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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Culp Inc | NYSE:CULP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -1.10% | 4.51 | 4.615 | 4.47 | 4.57 | 19,226 | 01:00:00 |
NORTH CAROLINA
(State or other jurisdiction of
incorporation or other organization)
|
56-1001967
(I.R.S. Employer Identification No.)
|
1823 Eastchester Drive, High Point, North Carolina
(Address of principal executive offices)
|
27265
(zip code)
|
(336) 889-5161
(Registrant’s telephone number, including area code)
|
Title of Each Class
|
Name of Each Exchange
On Which Registered
|
Common Stock, par value $.05/ Share
|
New York Stock Exchange
|
Large Accelerated Filer ☐
|
Accelerated Filer ☒
|
Non-Accelerated Filer ☐
|
Item No.
|
Page
|
|
|
||
1.
|
||
2
|
||
3
|
||
4
|
||
6
|
||
6
|
||
7
|
||
7
|
||
9
|
||
10
|
||
11
|
||
11
|
||
12
|
||
12
|
||
12
|
||
13
|
||
14
|
||
15
|
||
15
|
||
1A.
|
16
|
|
1B.
|
20
|
|
2.
|
20
|
|
3.
|
21
|
|
4.
|
21
|
|
|
||
5.
|
||
21
|
||
6.
|
24
|
|
7.
|
25
|
|
7A.
|
49
|
|
8.
|
50
|
|
9.
|
85
|
|
9A.
|
85
|
|
9B.
|
87
|
Item No.
|
Page
|
|
|
||
10.
|
87
|
|
11.
|
87
|
|
12.
|
||
87
|
||
13.
|
88
|
|
14.
|
88
|
|
|
||
15.
|
89
|
|
89
|
||
91
|
||
91
|
||
92
|
||
93
|
|
||||||||||||||||||||||||
Sales by Fiscal Year ($ in Millions) and Percentage of Total Company Sales
|
||||||||||||||||||||||||
Segment
|
Fiscal 2016
|
Fiscal 2015
|
Fiscal 2014
|
|||||||||||||||||||||
Mattress Fabrics
|
$ |
186.4
|
(60
|
%)
|
$
|
179.7
|
(58
|
%)
|
$
|
160.7
|
(56
|
%)
|
||||||||||||
Upholstery Fabrics
|
||||||||||||||||||||||||
Non-U.S.-Produced
|
$ |
115.2
|
(37
|
%)
|
$
|
119.1
|
(38
|
%)
|
$
|
116.0
|
(40
|
%)
|
||||||||||||
U.S.-Produced
|
11.2
|
(3
|
%)
|
|
11.3
|
(4
|
%)
|
|
10.5
|
(4
|
%)
|
|||||||||||||
Total Upholstery
|
$ |
126.4
|
(40
|
%)
|
$
|
130.4
|
(42
|
%)
|
$
|
126.5
|
(44
|
%)
|
||||||||||||
Total company
|
$ |
312.9
|
(100
|
%)
|
$
|
310.2
|
(100
|
%)
|
$
|
287.2
|
(100
|
%)
|
Woven jacquards | Various patterns and intricate designs. Woven on complex looms using a variety of synthetic and natural yarns. |
Converted | Suedes, pile and embroidered fabrics, and other specialty type products are sourced to offer diversity for higher end mattresses. |
Knitted fabric | Various patterns and intricate designs produced on special-width circular knit machines utilizing a variety of synthetic and natural yarns. Knitted mattress fabrics have inherent stretching properties and spongy softness, which conforms well with layered foam packages. |
Sewn mattress covers | Covers for bedding (primarily non-inner spring), sewn from knitted, jacquard and other mattress fabrics produced by our facilities or sourced from others. |
Woven jacquards | Elaborate, complex designs such as florals and tapestries in traditional, transitional, and contemporary styles. Woven on intricate looms using a wide variety of synthetic and natural yarns. |
Woven dobbies | Fabrics that use straight lines to produce geometric designs such as plaids, stripes, and solids in traditional and country styles. Woven on less complicated looms using a variety of weaving constructions and primarily synthetic yarns. |
Velvets | Soft fabrics with a plush feel. Woven or knitted in basic designs, using synthetic yarns which are yarn dyed or piece dyed. |
Suedes | Fabrics woven or knitted using microdenier polyester yarns, which are piece dyed and finished, usually by sanding. The fabrics are typically plain or small jacquard designs, with some being printed. These are sometimes referred to as microdenier suedes. |
Faux leathers | Sueded or knitted base cloths which are overprinted with polyurethane, and composite products consisting of a base fabric which is coated with a top layer of polyurethane, which simulate the look and feel of leather. |
Cut and sewn kits | Covers made from various types of upholstery fabrics and cut and sewn to specifications of furniture manufacturing customers for use on specific furniture frames. |
Number of Employees
|
||||||||||||||||||||
Fiscal
2016 |
Fiscal
2015 |
Fiscal
2014 |
Fiscal
2013 |
Fiscal
2012 |
||||||||||||||||
Mattress Fabrics Segment
|
682
|
631
|
592
|
577
|
492
|
|||||||||||||||
Upholstery Fabrics Segment
|
||||||||||||||||||||
United States
|
134
|
129
|
129
|
121
|
113
|
|||||||||||||||
Poland
|
-
|
-
|
4
|
5
|
8
|
|||||||||||||||
China
|
397
|
424
|
438
|
464
|
497
|
|||||||||||||||
Total Upholstery Fabrics Segment
|
531
|
553
|
571
|
590
|
618
|
|||||||||||||||
Unallocated corporate
|
4
|
4
|
4
|
4
|
4
|
|||||||||||||||
Total
|
1,217
|
1,188
|
1,167
|
1,171
|
1,114
|
Fiscal 2016
|
Fiscal 2015
|
Fiscal 2014
|
||||||||||||||||||||||
United States
|
$ |
244,930
|
78.3
|
%
|
$ |
242,833
|
78.3
|
%
|
$ |
232,078
|
80.8
|
%
|
||||||||||||
North America
|
$ |
31,667
|
10.1
|
% | $ |
30,758
|
10.0
|
% | $ |
15,556
|
5.4
|
% | ||||||||||||
(Excluding USA)
(1)
|
||||||||||||||||||||||||
Far
East
and Asia
(2)
|
31,927
|
10.2
|
% |
31,855
|
10.3
|
% |
33,487
|
11.7
|
% | |||||||||||||||
All other areas
|
4,336
|
1.4
|
% |
4,720
|
1.4
|
% |
6,041
|
2.1
|
% | |||||||||||||||
Subtotal (International)
|
$ |
67,930
|
21.7
|
% | $ |
67,333
|
21.7
|
% | $ |
55,084
|
19.2
|
% | ||||||||||||
Total
|
$ |
312,860
|
100
|
%
|
$ |
310,166
|
100
|
%
|
$ |
287,162
|
100
|
%
|
Approx. | |||
Total Area | Expiration | ||
Location | Principal Use | ( Sq. Ft.) | of Lease |
●
Administrative:
|
|||
High Point, North Carolina (1) |
Upholstery fabric division
offices and corporate headquarters |
29,812 | 2025 |
●
Mattress Fabrics:
|
|||
Stokesdale, North Carolina
|
Manufacturing, distribution,
and division offices |
293,958
|
Owned
|
Stokesdale, North Carolina
|
Warehouse
|
56,950
|
2017
|
High Point, North Carolina (1)
|
Manufacturing
|
63,522
|
2023
|
High Point, North Carolina
|
Warehouse and offices
|
65,886
|
2017
|
Summerfield, North Carolina
|
Manufacturing
|
39,320
|
2017
|
St. Jerome, Quebec, Canada
|
Manufacturing
|
202,500
|
Owned
|
● Upholstery Fabrics: | |||
Anderson, South Carolina
|
Manufacturing
|
99,000
|
Owned
|
Burlington, North Carolina (2)
|
Finished goods distribution
|
132,000
|
-
|
Shanghai, China
|
Manufacturing and offices
|
68,677
|
2018
|
Shanghai, China
|
Manufacturing and offices
|
89,857
|
2018
|
Shanghai, China
|
Manufacturing and warehousing
|
89,861
|
2017
|
Shanghai, China
|
Warehouse and offices
|
64,583
|
2017
|
Shanghai, China
|
Warehouse
|
48,610
|
2018
|
(1)
|
Includes all options to renew.
