Exhibit 99(b)
Page 1 of 7
CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF LOSS
FOR THE THREE MONTHS AND NINE MONTHS ENDED JANUARY 29, 2006 AND JANUARY 30, 2005
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)
THREE MONTHS ENDED
-------------------------------------------------------------
Amounts Percent of Sales
------------------------ -------------------------
January 29, January 30, % Over January 29, January 30,
2006 2005 (Under) 2006 2005
----------- ----------- -------- ----------- -----------
Net sales $ 61,035 69,060 (11.6)% 100.0 % 100.0 %
Cost of sales 56,858 66,493 (14.5)% 93.2 % 96.3 %
----------- ----------- -------- ----------- -----------
Gross profit 4,177 2,567 62.7 % 6.8 % 3.7 %
Selling, general and
administrative expenses 6,098 8,191 (25.6)% 10.0 % 11.9 %
Restructuring expense 343 1,135 (69.8)% 0.6 % 1.6 %
----------- ----------- -------- ----------- -----------
Loss from operations (2,264) (6,759) 66.5 % (3.7)% (9.8)%
Interest expense 1,063 912 16.6 % 1.7 % 1.3 %
Interest income (43) (42) 2.4 % (0.1)% (0.1)%
Other expense 135 49 175.5 % 0.2 % 0.1 %
----------- ----------- -------- ----------- -----------
Loss before income taxes (3,419) (7,678) 55.5 % (5.6)% (11.1)%
Income taxes* (1,250) (2,801) (55.4)% 36.6 % 36.5 %
----------- ----------- -------- ----------- -----------
Net loss $ (2,169) (4,877) 55.5 % (3.6)% (7.1)%
=========== =========== ======== =========== ===========
Net loss per share-basic ($0.19) ($0.42) (54.8)%
Net loss per share-diluted ($0.19) ($0.42) (54.8)%
Net loss per share, diluted, excluding restructuring ($0.10) ($0.13) (23.1)%
and related charges (see proforma
statement on page 6)
Average shares outstanding-basic 11,562 11,550 0.1 %
Average shares outstanding-diluted 11,562 11,550 0.1 %
NINE MONTHS ENDED
-------------------------------------------------------------
Amounts Percent of Sales
------------------------ -------------------------
January 29, January 30, % Over January 29, January 30,
2006 2005 (Under) 2006 2005
----------- ----------- -------- ----------- -----------
Net sales $ 190,383 212,315 (10.3)% 100.0 % 100.0 %
Cost of sales 174,098 191,506 (9.1)% 91.4 % 90.2 %
----------- ----------- -------- ----------- -----------
Gross profit 16,285 20,809 (21.7)% 8.6 % 9.8 %
Selling, general and
administrative expenses 22,480 26,309 (14.6)% 11.8 % 12.4 %
Goodwill impairment 0 5,126 (100.0)% 0.0 % 2.4 %
Restructuring expense 6,581 2,289 187.5 % 3.5 % 1.1 %
----------- ----------- -------- ----------- -----------
Loss from operations (12,776) (12,915) 1.1 % (6.7)% (6.1)%
Interest expense 2,955 2,789 6.0 % 1.6 % 1.3 %
Interest income (78) (98) (20.4)% (0.0)% (0.0)%
Other expense 481 436 10.3 % 0.3 % 0.2 %
----------- ----------- -------- ----------- -----------
Loss before income taxes (16,134) (16,042) (0.6)% (8.5)% (7.6)%
Income taxes* (5,873) (5,920) (0.8)% 36.4 % 36.9 %
----------- ----------- -------- ----------- -----------
Net loss $ (10,261) (10,122) (1.4)% (5.4)% (4.8)%
=========== =========== ======== =========== ===========
Net loss per share-basic ($0.89) ($0.88) 1.1 %
Net loss per share-diluted ($0.89) ($0.88) 1.1 %
Net loss per share, diluted, excluding restructuring ($0.18) ($0.18) 0.0 %
and related charges and goodwill impairment (see proforma
statement on page 7)
Average shares outstanding-basic 11,557 11,549 0.1 %
Average shares outstanding-diluted 11,557 11,549 0.1 %
* Percent of sales column for income taxes is calculated as a % of loss before income taxes.
