CULP - Dividend announcements

Culp, Inc. (NYSE:CULP), a leading provider of fabrics for bedding and upholstery fabrics for residential and commercial furniture, today announced the completion of the sale of its mattress fabric manufacturing facility in Quebec, Canada. The transaction occurred in the first week of the Company's new fiscal year and marks the completion of the restructuring plan announced approximately one year ago. The purchase price for the facility was CA$8.6 million (USD$6.2 million), with CA$2.0 million (USD$1.4 million) received at closing and the balance to be paid with interest over the course of six to 12 months. The Company currently expects to realize approximately $3.0 to $3.5 million in cash p

Culp, Inc. (NYSE:CULP), a leading provider of fabrics for bedding and upholstery fabrics for residential and commercial furniture, today announced the strategic transformation of its operating model to further position the Company for flexibility and growth. The Company will combine its two stand-alone operating divisions, Culp Upholstery Fabrics and Culp Home Fashions, into a single, integrated business designed to optimize operational agility and collaboration, further streamline costs and processes across its business, and, most importantly, increase responsiveness to customer needs and market trends. As an initial step in this integration, the Company will close the leased facility ope

Expect to achieve $10.0 - $11.0 million in annualized savings and operating improvements with restructuring initiatives Expect a return to break even operating results at current industry demand levels post restructuring Cash restructuring charges (estimated at $2.5 million) expected to be funded with proceeds from equipment sales Anticipate receiving at least $10.0 to $12.0 million in cash proceeds (net of all taxes and commissions) from sale of real estate associated with restructuring plan Culp, Inc. (NYSE:CULP) (together with its consolidated subsidiaries, "CULP") today announced a major restructuring plan designed to reduce costs, improve asset utilization, and drive perfo

Achieves Solid Finish to Fiscal 2021, Positive Momentum for Fiscal 2022 Culp, Inc. (NYSE:CULP) (together with its consolidated subsidiaries, "CULP") today reported financial and operating results from continuing operations for the fourth quarter and fiscal year ended May 2, 2021. Fiscal 2021 Fourth Quarter Financial Summary(1) Net sales were $79.1 million, up 67 percent over the prior-year period, with mattress fabrics sales up 84 percent and upholstery fabrics sales up 50 percent compared with the fourth quarter of last year. Income from continuing operations (operating income) for the fourth quarter of fiscal 2021 was $1.6 million, compared with a loss from continuing operations of

HIGH POINT, N.C.--(BUSINESS WIRE)--Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating results from continuing operations for the third quarter ended January 31, 2021. Fiscal 2021 Third Quarter Financial Summary(1) Net sales were $79.3 million, up 15.8 percent over the prior-year period, with mattress fabrics sales up 15.1 percent and upholstery fabrics sales up 16.4 percent compared with the third quarter of last year. Pre-tax income from continuing operations was $3.1 million, which included $1.0 million in other expense relating mostly to foreign exchange rate fluctuations associated with our operations locat

HIGH POINT, N.C.--(BUSINESS WIRE)--Culp, Inc. (NYSE: CULP) today reported financial and operating results for the second quarter ended November 1, 2020. Fiscal 2021 Second Quarter Financial Summary(1) Net sales were $76.9 million, up 10.5 percent over the prior-year period, with mattress fabric sales up 12.2 percent and upholstery fabric sales up 8.7 percent compared with the second quarter of last year. Pre-tax income from continuing operations improved sequentially to $3.9 million, which included $680,000 in other expense relating mostly to foreign exchange rate fluctuations associated with China, compared with pre-tax income from continuing operations of $4.5 million for