Culp Inc - CULP STOCK NEWS

Culp (NYSE: CULP), a leading marketer of mattress fabrics and upholstery fabrics, has announced the election of William L. Tyson to its Board of Directors. Tyson brings over 30 years of investment banking and capital markets experience to the company.

Tyson most recently served as head of Mergers & Acquisitions at Fifth Third Capital Markets from 2021 until December 2024. His previous roles include Executive Vice President and Co-head of Capital Markets positions at Fifth Third since 2016. He also spent 18 years at BB&T Capital Markets as Senior Managing Director and Co-Head of Investment Banking.

Throughout his career, Tyson has advised on over 300 capital financing transactions across public and private markets, including numerous deals in the home furnishings and textile industries, with several involving Culp directly.

Culp Inc (NYSE: CULP) reported Q3 fiscal 2025 results with consolidated net sales of $52.3 million, down 6.1% sequentially. The company posted a GAAP consolidated loss from operations of $(3.9) million, including $2.3 million in restructuring expenses.

Key highlights include:

• Mattress fabrics sales declined 4.8% sequentially, with a 58.3% reduction in operating loss
• Upholstery fabrics sales decreased 7.8% sequentially but maintained profitability
• Net loss of $(4.1) million, improved from $(5.6) million in previous quarter
• Adjusted EBITDA near break-even at negative $(123,000)

The company substantially completed its mattress fabrics restructuring initiatives in January, expecting $10-11 million in annualized savings. A conditional agreement for Canadian real estate sale could generate $6-8 million in net proceeds. The company maintains $28.5 million in total liquidity, with $5.3 million in cash and $23.2 million in available credit.

Culp (NYSE: CULP), a leading marketer of mattress and upholstery fabrics, has scheduled its third quarter fiscal 2025 conference call for March 6, 2025, at 9:00 a.m. ET. The company will discuss financial and operating results for the quarter ended January 26, 2025.

The earnings release will be issued after market close on March 5, 2025. Investors can access the live webcast through the 'Upcoming Events' section on Culp's Investor Relations webpage, with a replay available for 30 days under 'Past Events'.

As one of North America's largest fabric marketers, Culp operates manufacturing and sourcing facilities across multiple countries including the United States, China, Haiti, Turkey, and Vietnam.

Culp Inc. (NYSE: CULP) reported financial results for Q2 FY2025 ended October 27, 2024. The company posted consolidated net sales of $55.7 million, down 5.2% year-over-year, with mattress fabrics segment sales increasing 7.1% sequentially. The company reported a GAAP consolidated loss from operations of $(5.4) million, including $2.8 million in restructuring expenses.

The mattress fabrics segment showed a 70.7% sequential reduction in operating loss as restructuring progresses. The company maintains $10.5 million in cash with $4.1 million in outstanding borrowings. Looking ahead, Culp expects Q3 consolidated net sales to be flat to slightly down sequentially, with positive adjusted EBITDA projected for the second half of FY2025.

Culp (NYSE: CULP) has announced it will host its second quarter fiscal 2025 conference call on December 5, 2024, at 9:00 a.m. ET. The company will review financial and operating results for the quarter ended October 27, 2024. Results will be released after market close on December 4, 2024. A live webcast will be available on the company's website under 'Upcoming Events,' with a 30-day replay available afterward. Culp is a major marketer of mattress and upholstery fabrics in North America, with manufacturing and sourcing operations across the US, Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) reported financial results for Q1 FY2025. Key highlights include:

- Consolidated net sales of $56.5 million, up 14.2% sequentially

- Upholstery fabrics segment sales up 19.7% sequentially, with operating income of $1.7 million (6.0% margin)

- Mattress fabrics segment sales up 9.0% sequentially

- GAAP consolidated loss from operations of $(6.9) million, including $2.7 million in restructuring expenses

- $13.5 million cash on hand with $4.0 million in outstanding borrowings

The company expects flat sequential sales in Q2, near break-even adjusted EBITDA in Q2, and positive consolidated adjusted operating income in Q3 FY2025. Restructuring initiatives are progressing as planned, with expected annualized savings of $10-11 million once fully implemented.

Culp, Inc. (NYSE: CULP) has announced its upcoming first quarter fiscal 2025 conference call, scheduled for Thursday, September 5, 2024, at 9:00 a.m. ET. The company will review its financial and operating results for the quarter ended July 28, 2024. A press release detailing these results will be issued after market close on Wednesday, September 4, 2024.

Investors can access the live webcast of the conference call under the 'Upcoming Events' section on Culp's Investor Relations webpage. An online replay will be available for 30 days under the 'Past Events' section. Culp is a leading marketer of mattress and upholstery fabrics in North America, with manufacturing and sourcing capabilities in the US, Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) has announced that Mary Beth Hunsberger will become the new President of Culp Upholstery Fabrics, effective July 27, 2024. Hunsberger, who joined CULP in January 2024 as Executive Vice President, will succeed Boyd Chumbley, who is retiring but will remain in an advisory role. Hunsberger brings over 20 years of experience in the home furnishings industry, including leadership roles at DEDON, Inc. and Gloster Furniture.

Iv Culp, President and CEO of Culp, Inc., expressed confidence in Hunsberger's ability to build on Chumbley's legacy and lead the division forward. The transition is part of CULP's strategic plan for the upholstery fabrics division. Culp, Inc. is a major marketer of fabrics for bedding and upholstery in North America, with operations in the US, Canada, China, Haiti, Turkey, and Vietnam.

Culp (NYSE: CULP) reported Q4 and fiscal year 2024 financial results, showing a net sales decline of 19.4% to $49.5 million in Q4. The company's net loss for Q4 was $4.9 million, or $0.39 per share, slightly worse than the $4.7 million loss in the prior year. For fiscal 2024, net sales were down 4.1% to $225.3 million, with a net loss of $13.8 million, or $1.11 per share, improving from a $31.5 million loss in fiscal 2023. Cash and liquidity stood at $10 million and $32.5 million, respectively, as of April 28, 2024. The company is undergoing a restructuring plan aimed at saving $10-$11 million annually, with full benefits expected by the end of fiscal 2025.