CULP, INC. FINANCIAL INFORMATION RELEASE Page 2 of 7
CONSOLIDATED BALANCE SHEETS
JANUARY 29, 2006, JANUARY 30, 2005 AND MAY 1, 2005
(UNAUDITED)
(Amounts in Thousands)
Amounts Increase
------------------------ (Decrease)
January 29, January 30, --------------------- * May 1,
2006 2005 Dollars Percent 2005
----------- ----------- ---------- --------- --------
Current assets
Cash and cash equivalents $ 12,870 13,020 (150) (1.2)% 5,107
Accounts receivable 28,485 26,681 1,804 6.8 % 28,824
Inventories 42,099 46,649 (4,550) (9.8)% 50,499
Deferred income taxes 7,054 4,910 2,144 43.7 % 7,054
Other current assets 1,649 1,088 561 51.6 % 2,691
----------- ----------- ---------- --------- --------
Total current assets 92,157 92,348 (191) (0.2)% 94,175
Property, plant & equipment, net 52,562 71,024 (18,462) (26.0)% 66,032
Goodwill 4,114 4,114 0 0.0 % 4,114
Deferred income taxes 15,731 7,115 8,616 121.1 % 10,086
Other assets 1,775 1,330 445 33.5 % 1,716
----------- ----------- ---------- --------- --------
Total assets $ 166,339 175,931 (9,592) (5.5)% 176,123
=========== =========== ========== ========= ========
Current liabilities
Current maturities of long-term debt $ 8,049 584 7,465 1,278.3 % 8,110
Accounts payable 20,669 15,580 5,089 32.7 % 22,852
Accrued expenses 9,751 9,568 183 1.9 % 9,556
Accrued restructuring 4,299 5,093 (794) (15.6)% 5,850
Income taxes payable 635 1,690 (1,055) (62.4)% 1,544
----------- ----------- ---------- --------- --------
Total current liabilities 43,403 32,515 10,888 33.5 % 47,912
Long-term debt, less current maturities 47,229 49,975 (2,746) (5.5)% 42,440
----------- ----------- ---------- --------- --------
Total liabilities 90,632 82,490 8,142 9.9 % 90,352
Shareholders' equity 75,707 93,441 (17,734) (19.0)% 85,771
----------- ----------- ---------- --------- --------
Total liabilities and
shareholders' equity $ 166,339 175,931 (9,592) (5.5)% 176,123
=========== =========== ========== ========= ========
Shares outstanding 11,566 11,550 16 0.1 % 11,551
=========== =========== ========== ========= ========
* Derived from audited financial statements
CULP, INC. FINANCIAL INFORMATION RELEASE Page 3 of 7
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JANUARY 29, 2006 AND JANUARY 30, 2005
(UNAUDITED)
(Amounts in Thousands)
NINE MONTHS ENDED
-------------------------
Amounts
-------------------------
January 29, January 30,
2006 2005
----------- -----------
Cash flows from operating activities:
Net loss $ (10,261) (10,122)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 12,275 14,505
Amortization of other assets 70 100
Stock-based compensation 139 157
Goodwill impairment 0 5,126
Deferred income taxes (5,645) (6,907)
Restructuring expense 6,581 2,289
Changes in assets and liabilities:
Accounts receivable 339 4,038
Inventories 8,400 2,396
Other current assets 1,042 546
Other assets (129) 120
Accounts payable (1,695) 1,659
Accrued expenses 195 (3,460)
Accrued restructuring (5,075) (1,733)
Income taxes payable (909) (160)
----------- -----------
Net cash provided by operating activities 5,327 8,554
----------- -----------
Cash flows from investing activities:
Capital expenditures (5,428) (8,216)
Proceeds from the sale of buildings and equipment 3,950 0
----------- -----------
Net cash used in investing activities (1,478) (8,216)
----------- -----------
Cash flows from financing activities:
Payments on vendor-financed capital expenditures (871) (1,430)
Payments on long-term debt (292) (471)
Proceeds from issuance of long-term debt 5,020 0
Proceeds from common stock issued 57 15
----------- -----------
Net cash provided by (used in) financing activities 3,914 (1,886)
----------- -----------
Increase (decrease) in cash and cash equivalents 7,763 (1,548)
Cash and cash equivalents at beginning of period 5,107 14,568
----------- -----------
Cash and cash equivalents at end of period $ 12,870 13,020
============ ===========