|
(2)
|
This lease agreement is currently on a month to month basis.
|
Period
|
(a)
Total Number
of Shares Purchased |
(b)
Average Price
Paid per Share |
(c)
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
(d)
Approximate Dollar Value of Shares that May Yet Be Purchased
Under the Plans or
Programs (1) |
February 1, 2016 to
March 6, 2016
|
-
|
$
-
|
-
|
$1,859,274
|
March 7, 2016 to
April 3, 2016
|
-
|
$
-
|
-
|
$1,859,274
|
April 4, 2016 to
May 1, 2016 |
-
|
$
-
|
-
|
$1,859,274
|
Total
|
-
|
$
-
|
-
|
$1,859,274
|
(1)
|
On February 25, 2014, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. During fiscal 2016, we purchased 100,776 shares of common stock at a cost of $2.4 million, all of which were purchased during the third quarter. At May 1, 2016, we had $1.9 million available for additional repurchases of common stock pursuant to the authorization by our board of directors dated February 25, 2014. On June 15, 2016, we announced that our board of directors increased the authorization for us to acquire up to $5.0 million of our common stock.
|
percent
|
||||||||||||||||||||||||
fiscal
|
fiscal
|
fiscal
|
fiscal
|
fiscal
|
change
|
|||||||||||||||||||
(amounts in thousands, except per share, ratios & other, stock data)
|
2016
|
2015
|
2014
|
2013
|
2012
|
2016/2015
|
||||||||||||||||||
INCOME STATEMENT DATA
|
||||||||||||||||||||||||
net sales
|
$
|
312,860
|
310,166
|
287,162
|
268,814
|
254,443
|
0.9
|
%
|
||||||||||||||||
cost of sales
|
247,749
|
254,599
|
238,256
|
219,284
|
214,711
|
-2.7
|
%
|
|||||||||||||||||
gross profit
|
65,111
|
55,567
|
48,906
|
49,530
|
39,732
|
17.2
|
%
|
|||||||||||||||||
selling, general, and administrative expenses
|
36,773
|
32,778
|
28,657
|
28,445
|
25,026
|
12.2
|
%
|
|||||||||||||||||
income from operations
|
28,338
|
22,789
|
20,249
|
21,085
|
14,706
|
24.3
|
%
|
|||||||||||||||||
interest expense
|
-
|
64
|
427
|
632
|
780
|
-100.0
|
%
|
|||||||||||||||||
interest income
|
(176
|
)
|
(622
|
)
|
(482
|
)
|
(419
|
)
|
(508
|
)
|
-71.7
|
%
|
||||||||||||
other expense
|
616
|
391
|
1,261
|
583
|
236
|
57.5
|
%
|
|||||||||||||||||
income before income taxes
|
27,898
|
22,956
|
19,043
|
20,289
|
14,198
|
21.5
|
%
|
|||||||||||||||||
income taxes
|
10,963
|
7,885
|
1,596
|
1,972
|
902
|
39.0
|
%
|
|||||||||||||||||
net income
|
$
|
16,935
|
15,071
|
17,447
|
18,317
|
13,296
|
12.4
|
%
|
||||||||||||||||
depreciation
|
$
|
6,671
|
5,773
|
5,312
|
5,115
|
4,865
|
15.6
|
%
|
||||||||||||||||
weighted average shares outstanding
|
12,302
|
12,217
|
12,177
|
12,235
|
12,711
|
0.7
|
%
|
|||||||||||||||||
weighted average shares outstanding, assuming dilution
|
12,475
|
12,422
|
12,414
|
12,450
|
12,866
|
0.4
|
%
|
|||||||||||||||||
PER SHARE DATA
|
||||||||||||||||||||||||
net income per share - basic
|
$
|
1.38
|
1.23
|
1.43
|
1.50
|
1.05
|
11.6
|
%
|
||||||||||||||||
net income per share - diluted
|
1.36
|
1.21
|
1.41
|
1.47
|
1.03
|
11.9
|
%
|
|||||||||||||||||
dividends per share
|
$
|
0.66
|
0.62
|
0.18
|
0.62
|
-
|
6.5
|
%
|
||||||||||||||||
book value
|
$
|
10.50
|
9.77
|
9.12
|
7.82
|
7.00
|
7.5
|
%
|
||||||||||||||||
BALANCE SHEET DATA
|
||||||||||||||||||||||||
operating working capital (4)
|
$
|
45,794
|
41,829
|
41,120
|
39,228
|
30,596
|
9.5
|
%
|
||||||||||||||||
property, plant and equipment, net
|
39,973
|
36,078
|
31,376
|
30,594
|
31,279
|
10.8
|
%
|
|||||||||||||||||
total assets
|
175,142
|
171,300
|
160,935
|
142,779
|
144,721
|
2.2
|
%
|
|||||||||||||||||
capital expenditures
|
10,708
|
11,174
|
5,310
|
4,457
|
5,919
|
-4.2
|
%
|
|||||||||||||||||
dividends paid
|
8,140
|
7,579
|
2,204
|
7,593
|
-
|
7.4
|
%
|
|||||||||||||||||
long-term debt, current maturities of long-term debt and line of credit
|
-
|
2,200
|
4,986
|
7,161
|
10,012
|
-100.0
|
%
|
|||||||||||||||||
shareholders' equity
|
128,812
|
119,427
|
111,744
|
95,583
|
89,000
|
7.9
|
%
|
|||||||||||||||||
capital employed (3)
|
90,357
|
83,225
|
80,038
|
74,747
|
69,630
|
8.6
|
%
|
|||||||||||||||||
RATIOS & OTHER DATA
|
||||||||||||||||||||||||
gross profit margin
|
20.8
|
%
|
17.9
|
%
|
17.0
|
%
|
18.4
|
%
|
15.6
|
%
|
||||||||||||||
operating income margin
|
9.1
|
%
|
7.3
|
%
|
7.1
|
%
|
7.8
|
%
|
5.8
|
%
|
||||||||||||||
net income margin
|
5.4
|
%
|
4.9
|
%
|
6.1
|
%
|
6.8
|
%
|
5.2
|
%
|
||||||||||||||
effective income tax rate
|
39.3
|
%
|
34.3
|
%
|
8.4
|
%
|
9.7
|
%
|
6.4
|
%
|
||||||||||||||
debt to total capital employed ratio (1) (3)
|
0.0
|
%
|
2.6
|
%
|
6.2
|
%
|
9.6
|
%
|
14.4
|
%
|
||||||||||||||
operating working capital turnover (4)
|
7.0
|
7.7
|
7.0
|
7.4
|
8.9
|
|||||||||||||||||||
days sales in receivables
|
27
|
34
|
35
|
32
|
36
|
|||||||||||||||||||
inventory turnover
|
5.6
|
6.1
|
6.0
|
5.9
|
6.6
|
|||||||||||||||||||
STOCK DATA
|
||||||||||||||||||||||||
stock price
|
||||||||||||||||||||||||
high
|
$
|
35.23
|
29.19
|
21.10
|
18.15
|
11.81
|
||||||||||||||||||
low
|
22.72
|
16.60
|
14.93
|
9.00
|
7.05
|
|||||||||||||||||||
close
|
26.24
|
26.02
|
18.61
|
16.25
|
11.05
|
|||||||||||||||||||
P/E ratio (2)
|
||||||||||||||||||||||||
high
|
26
|
24
|
15
|
12
|
11
|
|||||||||||||||||||
low
|
17
|
14
|
11
|
6
|
7
|
|||||||||||||||||||
daily average trading volume (shares)
|
67.3
|
38.6
|
27.5
|
40.9
|
30.6
|
(1) |
Debt includes long-term and current maturities of long-term debt and line of credit.
