CULP INC - FORM 8-K - EX-99.B - EXHIBIT 99(B)

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EX-99.A - EXHIBIT 99(A) - CULP INC	a6626927ex99a.htm
8-K - CULP, INC. 8-K - CULP INC	a6626927.htm

Exhibit 99(b)
Page 1 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

CONSOLIDATED STATEMENTS OF NET INCOME

FOR THE THREE MONTHS AND NINE MONTHS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010

(UNAUDITED)

(Amounts in Thousands, Except for Per Share Data)

	THREE MONTHS ENDED

	Amounts									Percent of Sales
	January 30,			January 31,			% Over			January 30,			January 31,
	2011			2010			(Under)			2011			2010

Net sales	$	51,652			53,980			(4.3	) %		100.0	%		100.0	%
Cost of sales		43,413			43,323			0.2	%		84.0	%		80.3	%
Gross profit		8,239			10,657			(22.7	) %		16.0	%		19.7	%

Selling, general and
administrative expenses		5,129			6,435			(20.3	) %		9.9	%		11.9	%
Restructuring expense		7			26			(73.1	) %		0.0	%		0.0	%
Income from operations		3,103			4,196			(26.0	) %		6.0	%		7.8	%

Interest expense		224			327			(31.5	) %		0.4	%		0.6	%
Interest income		(57	)		(52	)		9.6	%		(0.1	) %		(0.1	) %
Other expense		28			96			(70.8	) %		0.1	%		0.2	%
Income before income taxes		2,908			3,825			(24.0	) %		5.6	%		7.1	%

Income taxes*		483			825			(41.5	) %		16.6	%		21.6	%
Net income	$	2,425			3,000			(19.2	) %		4.7	%		5.6	%

Net income per share-basic	$	0.19		$	0.24			(20.8	) %
Net income per share-diluted	$	0.18		$	0.23			(21.7	) %
Average shares outstanding-basic		13,005			12,713			2.3	%
Average shares outstanding-diluted		13,228			13,074			1.2	%

	NINE MONTHS ENDED

	Amounts									Percent of Sales
	January 30,			January 31,			% Over			January 30,			January 31,
	2011			2010			(Under)			2011			2010

Net sales	$	156,443			149,173			4.9	%		100.0	%		100.0	%
Cost of sales		130,886			121,795			7.5	%		83.7	%		81.6	%
Gross profit		25,557			27,378			(6.7	) %		16.3	%		18.4	%

Selling, general and
administrative expenses		14,544			16,716			(13.0	) %		9.3	%		11.2	%
Restructuring credit		-			(317	)		(100.0	) %		0.0	%		(0.2	) %
Income from operations		11,013			10,979			0.3	%		7.0	%		7.4	%

Interest expense		659			1,026			(35.8	) %		0.4	%		0.7	%
Interest income		(144	)		(81	)		77.8	%		(0.1	) %		(0.1	) %
Other expense		111			714			(84.5	) %		0.1	%		0.5	%
Income before income taxes		10,387			9,320			11.4	%		6.6	%		6.2	%

Income taxes*		213			1,565			(86.4	) %		2.1	%		16.8	%
Net income	$	10,174			7,755			31.2	%		6.5	%		5.2	%

Net income per share-basic	$	0.79		$	0.61			29.5	%
Net income per share-diluted	$	0.77		$	0.60			28.3	%
Average shares outstanding-basic		12,936			12,679			2.0	%
Average shares outstanding-diluted		13,218			12,960			2.0	%


* Percent of sales column for income taxes is calculated as a % of income before income taxes.

Page 2 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

CONSOLIDATED BALANCE SHEETS

JANUARY 30, 2011, JANUARY 31, 2010 AND MAY 2, 2010

Unaudited

(Amounts in Thousands)

	Amounts				Increase
	January 30,		January 31,		(Decrease)						* May 2,
	2011		2010 (1)		Dollars			Percent			2010

Current assets
Cash and cash equivalents	$	17,259		15,994		1,265			7.9	%		18,295
Short-term investments		5,518		3,021		2,497			82.7	%		3,023
Accounts receivable		16,909		20,871		(3,962	)		(19.0	) %		19,822
Inventories		26,407		24,366		2,041			8.4	%		26,002
Deferred income taxes		296		57		239			419.3	%		150
Assets held for sale		112		98		14			14.3	%		123
Income taxes receivable		407		331		76			23.0	%		728
Other current assets		1,521		1,217		304			25.0	%		1,698
Total current assets		68,429		65,955		2,474			3.8	%		69,841