Free Cash Flow (1) $ 2,978 (1,092)
============ ===========
- ----------------------------------------------------------------------------------------------
(1) Free Cash Flow reconciliation is as follows:
3rd Qtr 3rd Qtr
FY 2006 FY 2005
-------------------------
A) Net cash provided by operating activities $ 5,327 8,554
B) Minus: Capital Expenditures (5,428) (8,216)
C) Add: Proceeds from the sale of buildings and equipment 3,950 0
D) Minus: Payments on vendor-financed capital expenditures (871) (1,430)
----------- -----------
$ 2,978 (1,092)
============ ===========
- ----------------------------------------------------------------------------------------------
CULP, INC. FINANCIAL INFORMATION RELEASE Page 4 of 7
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE THREE MONTHS ENDED JANUARY 29, 2006 AND JANUARY 30, 2005
(UNAUDITED)
(Amounts in thousands)
THREE MONTHS ENDED
-------------------------------------------------------------
Amounts Percent of Total Sales
------------------------ ------------------------
January 29, January 30, % Over January 29, January 30,
Net Sales by Segment 2006 2005 (Under) 2006 2005
- ----------------------------------------------------- ----------- ----------- --------- ----------- -----------
Mattress Fabrics $ 22,681 25,576 (11.3)% 37.2 % 37.0 %
Upholstery Fabrics 38,354 43,484 (11.8)% 62.8 % 63.0 %
----------- ----------- --------- ----------- -----------
Net Sales $ 61,035 69,060 (11.6)% 100.0 % 100.0 %
=========== =========== ========= =========== ===========
Gross Profit by Segment Gross Profit Margin
- ----------------------------------------------------- ------------------------
Mattress Fabrics $ 3,442 3,478 (1.0)% 15.2 % 13.6 %
Upholstery Fabrics 2,070 3,391 (39.0)% 5.4 % 7.8 %
----------- ----------- --------- ----------- -----------
Subtotal 5,512 6,869 (19.8)% 9.0 % 9.9 %
Restructuring related charges (1,335)(1) (4,302)(3) 69.0 % (2.2)% (6.2)%
----------- ----------- --------- ----------- -----------
Gross Profit $ 4,177 2,567 62.7 % 6.8 % 3.7 %
=========== =========== ========= =========== ===========
Sales, General and Administrative expenses by Segment Percent of Sales
- ----------------------------------------------------- ------------------------
Mattress Fabrics $ 1,643 1,889 (13.0)% 7.2 % 7.4 %
Upholstery Fabrics 3,717 5,401 (31.2)% 9.7 % 12.4 %
Unallocated Corporate expenses 738 901 (18.1)% 1.2 % 1.3 %
----------- ----------- --------- ----------- -----------
Selling, General and Administrative expenses $ 6,098 8,191 (25.6)% 10.0 % 11.9 %
=========== =========== ========= =========== ===========
Operating Income (loss) by Segment Operating Income (Loss) Margin
- ----------------------------------------------------- ------------------------------
Mattress Fabrics $ 1,799 1,589 13.2 % 7.9 % 6.2 %
Upholstery Fabrics (1,647) (2,010) (18.1)% (4.3)% (4.6)%
Unallocated corporate expenses (738) (901) 18.1 % (1.2)% (1.3)%
----------- ----------- --------- ----------- -----------
Subtotal (586) (1,322) (55.7)% (1.0)% (1.9)%
Restructuring and related charges (1,678)(2) (5,437)(4) 69.1 % (2.7)% (7.9)%
----------- ----------- --------- ----------- -----------
Operating loss $ (2,264) (6,759) 66.5 % (3.7)% (9.8)%
=========== =========== ========= =========== ===========
Depreciation by Segment
- -----------------------------------------------------
Mattress Fabrics $ 965 912 5.8 %
Upholstery Fabrics 1,366 2,330 (41.4)%
----------- ----------- ---------
Subtotal 2,331 3,242 (28.1)%
Accelerated Depreciation 108 4,363 (97.5)%
----------- ----------- ---------
Total Depreciation $ 2,439 7,605 (67.9)%
=========== =========== =========
(1) The $1.3 million represents restructuring related charges primarily for
inventory markdowns, termination benefits and other operating costs
associated with plant facilities that are in the process of being closed or
are closed, and accelerated depreciation.
(2) The $1.7 million represents restructuring and related charges primarily for
inventory markdowns, termination benefits and other operating costs
associated with the closing of or closed plant facilities, asset movement
costs, accelerated depreciation, and lease termination costs.
(3) The $4.3 million represents represents restructuring related charges for
accelerated depreciation.
(4) The $5.4 million represents represents restructuring and related charges
primarily for accelerated depreciation, asset movement costs, lease
termination costs, and fixed asset write-downs.
CULP, INC. FINANCIAL INFORMATION RELEASE Page 5 of 7
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE NINE MONTHS ENDED JANUARY 29, 2006 AND JANUARY 30, 2005
(UNAUDITED)
(Amounts in thousands)
NINE MONTHS ENDED
-----------------------------------------------------------------
Amounts Percent of Total Sales
------------------------ --------------------------
January 29, January 30, % Over January 29, January 30,
Net Sales by Segment 2006 2005 (Under) 2006 2005
- ---------------------------------------- ----------- ---------- ---------- ------------ ------------
Mattress Fabrics $ 69,586 78,414 (11.3)% 36.6 % 36.9 %
Upholstery Fabrics 120,797 133,901 (9.8)% 63.4 % 63.1 %
----------- ---------- ---------- ------------ ------------
Net Sales $ 190,383 212,315 (10.3)% 100.0 % 100.0 %
=========== ========== ========== ============ ============
Gross Profit by Segment Gross Profit Margin
- ---------------------------------------- --------------------------
Mattress Fabrics $ 9,839 12,735 (22.7)% 14.1 % 16.2 %
Upholstery Fabrics 10,027 13,575 (26.1)% 8.3 % 10.1 %
----------- ---------- ---------- ------------ ------------
Subtotal 19,866 26,310 (24.5)% 10.4 % 12.4 %
Restructuring related charges (3,581)(1) (5,501)(4) 34.9 % (1.9)% (2.6)%
----------- ---------- ---------- ------------ ------------
Gross Profit $ 16,285 20,809 (21.7)% 8.6 % 9.8 %
=========== ========== ========== ============ ============
Sales, General and Administrative
expenses by Segment Percent of Sales
- ---------------------------------------- --------------------------
Mattress Fabrics $ 5,016 5,569 (9.9)% 7.2 % 7.1 %
Upholstery Fabrics 12,120 17,992 (32.6)% 10.0 % 13.4 %
Unallocated Corporate expenses 2,322 2,748 (15.5)% 1.2 % 1.3 %
----------- ---------- ---------- ------------ ------------
Subtotal 19,458 26,309 (26.0)% 10.2 % 12.4 %
Restructuring related charges 3,022 (2) 0 100.0 % 1.6 % 0.0 %
----------- ---------- ---------- ------------ ------------
Selling, General and Administrative
expenses $ 22,480 26,309 (14.6)% 11.8 % 12.4 %
=========== ========== ========== ============ ============
Operating Income (loss) by Segment Operating Income (Loss) Margin
- ---------------------------------------- -------------------------------
Mattress Fabrics $ 4,823 7,166 (32.7)% 6.9 % 9.1 %
Upholstery Fabrics (2,093) (4,417) 52.6 % (1.7)% (3.3)%
Unallocated corporate expenses (2,322) (2,748) 15.5 % (1.2)% (1.3)%
----------- ---------- ---------- ------------ ------------
Subtotal 408 1 40.7 % 0.2 % 0.0 %
Goodwill impairment 0 (5,126)(5)(100.0)% 0.0 % (2.4)%
Restructuring and related charges (13,184)(3) (7,790)(6) (69.2)% (6.9)% (3.7)%
----------- ---------- ---------- ------------ ------------
Operating loss $ (12,776) (12,915) 1.1 % (6.7)% (6.1)%
=========== ========== ========== ============ ============
Depreciation by Segment
- ----------------------------------------
Mattress Fabrics $ 2,714 2,743 (1.1)%
Upholstery Fabrics 4,582 7,184 (36.2)%
----------- ---------- ----------
Subtotal 7,296 9,927 (26.5)%
Accelerated Depreciation 4,979 4,578 8.8 %
----------- ---------- ----------
Total Depreciation $ 12,275 14,505 (15.4)%
=========== ========== ==========
(1) The $3.6 million represents restructuring related charges primarily for
accelerated depreciation, inventory markdowns, termination benefits and
other operating costs associated with plant facilities that are in the
process of being closed or are closed.
(2) The $3.0 million represents accelerated depreciation.
(3) The $13.2 million represents restructuring and related charges primarily
for accelerated depreciation, write-downs of buildings and equipment,
asset movement costs, termination benefits and other operating costs
associated with plant facilities that are in the process of being closed
or are closed, inventory markdowns, and lease termination costs.
(4) The $5.5 million represents restructuring related charges primarily for
accelerated depreciation and inventory markdowns.
(5) The $5.1 million represents a goodwill impairment charge related to the
Culp Decorative Fabrics division within the upholstery fabrics segment.
(6) The $7.8 million represents restructuring and related charges primarily
for accelerated depreciation, termination benefits, inventory markdowns,
asset movement costs, lease termination costs, and fixed asset
write-downs.
CULP, INC. Page 6 of 7
PROFORMA CONSOLIDATED STATEMENTS OF LOSS
FOR THE THREE MONTHS ENDED JANUARY 29, 2006 AND JANUARY 30, 2005
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)
THREE MONTHS ENDED
-------------------------------------------------------------------------------------------------------------------
January 29, January 30,
2006 2005 Pro-
As Reported Proforma As Reported Proforma forma
January 29, % of % of Net of % of January 30, % of % of Net of % of % Over
2006 Sales Adjustments Sales Adjustments Sales 2005 Sales Adjustments Sales Adjustments Sales (Under)
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Net sales $ 61,035 100.0% 0 61,035 100.0% 69,060 100.0% 0 69,060 100.0% -11.6%
Cost of sales 56,858 93.2% (1,335) -2.2%(1) 55,523 91.0% 66,493 96.3% (4,302) -6.2%(3) 62,191 90.1% -10.7%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Gross profit 4,177 6.8% (1,335) -2.2% 5,512 9.0% 2,567 3.7% (4,302) -6.2% 6,869 9.9% -19.8%
Selling, general
and
administrative
expenses 6,098 10.0% 0 0.0% 6,098 10.0% 8,191 11.9% 0 0.0% 8,191 11.9% -25.6%
Restructuring
expense 343 0.6% (343) -0.6%(2) 0 0.0% 1,135 1.6% (1,135) -1.6%(4) 0 0.0% 0.0%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Loss from
operations (2,264) -3.7% (1,678) -2.7% (586) -1.0% (6,759) -9.8% (5,437) -7.9% (1,322) -1.9% -55.7%
Interest expense 1,063 1.7% 0 0.0% 1,063 1.7% 912 1.3% 0 0.0% 912 1.3% 16.6%
Interest income (43) -0.1% 0 0.0% (43) -0.1% (42) -0.1% 0 0.0% (42) -0.1% 2.4%
Other expense 135 0.2% 0 0.0% 135 0.2% 49 0.1% 0 0.0% 49 0.1% 175.5%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Loss before
income taxes (3,419) -5.6% (1,678) -2.7% (1,741) -2.9% (7,678) -11.1% (5,437) -7.9% (2,241) -3.2% -22.3%
Income taxes (5) (1,250) 36.6% (637) 38.0% (613) 35.2% (2,801) 36.5% (2,050) 37.7% (751) 33.5% -18.3%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Net loss $ (2,169) -3.6% (1,041) -1.7% (1,128) -1.8% (4,877) -7.1% (3,387) -4.9% (1,490) -2.2% -24.3%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Net loss per
share-basic ($0.19) ($0.09) ($0.10) ($0.42) ($0.29) ($0.13)
Net loss per
share-diluted ($0.19) ($0.09) ($0.10) ($0.42) ($0.29) ($0.13)
Average shares
outstanding-
basic 11,562 11,562 11,562 11,550 11,550 11,550
Average shares
outstanding-
dilut 11,562 11,562 11,562 11,550 11,550 11,550
Notes:
(1) The $1.3 million represents restructuring related charges primarily for
inventory markdowns, termination benefits and other operating costs
associated with plant facilities that are in the process of being closed
or are closed, and accelerated depreciation.
(2) The $343,000 represents asset movement costs, termination benefits, and
lease termination costs.
(3) The $4.3 million represents restructuring related charges primarily for
accelerated depreciation.
(4) The $1.1 million represents restructuring charges primarily for asset
movement costs, lease termination costs, and fixed asset write-downs.
(5) The percent of net sales column for income taxes is calculated as a % of
loss before income taxes.
CULP, INC.
PROFORMA CONSOLIDATED STATEMENTS OF LOSS Page 7 of 7
FOR THE NINE MONTHS ENDED JANUARY 29, 2006 AND JANUARY 30, 2005
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)
NINE MONTHS ENDED
-------------------------------------------------------------------------------------------------------------------
January 29, January 30,
2006 2005 Pro-
As Reported Proforma As Reported Proforma forma
January 29, % of % of Net of % of January 30, % of % of Net of % of % Over
2006 Sales Adjustments Sales Adjustments Sales 2005 Sales Adjustments Sales Adjustments Sales (Under)
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Net sales $ 190,383 100.0% 0 190,383 100.0% 212,315 100.0% 0 212,315 100.0% -10.3%
Cost of sales 174,098 91.4% (3,581) -1.9%(1) 170,517 89.6% 191,506 90.2% (5,501) -2.6%(4) 186,005 87.6% -8.3%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Gross profit 16,285 8.6% (3,581) -1.9% 19,866 10.4% 20,809 9.8% (5,501) -2.6% 26,310 12.4% -24.5%
Selling, general
and
administrative
expenses 22,480 11.8% (3,022) -1.6%(2) 19,458 10.2% 26,309 12.4% 0 0.0% 26,309 12.4% -26.0%
Goodwill
impairment 0 0.0% 0 0.0% 0 0.0% 5,126 2.4% (5,126) -2.4%(5) 0 0.0% 0.0%
Restructuring
expense 6,581 3.5% (6,581) -3.5%(3) 0 0.0% 2,289 1.1% (2,289) -1.1%(6) 0 0.0% 0.0%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Income (loss)
from operations (12,776) -6.7% (13,184) -6.9% 408 0.2% (12,915) -6.1% (12,916) -6.1% 1 0.0% 40700.0%
Interest expense 2,955 1.6% 0 0.0% 2,955 1.6% 2,789 1.3% 0 0.0% 2,789 1.3% 6.0%
Interest income (78) 0.0% 0 0.0% (78) 0.0% (98) 0.0% 0 0.0% (98) 0.0% -20.4%
Other expense 481 0.3% 0 0.0% 481 0.3% 436 0.2% 0 0.0% 436 0.2% 10.3%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Loss before
income taxes (16,134) -8.5% (13,184) -6.9% (2,950) -1.5% (16,042) -7.6% (12,916) -6.1% (3,126) -1.5% -5.6%
Income taxes (7) (5,873) 36.4% (5,010) 38.0% (863) 29.3% (5,920) 36.9% (4,873) 37.7% (1,047) 33.5% -17.6%
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------
Net loss $ (10,261) -5.4% (8,174) -4.3% (2,087) -1.1% (10,122) -4.8% (8,043) -3.8% (2,079) -1.0% 0.4%
================= ================= ================= ================= ================= ================= =======
Net loss per
share-basic ($0.89) ($0.71) ($0.18) ($0.88) ($0.70) ($0.18)
Net loss per
share-diluted ($0.89) ($0.71) ($0.18) ($0.88) ($0.70) ($0.18)
Average shares
outstanding-
basic 11,557 11,557 11,557 11,549 11,549 11,549
Average shares
outstanding-
diluted 11,557 11,557 11,557 11,549 11,549 11,549
Notes:
(1) The $3.6 million represents restructuring related charges primarily for
accelerated depreciation, inventory markdowns, termination benefits and
other operating costs associated with plant facilities that are in the
process of being closed or are closed.
(2) The $3.0 million represents accelerated depreciation.
(3) The $6.5 million represents write-downs of buildings and equipment, asset
movement costs, termination benefits, and lease termination costs.
(4) The $5.5 million represents restructuring related charges primarily for
accelerated depreciation and inventory markdowns.
(5) The $5.1 million represents a goodwill impairment charge related to the
Culp Decorative Fabrics division within the upholstery fabrics segment.
(6) The $2.3 million represents restructuring charges primarily for termination
benefits, asset movement costs, lease termination costs, and fixed asset
write-downs.
(7) The percent of net sales column for income taxes is calculated as a % of
loss before income taxes.