|
(2) | P/E ratios based on trailing 12-month diluted net income per share. |
(3)
|
Capital employed does not include cash and cash equivalents, short-term investments, long-term investments,
|
current maturities of long-term debt, long-term debt, line of credit, noncurrent deferred tax assets and liabilities,
|
|
income taxes receivable and payable, and deferred compensation.
|
|
|
|
(4) | Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade and |
account payable - capital expenditures.
|
Twelve Months Ended | ||||||||||||
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015
|
Change
|
|||||||||
Net sales
|
$
|
312,860
|
$
|
310,166
|
0.9
|
%
|
||||||
Gross profit
|
65,111
|
55,567
|
17.2
|
%
|
||||||||
Gross profit margin
|
20.8
|
%
|
17.9
|
%
|
290
|
bp
|
||||||
SG&A expenses
|
36,773
|
32,778
|
12.2
|
%
|
||||||||
Income from operations
|
28,338
|
22,789
|
24.3
|
%
|
||||||||
Operating margin
|
9.1
|
%
|
7.3
|
%
|
180
|
bp
|
||||||
Income before income taxes
|
27,898
|
22,956
|
21.5
|
%
|
||||||||
Income taxes
|
10,963
|
7,885
|
39.0
|
%
|
||||||||
Net income
|
16,935
|
15,071
|
12.4
|
%
|
Fiscal
|
Fiscal
|
Fiscal
|
||||||||||
2016
|
2015
|
2014
|
||||||||||
Net sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||
Cost of sales
|
79.2
|
82.1
|
83.0
|
|||||||||
Gross profit
|
20.8
|
17.9
|
17.0
|
|||||||||
Selling, general and administrative expenses
|
11.7
|
10.6
|
9.9
|
|||||||||
Income from operations
|
9.1
|
7.3
|
7.1
|
|||||||||
Interest income, net
|
0.0
|
0.2
|
0.0
|
|||||||||
Other expense, net
|
(0.2
|
)
|
(0.1
|
)
|
(0.5
|
)
|
||||||
Income before income taxes
|
8.9
|
7.4
|
6.6
|
|||||||||
Income taxes *
|
39.3
|
34.3
|
8.4
|
|||||||||
Net income
|
5.4
|
%
|
4.9
|
%
|
6.1
|
%
|
Twelve Months Ended
|
||||||||||||
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015
|
Change
|
|||||||||
Net sales
|
$
|
186,419
|
$
|
179,739
|
3.7
|
%
|
||||||
Gross profit
|
38,718
|
32,877
|
17.8
|
%
|
||||||||
Gross profit margin
|
20.8
|
%
|
18.3
|
%
|
250
|
bp
|
||||||
SG&A expenses
|
12,223
|
11,206
|
9.1
|
%
|
||||||||
Income from operations
|
26,496
|
21,671
|
22.3
|
%
|
||||||||
Operating margin
|
14.2
|
%
|
12.1
|
%
|
210
|
bp
|
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015
|
% Change
|
|||||||||
Accounts receivable and inventory
|
$
|
43,472
|
$
|
41,328
|
5.2
|
%
|
||||||
Property, plant & equipment
|
37,480
|
33,773
|
11.0
|
%
|
||||||||
Goodwill
|
11,462
|
11,462
|
0.0
|
%
|
||||||||
Non-compete agreement
|
903
|
979
|
(7.8
|
)%
|
||||||||
Customer Relationships
|
715
|
766
|
(6.7
|
)%
|
Twelve Months Ended
|
||||||||||||||||||||
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015
|
% Change
|
|||||||||||||||||
Non U.S. Produced
|
$
|
115,167
|
91
|
%
|
$
|
119,177
|
92
|
%
|
(3.4
|
)%
|
||||||||||
U.S Produced
|
11,274
|
9
|
%
|
11,250
|
8
|
%
|
0.2
|
%
|
||||||||||||
Total
|
$
|
126,441
|
100
|
%
|
$
|
130,427
|
100
|
%
|
(3.1
|
)%
|
Twelve Months Ended
|
||||||||||||
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015 | Change | |||||||||
Gross profit
|
$
|
26,393
|
$
|
22,690
|
16.3
|
%
|
||||||
Gross profit margin
|
20.9
|
%
|
17.4
|
%
|
350
|
bp
|
||||||
SG&A expenses
|
15,094
|
14,562
|
3.7
|
%
|
||||||||
Income from operations
|
11,298
|
8,128
|
39.0
|
%
|
||||||||
Operating margin
|
8.9
|
%
|
6.2
|
%
|
270
|
bp
|
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015
|
% Change
|
|||||||||
Accounts receivable and inventory
|
$
|
26,540
|
$
|
29,905
|
(11.3
|
)%
|
||||||
Property, plant & equipment
|
1,564
|
1,467
|
6.6
|
%
|
Twelve Months Ended | ||||||||||||
(dollars in thousands)
|
May 1, 2016
|
May 3, 2015 | % Change | |||||||||
SG&A expenses
|
$
|
36,773
|
$
|
32,778
|
12.2
|
%
|
||||||
Interest expense
|
-
|
64
|
(100.0
|
)%
|
||||||||
Interest income
|
176
|
622
|
(71.7
|
)%
|
||||||||
Other expense
|
616
|
391
|
57.5
|
%
|
2016
|
2015
|
|||||||
federal income tax rate
|
34.0
|
%
|
34.0
|
%
|
||||
tax effects of Chinese foreign exchange gains
|
4.4
|
0.3
|
||||||
change in valuation allowance
|
(1.2
|
)
|
(0.2
|
)
|
||||
change in North Carolina income tax rates
|
0.7
|
-
|
||||||
other
|
1.4
|
0.2
|
||||||
39.3
|
%
|
34.3
|
%
|
Twelve Months Ended
|
||||||||||||
(dollars in thousands)
|
May 3, 2015
|
April 27, 2014
|
Change
|
|||||||||
Net sales
|
$
|
179,739
|
$
|
160,705
|
11.8
|
%
|
||||||
Gross profit
|
32,877
|
27,477
|
19.7
|
%
|
||||||||
Gross profit margin
|
18.3
|
%
|
17.1
|
%
|
120
|
bp
|
||||||
SG&A expenses
|
11,206
|
9,962
|
12.5
|
%
|
||||||||
Income from operations
|
21,671
|
17,515
|
23.7
|
%
|
||||||||
Operating margin
|
12.1
|
%
|
10.9
|
%
|
120
|
bp
|
(dollars in thousands)
|
Fair Value
|
|||
Equipment
|
$
|
890
|
||
Non-compete agreement
|
882
|
|||
Customer relationships
|
868
|
|||
$
|
2,640
|
(dollars in thousands)
|
May 3, 2015
|
April 27, 2014
|
% Change
|
|||||||||
Accounts receivable and inventory
|
$
|
41,328
|
$
|
36,229
|
14.1
|
%
|
||||||
Property, plant & equipment
|
33,773
|
29,040
|
16.3
|
%
|
||||||||
Goodwill
|
11,462
|
11,462
|
0.0
|
%
|
||||||||
Non-compete agreement