Property, plant & equipment, net		30,571		26,431		4,140			15.7	%		28,403
Goodwill		11,462		11,462		-			0.0	%		11,462
Deferred income taxes		1,322		-		1,322			100.0	%		324
Other assets		2,093		2,660		(567	)		(21.3	) %		2,568

Total assets	$	113,877		106,508		7,369			6.9	%		112,598



Current liabilities
Current maturities of long-term debt	$	2,400		4,880		(2,480	)		(50.8	) %		196
Current portion of obligation under a capital lease		-		107		(107	)		(100.0	) %		-
Accounts payable - trade		17,121		18,649		(1,528	)		(8.2	) %		22,278
Accounts payable - capital expenditures		203		790		(587	)		(74.3	) %		567
Accrued expenses		5,971		8,144		(2,173	)		(26.7	) %		9,613
Accrued restructuring		71		362		(291	)		(80.4	) %		324
Income taxes payable - current		289		153		136			88.9	%		224
Total current liabilities		26,055		33,085		(7,030	)		(21.2	) %		33,202

Accounts payable - capital expenditures		-		188		(188	)		(100.0	) %		-
Income taxes payable - long-term		3,934		3,690		244			6.6	%		3,876
Deferred income taxes		622		1,092		(470	)		(43.0	) %		982
Long-term debt , less current maturities		9,166		11,529		(2,363	)		(20.5	) %		11,491

Total liabilities		39,777		49,584		(9,807	)		(19.8	) %		49,551

Shareholders' equity		74,100		56,924		17,176			30.2	%		63,047

Total liabilities and
shareholders' equity	$	113,877		106,508		7,369			6.9	%		112,598

Shares outstanding		13,214		12,935		279			2.2	%		13,052



* Derived from audited financial statements.

(1)	Certificates of deposit with maturities of six months have been reclassified from cash and cash equivalents to short-term investments to conform to current year presentation.

Page 3 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010

Unaudited
(Amounts in Thousands)

	NINE MONTHS ENDED

	Amounts
	January 30,			January 31,
	2011			2010 (2)

Cash flows from operating activities:
Net income	$	10,174			7,755
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation		3,205			3,042
Amortization of other assets		385			416
Stock-based compensation		280			695
Deferred income taxes		(1,219	)		190
Restructuring expenses, net of gain on sale of related assets		-			(127	)
Loss (gain) on sale of equipment		15			(72	)
Excess tax benefits related to stock-based compensation		(285	)		(182	)
Foreign currency exchange losses		33			613
Changes in assets and liabilities:
Accounts receivable		3,053			(2,742	)
Inventories		(291	)		(385	)
Other current assets		204			46
Other assets		13			(48	)
Accounts payable		(5,459	)		1,558
Accrued expenses		(3,822	)		1,555
Accrued restructuring		(253	)		(491	)
Income taxes		379			109
Net cash provided by operating activities		6,412			11,932

Cash flows from investing activities:
Capital expenditures		(5,580	)		(4,209	)
Purchase of short-term investments		(4,532	)		(3,021	)
Proceeds from the sale of short-term investments		2,037			-
Proceeds from the sale of equipment		27			513
Net cash used in investing activities		(8,048	)		(6,717	)

Cash flows from financing activities:
Payments on vendor-financed capital expenditures		(188	)		(797	)
Payments on capital lease obligation		-			(519	)
Payments on long-term debt		(129	)		(32	)
Debt issuance costs		(27	)		(15	)
Excess tax benefits related to stock-based compensation		285			182
Proceeds from common stock issued		591			250
Net cash provided by (used in) financing activities		532			(931	)

Effect of exchange rate changes on cash and cash equivalents		68			(87	)

(Decrease) increase in cash and cash equivalents		(1,036	)		4,197

Cash and cash equivalents at beginning of period		18,295			11,797

Cash and cash equivalents at end of period	$	17,259			15,994


Free Cash Flow (1)	$	1,024			7,015


(1) Free Cash Flow reconciliation is as follows:					3rd Qtr		3rd Qtr
					FY 2011		FY 2010
	A	)	Net cash provided by operating activities	$	6,412		11,932
	B	)	Minus: Capital Expenditures		(5,580	)	(4,209	)
	C	)	Add: Proceeds from the sale of equipment		27		513
	D	)	Minus: Payments on vendor-financed capital expenditures		(188	)	(797	)
	E	)	Minus: Payments on capital lease obligation		-		(519	)
	F	)	Add: Excess tax benefits related to stock-based compensation		285		182
	G	)	Effects of exchange rate changes on cash and cash equivalents		68		(87	)
				$	1,024		7,015

)

Certificates of deposit with maturities of six months have been reclassified from cash and cash equivalents to short-term investments on the January 31, 2010 Consolidated Balance Sheet. The purchase of these certificates of deposit have been classified in investing activities on the Statement of Cash Flows for the nine month period ending January 31, 2010 to conform to current year presentation.

Page 4 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

STATEMENTS OF OPERATIONS BY SEGMENT

FOR THE THREE MONTHS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010

(Unaudited)
(Amounts in thousands)

	THREE MONTHS ENDED

	Amounts							Percent of Total Sales
	January 30,		January 31,		% Over			January 30,			January 31,
Net Sales by Segment	2011		2010		(Under)			2011			2010

Mattress Fabrics	$	27,991		26,953		3.9	%		54.2	%		49.9	%
Upholstery Fabrics		23,661		27,027		(12.5	) %		45.8	%		50.1	%

Net Sales	$	51,652		53,980		(4.3	) %		100.0	%		100.0	%

Gross Profit by Segment								Gross Profit Margin

Mattress Fabrics	$	4,596	5,587			(17.7	) %		16.4	%	20.7	%
Upholstery Fabrics		3,643	5,098			(28.5	) %		15.4	%	18.9	%
Subtotal		8,239	10,685			(22.9	) %		16.0	%	19.8	%

Restructuring related charges		-	(28	)	(2)	(100.0	) %		0.0	%	(0.1	) %

Gross Profit	$	8,239	10,657			(22.7	) %		16.0	%	19.7	%

Selling, General and Administrative expenses by Segment										Percent of Sales

Mattress Fabrics	$	1,780			2,031			(12.4	) %		6.4	%	7.5	%
Upholstery Fabrics		2,517			2,627			(4.2	) %		10.6	%	9.7	%
Unallocated Corporate expenses		832			1,777			(53.2	) %		1.6	%	3.3	%
Selling, General and Administrative expenses		5,129			6,435			(20.3	) %		9.9	%	11.9	%


Operating Income (loss) by Segment										Operating Income (Loss) Margin

Mattress Fabrics	$	2,816			3,556			(20.8	) %		10.1	%	13.2	%
Upholstery Fabrics		1,126			2,471			(54.4	) %		4.8	%	9.1	%
Unallocated corporate expenses		(832	)		(1,777	)		(53.2	) %		(1.6	) %	(3.3	) %
Subtotal		3,110			4,250			(26.8	) %		6.0	%	7.9	%

Restructuring and related charges		(7	)	(1)	(54	)	(2)	(87.0	) %		(0.0	) %	(0.1	) %

Operating income	$	3,103			4,196			(26.0	) %		6.0	%	7.8	%


Depreciation by Segment

Mattress Fabrics	$	974			842			15.7	%
Upholstery Fabrics		134			149			(10.1	) %
Subtotal		1,108			991			11.8	%

Notes:

(1)	The $7 restructuring charge represents $17 for lease termination and other exit costs offset by a credit of $10 for sales proceeds received on equipment with no carrying value.

(2)	The $28 restructuring related charge represents other operating costs associated with closed plant facilities. The $54 restructuring and restructuring related charge represents $40 for lease termination and other exit costs, $28 for other operating costs associated with closed plant facilities, offset by a credit of $14 for sales proceeds received on equipment with no carrying value.

Page 5 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

STATEMENTS OF OPERATIONS BY SEGMENT

FOR THE NINE MONTHS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010

(Unaudited)
(Amounts in thousands)

	NINE MONTHS ENDED

	Amounts											Percent of Total Sales
	January 30,				January 31,				% Over			January 30,			January 31,
Net Sales by Segment	2011				2010				(Under)			2011			2010

Mattress Fabrics	$	87,244				81,429				7.1	%		55.8	%		54.6	%
Upholstery Fabrics		69,199				67,744				2.1	%		44.2	%		45.4	%

Net Sales	$	156,443				149,173				4.9	%		100.0	%		100.0	%


Gross Profit by Segment												Gross Profit Margin

Mattress Fabrics	$	15,616				16,245				(3.9	) %		17.9	%		19.9	%
Upholstery Fabrics		9,941				11,175				(11.0	) %		14.4	%		16.5	%
Subtotal		25,557				27,420				(6.8	) %		16.3	%		18.4	%

