STOCK TITAN

[8-K] Culp, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Culp, Inc. (NYSE: CULP) filed an 8-K dated June 25, 2025 to furnish fourth-quarter and fiscal-year 2025 results and to disclose an updated restructuring plan. The filing itself contains no financial figures; instead, management has attached two exhibits: (1) a news release with detailed GAAP and non-GAAP results (Exhibit 99.1) and (2) a restructuring presentation (Exhibit 99.2).

Key disclosures

  • Item 2.02: The news release provides adjusted loss from operations, adjusted EBITDA, net debt, free cash flow, and return on capital employed. Management explains each metric and provides GAAP reconciliations in the exhibit.
  • Restructuring actions: Culp is discontinuing mattress-fabric production in Québec, consolidating Haitian sewn-cover operations into a single facility, relocating upholstery-equipment from Tennessee to North Carolina, and rationalising a finishing plant in Shanghai. Credits and charges tied to the discontinued upholstery-kit line in Ouanaminthe, Haiti, are also highlighted.
  • Strategic intent: Management states that the non-recurring charges are designed to streamline the global platform, restore mattress-fabric profitability, and improve capital efficiency across divisions.
  • Forward-looking statements: The company reiterates macroeconomic risks (housing starts, consumer confidence, FX rates, freight and raw-material inflation) and notes that many factors are beyond its control.
  • Reg FD: The restructuring presentation has been posted to the IR website and may be used in future investor communications.

The information is furnished, not filed, and therefore does not become part of the company’s permanent Exchange Act record unless specifically incorporated by reference.

Culp, Inc. (NYSE: CULP) ha depositato un modulo 8-K datato 25 giugno 2025 per comunicare i risultati del quarto trimestre e dell'intero anno fiscale 2025 e per divulgare un piano di ristrutturazione aggiornato. Il documento in sé non contiene dati finanziari; invece, la direzione ha allegato due exhibit: (1) un comunicato stampa con risultati dettagliati GAAP e non-GAAP (Exhibit 99.1) e (2) una presentazione sulla ristrutturazione (Exhibit 99.2).

Principali comunicazioni

  • Voce 2.02: Il comunicato stampa fornisce la perdita operativa rettificata, EBITDA rettificato, indebitamento netto, flusso di cassa libero e rendimento del capitale impiegato. La direzione spiega ogni indicatore e fornisce riconciliazioni GAAP nell’exhibit.
  • Azioni di ristrutturazione: Culp interrompe la produzione di tessuti per materassi in Québec, consolida le operazioni di cucitura delle coperture ad Haiti in un unico stabilimento, trasferisce le attrezzature per tappezzeria dal Tennessee alla Carolina del Nord e razionalizza uno stabilimento di finitura a Shanghai. Vengono inoltre evidenziati crediti e oneri legati alla linea di kit per tappezzeria dismessa a Ouanaminthe, Haiti.
  • Intento strategico: La direzione afferma che gli oneri non ricorrenti mirano a semplificare la piattaforma globale, ripristinare la redditività dei tessuti per materassi e migliorare l’efficienza del capitale tra le divisioni.
  • Dichiarazioni prospettiche: La società ribadisce i rischi macroeconomici (avvii di costruzioni, fiducia dei consumatori, tassi di cambio, inflazione di trasporti e materie prime) e sottolinea che molti fattori sono fuori dal suo controllo.
  • Reg FD: La presentazione sulla ristrutturazione è stata pubblicata sul sito IR e potrà essere utilizzata in future comunicazioni agli investitori.

Le informazioni sono fornite a titolo informativo, non depositate, e pertanto non fanno parte del registro permanente Exchange Act della società a meno che non siano specificamente richiamate.

Culp, Inc. (NYSE: CULP) presentó un formulario 8-K con fecha 25 de junio de 2025 para proporcionar los resultados del cuarto trimestre y del año fiscal 2025, además de revelar un plan de reestructuración actualizado. El documento en sí no contiene cifras financieras; en cambio, la gerencia adjuntó dos anexos: (1) un comunicado de prensa con resultados detallados GAAP y no-GAAP (Exhibit 99.1) y (2) una presentación sobre la reestructuración (Exhibit 99.2).