|
979
|
1,041
|
(6.0
|
)%
|
||||||||
Customer Relationships
|
766
|
817
|
(6.2
|
)%
|
Twelve Months Ended
|
||||||||||||||||||||
(dollars in thousands)
|
May 3, 2015
|
April 27, 2014
|
% Change
|
|||||||||||||||||
Non U.S. Produced
|
$
|
119,177
|
92
|
%
|
$
|
115,991
|
92
|
%
|
2.7
|
%
|
||||||||||
U.S Produced
|
11,250
|
8
|
%
|
10,466
|
8
|
%
|
7.5
|
%
|
||||||||||||
Total
|
$
|
130,427
|
100
|
%
|
$
|
126,457
|
100
|
%
|
3.1
|
%
|
Twelve Months Ended
|
||||||||||||
(dollars in thousands)
|
May 3, 2015
|
April 27, 2014 | Change | |||||||||
Gross profit
|
$
|
22,690
|
$
|
21,429
|
5.9
|
%
|
||||||
Gross profit margin
|
17.4
|
%
|
16.9
|
%
|
50
|
bp
|
||||||
SG&A expenses
|
14,562
|
13,393
|
8.7
|
%
|
||||||||
Income from operations
|
8,128
|
8,036
|
1.1
|
%
|
||||||||
Operating margin
|
6.2
|
%
|
6.4
|
%
|
(20
|
)bp
|
(dollars in thousands)
|
May 3, 2015
|
April 27, 2014
|
% Change
|
|||||||||
Accounts receivable and inventory
|
$
|
29,905
|
$
|
31,854
|
(6.1
|
)%
|
||||||
Property, plant & equipment
|
1,467
|
1,573
|
(6.7
|
)%
|
Twelve Months Ended
|
||||||||||||
(dollars in thousands)
|
May 3, 2015
|
April 27, 2014
|
% Change
|
|||||||||
SG&A expenses
|
$
|
32,778
|
$
|
28,657
|
14.4
|
%
|
||||||
Interest expense
|
64
|
427
|
(850.1
|
)%
|
||||||||
Interest income
|
622
|
482
|
29.0
|
%
|
||||||||
Other expense
|
391
|
1,261
|
(690.0
|
)%
|
2015
|
2014
|
|||||||
federal income tax rate
|
34.0
|
%
|
34.0
|
%
|
||||
tax effects of Chinese foreign exchange gains (losses)
|
0.3
|
(1.3
|
)
|
|||||
change in valuation allowance
|
(0.2
|
)
|
0.1
|
|||||
change in North Carolina income tax rates
|
-
|
1.8
|
||||||
undistributed earnings from foreign subsidiaries
|
-
|
(26.3
|
)
|
|||||
other
|
0.2
|
0.1
|
||||||
34.3
|
%
|
8.4
|
%
|
May 1,
|
May 3,
|
|||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
Cayman Islands
|
$
|
25,762
|
8,591
|
|||||
China
|
8,454
|
14,630
|
||||||
Canada
|
6,844
|
12,511
|
||||||
United States
|
1,086
|
3,977
|
||||||
Poland
|
-
|
20
|
||||||
$
|
42,146
|
39,729
|
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||
Capital expenditures
|
$
|
5,623
|
3,750
|
1,240
|
-
|
- | - | 10,613 | ||||||||||||||||||||
Accounts payable –
|
||||||||||||||||||||||||||||
capital expenditures
|
224
|
-
|
-
|
-
|
- | - | 224 | |||||||||||||||||||||
Operating leases
|
2,567
|
1,178
|
405
|
48
|
18
|
-
|
4,216 | |||||||||||||||||||||
Interest expense
|
-
|
-
|
-
|
-
|
-
|
-
|
- | |||||||||||||||||||||
Line of credit
|
-
|
-
|
-
|
-
|
-
|
-
|
- | |||||||||||||||||||||
Long-term debt –
|
||||||||||||||||||||||||||||
principal | - | - | - | - | - | - | - | |||||||||||||||||||||
Total (1) |
$
|
8,414
|
4,928 | 1,645 | 48 | 18 | - | 15,053 |
1. | GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
May 1, | May 3, | |||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
Cayman Islands
|
$
|
25,762
|
8,591
|
|||||
China
|
8,454
|
13,018
|
||||||
Canada
|
3,550
|
5,178
|
||||||
United States
|
21
|
2,918
|
||||||
Poland
|
-
|
20
|
||||||
$
|
37,787
|
29,725
|
May 1, | May 3, | |||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
Canada
|
$
|
3,294
|
7,333
|
|||||
China
|
-
|
1,612
|
||||||
United States
|
1,065
|
1,059
|
||||||
$
|
4,359
|
10,004
|
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
China
|
$
|
(70
|
)
|
241
|
(571
|
)
|
||||||
Canada
|
76
|
(108
|
)
|
(44
|
)
|
|||||||
Poland
|
-
|
(2
|
)
|
(50
|
)
|
|||||||
$
|
6
|
131
|
(665
|
)
|
(dollars in thousands)
|
Fair Value
|
|||
Equipment (Note 13)
|
$
|
890
|
||
Non-compete agreement (Notes 7 and 13)
|
882
|
|||
Customer relationships (Notes 7 and 13)
|
868
|
|||
$
|
2,640
|
(dollars in thousands)
|
May 1,
2016
|
May 3,
2015
|
||||||
customers
|
$
|
25,531
|
30,338
|
|||||
allowance for doubtful accounts
|
(1,088
|
)
|
(851
|
)
|
||||
reserve for returns and allowances and discounts
|
(962
|
)
|
(738
|
)
|
||||
$
|
23,481
|
28,749
|
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
beginning balance
|
$
|
(851
|
)
|
(573
|
)
|
(780
|
)
|
|||||
provision for bad debts
|
(363
|
)
|
(421
|
)
|
139
|
|||||||
write-offs, net of recoveries
|
126
|
143
|
68
|
|||||||||
ending balance
|
$
|
(1,088
|
)
|
(851
|
)
|
(573
|
)
|
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
beginning balance
|
$
|
(738
|
)
|
(479
|
)
|
(543
|
)
|
|||||
provision for returns and allowances and discounts
|
(2,825
|
)
|
(2,733
|
)
|
(2,094
|
)
|
||||||
credits issued
|
2,601
|
2,474
|
2,158
|
|||||||||
ending balance
|
$
|
(962
|
)
|
(738
|
)
|
(479
|
)
|
4. | INVENTORIES |
|
May 1
,
|
May 3,
|
||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
raw materials
|
$
|
5,462
|
5,374
|
|||||
work-in-process
|
2,972
|
2,766
|
||||||
finished goods
|
38,097
|
34,344
|
||||||
$
|
46,531
|
42,484
|
5. | PROPERTY, PLANT AND EQUIPMENT |
depreciable lives
|
May 1,
|
May 3,
|
||||||||||
(dollars in thousands)
|
(in years) |
2016
|
2015
|
|||||||||
land and improvements
|
0-10
|
$
|
836
|
741
|
||||||||
buildings and improvements
|
7-40
|
16,126
|
15,312
|
|||||||||
leasehold improvements
|
**
|