Restructuring related charges		-				(42	)	(2)		(100.0	) %		0.0	%		(0.0	) %

Gross Profit	$	25,557				27,378				(6.7	) %		16.3	%		18.4	%


Selling, General and Administrative expenses by Segment												Percent of Sales

Mattress Fabrics	$	5,480				5,696				(3.8	) %		6.3	%		7.0	%
Upholstery Fabrics		6,394				6,843				(6.6	) %		9.2	%		10.1	%
Unallocated Corporate expenses		2,670				4,177				(36.1	) %		1.7	%		2.8	%
Subtotal		14,544				16,716				(13.0	) %		9.3	%		11.2	%


Operating Income (loss) by Segment												Operating Income (Loss) Margin

Mattress Fabrics	$	10,136				10,549				(3.9	) %		11.6	%		13.0	%
Upholstery Fabrics		3,547				4,332				(18.1	) %		5.1	%		6.4	%
Unallocated corporate expenses		(2,670	)			(4,177	)			(36.1	) %		(1.7	) %		(2.8	) %
Subtotal		11,013				10,704				2.9	%		7.0	%		7.2	%

Restructuring and related credit		-		(1)		275		(3)		(100.0	) %		0.0	%		0.2	%

Operating income	$	11,013				10,979				0.3	%		7.0	%		7.4	%


Return on Capital (4)

Mattress Fabrics		26.0	%			29.7	%
Upholstery Fabrics		38.1	%			56.2	%
Unallocated Corporate		N/A				N/A
Consolidated		23.1	%			25.3	%

Capital Employed (4)

Mattress Fabrics		53,954				48,543				11.1	%
Upholstery Fabrics		12,506				12,401				0.8	%
Unallocated Corporate		(751	)			(2,079	)			N/A
Consolidated		65,709				58,865				11.6	%


Depreciation by Segment

Mattress Fabrics	$	2,795				2,620				6.7	%
Upholstery Fabrics		410				422				(2.8	) %
Subtotal		3,205				3,042				5.4	%

Notes:

(1)	Restructuring activity represents a charge of $23 for lease termination and other exit costs offset by a credit of $13 for employee termination benefits, and a credit of $10 for sales proceeds received on equipment with no carrying value.

(2)	The $42 restructuring related charge represents a charge of $92 for operating costs associated with closed plant facilities offset by a credit of $50 for the sale of inventory previously reserved for.

(3)	The $275 restructuring and related credit represents a credit of $169 for employee termination benefits, a credit of $127 for sales proceeds received on equipment with no carrying value, a credit of $50 for the sale of inventory previously reserved for, a credit of $21 for lease termination and other exit costs, offset by a charge of $92 for other operating costs associated with closed plant facilities.

(4)	See pages 6 and 7 of this financial information release for calculations.

Page 6 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

RETURN ON CAPITAL EMPLOYED BY SEGMENT

FOR THE NINE MONTHS ENDED JANUARY 30, 2011

(UNAUDITED)

	Operating Income
	Nine Months			Average			Return on
	Ended			Capital			Avg. Capital
	January 30, 2011 (1)			Employed (3)			Employed (2)

Mattress Fabrics	$	10,136		$	52,006			26.0	%
Upholstery Fabrics		3,547			12,415			38.1	%
(less: Unallocated Corporate)		(2,670	)		(954	)		N/A
Total	$	11,013		$	63,467			23.1	%



Average Capital Employed	As of the three Months Ended January 30, 2011												As of the three Months Ended October 31, 2010												As of the three Months Ended August 1, 2010
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		63,830			22,623			27,424			113,877			65,485			22,277			24,146			111,908			66,919			24,415			21,763			113,097
Total liabilities		(9,876	)		(10,117	)		(19,784	)		(39,777	)		(10,634	)		(10,275	)		(19,495	)		(40,404	)		(14,902	)		(11,126	)		(19,943	)		(45,971	)

Subtotal	$	53,954		$	12,506		$	7,640		$	74,100		$	54,851		$	12,002		$	4,651		$	71,504		$	52,017		$	13,289		$	1,820		$	67,126
Less:
Cash and cash equivalents		-			-			(17,259	)		(17,259	)		-			-			(15,262	)		(15,262	)		-			-			(14,045	)		(14,045	)
Short-term investments		-			-			(5,518	)		(5,518	)		-			-			(4,035	)		(4,035	)		-			-			(4,009	)		(4,009	)
Deferred income taxes-current		-			-			(296	)		(296	)		-			-			(176	)		(176	)		-			-			(138	)		(138	)
Income taxes receivable		-			-			(407	)		(407	)		-			-			(477	)		(477	)		-			-			(568	)		(568	)
Deferred income taxes - non-current		-			-			(1,322	)		(1,322	)		-			-			(1,391	)		(1,391	)		-			-			(245	)		(245	)
Current maturities of long - term debt		-			-			2,400			2,400			-			-			2,396			2,396			-			-			194			194
Income taxes payable - current		-			-			289			289			-			-			90			90			-			-			182			182
Income taxes payable - long-term		-			-			3,934			3,934			-			-			3,890			3,890			-			-			3,877			3,877
Deferred income taxes - non-current		-			-			622			622			-			-			622			622			-			-			666			666
Long-term debt, less current maturities		-			-			9,166			9,166			-			-			9,209			9,209			-			-			11,453			11,453