Divulgaciones clave

  • Ítem 2.02: El comunicado ofrece la pérdida operativa ajustada, EBITDA ajustado, deuda neta, flujo de caja libre y retorno sobre el capital empleado. La gerencia explica cada métrica y proporciona conciliaciones GAAP en el anexo.
  • Acciones de reestructuración: Culp está discontinuando la producción de telas para colchones en Quebec, consolidando las operaciones de costura en Haití en una sola planta, trasladando el equipo de tapicería de Tennessee a Carolina del Norte y racionalizando una planta de acabado en Shanghái. También se destacan créditos y cargos relacionados con la línea de kits de tapicería descontinuada en Ouanaminthe, Haití.
  • Intención estratégica: La gerencia indica que los cargos no recurrentes están diseñados para optimizar la plataforma global, restaurar la rentabilidad de las telas para colchones y mejorar la eficiencia del capital en las divisiones.
  • Declaraciones prospectivas: La empresa reitera los riesgos macroeconómicos (inicios de viviendas, confianza del consumidor, tipos de cambio, inflación en fletes y materias primas) y señala que muchos factores están fuera de su control.
  • Reg FD: La presentación de reestructuración ha sido publicada en el sitio web de IR y podrá usarse en futuras comunicaciones con inversionistas.

La información es proporcionada, no presentada, y por lo tanto no forma parte del registro permanente bajo la Exchange Act de la compañía a menos que se incorpore específicamente por referencia.

Culp, Inc. (NYSE: CULP)는 2025년 6월 25일자 8-K를 제출하여 2025 회계연도 4분기 및 연간 실적을 제공하고 업데이트된 구조조정 계획을 공개했습니다. 해당 제출서류에는 재무 수치가 포함되어 있지 않으며, 경영진은 두 가지 부속 문서를 첨부했습니다: (1) GAAP 및 비-GAAP 상세 실적이 포함된 보도자료(Exhibit 99.1)와 (2) 구조조정 프레젠테이션(Exhibit 99.2).

주요 공시 내용

  • 항목 2.02: 보도자료에는 조정된 영업손실, 조정 EBITDA, 순부채, 자유현금흐름, 자본수익률이 포함되어 있으며, 경영진은 각 지표를 설명하고 GAAP 조정 내역을 부속 문서에 제공합니다.
  • 구조조정 조치: Culp는 퀘벡에서 매트리스 원단 생산을 중단하고, 아이티의 봉제 커버 작업을 단일 시설로 통합하며, 테네시에서 노스캐롤라이나로 가구 장비를 이전하고, 상하이의 마감 공장을 합리화합니다. 또한 아이티 우아나민트에서 중단된 가구 키트 라인과 관련된 크레딧 및 비용도 강조됩니다.
  • 전략적 의도: 경영진은 일회성 비용이 글로벌 플랫폼을 간소화하고 매트리스 원단의 수익성을 회복하며 각 부문의 자본 효율성을 개선하기 위한 것이라고 밝혔습니다.
  • 미래 예측 진술: 회사는 주택 착공, 소비자 신뢰, 환율, 운송 및 원자재 인플레이션 등 거시경제 위험을 재차 언급하며, 많은 요소가 회사의 통제를 벗어났음을 명시합니다.
  • Reg FD: 구조조정 프레젠테이션은 IR 웹사이트에 게시되었으며 향후 투자자 커뮤니케이션에 사용될 수 있습니다.

이 정보는 제출된 것이 아니라 제공된 것이므로, 명시적으로 참조되지 않는 한 회사의 영구 Exchange Act 기록의 일부가 되지 않습니다.

Culp, Inc. (NYSE : CULP) a déposé un formulaire 8-K daté du 25 juin 2025 afin de fournir les résultats du quatrième trimestre et de l'exercice fiscal 2025, ainsi que pour divulguer un plan de restructuration mis à jour. Le dépôt lui-même ne contient pas de chiffres financiers ; la direction a plutôt joint deux annexes : (1) un communiqué de presse avec des résultats détaillés conformes aux normes GAAP et non-GAAP (Annexe 99.1) et (2) une présentation sur la restructuration (Annexe 99.2).

Informations clés

  • Point 2.02 : Le communiqué présente la perte d'exploitation ajustée, l'EBITDA ajusté, la dette nette, le flux de trésorerie disponible et le rendement du capital employé. La direction explique chaque indicateur et fournit les rapprochements GAAP dans l'annexe.
  • Actions de restructuration : Culp cesse la production de tissus pour matelas au Québec, consolide les opérations de couture des housses en Haïti en une seule installation, déplace les équipements de rembourrage du Tennessee vers la Caroline du Nord et rationalise une usine de finition à Shanghai. Les crédits et charges liés à la ligne de kits de rembourrage abandonnée à Ouanaminthe, Haïti, sont également mis en avant.
  • Intention stratégique : La direction indique que les charges non récurrentes visent à simplifier la plateforme mondiale, à rétablir la rentabilité des tissus pour matelas et à améliorer l'efficacité du capital dans les divisions.
  • Déclarations prospectives : La société rappelle les risques macroéconomiques (démarrages de construction, confiance des consommateurs, taux de change, inflation du fret et des matières premières) et note que de nombreux facteurs échappent à son contrôle.
  • Reg FD : La présentation sur la restructuration a été publiée sur le site IR et pourra être utilisée dans de futures communications aux investisseurs.