|
1,340
|
1,320
|
||||||||
machinery and equipment
|
3-12
|
64,114
|
57,286
|
|||||||||
office furniture and equipment
|
3-10
|
8,212
|
7,340
|
|||||||||
capital projects in progress
|
2,896
|
1,966
|
||||||||||
93,524
|
83,965
|
|||||||||||
accumulated depreciation and amortization
|
(53,551
|
)
|
(47,887
|
)
|
||||||||
$
|
39,973
|
36,078
|
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
beginning balance
|
$
|
11,462
|
11,462
|
11,462
|
||||||||
loss on impairment |
-
|
-
|
- | |||||||||
acquisitions | - | - | - | |||||||||
ending balance
|
$
|
11,462
|
11,462
|
11,462
|
7. | OTHER ASSETS |
|
May 1,
|
May 3,
|
||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
cash surrender value – life insurance
|
$
|
357
|
339
|
|||||
non-compete agreement, net
|
903
|
979
|
||||||
customer relationships, net
|
715
|
766
|
||||||
other
|
598
|
461
|
||||||
$
|
2,573
|
2,545
|
8. | ACCRUED EXPENSES |
(dollars in thousands)
|
May 1,
2016
|
May 3,
2015
|
||||||
compensation, commissions and related benefits
|
$
|
10,011
|
9,081
|
|||||
advertising rebates
|
870
|
1,002
|
||||||
interest
|
-
|
37
|
||||||
other
|
1,041
|
1,009
|
||||||
$
|
11,922
|
11,129
|
9. | INCOME TAXES |
(dollars in thousands)
|
2016 |
2015
|
2014
|
|||||||||
income from operations
|
$ | 10,963 |
7,885
|
1,596
|
||||||||
shareholders’ equity, related to
the tax benefit arising from stock
based compensation
|
(841 | ) |
(109
|
)
|
(143
|
)
|
||||||
|
$
|
10,122
|
7,776
|
1,453
|
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
current
|
||||||||||||
federal
|
$
|
-
|
-
|
-
|
||||||||
state
|
6
|
(7
|
)
|
-
|
||||||||
foreign
|
6,765
|
4,713
|
3,323
|
|||||||||
6,771
|
4,706
|
3,323
|
||||||||||
deferred
|
||||||||||||
federal
|
(1,205
|
)
|
(849
|
)
|
1,065
|
|||||||
state
|
305
|
(52
|
)
|
416
|
||||||||
undistributed earnings – foreign subsidiaries
|
(1,129
|
)
|
(260
|
)
|
(5,018
|
)
|
||||||
U.S. operating loss carryforwards
|
5,467
|
4,487
|
1,838
|
|||||||||
foreign
|
1,086
|
(92
|
)
|
(42
|
)
|
|||||||
valuation allowance
|
(332
|
)
|
(55
|
)
|
14
|
|||||||
4,192
|
3,179
|
(1,727
|
)
|
|||||||||
$
|
10,963
|
7,885
|
1,596
|
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
Foreign | ||||||||||||
China
|
$
|
14,130
|
12,531
|
11,512
|
||||||||
Canada
|
3,647
|
2,695
|
2,149
|
|||||||||
Poland
|
(62
|
)
|
(260
|
)
|
(370
|
)
|
||||||
Total Foreign
|
17,715
|
14,966
|
13,291
|
|||||||||
United States
|
10,183
|
7,990
|
5,752
|
|||||||||
$
|
27,898
|
22,956
|
19,043
|
|
2016
|
2015
|
2014
|
|||||||||
federal income tax rate
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
||||||
tax effects of Chinese foreign exchange gains
|
4.4
|
0.3
|
(1.3
|
)
|
||||||||
change in valuation allowance
|
(1.2
|
)
|
(0.2
|
)
|
0.1
|
|||||||
change in North Carolina income tax rates
|
0.7
|
-
|
1.8
|
|||||||||
undistributed earnings from foreign subsidiaries
|
-
|
-
|
(26.3
|
)
|
||||||||
other
|
1.4
|
0.2
|
0.1
|
|||||||||
39.3
|
%
|
34.3
|
%
|
8.4
|
%
|
(dollars in thousands)
|
2016
|
2015
|
||||||
deferred tax assets:
|
||||||||
accounts receivable
|
$
|
545
|
444
|
|||||
inventories
|
2,660
|
2,251
|
||||||
compensation
|
5,311
|
4,497
|
||||||
liabilities and other
|
1,173
|
1,155
|
||||||
foreign income tax credits
-
U.S.
|
1,436
|
-
|
||||||
alternative minimum tax credit
-
U.S.
|
1,320
|
1,320
|
||||||
property, plant and equipment (1)
|
326
|
447
|
||||||
loss carryforwards – U.S.
|
6,888
|
12,133
|
||||||
loss carryforwards – foreign
|
147
|
361
|
||||||
unrecognized tax benefits – U.S.
|
(6,888
|
)
|
(10,349
|
)
|
||||
valuation allowances
|
(590
|
)
|
(922
|
)
|
||||
total deferred tax assets
|
12,328
|
11,337
|
undistributed earnings on foreign subsidiaries
|
(604
|
)
|
(1,733
|
)
|
||||
unrecognized tax benefits – U.S.
|
(4,168
|
)
|
-
|
|||||
property, plant and equipment (2)
|
(5,210
|
)
|
(4,022
|
)
|
||||
goodwill
|
(1,325
|
)
|
(1,197
|
)
|
||||
other
|
(185
|
)
|
(198
|
)
|
||||
total deferred tax liabilities
|
(11,492
|
)
|
(7,150
|
)
|
||||
Net deferred tax asset
|
$
|
836
|
4,187
|
(1)
|
Pertains to the company’s operations located in China.
|
(2)
|
Pertains to the company’s operations located in the U.S. and Canada.
|
(dollars in thousands)
|
2016 |
2015
|
2014
|
|||||||||
beginning balance
|
$
|
14,141
|
13,740
|
13,166
|
||||||||
increases from prior period tax positions
|
454 |
588
|
756
|
|||||||||
decreases from prior period tax positions
|
(77
|
)
|
(187
|
)
|
(182
|
)
|
||||||
increases from current period tax positions
|
379
|
-
|
-
|
|||||||||
ending balance
|
$
|
14,897
|
14,141
|
13,740
|
10. | LONG-TERM DEBT AND LINES OF CREDIT |
May 1, | May 3, | |||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
unsecured senior term notes
|
$
|
-
|
2,200
|
|||||
current maturities of long-term debt
|
-
|
(2,200
|
)
|
|||||
long-term debt, less current maturities
|
$
|
-
|
-
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||||
Number
|
Weighted-Avg.
|
Number
|
||||||||||||||||||
Range of
|
Outstanding
|
Remaining
|
Weighted-Avg.
|
Exercisable
|
Weighted-Avg.
|
|||||||||||||||
Exercise Prices
|
at 5/01/16
|
Contractual Life
|
Exercise Price
|
at 5/01/16
|
Exercise Price
|
|||||||||||||||
$4.59 - $5.41
|
2,000
|
0.4
|
$
|
5.41
|
2,000
|
$
|
5.41
|
|||||||||||||
$7.08 - $9.57
|
81,600
|
1.3
|
$
|
8.44
|
81,600
|
$
|
8.44
|
|||||||||||||
83,600
|
1.3
|
$
|
8.37
|
83,600
|
$
|
8.37
|
2016
|
2015
|
2014
|
||||||||||
Shares
|
Shares
|
Shares
|
||||||||||
outstanding at beginning of year
|
-
|
61,668
|
123,335
|
|||||||||
granted
|
-
|
- |
-
|
|||||||||
vested
|
-
|
(61,668
|
)
|
(61,667
|
)
|
|||||||
outstanding at end of year
|
-
|
-
|
61,668
|
Fair value measurements at May 1, 2016 using:
|
||||||||||||||||
|
Quoted prices in
active markets
for identical
assets
|
Significant other
observable inputs
|
Significant
unobservable
inputs
|
|||||||||||||
(amounts in thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Premier Money Market Fund
|
$
|
3,404
|
N/A
|
N/A
|
$
|
3,404
|
||||||||||
Low Duration Bond Fund
|
1,604
|
N/A
|
N/A
|
1,604
|
||||||||||||
Intermediate Term Bond Fund
|
1,154
|
N/A
|
N/A
|
1,154
|
||||||||||||
Strategic Income Fund
|
999
|
N/A
|
N/A
|
999
|
||||||||||||
Limited Term Bond Fund
|
602
|
N/A
|
N/A
|
602
|
||||||||||||
Large Blend Fund
|
289
|
N/A
|
N/A
|
289
|
||||||||||||
Growth Allocation Fund
|
148
|
N/A
|
N/A
|
148
|
||||||||||||
Mid Cap Value Fund
|
102
|
N/A
|
N/A
|
102
|
||||||||||||
Other
|
82
|
N/A
|
N/A
|
82
|
||||||||||||
14. | NET INCOME PER SHARE |
(in thousands)
|
2016
|
2015
|
2014
|
|||||||||
weighted-average common
|
||||||||||||
shares outstanding, basic
|
12,302
|
12,217
|
12,177
|
|||||||||
dilutive effect of stock-based compensation
|
173
|
205
|
237
|
|||||||||
weighted-average common
|
||||||||||||
shares outstanding, diluted
|
12,475
|
12,422
|
12,414
|
15. | BENEFIT PLANS |
16. | SEGMENT INFORMATION |
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
north america (excluding USA) (1)
|
$
|
31,667
|
30,758
|
15,556
|
||||||||
far east and asia (2)
|
31,927
|
31,855
|
33,487
|
|||||||||
all other areas
|
4,336
|
4,720
|
6,041
|
|||||||||
$
|
67,930
|
67,333
|
55,084
|
(1) | Of this amount, $24.2 million, $24.1 million, and $9.3 million are attributable to shipments to Mexico in fiscal 2016, 2015, and 2014, respectively. |
(2) | Of this amount $23.1 million, $26.5 million, and $32.2 million are attributable to shipment to China in fiscal 2016, 2015, and 2014, respectively. |
(dollars in thousands)
|
2016
|
2015
|
2014
|
|||||||||
segment assets
|
||||||||||||
mattress fabrics
|
||||||||||||
current assets (1)
|
$
|
43,472
|
41,328
|
36,229
|
||||||||
non-compete agreements, net
|
903
|
979
|
1,041
|
|||||||||
customer relationships
|
715
|
766
|
817
|
|||||||||
goodwill
|
11,462
|
11,462
|
11,462
|
|||||||||
property, plant, and equipment
|
37,480
|
(2)
|
33,773
|
(3)
|
29,040
|
(4)
|
||||||
total mattress fabrics assets
|
$
|
94,032
|
88,308
|
78,589
|
||||||||
upholstery fabrics
|
||||||||||||
current assets (1)
|
$
|
26,540
|
29,905
|
31,854
|
||||||||
property, plant, and equipment
|
1,564
|
(5)
|
1,467
|
(6)
|
1,573
|
(7)
|
||||||
total upholstery fabrics assets
|
$
|
28,104
|
31,372
|
33,427
|
||||||||
total segment assets
|
122,136
|
119,680
|
112,016
|
|||||||||
non-segment assets
|
||||||||||||
cash and cash equivalents
|
37,787
|
29,725
|
29,303
|
|||||||||
short-term investments
|
4,359
|
10,004
|
6,294
|
|||||||||
income taxes receivable
|
155
|
229
|
121
|
|||||||||
deferred income taxes
|
2,319
|
5,169
|
8,270
|
|||||||||
other current assets
|
2,477
|
2,440
|
2,344
|
|||||||||
property, plant, and equipment
|
929
|
(8)
|
838
|
(8)
|
763
|
(8)
|
||||||
long-term investments
|
4,025
|
2,415
|
765
|
|||||||||
other assets
|
955
|
800
|
1,059
|
|||||||||
total assets
|
$
|
175,142
|
171,300
|
160,935
|
||||||||
capital expenditures (9):
|
||||||||||||
mattress fabrics
|
$
|
9,666
|
10,454
|
4,380
|
||||||||
upholstery fabrics
|
626
|
468
|
827
|
|||||||||
unallocated corporate
|
416
|
252
|
103
|
|||||||||
$
|
10,708
|
11,174
|
5,310
|
|||||||||
depreciation expense
|
||||||||||||
mattress fabrics
|
$
|
5,837
|
5,034
|
4,694
|
||||||||
upholstery fabrics
|
834
|
739
|
618
|
|||||||||
total segment depreciation expense
|
$
|
6,671
|
5,773
|
5,312
|
(1) | Current assets represent accounts receivable and inventory. |
(2) | The $37.5 million at May 1, 2016, represents property, plant, and equipment located in the U.S. of $24.8 million and located in Canada of $12.7 million. |
(3) | The $33.8 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $23.8 million and located in Canada of $10.0 million. |
(4) | The $29.0 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $20.6 million and located in Canada of $8.4 million. |
(5) | The $1.6 million at May 1, 2016, represents property, plant, and equipment located in the U.S. of $893 and located in China of $671. |
(6) | The $1.5 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $848 and located in China of $619. |
(7) | The $1.6 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $957, China of $572, and located in Poland of $44. |
(8) | The $929, $838, and $763 balance at May 1, 2016, May 3, 2015, and April 27, 2014, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. |
(9) | Capital expenditure amounts are stated on an accrual basis. See Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis. |
17. | STATUTORY RESERVES |
SELECTED QUARTERLY DATA (UNAUDITED)
|
||||||||||||||||||||||||||||||||
fiscal
|
fiscal
|
fiscal
|
fiscal
|
fiscal
|
fiscal
|
fiscal
|
fiscal
|
|||||||||||||||||||||||||
2016
|
2016
|
2016
|
2016
|
2015
|
2015
|
2015
|
2015
|
|||||||||||||||||||||||||
(amounts in thousands except per share, ratios & other, stock data)
|
4th quarter
|
3rd quarter
|
2nd quarter
|
1st quarter
|
4th quarter
|
3rd quarter
|
2nd quarter
|
1st quarter
|
||||||||||||||||||||||||
INCOME STATEMENT DATA
|
||||||||||||||||||||||||||||||||
net sales
|
$
|
77,253
|
78,466
|
76,956
|
80,185
|
78,846
|
81,269
|
73,991
|
76,060
|
|||||||||||||||||||||||
cost of sales
|
60,640
|
61,903
|
61,223
|
63,983
|
62,674
|
66,867
|
61,713
|
63,345
|
||||||||||||||||||||||||
gross profit
|
16,613
|
16,563
|
15,733
|
16,202
|
16,172
|
14,402
|
12,278
|
12,715
|
||||||||||||||||||||||||
selling, general and administrative expenses
|
9,261
|
9,337
|
9,433
|
8,741
|
9,605
|
8,375
|
7,379
|
7,419
|
||||||||||||||||||||||||
