Culp Inc SEC Filings

Culp, Inc. reported a smaller net loss for the second quarter of fiscal 2026 as restructuring gains offset softer sales. For the three months ended November 2, 2025, net sales were $53.2 million versus $55.7 million a year earlier, with a net loss of $4.3 million compared with $5.6 million. Over the first six months, sales declined to $103.9 million from $112.2 million, but the net loss narrowed sharply to $4.5 million from $12.9 million, helped by a $3.0 million restructuring credit that includes a $4.0 million gain on the sale of a Quebec manufacturing property.

Gross profit improved year-to-date despite lower revenue, while operating loss shrank from $12.3 million to $1.8 million. Cash used in operations was $1.2 million, with cash and cash equivalents rising to $10.7 million at period end, supported by higher borrowings under lines of credit totaling $18.3 million. Shareholders’ equity decreased to $53.6 million, reflecting accumulated losses, and the company continues multi-year restructuring and a strategic transformation to combine its bedding and upholstery operations into a single Culp-branded business.

Culp, Inc. filed a Form 8-K to announce that it released its financial results for the second quarter ended November 2, 2025, via a news release furnished as Exhibit 99.1. The company emphasizes extensive use of non-U.S. GAAP measures, including adjusted gross profit, adjusted income (loss) from operations, net debt, adjusted free cash flow, and adjusted EBITDA, each reconciled to GAAP in the release.

These adjustments mainly remove restructuring credits and charges tied to the sale of a mattress fabrics facility in Quebec, Canada and segment integration initiatives, as well as other non-recurring items. Beginning with this quarter, Culp also modified its adjusted EBITDA definition to exclude non-cash foreign exchange impacts, aiming to focus on operational performance. Management uses these non-GAAP metrics to evaluate the business, guide cash decisions, and as inputs to incentive-based executive compensation, while cautioning they are not substitutes for GAAP results.

CULP Inc.: Gate City Capital Management, LLC and Michael Melby filed Amendment No. 4 to Schedule 13G/A reporting beneficial ownership of 985,277 shares of CULP common stock, representing 7.8% of the class. The reporting persons indicate sole voting and sole dispositive power over the same 985,277 shares.

The filing states the shares are held by funds and managed accounts advised by Gate City Capital, with Mr. Melby as managing member. The certification affirms the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control. The stated date of event is 09/30/2025.

Ameriprise Financial, Inc. and its subsidiary Columbia Management Investment Advisers, LLC filed an amended Schedule 13G reporting beneficial ownership of 6.8% of Culp, Inc. common stock.

Ameriprise reports 859,145 shares beneficially owned with 859,122 shares shared voting power and 859,145 shares shared dispositive power. Columbia reports 859,122 shares beneficially owned with shared voting and dispositive power over the same amount. The filing states the securities were acquired and are held in the ordinary course of business and not to influence control. The event date is September 30, 2025.

Culp, Inc. (CULP) director Lynn D. Heatherton reported an initial Form 3 disclosing a contingent grant of 13,064 restricted stock units (RSUs) that convert into common stock if the reporting person remains a director through the earlier of the one‑year anniversary of the grant or the next annual meeting that is at least 50 weeks after the 09/24/2025 annual meeting. The Form 3 was executed via attorney‑in‑fact on 10/06/2025.

Culp, Inc. (CULP) director John Douglas Collier filed an initial Form 3 reporting contingent restricted stock units (RSUs) tied to continued board service. The filing shows 13,064 RSUs representing the right to receive 13,064 shares of common stock if the reporting person remains a director until the earlier of one year after grant or the next annual meeting that is at least 50 weeks after the September 24, 2025 meeting. The Form 3 was signed by an attorney-in-fact on behalf of the reporting person.

Culp, Inc. director William L. Tyson was granted 13,064 restricted stock units (RSUs) on 09/25/2025 that represent a contingent right to receive 13,064 shares of Culp common stock. The RSUs carry a grant price of $0 and vest only if Mr. Tyson remains a director through the earlier of the one-year anniversary of the grant or the company’s next annual meeting that is at least 50 weeks after the September 24, 2025 annual meeting. Following the grant, Mr. Tyson is reported as beneficially owning 13,064 shares directly. The Form 4 was submitted and signed by an attorney-in-fact on 09/29/2025.

Insider reported contingent grants of restricted stock units (RSUs) tied to board service at Culp, Inc. (CULP). The filing shows a deemed acquisition on 09/24/2025 of 10,033 RSUs and a reported acquisition on 09/25/2025 of 14,252 RSUs, each representing the right to receive common stock if the reporting person remains a director through a specified vesting condition. The 10,033 RSUs vest on the earlier of the one-year anniversary of grant or the next qualifying annual meeting; the 14,252 RSUs follow a similar condition tied to the Issuer's 09/24/2025 annual meeting. Following the reported transactions, the reporting person beneficially owns 14,252 shares of common stock subject to RSUs (direct ownership of other RSUs is noted as none for the 09/24 vesting date).

Alexander B. Jones, a director of Culp, Inc. (CULP), reported restricted stock unit transactions dated September 24-25, 2025. The Form 4 shows contingent rights to receive 9,197 shares tied to a September 24, 2025 grant and an additional 13,064 restricted stock units granted on September 25, 2025. The reported RSUs are described as contingent on the reporting person remaining a director through the earlier of the one-year anniversary of the grant or the next annual meeting that is at least 50 weeks after the prior meeting.

The filing records an acquisition code and zero per-share price, indicating issuance of RSUs rather than a cash purchase. The report also notes the reporting person may be part of a Section 13(d) group owning more than 10% of the issuer and disclaims beneficial ownership of securities held by other group members.