Les informations sont fournies à titre informatif, non déposées, et ne font donc pas partie du dossier permanent de la société au titre de la Exchange Act, sauf incorporation spécifique par référence.

Culp, Inc. (NYSE: CULP) reichte am 25. Juni 2025 ein 8-K ein, um die Ergebnisse des vierten Quartals und des Geschäftsjahres 2025 zu veröffentlichen und einen aktualisierten Restrukturierungsplan offenzulegen. Das Dokument selbst enthält keine finanziellen Kennzahlen; stattdessen hat das Management zwei Anlagen beigefügt: (1) eine Pressemitteilung mit detaillierten GAAP- und Non-GAAP-Ergebnissen (Anlage 99.1) und (2) eine Restrukturierungspräsentation (Anlage 99.2).

Wesentliche Offenlegungen

  • Punkt 2.02: Die Pressemitteilung enthält den bereinigten Betriebsverlust, bereinigtes EBITDA, Nettoverschuldung, freien Cashflow und die Kapitalrendite. Das Management erläutert jede Kennzahl und stellt GAAP-Abstimmungen in der Anlage bereit.
  • Restrukturierungsmaßnahmen: Culp stellt die Produktion von Matratzenstoffen in Québec ein, konsolidiert die genähten Abdeckungsoperationen in Haiti in einer einzigen Anlage, verlagert Polstermöbelausrüstung von Tennessee nach North Carolina und rationalisiert ein Veredelungswerk in Shanghai. Zudem werden Gutschriften und Belastungen im Zusammenhang mit der eingestellten Polster-Kit-Linie in Ouanaminthe, Haiti, hervorgehoben.
  • Strategische Absicht: Das Management erklärt, dass die einmaligen Aufwendungen darauf abzielen, die globale Plattform zu straffen, die Rentabilität der Matratzenstoffe wiederherzustellen und die Kapitaleffizienz in den Divisionen zu verbessern.
  • Ausblick: Das Unternehmen wiederholt makroökonomische Risiken (Wohnungsbaubeginne, Verbrauchervertrauen, Wechselkurse, Inflation bei Fracht und Rohstoffen) und weist darauf hin, dass viele Faktoren außerhalb seiner Kontrolle liegen.
  • Reg FD: Die Restrukturierungspräsentation wurde auf der IR-Website veröffentlicht und kann in zukünftigen Investorenkommunikationen verwendet werden.

Die Informationen werden bereitgestellt, nicht eingereicht, und sind daher kein Teil des permanenten Exchange Act-Registers des Unternehmens, es sei denn, sie werden ausdrücklich durch Verweis aufgenommen.

Positive
  • Transparent disclosure of all non-GAAP definitions and reconciliation requirement enhances investor understanding.
  • Comprehensive restructuring plan aims to streamline operations and improve long-term margins.
Negative
  • Ongoing plant closures and relocations in multiple countries indicate sustained operational challenges.
  • Heavy reliance on non-GAAP measures may obscure true GAAP losses and cash outflows.

Insights

TL;DR: 8-K signals ongoing turnaround strategy; no hard numbers disclosed, so market impact remains neutral until exhibits are digested.

The filing primarily serves as a delivery vehicle for two exhibits. From a valuation standpoint, the most material element is the extensive list of restructuring moves—shuttering Quebec production, consolidations in Haiti, equipment transfers, and a Shanghai rationalisation—suggesting management is aggressively attacking cost structure after sustained losses in the mattress-fabric unit. The use of multiple non-GAAP metrics (adjusted operating loss, adjusted EBITDA, free cash flow, net debt, ROCE) shows a desire to highlight underlying cash and earnings power once one-off charges are stripped out. However, without the actual figures investors cannot gauge whether profitability has improved. Consequently, the 8-K itself does not move the needle; the exhibits will determine sentiment. Rating: neutral until further detail.

TL;DR: Extensive restructuring across four geographies underscores execution and integration risk; disclosure is helpful but signals elevated operational stress.

The breadth of facility shutdowns and relocations across Canada, Haiti, China and the U.S. points to structural weaknesses in both mattress and upholstery segments. Multi-country moves raise supply-chain and political-risk exposure, especially in Haiti and China. Continuous reliance on non-GAAP reporting may mask GAAP losses and cash burn, complicating credit analysis. While management’s transparency is commendable, the filing highlights that many profitability targets remain aspirational. Overall risk tilt is negative.

Culp, Inc. (NYSE: CULP) ha depositato un modulo 8-K datato 25 giugno 2025 per comunicare i risultati del quarto trimestre e dell'intero anno fiscale 2025 e per divulgare un piano di ristrutturazione aggiornato. Il documento in sé non contiene dati finanziari; invece, la direzione ha allegato due exhibit: (1) un comunicato stampa con risultati dettagliati GAAP e non-GAAP (Exhibit 99.1) e (2) una presentazione sulla ristrutturazione (Exhibit 99.2).