income from operations
|
7,352
|
7,226
|
6,300
|
7,461
|
6,567
|
6,027
|
4,899
|
5,296
|
||||||||||||||||||||||||
interest expense
|
-
|
-
|
-
|
24
|
15
|
-
|
-
|
68
|
||||||||||||||||||||||||
interest income
|
(26
|
)
|
(38
|
)
|
(69
|
)
|
(66
|
)
|
(143
|
)
|
(202
|
)
|
(153
|
)
|
(142
|
)
|
||||||||||||||||
other expense (income)
|
211
|
85
|
225
|
95
|
10
|
307
|
162
|
(89
|
)
|
|||||||||||||||||||||||
income before income taxes
|
7,167
|
7,179
|
6,144
|
7,408
|
6,685
|
5,922
|
4,890
|
5,459
|
||||||||||||||||||||||||
income taxes
|
3,566
|
2,317
|
2,373
|
2,707
|
1,772
|
2,110
|
1,889
|
2,115
|
||||||||||||||||||||||||
net income
|
$
|
3,601
|
4,862
|
3,771
|
4,701
|
4,913
|
3,812
|
3,001
|
3,344
|
|||||||||||||||||||||||
depreciation
|
$
|
1,782
|
1,705
|
1,629
|
1,555
|
1,528
|
1,432
|
1,414
|
1,399
|
|||||||||||||||||||||||
weighted average shares outstanding
|
12,257
|
12,331
|
12,343
|
12,277
|
12,219
|
12,219
|
12,218
|
12,212
|
||||||||||||||||||||||||
weighted average shares outstanding,
|
||||||||||||||||||||||||||||||||
assuming dilution
|
12,434
|
12,486
|
12,484
|
12,456
|
12,440
|
12,417
|
12,401
|
12,404
|
||||||||||||||||||||||||
PER SHARE DATA
|
||||||||||||||||||||||||||||||||
net income per share - basic
|
$
|
0.29
|
0.39
|
0.31
|
0.38
|
0.40
|
0.31
|
0.25
|
0.27
|
|||||||||||||||||||||||
net income per share - diluted
|
0.29
|
0.39
|
0.30
|
0.38
|
0.39
|
0.31
|
0.24
|
0.27
|
||||||||||||||||||||||||
dividends per share
|
0.07
|
0.07
|
0.06
|
0.46
|
0.06
|
0.06
|
0.05
|
0.45
|
||||||||||||||||||||||||
book value
|
10.50
|
10.21
|
9.96
|
9.62
|
9.77
|
9.41
|
9.14
|
8.93
|
||||||||||||||||||||||||
BALANCE SHEET DATA
|
||||||||||||||||||||||||||||||||
operating working capital (3)
|
$
|
45,794
|
49,288
|
43,303
|
43,405
|
41,829
|
39,371
|
37,645
|
41,265
|
|||||||||||||||||||||||
property, plant and equipment, net
|
39,973
|
38,157
|
38,319
|
37,480
|
36,078
|
35,269
|
33,204
|
31,891
|
||||||||||||||||||||||||
total assets
|
175,142
|
173,551
|
168,947
|
166,880
|
171,300
|
165,358
|
156,162
|
154,219
|
||||||||||||||||||||||||
capital expenditures
|
3,631
|
1,542
|
2,575
|
2,960
|
2,490
|
3,696
|
2,728
|
2,260
|
||||||||||||||||||||||||
dividends paid
|
859
|
864
|
741
|
5,676
|
733
|
733
|
611
|
5,502
|
||||||||||||||||||||||||
long-term debt, current maturities of long-term debt, and line of credit (1)
|
-
|
-
|
-
|
2,200
|
2,200
|
2,200
|
2,200
|
4,969
|
||||||||||||||||||||||||
shareholders' equity
|
128,812
|
125,074
|
122,975
|
118,725
|
119,427
|
114,972
|
111,674
|
109,147
|
||||||||||||||||||||||||
capital employed (2)
|
90,357
|
90,983
|
88,297
|
90,593
|
83,225
|
81,645
|
79,430
|
83,148
|
||||||||||||||||||||||||
RATIOS & OTHER DATA
|
||||||||||||||||||||||||||||||||
gross profit margin
|
21.5
|
%
|
21.1
|
%
|
20.4
|
%
|
20.2
|
%
|
20.5
|
%
|
17.7
|
%
|
16.6
|
%
|
16.7
|
%
|
||||||||||||||||
operating income margin
|
9.5
|
9.2
|
8.2
|
9.3
|
8.3
|
7.4
|
6.6
|
7.0
|
||||||||||||||||||||||||
net income margin
|
4.7
|
6.2
|
4.9
|
5.9
|
6.2
|
4.7
|
4.1
|
4.4
|
||||||||||||||||||||||||
effective income tax rate
|
49.8
|
32.3
|
38.6
|
36.5
|
26.5
|
35.6
|
38.6
|
38.7
|
||||||||||||||||||||||||
Debt-to-total capital employed ratio (1)
|
0.0
|
0.0
|
0.0
|
2.4
|
2.6
|
2.7
|
2.8
|
6.0
|
||||||||||||||||||||||||
operating working capital turnover (3)
|
7.0
|
7.2
|
7.7
|
7.7
|
7.7
|
7.5
|
7.2
|
7.1
|
||||||||||||||||||||||||
days sales in receivables
|
28
|
31
|
28
|
29
|
33
|
32
|
31
|
31
|
||||||||||||||||||||||||
inventory turnover
|
5.3
|
5.1
|
5.3
|
5.6
|
6.4
|
7.0
|
6.4
|
6.0
|
||||||||||||||||||||||||
STOCK DATA
|
||||||||||||||||||||||||||||||||
stock price
|
||||||||||||||||||||||||||||||||
high
|
$
|
28.53
|
31.15
|
35.23
|
33.64
|
29.19
|
22.74
|
19.24
|
19.05
|
|||||||||||||||||||||||
low
|
22.72
|
22.61
|
29.13
|
25.22
|
19.22
|
18.50
|
16.60
|
17.11
|
||||||||||||||||||||||||
close
|
26.24
|
25.32
|
30.01
|
30.25
|
26.02
|
20.09
|
18.97
|
17.87
|
||||||||||||||||||||||||
daily average trading volume (shares)
|
33.5
|
68.8
|
76.2
|
90.5
|
64.9
|
26.8
|
29.7
|
33.7
|
(1) Debt includes long-term debt, current maturities of long-term debt, and line of credit.
|
(2) Capital employed does not include cash and cash equivalents, short-term investments, long-term investments,
|
current maturities of long-term debt, long-term debt, line of credit, noncurrent deferred tax assets and liabilities,
|
income taxes receivable and payable, and deferred compensation.
|
(3) Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade
|
accounts payable - capital expenditures.
|
Plan Category
|
Number of securities to be
issued upon exercise of outstanding options, warrants and rights |
Weighted-average exercise
price of outstanding options, warrants and rights |
Number of securities
remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a)) |
(a)
|
(b)
|
(c)
|
|
Equity compensation
plans approved by security holders |
83,600
|
$8.37
|
1,079,809
|
Equity compensation
plans not approved by security holders |
-
|
-
|
-
|
Total
|
83,600
|
$8.37
|
1,079,809
|
Page of Annual
|
|
Report on
|
|
Item
|
Form 10-K
|
|
|
Report of Independent Registered Public Accounting Firm
|
50
|
Consolidated Balance Sheets - May 1, 2016 and
|
|
May 3, 2015
|
51
|
Consolidated Statements of Net Income -
for the years ended May 1, 2016,
|
|
May 3, 2015 and April 27, 2017
|
52
|
Consolidated Statements of Comprehensive Income -
for the years ended May 1, 2016,
|
|
May 3, 2015 and April 27,2014
|
53
|
Consolidated Statements of Shareholders' Equity -
for the years ended May 1, 2016,
|
|
May 3, 2015 and April 27, 2014
|
54
|
Consolidated Statements of Cash Flows -
for the years ended May 1, 2016,
|
|
May 3, 2015 and April 27, 2014
|
55
|
Notes to Consolidated Financial Statements
|
56
|
3(i) | Articles of Incorporation of the company, as amended, were filed as Exhibit 3(i) to the company’s Form 10-Q for the quarter ended July 28, 2002, filed September 11, 2002 (Commission File No. 001-12597), and are incorporated herein by reference. |
10.1
|
Second Amendment to the Credit Agreement dated as of March 10, 2016, by and between Culp, Inc. and Wells Fargo N.A. was filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter ended January 31, 2016, filed March 11, 2016 (Commission File No. 001-12597), and incorporated herein by reference.
