CULP - Earnings call transcript Q4 2018

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Operator

Good day and welcome to the Culp’s Fourth Quarter 2018 Earnings Conference Call. Today's conference is being recorded. At this time, for opening remarks and instructions, I'd like to turn the call over to Ms. Dru Anderson. Please go ahead ma’am.

Dru Anderson

you. Thank welcome for conference fiscal the and the to XXXX. the results company's fourth to morning, call Culp review Good quarter and

will of the As this the me let company. financial contain call business, prospects we about forward-looking and state condition statements start, morning's that

or risks historical the and regular could XX-K These are events fact. filings, performance the recent that company The forward-looking materially about uncertainties statements statements described by are from including XX-Q. most otherwise various statements are of indicated projections, expectations and uncertainties. actual or Forward-looking beliefs because not company's differ that or and Form include future results statements of Form risks in SEC filings our on of the

reliance and today. this statements statements. undue You to on no forward-looking each forward-looking statement of as are or morning, cautioned We only undertake update speaks obligation made to revise such not to place

will financial Officer. company's call, company's the performance In the at the is over summary to charts yesterday financial non-GAAP as site site these now financial the a GAAP company presentation addition, included go call the call. on posted and Saxon, measurements. sir. filed this culp.com. will Web of and measurement as be schedule during Please measurements turn directly of A slide ahead, available discussing With on comparable Frank to reconciliation non-GAAP with X-K and the most the to today's financial of information A company's webcast are supporting additional Executive Chief Web also part that, President I

Frank Saxon

segments. the to analysts investors. Bowling, with Ken the today some the would comments our in to After today. then will review our strategic for you growth to the I'll then were conference for With first for update me begin our review results take thank Financial that, the and Culp, of call like of brief happy quarter call Ken finish with with the you and us and will then each businesses. We everyone be morning both Good financial higher quarterly Dru. on outlook in is operating Chief to I'll questions. you welcome actions quarter Culp you, and XXXX Officer. sales will and I on our reflecting call Ken, the Thank fiscal we joining pleased

sales we business. mattress fabric had are another had as fourth we sales, our year that year upholstery note the and strong While record the of challenges in in some division fabrics well quarter, trends the Our finished overall on by encouraged division

for results businesses driven creativity focus reflect of execution and design year relentless innovation. product consistent Our the our strategy with both product on in a

a offer Our reach the diverse new differentiator ability for has in segments key a mix market to and product marketplace. been Culp

fabric improved our realized diversify our and enhanced in and product fabrics business capabilities supported mattress with support hospitality in results. our the to upholstery of the Window growing market. completed expand and Products the recently service. acquisition favorable production have by benefits strategic And our we customer efficiencies, investments We continued excellent capabilities Read to both mix customer in substantial of with We’ve

this will that partnership strategic pleased an transaction textile. home market new and substantially on moment. I expands majority interest addressable an today a more adds we’ve company have channel announce comments focused eLuxury, in We sales are especially in to This us. for taken our e-commerce a exciting on

of from fiscal with ahead a of the facing to on fabric significant our and the new orders imported we're many mattresses look year, customers. its effect growth we Chinese As challenge

Culp markets, in call year. in outstanding will for global the optimistic channels to I'll in the is over that long turn our platform, we capabilities, be these review sheet. are bedding a Ken actions product expanding a in the later results balance the challenges now highly We manufacturing financial considered the and are aware address strong competitive development the the and term of quarter year. industry, who will successful short-term and by the the Despite near-term, fiscal with sales for confident industry situation being to this well-positioned actions we’re

Ken Bowling

you, Thank Frank.

mentioned As eLuxury key highlight slides call, slide measures We've our presentations capital the investment. on our and earlier site Investor Web also to we’ve posted Relations to strategy. cover posted that performance allocation our