Principali comunicazioni

  • Voce 2.02: Il comunicato stampa fornisce la perdita operativa rettificata, EBITDA rettificato, indebitamento netto, flusso di cassa libero e rendimento del capitale impiegato. La direzione spiega ogni indicatore e fornisce riconciliazioni GAAP nell’exhibit.
  • Azioni di ristrutturazione: Culp interrompe la produzione di tessuti per materassi in Québec, consolida le operazioni di cucitura delle coperture ad Haiti in un unico stabilimento, trasferisce le attrezzature per tappezzeria dal Tennessee alla Carolina del Nord e razionalizza uno stabilimento di finitura a Shanghai. Vengono inoltre evidenziati crediti e oneri legati alla linea di kit per tappezzeria dismessa a Ouanaminthe, Haiti.
  • Intento strategico: La direzione afferma che gli oneri non ricorrenti mirano a semplificare la piattaforma globale, ripristinare la redditività dei tessuti per materassi e migliorare l’efficienza del capitale tra le divisioni.
  • Dichiarazioni prospettiche: La società ribadisce i rischi macroeconomici (avvii di costruzioni, fiducia dei consumatori, tassi di cambio, inflazione di trasporti e materie prime) e sottolinea che molti fattori sono fuori dal suo controllo.
  • Reg FD: La presentazione sulla ristrutturazione è stata pubblicata sul sito IR e potrà essere utilizzata in future comunicazioni agli investitori.

Le informazioni sono fornite a titolo informativo, non depositate, e pertanto non fanno parte del registro permanente Exchange Act della società a meno che non siano specificamente richiamate.

Culp, Inc. (NYSE: CULP) presentó un formulario 8-K con fecha 25 de junio de 2025 para proporcionar los resultados del cuarto trimestre y del año fiscal 2025, además de revelar un plan de reestructuración actualizado. El documento en sí no contiene cifras financieras; en cambio, la gerencia adjuntó dos anexos: (1) un comunicado de prensa con resultados detallados GAAP y no-GAAP (Exhibit 99.1) y (2) una presentación sobre la reestructuración (Exhibit 99.2).

Divulgaciones clave

  • Ítem 2.02: El comunicado ofrece la pérdida operativa ajustada, EBITDA ajustado, deuda neta, flujo de caja libre y retorno sobre el capital empleado. La gerencia explica cada métrica y proporciona conciliaciones GAAP en el anexo.
  • Acciones de reestructuración: Culp está discontinuando la producción de telas para colchones en Quebec, consolidando las operaciones de costura en Haití en una sola planta, trasladando el equipo de tapicería de Tennessee a Carolina del Norte y racionalizando una planta de acabado en Shanghái. También se destacan créditos y cargos relacionados con la línea de kits de tapicería descontinuada en Ouanaminthe, Haití.
  • Intención estratégica: La gerencia indica que los cargos no recurrentes están diseñados para optimizar la plataforma global, restaurar la rentabilidad de las telas para colchones y mejorar la eficiencia del capital en las divisiones.
  • Declaraciones prospectivas: La empresa reitera los riesgos macroeconómicos (inicios de viviendas, confianza del consumidor, tipos de cambio, inflación en fletes y materias primas) y señala que muchos factores están fuera de su control.
  • Reg FD: La presentación de reestructuración ha sido publicada en el sitio web de IR y podrá usarse en futuras comunicaciones con inversionistas.

La información es proporcionada, no presentada, y por lo tanto no forma parte del registro permanente bajo la Exchange Act de la compañía a menos que se incorpore específicamente por referencia.

Culp, Inc. (NYSE: CULP)는 2025년 6월 25일자 8-K를 제출하여 2025 회계연도 4분기 및 연간 실적을 제공하고 업데이트된 구조조정 계획을 공개했습니다. 해당 제출서류에는 재무 수치가 포함되어 있지 않으며, 경영진은 두 가지 부속 문서를 첨부했습니다: (1) GAAP 및 비-GAAP 상세 실적이 포함된 보도자료(Exhibit 99.1)와 (2) 구조조정 프레젠테이션(Exhibit 99.2).