|
10.2
|
Form of restricted stock unit agreement for restricted stock units granted pursuant to the 2015 Equity Incentive Plan was filed as Exhibit 10.3 to the company’s Form 10-Q for the quarter ended August 2, 2015 (Commission File No. 001-12597), filed September 11, 2015, and incorporated herein by reference. (*)
|
10.3
|
2015 Equity Incentive Plan, filed as Annex A to the company’s 2015 Proxy Statement, filed on August 12, 2015 (Commission File No. 001-12597), and incorporated herein by reference. (*)
|
10.4
|
First Amendment to the Credit Agreement dated as of July 10, 2015, by and between Culp, Inc. and Wells Fargo, N.A., was filed as Exhibit 10.1 to the company’s Form 10-K for the year ended May 3, 2015, dated July 17, 2015, and incorporated herein by reference.
|
10.5
|
Culp, Inc. Deferred Compensation Plan For Certain Key Employees Amendment No. 1, was filed as Exhibit 10.2 to the company’s Form 10-K for the year ended May 3, 2015, dated July 17, 2015, and incorporated herein by reference. (*)
|
10.6
|
Written description of Non-employee Director Compensation, filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter ended August 3, 2014, dated September 12, 2014 (Commission File No. 001-12597), and is incorporated herein by reference. (*)
|
10.7
|
2002 Stock Option Plan was filed as Exhibit 10(a) to the company’s Form 10-Q for the quarter ended January 26, 2003, filed on March 12, 2003 (Commission File No. 001-12597), and is incorporated herein by reference. (*)
|
10.8
|
Form of stock option agreement for options granted to executive officers pursuant to the 2002 Stock Option Plan. This agreement was filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter ended July 29, 2007, filed on September 11, 2007 (Commission File No. 001-12597) and is incorporated herein by reference. (*)
|
10.9
|
2007 Equity Incentive Plan was filed as Annex A to the company’s 2007 Proxy Statement, filed on August 14, 2007 (Commission File No. 001-12597), and is incorporated herein by reference. (*)
|
10.10
|
Form of change in control and noncompetition agreement. This agreement was filed as Exhibit 10.3 to the company’s Form 10-Q for the quarter ended October 28, 2007, filed on December 12, 2007 (Commission File No. 001-12597) and incorporated herein by reference. (*)
|
10.11
|
Form of stock option agreement for options granted to executive officers pursuant to the 2007 Equity Incentive Plan, filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter ended August 3, 2008, filed on September 10, 2008 (Commission File No. 001-12597), and incorporated herein by reference. (*)
|
10.12
|
Written description of annual incentive plan was filed as Exhibit 10.29 to the company’s Form 10-K for the year end dated April 29, 2012, filed on July 12, 2012 (Commission File No. 001-12597), and is incorporated herein by reference. (*)
|
10.13
|
Form of restricted stock unit agreement for restricted stock units granted pursuant to the 2007 Equity Incentive Plan was filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter end dated July 29, 2012, filed on September 7, 2012 (Commission File No. 001-12597), and is incorporated herein by reference. (*)
|
10.14
|
Agreement dated December 27, 2012 between Culp, Inc., Robert G. Culp, III, and Robert G. Culp, III Irrevocable Trust dated December 11, 2012 was filed as Exhibit 10.1 to the Current Report on Form 8-K dated December 28, 2012 (Commission File No. 001-12597). (*)
|
10.15
|
Credit Agreement dated as of August 13, 2013, by and between Culp, Inc. and Wells Fargo, N.A., was filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter ended July 28, 2013, filed on September 6, 2013 (Commission File No. 001-12597), and is incorporated herein by reference.
|
10.16
|
Amended and Restated Deferred Compensation Plan for Certain Key Employees was filed as Exhibit 10.1 to the company’s Form 10-Q for the quarter ended January 26, 2014, filed on March 7, 2014 (Commission File No. 001-12597), and is incorporated herein by reference. (*)
|
21
|
List of subsidiaries of the company
|
23
|
Consent of Independent Registered Public Accounting Firm in connection with the registration statements of Culp, Inc. on Form S-8 (File Nos. 333-207195, 333-59512, 333-59514, 333-27519, 333-101805, 33-13310, 33-37027, 33-80206, 33-62843, 333-147663), dated March 20, 1987, September 18, 1990, June 13, 1994, September 22, 1995, May 21, 1997, April 26, 2001, April 25, 2001, December 12, 2002, November 27, 2007, and September 30, 2015 and on Form S-3 and S- 3/A (File No. 333-141346).
|
24(a)
|
Power of Attorney of Patrick B. Flavin, dated July 15, 2016
|
24(b)
|
Power of Attorney of Kenneth R. Larson, dated July 15, 2016
|
24(c)
|
Power of Attorney of Kenneth W. McAllister, dated July15, 2016
|
24(d)
|
Power of Attorney of Fred A. Jackson, dated July15, 2016
|
31(a)
|
Certification of Principal Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
31(b)
|
Certification of Principal Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
32(a)
|
Certification of Chief Executive Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
|
32(b)
|
Certification of Chief Financial Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
|
b)
|
Exhibits:
|
c)
|
Financial Statement Schedules:
|
|
CULP, INC.
|
|
By /s/
|
Franklin N. Saxon
|
|
Franklin N. Saxon
|
||
Chief Executive Officer
|
||
(principal executive officer)
|
/s/
|
Robert G. Culp, III |
/s/
|
Kenneth R. Larson * |
Robert G. Culp, III | Kenneth R. Larson | ||
|
(Chairman of the Board of Directors)
|
|
(Director)
|
/s/
|
Franklin N. Saxon |
/s/
|
Fred A. Jackson |
Franklin N. Saxon | Fred A. Jackson | ||
Chief Executive Officer | (Director) | ||
(principal executive officer) | |||
|
(Director)
|
|
|
s/ | Patrick B. Flavin* |
/s/
|
Kenneth R. Bowling |
Patrick B. Flavin | Kenneth R. Bowling | ||
(Director)
|
Chief Financial Officer | ||
(principal financial officer)
|
|||
|
|
|
|
/s/
|
Kenneth W. McAllister * |
/s/
|
Thomas B. Gallagher, Jr. |
Kenneth W. McAllister | Thomas B. Gallagher, Jr. | ||
(Director)
|
Corporate Controller | ||
|
|
|
(principal accounting officer)
|
* | By Kenneth R. Bowling, Attorney-in-Fact, pursuant to Powers of Attorney filed with the Securities and Exchange Commission. |
Exhibit Number
|
Exhibit
|
|
|
21
|
List of subsidiaries of the company
|
|
|
23
|
Consent of Independent Registered Public Accounting Firm in connection with the registration statements of Culp, Inc. on Form S-8 (File Nos. 333- 207195, 333-59512, 333-59514, 333-27519, 333-101805, 33-13310, 33- 37027, 33-80206, 33-62843, 333-147663), dated March 20, 1987, September 18, 1990, June 13, 1994, September 22, 1995, May 21, 1997, April 26, 2001, April 25, 2001, December 12, 2002, November 27, 2007, and September 30, 2015 and on Form S-3 and S-3/A (File No. 333-141346).
|
|
|
24(a)
|
Power of Attorney of Patrick B. Flavin, dated July 15, 2016
|
|
|
24(b)
|
Power of Attorney of Kenneth R. Larson, dated July 15, 2016
|
24(c)
|
Power of Attorney of Kenneth W. McAllister, dated July 15, 2016
|
|
|
24(d)
|
Power of Attorney of Fred A. Jackson, dated July 15, 2016
|
|
|
31(a)
|
Certification of Principal Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
|
|
31(b)
|
Certification of Principal Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
|
|
32(a)
|
Certification of Chief Executive Officer Pursuant to Section 906 of Sarbanes- Oxley Act of 2002.
|
|
|
32(b)
|
Certification of Chief Financial Officer Pursuant to Section 906 of Sarbanes- Oxley Act of 2002.
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Culp Chart |
1 Month Culp Chart |
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