$X.X a Pre-tax we $XX.X Cuts diluted the financial Act quarter of offset or tax somewhat income, Adjusted for incentive $X.XX $X.X $X.X exam. the quarter impact Reform, year-ago. fourth to sales reduction non-GAAP or in per fourth income the the up were margin net million million income or million net X.X% the more for was the prior lower results diluted due $X.XX X% share. share period. quarter Job with are prior Here $X much under in compared with compared million, Tax The IRS compensation Net and down $XX.X was cost requirements previous a reform to significant the or Tax which detail with Pre-tax to year. compared that profit Divisional last diluted million, of X.X% tax measure the expenses fourth will include per a year. was Net by quarter. an under with income X% the pertains settlement per the GAAP quarter year that and highlights share income year. excludes a compared for for a were of a cover the as pressures, gross million compared shortly was benefit SG&A for $X

income reform. XX% tax XX%. to revisions be are our subject rates in connection Looking will with range These to ahead estimates to to made our provisional next consolidated tax we of that fiscal in the rate year, effective estimate

to our part of in in fully the as tax use Importantly, credits. of out Reform, we order Tax repatriation mandatory to tax utilize elected foreign our offset NOLs

million capital to income starting lower this rate million with expected to result, a fiscal cash U.S is $X This apply result in in year the Trailing adjusted XX-months NOLs U.S EBITDA with we paid on the fiscal consolidated corporate As for tax same ability XXXX a XX% was approximately Annualized on we’ve fact, to return compared of all year-ago. taxes minimal capital and today. XXXX compared in U.S $XX.X expense year-ago. or fiscal sales million XX% was facts income. based taxable $XX.X a expenditures with and period coupled the XX.X% know against circumstances immediately

quarter. SG&A. margin XX.X% at X.X% compared million was let's a was in return our which down sales Operating and a businesses. sales compared income compensation with somewhat year's fabric on $X.X income by an income absorption, were with color a XX.X% Operating million, manufacturing lower year-ago XX%. on $X.X look will Now Annualized of with take The offset mattress two sales by compared fourth operating primarily last Frank fabrics for million pressured mattress $XX.X a provide minute. expenses more fabric with impacted efficiencies capital year-ago. incentive was cost mattress lower in fixed

quarter income X.X% and For up was with million sales the year's for XX% $X.X for $X.X million, upholstery compared quarter fabrics, million prior income for were last on compared year. with the fourth located $XX.X the fourth business Operating margin was X.X% Operating over Annualized the unfavorable from losses quarter. for U.S in impacted margins coming and capital Operating in with income operation by upholstery return rates year. XX%. associated was fabrics our exchange pressure currency South last were Anderson, China Carolina.

highlights. are sheet the Here balance

XXXX, lines on fiscal credit As million reported investments, end balance and and of we cash from in the of no our up a of outstanding slightly $XX.X year-ago. total

any to shares $X million, I year, will and leaving $X.X special million acquisition current in and repurchase dividends. With returned and repurchase fiscal Haiti combined this to in over back not program. turn million call the fiscal vendor-financed million did investment under Frank. For payments, The we spent for the CapEx, regular available shareholders a on including the $XX.X company funding year an $X.X that,

Frank Saxon

Ken. start Thanks, fabrics. mattress I'll with

of business. covers strategy fabrics year points most favorable trends challenging fiscal still year, the Our trends pleased mattress to to annual results in this the we sewn across and more headwinds favorable starting reflect with fourth solid for we’re the China. the another and the sales conditions a diversification are our across supported from industry. realize of report market And late product results. lower-priced Having in has demand Despite these imported mix bedding quarter with style mattresses impact soft of price

us customers and new mattress as boxed Importantly, called, business our products reach it's the market bedding especially cover new develop with to allowed segments, to has CLASS, additional customers and core space. our

and In venture. by our marketed in Supply addition, accessories, under sales fiscal further market our expect line to extend we bedding the new begin Comfort of new reach Culp, that name, year brand will Company this

our results all to pleased also of facilities across are transition We achieve production during major a of during the year. period these

serve to in operations 'XX, and our changes and investments ability our enhanced significant our substantial we the customers. With fiscal have XXXX in

costs Our changes, operating expenses were disruptions affected one-time including results associated the these the for production transition with and by moving year costs. and

industry. a will platform our initiatives fabrics competitive distribution made our investments Culp for a the year sustainable and our we transformational the business XXXX for However, position was Fiscal platform and many believe going production have the forward, our with we accomplishments. will mattress in that favorably have We operational in long-term. global position further strategic enhance

through the has optimistic imported Chinese about conditions market of to long-term growth summer we recent prevailed increasing in mattresses, prospects. early impact softness our due remain While the

direct eLuxury, at company a press majority offering accessories to we manufactured pads Internet Indiana. our release, home eLuxury's Evansville, become signed in primary mattress goods a bedding agreement a include consumers facility to whose products line in noted definitive and As for in Culp owner an of

