As of the three Months Ended July 28, 2013 | As of the three Months Ended April 28, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Mattress | Upholstery | Unallocated | Mattress | Upholstery | Unallocated | |||||||||||||||||||||||||||||||||||||||||||
Fabrics | Fabrics | Corporate | Total | Fabrics | Fabrics | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||
Total assets | 78,217 | 34,381 | 38,503 | 151,101 | 73,954 | 30,995 | 39,757 | 144,706 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | (18,627 | ) | (14,172 | ) | (19,717 | ) | (52,516 | ) | (16,004 | ) | (13,682 | ) | (19,437 | ) | (49,123 | ) | ||||||||||||||||||||||||||||||||
Subtotal | $ | 59,590 | $ | 20,209 | $ | 18,786 | $ | 98,585 | $ | 57,950 | $ | 17,313 | $ | 20,320 | $ | 95,583 | ||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - | - | (21,423 | ) | (21,423 | ) | - | - | (23,530 | ) | (23,530 | ) | ||||||||||||||||||||||||||||||||||||
Short-term investments | - | - | (6,174 | ) | (6,174 | ) | - | - | (5,286 | ) | (5,286 | ) | ||||||||||||||||||||||||||||||||||||
Long-term investments | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | - | - | (292 | ) | (292 | ) | - | - | (318 | ) | (318 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes - current | - | - | (7,747 | ) | (7,747 | ) | - | - | (7,709 | ) | (7,709 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | (651 | ) | (651 | ) | - | - | (753 | ) | (753 | ) | ||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | - | - | 2,200 | 2,200 | - | - | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||||||||||
Line of credit | - | - | 560 | 560 | 561 | 561 | ||||||||||||||||||||||||||||||||||||||||||
Income taxes payable - current | - | - | 320 | 320 | - | - | 285 | 285 | ||||||||||||||||||||||||||||||||||||||||
Income taxes payable - long-term | - | - | 4,176 | 4,176 | - | - | 4,191 | 4,191 | ||||||||||||||||||||||||||||||||||||||||
Deferred income taxes - non-current | - | - | 4,335 | 4,335 | - | - | 3,075 | 3,075 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, less current maturities | - | - | 4,400 | 4,400 | - | - | 4,400 | 4,400 | ||||||||||||||||||||||||||||||||||||||||
Total Capital Employed | $ | 59,590 | $ | 20,209 | $ | (1,510 | ) | $ | 78,289 | $ | 57,950 | $ | 17,313 | $ | (2,564 | ) | $ | 72,699 | ||||||||||||||||||||||||||||||
Mattress | Upholstery | Unallocated | ||||||||||||||||||||||||||||||||||||||||||||||
Fabrics | Fabrics | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Average Capital Employed (3) | $ | 59,728 | $ | 19,760 | $ | (2,329 | ) | $ | 77,159 | |||||||||||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) See reconciliation per page 6 of this financial information release. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) Return on average capital employed represents operating income for fiscal 2014 divided by average capital employed. | ||||||||||||||||||||||||||||||||||||||||||||||||
Average capital employed does not include cash and cash equivalents, short-term investments, long-term investments, long-term debt, | ||||||||||||||||||||||||||||||||||||||||||||||||
including current maturities, line of credit, current and noncurrent deferred tax assets and liabilities, income taxes payable and income taxes receivable. | ||||||||||||||||||||||||||||||||||||||||||||||||
(3) Average capital employed was computed using the five periods ending April 27, 2014, January 26, 2014, October 27, 2013, July 28, 2013 and April 28, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