주요 공시 내용

  • 항목 2.02: 보도자료에는 조정된 영업손실, 조정 EBITDA, 순부채, 자유현금흐름, 자본수익률이 포함되어 있으며, 경영진은 각 지표를 설명하고 GAAP 조정 내역을 부속 문서에 제공합니다.
  • 구조조정 조치: Culp는 퀘벡에서 매트리스 원단 생산을 중단하고, 아이티의 봉제 커버 작업을 단일 시설로 통합하며, 테네시에서 노스캐롤라이나로 가구 장비를 이전하고, 상하이의 마감 공장을 합리화합니다. 또한 아이티 우아나민트에서 중단된 가구 키트 라인과 관련된 크레딧 및 비용도 강조됩니다.
  • 전략적 의도: 경영진은 일회성 비용이 글로벌 플랫폼을 간소화하고 매트리스 원단의 수익성을 회복하며 각 부문의 자본 효율성을 개선하기 위한 것이라고 밝혔습니다.
  • 미래 예측 진술: 회사는 주택 착공, 소비자 신뢰, 환율, 운송 및 원자재 인플레이션 등 거시경제 위험을 재차 언급하며, 많은 요소가 회사의 통제를 벗어났음을 명시합니다.
  • Reg FD: 구조조정 프레젠테이션은 IR 웹사이트에 게시되었으며 향후 투자자 커뮤니케이션에 사용될 수 있습니다.

이 정보는 제출된 것이 아니라 제공된 것이므로, 명시적으로 참조되지 않는 한 회사의 영구 Exchange Act 기록의 일부가 되지 않습니다.

Culp, Inc. (NYSE : CULP) a déposé un formulaire 8-K daté du 25 juin 2025 afin de fournir les résultats du quatrième trimestre et de l'exercice fiscal 2025, ainsi que pour divulguer un plan de restructuration mis à jour. Le dépôt lui-même ne contient pas de chiffres financiers ; la direction a plutôt joint deux annexes : (1) un communiqué de presse avec des résultats détaillés conformes aux normes GAAP et non-GAAP (Annexe 99.1) et (2) une présentation sur la restructuration (Annexe 99.2).

Informations clés

  • Point 2.02 : Le communiqué présente la perte d'exploitation ajustée, l'EBITDA ajusté, la dette nette, le flux de trésorerie disponible et le rendement du capital employé. La direction explique chaque indicateur et fournit les rapprochements GAAP dans l'annexe.
  • Actions de restructuration : Culp cesse la production de tissus pour matelas au Québec, consolide les opérations de couture des housses en Haïti en une seule installation, déplace les équipements de rembourrage du Tennessee vers la Caroline du Nord et rationalise une usine de finition à Shanghai. Les crédits et charges liés à la ligne de kits de rembourrage abandonnée à Ouanaminthe, Haïti, sont également mis en avant.
  • Intention stratégique : La direction indique que les charges non récurrentes visent à simplifier la plateforme mondiale, à rétablir la rentabilité des tissus pour matelas et à améliorer l'efficacité du capital dans les divisions.
  • Déclarations prospectives : La société rappelle les risques macroéconomiques (démarrages de construction, confiance des consommateurs, taux de change, inflation du fret et des matières premières) et note que de nombreux facteurs échappent à son contrôle.
  • Reg FD : La présentation sur la restructuration a été publiée sur le site IR et pourra être utilisée dans de futures communications aux investisseurs.

Les informations sont fournies à titre informatif, non déposées, et ne font donc pas partie du dossier permanent de la société au titre de la Exchange Act, sauf incorporation spécifique par référence.

Culp, Inc. (NYSE: CULP) reichte am 25. Juni 2025 ein 8-K ein, um die Ergebnisse des vierten Quartals und des Geschäftsjahres 2025 zu veröffentlichen und einen aktualisierten Restrukturierungsplan offenzulegen. Das Dokument selbst enthält keine finanziellen Kennzahlen; stattdessen hat das Management zwei Anlagen beigefügt: (1) eine Pressemitteilung mit detaillierten GAAP- und Non-GAAP-Ergebnissen (Anlage 99.1) und (2) eine Restrukturierungspräsentation (Anlage 99.2).

Wesentliche Offenlegungen

  • Punkt 2.02: Die Pressemitteilung enthält den bereinigten Betriebsverlust, bereinigtes EBITDA, Nettoverschuldung, freien Cashflow und die Kapitalrendite. Das Management erläutert jede Kennzahl und stellt GAAP-Abstimmungen in der Anlage bereit.
  • Restrukturierungsmaßnahmen: Culp stellt die Produktion von Matratzenstoffen in Québec ein, konsolidiert die genähten Abdeckungsoperationen in Haiti in einer einzigen Anlage, verlagert Polstermöbelausrüstung von Tennessee nach North Carolina und rationalisiert ein Veredelungswerk in Shanghai. Zudem werden Gutschriften und Belastungen im Zusammenhang mit der eingestellten Polster-Kit-Linie in Ouanaminthe, Haiti, hervorgehoben.
  • Strategische Absicht: Das Management erklärt, dass die einmaligen Aufwendungen darauf abzielen, die globale Plattform zu straffen, die Rentabilität der Matratzenstoffe wiederherzustellen und die Kapitaleffizienz in den Divisionen zu verbessern.
  • Ausblick: Das Unternehmen wiederholt makroökonomische Risiken (Wohnungsbaubeginne, Verbrauchervertrauen, Wechselkurse, Inflation bei Fracht und Rohstoffen) und weist darauf hin, dass viele Faktoren außerhalb seiner Kontrolle liegen.
  • Reg FD: Die Restrukturierungspräsentation wurde auf der IR-Website veröffentlicht und kann in zukünftigen Investorenkommunikationen verwendet werden.