sheets opportunity with channel home specialty category for with will in accessory expected branded a 'XX, in of eluxury.com, current online offers positive with direct same to new online We site, expect provide for beds, combination production, are growing to development and fulfillment EBITDA other period. cotton bed sourcing, capability. million brings on e-commerce together consumer slightly the retailers building is to in bedding and other run the space. a consumer rapidly excluding available us close our revenue product experience bedding related leading this extensive days. also eLuxury's in eLuxury's and brand products handmade items. sales direct some Their ELuxury This calendar global investment own eLuxury's be to businesses the rate Amazon on business XX distribution expand for the $XX Web and transaction platform and shopping and goods. to e-commerce, participate expertise Culp's This

of and also our line from we opportunity market including e-commerce reach have platform new made may Comfort good finished an and to Supply consumers. this fabrics accessories from upholstery our other through items We extend that develop, bedding market to

excellence We Paul has common our and believe exceptional strongly entrepreneur partners company excited built product and look to a who with a and associates are forward team. similar his Saunders, service. share to successful great We culture we customer a as having business work Culp very with centered the business around values

I'll Now turn upholstery to fabrics.

We fabrics with XXXX strong with higher the finish expected are than to the quarter. fiscal pleased for upholstery sales

growth stain the reflects line of performance popular our led highly product fabrics. by performance resistant strength continued in our Our of LiveSmart, durable mix,

the strategy have a favorable product creative saw multiyear reversing sales. For trends sales growth full-year, design, with sales have both Throughout substantial we our our hospitality and we the pursued focus a in and over residential of manufacturing customers. year on annual by lower last global innovation annual platform. year, trends we driven market sustained supported with Notably,

operation in style our currency the fiscal This seen year. in our in the exchange operating preferences a particularly, primarily Anderson, decline consumer XXXX customer changing based sales were to of results up, manufactured also lower, related unfavorable reflects in half China, decline U.S were Although due demand. South slightly Carolina. We've and for sales second in products rates

XXXX, sales. fabric upholstery of fiscal products for For X% from accounted facility Anderson about total the

where expect sustainable not volumes, XX. trend also we period, -- associates of the our determined this years locations support be fulfill with we transition dedication met. during it and Therefore, many the to With outstanding to quarter a to cease by will the of to is October the operation work facility ensure from second and of of closing intend cloth our are customers for their loyal we production will level has declining hard Anderson continue. appreciate and closely Culp. to end This needs for its supply the and the develop Anderson community orders other any we work We fabric our alternative reached

hospitality industries. source the previously to during products and significant we April window soft be product other years Read of source the to window our customer to Culp and Read expertise as hospitality goods we and design market for of fabrics combine Dale allow hospitality a a complete the will and announced, now the of will to this we'll treatments commercial and line We Ken integrate custom quarter the questions. team outlook market. growth we believe Read in market relationships. and Read's other treatments We more his And ahead. there in production Window's a in with and opportunities segment upholstery Culp's are your have then welcome strong Products, our As outstanding completed extend Window growing global Culp, and addition reach the for market. for The the first acquisition great operations for review capabilities take opportunity

Ken Bowling

At this sales mattresses and uncertainty due trends of the last imported the fabric fiscal business first overall significantly industry, China. year, first in XX% last continue as we as impact approximately time, mattress we of margins our increasing lower in operating mattress income be battle first be with the the of from than quarter expect demand quarter to we to to ongoing to soft expect year. sales, quarter With compared lower

Looking ahead we're the actions address situation near-term being of to fiscal be by XXXX, remainder will this in the that industry the optimistic to the considered successful.

year, the sales Assuming positively in be the Read we we the compared fabrics action due fiscal due In eLuxury second continued quarter to be events, business, an believe the these remainder closing in to to margins same rate of the quarter We of exchange by successful with Products partnership, pressure down and currency moderately quarter in half impact year. affected last operating of performance upholstery higher from the from first be to of upholstery China last sales sales operating especially unfavorable year of and expect and our for primarily such expect acquisition. the income Anderson and first the incremental from the will segment's the the is fabrics XXXX Window facility. factoring fiscal

closing, contributions first pre-tax the quarter these fiscal on plant range projection half, the a Considering from Looking ahead results of impact $X.X the currently year, fiscal projecting the currency report Anderson factors, based in a second to stable we’re the basis. of rates. Read more exchange of comparable for Window the we remainder on expectations, expect million the Products of particularly improving This was to and income Pre-tax is range to $X.X capital business million. last XXXX $X.X to income current for expected in on the Based of quarter budget, $X year’s be million. for expenditures fiscal our million $X are first to of for move is more as we $X expenditures. XXXX be will that, million. With a capital your approximately amortization million, expected to level maintenance Depreciation we fiscal questions. and to take XXXX

Operator

first Budd you. now Thank our It Raymond comes of can [Operator Instructions] from Bugatch take We James. question.

is ahead. line Your open. Please go

Beryl Bugatch

Good have Ken. of couple a morning, Good Frank. questions. I morning,

Frank Saxon

Good morning, Budd.

Ken Bowling

Good morning.

Beryl Bugatch

to expense? looks eLuxury, statement level. us in margin can the of a color terms gross inside, how its bit about give little operating as and of the operating Talk a gross you profit

Frank Saxon

good think I – out Budd, this as They don't last I breakeven gross to And at we comfortable have profit breaking SG&A around this disclosed point point, and at a this the this due -- I level what don't classifications. the handle think would enough EBIT be is at that you point. we’ve year is on know,

Ken Bowling

Okay. I would agree.

Beryl Bugatch

Is you report Okay. to And be is a to to are are going where separate mattress, going it segment, going going reported it? or consolidate inside or you how to be there it?

Frank Saxon

that of mattress reported accessories of the principally of be as because the business. will focus bedding It fabrics segment, part and

Ken Bowling

Correct.

Beryl Bugatch

Okay.

the like XX% You like they in the down mattress that, is guess? if a do talk to quarter fabrics sales line, will do of looks about significantly, it math the that about it's I the fact first that down XX% on looked reasonable be

Frank Saxon

to XX%, say to yes. I would XX% XX%. XX%

Beryl Bugatch

Okay.

including Read in is [indiscernible] the the the into Read, includes outlook in and works? and – upholstery upholstery's much segment make the addition how would that other -- So

Frank Saxon

$XX run million running rate, to It’s million million about so annual $X.X $X QX. in

Beryl Bugatch

Okay.

-- -- essentially will as excluding it's bit that stillget and Anderson, still Read, up excluding So then right, just that little revenues. that and a included include will reported

Frank Saxon

That is Yes. correct.

Beryl Bugatch

there be other outlook? book? restructuring be restructuring and or what’s to severance that charge will but wait, Okay. to severance book -- the restructuring you have will I type know a the And will you will charges when any have

Frank Saxon

in can quarter, to The be as way the the at probably evaluating we fixed have it end it’s have for live evaluate to to able inventory time. value. are that second customers, will stands this we’re we of we now, to near probably end, we costs -- the the we booked be probably and exceeding funds run and our which we remainder much get the will Budd, be the to how way And will -- that so first work with as have out, as be assets assets, basically now we going then Yes, that, be planned right the all need quarter. the of are severance the looking the very able and it

in now the in I'd looks we it will So say right charges charges first like some have second some quarter. and

Beryl Bugatch

on that have disappointment Anderson that’s that. think Right. lastly coming you upholstery And after been about target operating looks What close we me you obviously like getting for think be? can margin you that -- and to out for that Anderson? a then the What do talked do that,

Frank Saxon

about our of results the operation. effect results $X million for just by fiscal 'XX ended, sales on that affected Anderson The in annual

we China. was We’ve velvets you be wanted, the locations And line in will really the talked year to elimination obviously probably possible. a the buy given QX we we out are it's until style that in as and the was have nice than or the and we QX some if a of product is but for And times, wanted continuing expect not have, in products should of product half category plant, to way facility, close much just keep losses. as with just facility losses product they that customers a second benefit those So as but we on not Budd, the time we from wanting do to of the going retrospect, U.S category the many more there I’ve possible that like much. any not nearly U.S other and

of unfortunately facility it in to have We So our day that things. will it's right half a reach the of it a to business to we while fabrics it's upholstery bought facility. when and But to nonetheless do you year the meaningfully. from second contribute these had contribute nicely and tough the decision do in kinds thing of XXXX, will to close standpoint, the course

Beryl Bugatch

Just make year? drag on $X to you you’re million on loss about or or understand, had sure sales million last $X EBIT I out Anderson of saying an a worth $X of million EBITDA

Frank Saxon

That Budd. correct. That’s correct, That is is Budd. correct,

Beryl Bugatch

Okay. how Yes, I I got understand is. you. that tough

hearing about timing You things as too. about the fact that in something we venture to Any industry, when are, be talked the formally on might you’re filed? things

Frank Saxon

I than may up-to-date you mean, time kind the we here the things July, on I time frame. one August be but in am, of more Late -- these mid-August, around frame. the

to XX more at of begin accruing date. date. the that we be that Commerce We of impact this, preliminary about good because time, the the be days this duties you is Budd, are comment a filing preliminary than at assessed news and filing the duties understand know XX very may you lot a And that ruling are filing Department a that from beginning fairly can -- -- and quickly, and the to hearing likely some by on antidumping of no

time knowledge potentially what in as Budd, you second what kind hearing from we're these is of at frame comment better our may the but that your proceedings. year. and of under well QX, half and good QX certainly bit you're effect of in look looking So,

Beryl Bugatch

to I’ve you. just -- refer I would

party You’re a that to can't not though, be be the [indiscernible]? it its correct? filing, is to you -- party a can't You

Frank Saxon

of the a be producers U.S. higher it also while Unfortunately, high imported sets mattress the be a rate is hearing that’s that’s unfortunately a case. domestic -- be obviously a the are also of which It's mean the the the And calendar And into painful we of it U.S the also could -- cannot are participants, Department that helps we can duty all does and yesterday the percentage the of states. understand at that better short-term, petition, of We are probably rate Commerce only the Chinese the the accelerating QX. industry. correct. the shown strength the in producers part seeing for majority duty higher report preliminary But ruling very

Beryl Bugatch

of was to curious the I But -- gives the be opportunity you Okay. just I’m part CLASS if to, filing? a

Frank Saxon

we produced fabric No, is This all. not. scope it covers the mattress the and -- it or does mattresses, domestically is not a understand

Beryl Bugatch

Okay.

Frank Saxon

case, that to provide that Budd, some our its Now possible, certainly if to help of are -- -- data if industry willing that [indiscernible] we the would the our the like that.

Beryl Bugatch

Okay.

Frank Saxon

be cannot my we is part of But petition the understanding.

Beryl Bugatch

Got you.

Okay.

Frank Saxon

the percentage ended [Indiscernible] really it it's And of already. not needed. producers

Beryl Bugatch

in Got your it's to you you. CLASS impacted. products? And be your impacted more Is legacy -- for than mattress, going

Frank Saxon

That’s a good question.

The might and affected. have We Both box are traditional you the folks bed the affected are as this the both. players. -- what by by equally mattresses call imported affected been the

got our at don't work I acceleration of end QX, some I already numbers first by they've the inventory. apparent from as look I feeling situation when too, of the I in its much, QX, imported calendar think orders effect think should way of adjustments quarter That customers the also because we're inventory the with in the they think what QX. there's through

Beryl Bugatch

you I will I understood. very you. let others ask Thank much. questions. Got

Frank Saxon

Right.

Operator

you. Instructions] question. to Thank along next can move Rodriguez We from our Markets. Stonegate [Operator now of It Capital Marco comes

ahead. go Please open. is line Your

Marco Rodriguez

for guys. questions. you morning, Thank Good my taking

side Just with a can on kind anyway with the the Chinese that quantify impact margin guys then seeing you there on fabrics the revenue are side as well? the follow-up bit you you It of the of saw and in mattress there QX impact a imports. here the

Frank Saxon

segment And basis for the little that that’s our that our -- quarter imported base. so to fourth XXX in situation due and was in down mattress You were over that know were points. margins the down customer X.X%. revenues segment saw you about across our

at more. it, the for seeing -- the affecting with affecting mind it to quarter, one to not on margin XX%. in all, think -- keep decline the it us but the a of pretty going in to than still darn achieve with We're unit operating we're but which us it happy even I But sales Culp on what impact is that XX% has pleased So a thing first very good is is it is. the that accelerated started impact we're

are to X%, -- XX% of QX be sustaining margin this very even unit We likely X%, volume. X operating maybe kind for with

some we a and we of see mattress we strongly So handled get start got over in will benefit situation our in and it this very we business imported believe built will seen short-term, to profitable similar a year. of -- the that is half short-term. have second industries we normalcy fiscal time. other and will believe We’ve And Chinese return other to Marco this strongly We is kind things pass.

