CULP, INC. FINANCIAL INFORMATION RELEASE RETURN ON CAPITAL EMPLOYED BY SEGMENT FOR THE TWELVE MONTHS ENDED MAY 3, 2015 | |
(Amounts in Thousands) | |
(Unaudited) | |
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| | Operating Income Twelve Months Ended May 3, 2015 (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Mattress Fabrics | | $ | 21,671 | | | $ | 64,783 | | | | 33.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Upholstery Fabrics | | | 8,128 | | | | 16,680 | | | | 48.7 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(less: Unallocated Corporate) | | | (7,010 | ) | | | 34 | | | | N/ | A | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 22,789 | | | $ | 81,497 | | | | 28.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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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 | |
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Total assets | | | 89,066 | | | | 32,838 | | | | 49,396 | | | | 171,300 | | | | 83,648 | | | | 35,761 | | | | 45,949 | | | | 165,358 | | | | 80,121 | | | | 30,916 | | | | 45,126 | | | | 156,163 | |
Total liabilities | | | (18,594 | ) | | | (18,812 | ) | | | (14,467 | ) | | | (51,873 | ) | | | (18,470 | ) | | | (18,927 | ) | | | (12,989 | ) | | | (50,386 | ) | | | (17,247 | ) | | | (14,847 | ) | | | (12,395 | ) | | | (44,489 | ) |
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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 - non-current | | | - | | | | - | | | | (5,169 | ) | | | (5,169 | ) | | | - | | | | - | | | | (5,020 | ) | | | (5,020 | ) | | | - | | | | - | | | | (6,200 | ) | | | (6,200 | ) |
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 | | | - | | | | - | | | | 982 | | | | 982 | | | | - | | | | - | | | | 927 | | | | 927 | | | | - | | | | - | | | | 896 | | | | 896 | |
Long-term debt, less current maturities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Deferred compensation | | | - | | | | - | | | | 4,041 | | | | 4,041 | | | | - | | | | - | | | | 3,934 | | | | 3,934 | | | | - | | | | - | | | | 3,794 | | | | 3,794 | |
Total Capital Employed | | $ | 70,472 | | | $ | 14,026 | | | $ | (1,273 | ) | | $ | 83,225 | | | $ | 65,178 | | | $ | 16,834 | | | $ | (367 | ) | | $ | 81,645 | | | $ | 62,874 | | | $ | 16,069 | | | $ | 487 | | | $ | 79,430 | |
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| | 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 | | | | | | | | | | | | | | | | | |
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Total assets | | | 81,400 | | | | 30,520 | | | | 42,298 | | | | 154,218 | | | | 79,055 | | | | 34,987 | | | | 46,886 | | | | 160,928 | | | | | | | | | | | | | | | | | |
Total liabilities | | | (18,464 | ) | | | (11,468 | ) | | | (15,139 | ) | | | (45,071 | ) | | | (16,598 | ) | | | (17,568 | ) | | | (15,018 | ) | | | (49,184 | ) | | | | | | | | | | | | | | | | |
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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 - non-current | | | - | | | | - | | | | (7,182 | ) | | | (7,182 | ) | | | - | | | | - | | | | (8,263 | ) | | | (8,263 | ) | | | | | | | | | | | | | | | | |
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 | | | - | | | | - | | | | 1,019 | | | | 1,019 | | | | - | | | | - | | | | 1,006 | | | | 1,006 | | | | | | | | | | | | | | | | | |
Long-term debt, less current maturities | | | - | | | | - | | | | 2,200 | | | | 2,200 | | | | - | | | | - | | | | 2,200 | | | | 2,200 | | | | | | | | | | | | | | | | | |
Deferred compensation | | | - | | | | - | | | | 3,632 | | | | 3,632 | | | | - | | | | - | | | | 2,644 | | | | 2,644 | | | | | | | | | | | | | | | | | |
Total Capital Employed | | $ | 62,936 | | | $ | 19,052 | | | $ | 1,160 | | | $ | 83,148 | | | $ | 62,457 | | | $ | 17,419 | | | $ | 162 | | | $ | 80,038 | | | | | | | | | | | | | | | | | |
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| | Mattress | | | Upholstery | | | Unallocated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fabrics | | | Fabrics | | | Corporate | | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Average Capital Employed (3) | | $ | 64,783 | | | $ | 16,680 | | | $ | 34 | | | $ | 81,497 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Notes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) See reconciliation per page 6 of this financial information release. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(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, noncurrent deferred tax assets and liabilities, income taxes payable and receivable, and deferred compensation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(3) Average capital employed was computed using the five quarterly periods ending May 3, 2015, February 1, 2015, November 2, 2014, August 3, 2014 and April 27, 2014. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |