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    CULP   US2302151053

CULP, INC.

(CULP)
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Delayed Nyse  -  05/20 04:00:02 pm EDT
5.360 USD   -2.55%
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Culp : Investor Information - December 2021

12/01/2021 | 04:31pm EDT

CULP, INC.

Investor Information

December 1, 2021

1

FORWARD LOOKING STATEMENTS

This presentation contains "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. Further, forward looking statements are intended to speak only as of the date on which they are made, and we disclaim any duty to update such statements to reflect any changes in management's expectations or any change in the assumptions or circumstances on which such statements are based, whether due to new information, future events, or otherwise. 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," "anticipate," "estimate," "intend," "plan," "project," and their derivatives, and include but are not limited to statements about expectations for our future operations, production levels, new product launches, sales, profit margins, profitability, operating income, capital expenditures, working capital levels, income taxes, SG&A or other expenses, pre-tax income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding potential acquisitions, 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, 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, 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 currencies in Canada and China can have a negative impact on our sales of products produced in those places. 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 global coronavirus pandemic currently affecting countries around the world, could also adversely affect our operations and financial performance. In addition, the impact of potential goodwill or intangible asset impairments 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. Finally, disruption in our customers' supply chains for non-fabric components may cause declines in new orders and/or delayed shipping of existing orders while our customers wait for other components, which could adversely affect our financial results. 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 recent Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission. 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.

2

CULP AT A GLANCE

  • Manufactures, sources, and markets mattress fabrics and upholstery fabrics for the furniture and bedding industries in North America and internationally.
  • Global manufacturing and sourcing operations in the U.S., Canada, China, Haiti, Vietnam, and Turkey.
  • Major clients include: Ashley Furniture, Casper, Corsicana, Flexsteel, Fusion Furniture, Kuka Home, La-Z-Boy, Resident Home, Serta Simmons Bedding, Tempur+Sealy, and others.
  • Transformed business model.
  • Founded in 1972.
  • Experienced, long-term management team.
  • Culp Business Segments
    • Mattress Fabrics- Woven jacquard, knitted, including mattress covers, and converted fabrics for use in the production of bedding products
    • 53% of sales in FY 2021
    • Upholstery Fabrics- For use in the production of residential and commercial upholstered furniture
    • 47% of sales in FY 2021

3

CULP KEY FACTS

Key Facts

  • NYSE : CULP
  • Annual Indicated Dividend: $0.46
  • Dividend Yield: 4.34%(1)
  • 52-WeekRange: $10.11 - $17.88 (2)
  • Shares Outstanding: 12,709,810(3)
  • FY2021 Revenues: $300 million
  • Experienced, Long-Term Management Team

Capital Structure

  • Strong Balance Sheet
  • Total Cash & Investments: $36.6 million (3)
  • No Outstanding Debt (3)
  • Shareholders' Equity: $128.5 million (3)

Other

  • Full-timeEmployees Worldwide : 1,540 (3)
  • Fiscal Year Ends: Sunday closest to April 30
  • Public Accounting Firm: Grant Thornton
  • Website: www.culp.com
  • Corporate Headquarters: High Point, NC

NYSE: CULP - Share Pricing

19

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13

11

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5

NYSE: CULP - Share Pricing

  1. Based on annual indicated dividend of $0.46 per share and closing stock price of $10.61 on November 30, 2021.
  2. As of November 30, 2021
  3. As of October 31, 2021

4

INNOVATION LEADER, FOCUSED ON HIGH PERFORMANCE

The

Capital

The

Company

Allocation

Platforms

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Culp Inc. published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 21:30:35 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2022 290 M - -
Net income 2022 -3,31 M - -
Net cash 2022 27,9 M - -
P/E ratio 2022 -19,9x
Yield 2022 8,40%
Capitalization 65,5 M 65,5 M -
EV / Sales 2022 0,13x
EV / Sales 2023 0,12x
Nbr of Employees 1 430
Free-Float 89,5%
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Number of Analysts 0
Last Close Price 5,36 $
Average target price 14,00 $
Spread / Average Target 161%
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Managers and Directors
Robert George Culp Chief Executive Officer & Director
Kenneth R. Bowling Controller
Franklin N. Saxon Executive Chairman
Fred A. Jackson Independent Director
Sharon Allred Decker Independent Director
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