Marco Rodriguez

follow I of -- I if I'm can you And quickly question so guess kind can quickly antidumping normalcy, understand the on guess by prior August just kind return I'm you how on August? to Understood. that to kind or or July, timeframe, filing. that timing kind also kind the everything believe the just revenues assuming -- back assuming mentioned a of you done to QX of up of trying here How things of your of think how things will? gets here a filing

Frank Saxon

the the from would will Then XX, August -- Commerce. with which date, filing days the occur, lawyers maybe X XX early we put filing a the Department of for the meet to say date, If mid-to-late XX if September, filing from XX August industry let's days and October. that between would

from -- in We of filing. filing reducing petition, establishment are the hear what a impact impact we the do favorable impact, also is and some preliminary begin there We're that at be upon We we far the accrue experts, Commerce told the hear told, preliminary issue ruling. right after and Department the but after occurs ruling duties. can preliminary preliminary the significant will duties that of to are filing of because preliminary

in that going reduction, some possible and So it's certainly to our quarter see fiscal benefit our October. customers some we’re relief some ended second in have

I think going and likely it's QX. be to QX more

then Some as need run XX, XX-day to of that to these orders are orders may and probably off some of well.

Marco Rodriguez

you. Got

Okay. for if fact you And on also should fiscal fabric -- revenues clear obviously to yet, the in 'XX single expectations of down for we’re eLuxury that so, excluding 'XX here be exclude if not Is the so. that fair? mattress closed mattress fabrics, probably has be for fiscal kind digits but somewhere just the that mid assuming or

Frank Saxon

eLuxury sales I as we remarks, the said see our profitability. we think year half what second -- in the our of in positive that our expectation will impacts in from in and

second We half will import the affect just also the year to It could obviously orders a equal is our ended. our of will more the imported possible half. see second we year the favorable have results which -- mattresses, of in from reduction and still in customers be will that second half

the it. comparable to year rebound goal going and also demand, get second for probably those year. general, it we're a half factors, on But second of our just So, depends see in rebounded to on depends in overall the half, the certainly industry is last to two

Marco Rodriguez

SG&A got were just segment, people levels go, given And you. fact of the around expenses they the that fabrics were an those -- abnormally mattress Got in or lower or the were nature? let at impacts that anything held you’ve going

Frank Saxon

business? in You the mattress mean fabrics

Marco Rodriguez

yes. Yes,

Frank Saxon

reduced was compensation. that No, Yes. incentive

As compensation expectations. we based quarter their EVA did for performance on and not meet we before, said on the fourth incentive

adjust was to And so downward. had -- it we

Marco Rodriguez

you. Got

the just heard sure correctly. I just quick upholstery last And side, here on this making Okay. question

$X or somewhere been Anderson $X not in you that then impact have -- So it a was obviously the had issue, about had so? so plant it the from probably million to income, QX operating million would range

Frank Saxon

that’s Marco, full-year. for the

Ken Bowling

Yes.

Marco Rodriguez

Got you. For the full-year?

Frank Saxon

fabric the upholstery $XX year operating just And earned million in Yes. income. under for

Anderson, year. currency with even million unfavorable non-excluding was the it So impact $XX during the

once start that. performance good carving darn you pretty So out

Marco Rodriguez

Okay.

the account the that other side remaining And level the on least the for with impact for upholstery would you mattress? at FX saw or so margin gross -- in QX there

Frank Saxon

of side right. yes. Yes, vast is that’s impact. majority other including Anderson the that FX, Well, the That’s that, of

Marco Rodriguez

Got you.

Okay, great. your time. Thank I guys. you, appreciate

Frank Saxon

All right. Thank you.

Operator

further you. you. present. We’ve no Thank at Instructions] Thank [Operator questions

Frank Saxon

Thank thank to And quarter. in look we day. right. interest your participation you, for and forward good our the again, All end you and Have next at everyone of updating your operator. Culp, a

Operator

will and Thank participation gentlemen. That call. conference for your you conclude today’s ladies

may You disconnect. now

Culp (CULP) 14 Jun 182018 Q4 Earnings call transcript