Die Informationen werden bereitgestellt, nicht eingereicht, und sind daher kein Teil des permanenten Exchange Act-Registers des Unternehmens, es sei denn, sie werden ausdrücklich durch Verweis aufgenommen.

false000072360300007236032025-06-252025-06-25

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 25, 2025

 

 

Culp, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

North Carolina

1-12597

56-1001967

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

410 W. Engish Rd 5th Floor

 

High Point, North Carolina

 

27262

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 336 889-5161

 

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common stock, par value $0.05 per share

 

CULP

 

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

 


 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

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This report and the exhibits attached hereto contain “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often but not always characterized by qualifying words such as “expect,” “believe,” “will,” “may,” “should,” “could,” “potential,” “continue,” “target,” “predict”, “seek,” “anticipate,” “estimate,” “intend,” “plan,” “project,” and their derivatives, and include but are not limited to statements about expectations, projections, or trends for our future operations, strategic initiatives and plans, restructuring actions, production levels, new product launches, sales, profit margins, profitability, operating (loss) income, capital expenditures, working capital levels, cost savings (including, without limitation, anticipated cost savings from restructuring actions), income taxes, SG&A or other expenses, pre-tax (loss) income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding dividends, share repurchases, liquidity, use of cash and cash requirements, ending cash balances and cash positions, borrowing capacity, investments, potential acquisitions, cash and non-cash restructuring and restructuring-related charges, expenses, and/or credits, net proceeds from restructuring related asset dispositions, future economic or industry trends, public health epidemics, or future developments. There can be no assurance that we will realize these expectations or meet our guidance, or that these beliefs will prove correct.

Factors that could influence the matters discussed in such statements include the level of housing starts and sales of existing homes, demand for home furnishings products, consumer confidence, trends in disposable income, and general economic conditions. Decreases in these economic indicators could have a negative effect on our business and prospects. Likewise, increases in interest rates, particularly home mortgage rates, and increases in consumer debt or the general rate of inflation, could affect us adversely. The future performance of our business depends in part on our success in conducting and finalizing acquisition negotiations and integrating acquired businesses into our existing operations. Changes in consumer tastes or preferences toward products not produced by us could erode demand for our products. Changes in tariffs or trade policy, including changes in U.S. trade enforcement priorities, or changes in the value of the U.S. dollar versus other currencies, could affect our financial results because a significant portion of our operations are located outside the United States. Strengthening of the U.S. dollar against other currencies could make our products less competitive on the basis of price in markets outside the United States, and strengthening of currency in China can have a negative impact on our sales of products produced there. In addition, because our foreign operations use the U.S. dollar as their functional currency, changes in the exchange rate between the local currency of those operations and the U.S dollar can affect our reported profits from those foreign operations. Also, economic or political instability in international areas could affect our operations or sources of goods in those areas, as well as demand for our products in international markets. The impact of public health epidemics on employees, customers, suppliers, and the global economy, such as the coronavirus pandemic, could also adversely affect our operations and financial performance. In addition, the impact of potential asset impairments, including impairments of property, plant, and equipment, inventory, or intangible assets, as well as the impact of valuation allowances applied against our net deferred income tax assets, could affect our financial results. Increases in freight costs, labor costs, and raw material prices, including increases in market prices for petrochemical products, can also significantly affect the prices we pay for shipping, labor, and raw materials, respectively, and in turn, increase our operating costs and decrease our profitability. Also, our success in diversifying our supply chain with reliable partners to effectively service our global platform could affect our operations and adversely affect our financial results. Finally, the future performance of our business also depends on our ability to successfully restructure our mattress fabric operations and return the segment to profitability as well as successfully integrate our mattress fabric and upholstery fabric divisions, neither of which may meet our expectations. Further information about these factors, as well as other factors that could affect our future operations or financial results and the matters discussed in forward-looking statements, is included in Item 1A “Risk Factors” in our most recent Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission.

Many of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this report and the exhibits attached hereto as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements included in this report and the exhibits attached hereto are made only as of the date of of this report. Unless required by United States federal securities laws, we neither intend nor assume any obligation to update these forward-looking statements for any reason after the date of this report to conform these statements to

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actual results or to changes in our expectations. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations or financial results.

Item 2.02 Results of Operations and Financial Condition.