Page 10 of 10
CULP, INC. FINANCIAL INFORMATION RELEASE |
CONSOLIDATED ADJUSTED EFFECTIVE INCOME TAX RATE, NET INCOME AND EARNINGS PER SHARE | ||||||||||||
FOR THE TWELVE MONTHS ENDED MAY 3, 2015 AND APRIL 27, 2014 | ||||||||||||
Unaudited | ||||||||||||
(Amounts in Thousands) |
TWELVE MONTHS ENDED | ||||||||||||
Amounts | ||||||||||||
May 3, | April 27, | |||||||||||
2015 | 2014 | |||||||||||
Consolidated Effective GAAP Income Tax Rate | (1 | ) | 34.3 | % | 8.4 | % | ||||||
Undistributed Earnings From Foreign Subsidiaries | (3.0 | )% | 26.3 | % | ||||||||
Non-Cash U.S. Income Tax Expense | (15.2 | )% | (17.1 | )% | ||||||||
Non-Cash Foreign Income Tax Expense | (0.4 | )% | - | |||||||||
Consolidated Adjusted Effective Income Tax Rate | (2 | ) | 15.7 | % | 17.6 | % |
THREE MONTHS ENDED | ||||||||||||||||||||||||
As reported | May 3, 2015 | As reported | April 27, 2014 | |||||||||||||||||||||
May 3, | Proforma Net | April 27, | Proforma Net | |||||||||||||||||||||
2015 | Adjustments | of Adjustments | 2014 | Adjustments | of Adjustments | |||||||||||||||||||
Income before income taxes | $ | 6,685 | $ | - | $ | 6,685 | $ | 4,120 | $ | 4,120 | ||||||||||||||
Income taxes (3) | 1,772 | $ | (722 | ) | 1,050 | 1,380 | $ | (655 | ) | 725 | ||||||||||||||
Net income | $ | 4,913 | $ | 722 | $ | 5,635 | $ | 2,740 | $ | 655 | $ | 3,395 | ||||||||||||
Net income per share-basic | $ | 0.40 | $ | 0.06 | $ | 0.46 | $ | 0.22 | $ | 0.05 | $ | 0.28 | ||||||||||||
Net income per share-diluted | $ | 0.39 | $ | 0.06 | $ | 0.45 | $ | 0.22 | $ | 0.05 | $ | 0.27 | ||||||||||||
Average shares outstanding-basic | 12,219 | 12,219 | 12,219 | 12,188 | 12,188 | 12,188 | ||||||||||||||||||
Average shares outstanding-diluted | 12,440 | 12,440 | 12,440 | 12,413 | 12,413 | 12,413 | ||||||||||||||||||
TWELVE MONTHS ENDED | ||||||||||||||||||||||||
As reported | May 3, 2015 | As reported | April 27, 2014 | |||||||||||||||||||||
May 3, | Proforma Net | April 27, | Proforma Net | |||||||||||||||||||||
2015 | Adjustments | of Adjustments | 2014 | Adjustments | of Adjustments | |||||||||||||||||||
Income before income taxes | $ | 22,956 | $ | - | $ | 22,956 | $ | 19,043 | $ | - | $ | 19,043 | ||||||||||||
Income taxes (3) | 7,885 | $ | (4,281 | ) | 3,604 | 1,596 | $ | 1,756 | 3,352 | |||||||||||||||
Net income | $ | 15,071 | $ | 4,281 | $ | 19,352 | $ | 17,447 | $ | (1,756 | ) | $ | 15,691 | |||||||||||
Net income per share-basic | $ | 1.23 | $ | 0.35 | $ | 1.58 | $ | 1.43 | $ | (0.14 | ) | $ | 1.29 | |||||||||||
Net income per share-diluted | $ | 1.21 | $ | 0.34 | $ | 1.56 | $ | 1.41 | $ | (0.14 | ) | $ | 1.26 | |||||||||||
Average shares outstanding-basic | 12,217 | 12,217 | 12,217 | 12,177 | 12,177 | 12,177 | ||||||||||||||||||
Average shares outstanding-diluted | 12,422 | 12,422 | 12,422 | 12,414 | 12,414 | 12,414 | ||||||||||||||||||
(1) Calculated by dividing consolidated income tax expense by | ||||||||||||||||||||||||
consolidated income before income taxes. | ||||||||||||||||||||||||
(2) Represents estimated cash income tax expense for our subsidiaries located | ||||||||||||||||||||||||
in Canada and China divided by consolidated income before income taxes. | ||||||||||||||||||||||||
(3) Proforma income taxes calculated using the Consolidated Adjusted Effective Income Tax Rate as reflected above. | ||||||||||||||||||||||||