On June 25, 2025, we issued a news release to announce our financial results for our fourth quarter and fiscal year ended April 27, 2025. A copy of the news release is attached hereto as Exhibit 99.1.

The information set forth in this Item 2.02 of this Current Report, and in Exhibit 99.1, is intended to be “furnished” under Item 2.02 of Form 8-K. Such information shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

The news release contains adjusted income statement information for the three and 12 month periods ended April 27, 2025, and April 28, 2024, respectively, which disclose adjusted loss from operations, a non-U.S. GAAP performance measure that eliminates items which are not expected to occur on a recurring or regular basis. For the three and 12 month periods ended April 27, 2025, and April 28, 2024, these items include, as applicable for the period presented, restructuring related charges and restructuring expense associated with the gradual discontinuation of the mattress fabrics manufacturing operations in Quebec, Canada, the process of selling the facility located in Quebec, Canada, and the relocation of certain equipment from Quebec, Canada, to Stokesdale, North Carolina; restructuring expense associated with consolidation of the mattress fabrics sewn cover operation in Haiti from two buildings into one building; restructuring expense associated with moving equipment from our upholstery fabrics operation located in Knoxville, Tennessee, to our upholstery fabrics distribution center located in Burlington, North Carolina; and restructuring expense associated with the rationalization of the upholstery fabrics finishing operation located in Shanghai, China. For the three and 12 month periods ended April 27, 2025, these items include, as applicable for the period presented, restructuring-related credits, restructuring related charges, and restructuring expense associated with the discontinued production of cut and sewn upholstery kits in Ouanaminthe, Haiti. The company has included this adjusted information in order to show operational performance excluding the effects of items not expected to occur on a recurring or regular basis. Details of these calculations and a reconciliation to information from our U.S. GAAP financial statements are set forth in the news release. Management believes this presentation aids in the comparison of financial results among comparable financial periods. Management uses adjusted income statement information in evaluating the financial performance of our overall operations and business segments. Also, adjusted income statement information is used as a performance measure in our incentive-based executive compensation program. We note, however, that this adjusted income statement information should not be viewed in isolation or as a substitute for loss from operations calculated in accordance with U.S. GAAP.

The news release contains disclosures about our net debt, which is a non-U.S. GAAP liquidity measure that we define as cash and cash equivalents (which we sometimes refer to as “cash”) plus investments that are available to fund operations minus the total amount of outstanding borrowings under our lines of credit or other debt instruments. Details of these calculations and a reconciliation to information from our U.S. GAAP financial statements are set forth in the news release. We believe this non-GAAP measure is useful to investors as it provides a way to compare our cash or debt position across periods on a consistent basis, regardless of the impact of financing activities. Net debt should not be viewed in isolation by investors and should not be used as a substitute for GAAP measures of liquidity.

The news release contains disclosures about free cash flow, a non-U.S. GAAP liquidity measure that we define as net cash (used in) provided by operating activities, less cash capital expenditures and any payments on vendor-financed capital expenditures, plus any proceeds from sale of property, plant, and equipment, plus proceeds from note receivable, plus proceeds from the sale of investments associated with our rabbi trust, less the purchase of investments associated with our rabbi trust, and plus or minus the effects of foreign currency exchange rate changes on cash and cash equivalents, in each case to the extent any such amount is incurred during the period presented. Details of these calculations and a reconciliation to information from our U.S. GAAP financial statements are set forth in the news release. Management believes the disclosure of free cash flow provides useful information to investors because it measures our available cash flow for potential debt repayment, stock repurchases, dividends, additions to cash and investments, or other corporate purposes. We note, however, that not all of the company’s free cash flow is available for discretionary spending, as we may have mandatory debt payments and other cash requirements that must be deducted from our cash available for future use. In operating our business, management uses free cash flow to make decisions about what commitments of cash to make for operations, such as capital expenditures (and possible financing arrangements for these expenditures), purchases of inventory or supplies, SG&A expenditure levels, compensation,

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and other commitments of cash, while still allowing for adequate cash to meet known future commitments for cash, such as debt repayment, and also for making decisions about dividend payments and share repurchases.

The news release contains disclosures about our adjusted EBITDA, which is a non-U.S. GAAP performance measure that reflects net (loss) income excluding income tax expense (benefit), net interest income, and restructuring expense or credit and restructuring related charges or credits, as well as depreciation and amortization expense, and stock-based compensation expense. This measure also excludes other non-recurring charges and credits associated with our business, if and to the extent any such amount is incurred during the period presented. Details of these calculations and a reconciliation to information from our U.S. GAAP financial statements are set forth in the news release. We believe presentation of adjusted EBITDA is useful to investors because earnings before interest income and expense, income taxes, depreciation and amortization, and similar performance measures that exclude certain charges from earnings, are often used by investors and financial analysts in evaluating and comparing companies in our industry. We note, however, that such measures are not defined uniformly by various companies, with differing expenses being excluded from net income to calculate these performance measures. For this reason, adjusted EBITDA should not be viewed in isolation by investors and should not be used as a substitute for net income (loss) calculated in accordance with GAAP, nor should it be used for direct comparisons with similarly titled performance measures reported by other companies. Use of adjusted EBITDA as an analytical tool has limitations in that this measure does not reflect all expenses that are necessary to fund and operate our business, including funds required to pay taxes, service our debt, and fund capital expenditures, among others. Management uses adjusted EBITDA to help it analyze the company’s earnings and operating performance, by excluding the effects of expenses that depend upon capital structure and debt level, tax provisions, and non-cash items such as depreciation, amortization and stock-based compensation expense that do not require immediate uses of cash.

The news release contains disclosures about return on capital employed for both the entire company and for individual business segments. We define return on capital employed as adjusted operating income (loss) (measured on a trailing 12-month basis) divided by average capital employed (excluding intangible assets related to acquisitions at the divisional level only). Adjusted operating income (loss) excludes certain charges or credits that are not expected to occur on a recurring or regular basis, if applicable for the period presented. Average capital employed is calculated over rolling five fiscal periods, depending on which quarter is being presented. Details of these calculations and a reconciliation to information from our U.S. GAAP financial statements are set forth in the news release. We believe return on capital employed is an accepted measure of earnings efficiency in relation to capital employed, but it is a non-U.S. GAAP performance measure that is not defined or calculated in the same manner by all companies. This measure should not be considered in isolation or as an alternative to net income (loss) or other performance measures, but we believe it provides useful information to investors by comparing the adjusted operating income (loss) we produce to the net asset base used to generate that income (loss). Also, adjusted operating income (loss) on a trailing 12-months basis does not necessarily indicate results that would be expected for the full fiscal year or for the following 12 months. We note that, particularly for return on capital employed measured at the segment level, not all assets and expenses are allocated to our operating segments, and there are assets and expenses at the corporate (unallocated) level that may provide support to a segment’s operations and yet are not included in the assets and expenses used to calculate that segment’s return on capital. Thus, the average return on capital employed for the company’s segments will generally be different from the company’s overall return on capital employed. Management uses return on capital employed to evaluate the company’s earnings efficiency and the relative performance of its segments.

Item 7.01 Regulation FD Disclosure.

On June 25, 2025, we posted a restructuring presentation to our website at https://culpinc.gcs-web.com/ (the "Restructuring Presentation"). A copy of the Restructuring Presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference. We expect to use the Restructuring Presentation from time to time, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts, and others.

The information contained in the Restructuring Presentation is summary information that should be considered within the context of the company's filings with the Securities and Exchange Commission ("SEC") and other public announcements the company may make by press release or otherwise from time to time. The Restructuring Presentation speaks only as of the date of this Current Report on Form 8-K. We undertake no duty or obligation to publicly update or revise the information contained in the Restructuring Presentation, including, without limitation, any targets, estimates, goals, or other forward-looking statements, although we may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases, or through other public disclosure.

The Restructuring Presentation contains statements intended as "forward-looking statements" that are subject to the cautionary statements about forward-looking statements set forth on page 2 of the Restructuring Presentation. By

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furnishing the information contained in this Current Report on Form 8-K, including Exhibit 99.2, we make no admission as to the materiality of any such information.

The information in this Current Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

Item 9.01 Financial Statements and Exhibits.

EXHIBIT INDEX

 

 

 

 

Exhibit Number

Exhibit

99.1

News Release dated June 25, 2025

99.2

Restructuring Presentation

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

CULP, INC.

(Registrant)

 

By:

/s/ Kenneth R. Bowling

Chief Financial Officer

(principal financial officer)

 

 

Dated June 25, 2025

 

 

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FAQ

What did CULP disclose in its June 25 2025 8-K?

The company furnished a news release with Q4 and FY-25 results and posted a restructuring presentation outlining multiple cost-cutting actions.

Does the 8-K contain CULP's actual earnings numbers?

No. The filing itself has no figures; detailed GAAP and non-GAAP metrics are in Exhibit 99.1.

What restructuring steps is CULP taking?

Actions include closing Quebec mattress-fabric production, consolidating Haitian operations, relocating equipment to N.C., and rationalising a Shanghai finishing plant.

Why is CULP using adjusted EBITDA and other non-GAAP metrics?

Management believes these measures better reflect underlying performance by excluding one-off restructuring charges and non-cash items.

Where can investors view CULP’s restructuring presentation?

Exhibit 99.2 is posted on the company’s investor-relations site at https://culpinc.gcs-web.com/.
Culp Inc

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Textile Manufacturing
Broadwoven Fabric Mills, Cotton
Link
United States
HIGH POINT