Total Capital Employed	$	53,954		$	12,506		$	(751	)	$	65,709		$	54,851		$	12,002		$	(483	)	$	66,370		$	52,017		$	13,289		$	(813	)	$	64,493



	As of the three Months Ended May 2, 2010
	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Total assets		61,922			25,420			25,256			112,598
Totall iabilities		(14,720	)		(13,559	)		(21,272	)		(49,551	)

Subtotal	$	47,202		$	11,861		$	3,984		$	63,047
Less:
Cash and cash equivalents		-			-			(18,295	)		(18,295	)
Short-term investments								(3,023	)		(3,023	)
Deferred income taxes-current		-			-			(150	)		(150	)
Income taxes receivable		-			-			(728	)		(728	)
Deferred income taxes-non-current		-			-			(324	)		(324	)
Current maturities of long-term debt		-			-			196			196
Income taxes payable-current		-			-			224			224
Income taxes payable-long-term		-			-			3,876			3,876
Deferred income taxes-non-current		-			-			982			982
Long-term debt, less current maturities		-			-			11,491			11,491

Total Capital Employed	$	47,202		$	11,861		$	(1,767	)	$	57,296


	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Average Capital Employed(3)	$	52,006		$	12,415		$	(954	)	$	63,467

Notes:

(1)	Operating income excludes restructuring and related charges--see reconciliation per page 5 of this financial information release.

(2)	Return on average capital employed represents operating income for the 9 month period ending January 30, 2011 times 3 divided by 4 to arrive at an annualized value then divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments, long-term debt, including current maturities, current and noncurrent deferred tax assets and liabilities, current and long-term income taxes payable, and income taxes receivable.

(3)	Average capital employed computed using the four periods ending May 2,2010, August 1,2010, October 31, 2010, and January 30, 2011.

Page 7 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

RETURN ON CAPITAL EMPLOYED BY SEGMENT

FOR THE NINE MONTHS ENDED JANUARY 31, 2010

(UNAUDITED)

	Operating Income
	Nine Months Ended			Average Capital			Return on Avg. Capital
	January 31, 2010 (1)			Employed (3)			Employed (2)

Mattress Fabrics	$	10,549		$	47,373			29.7	%
Upholstery Fabrics		4,332			10,269			56.2	%
(less: Unallocated Corporate)		(4,177	)		(1,244	)		N/A
Total	$	10,704		$	56,398			25.3	%



Average Capital Employed	As of the three Months Ended January 31, 2010												As of the three Months Ended November 1, 2009												As of the three Months Ended August 2, 2009
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		58,609			25,928			21,971			106,508			56,686			19,598			22,496			98,780			57,772			16,128			18,511			92,411
Total liabilities		(10,066	)		(13,527	)		(25,991	)		(49,584	)		(10,625	)		(10,461	)		(24,416	)		(45,502	)		(10,138	)		(7,670	)		(24,427	)		(42,235	)

Subtotal	$	48,543		$	12,401		$	(4,020	)	$	56,924		$	46,061		$	9,137		$	(1,920	)	$	53,278		$	47,634		$	8,458		$	(5,916	)	$	50,176
Less:
Cash and cash equivalents		-			-			(15,994	)		(15,994	)		-			-			(19,575	)		(19,575	)		-			-			(15,481	)		(15,481	)
Short-term investments		-			-			(3,021	)		(3,021	)		-			-			-			-			-			-			-			-
Deferred income taxes - current		-			-			(57	)		(57	)		-			-			(58	)		(58	)		-			-			(52	)		(52	)
Income taxes receivable		-			-			(331	)		(331	)		-			-			(384	)		(384	)		-			-			(396	)		(396	)
Current maturities of long-term debt		-			-			4,880			4,880			-			-			4,863			4,863			-			-			4,817			4,817
Income taxes payable - current		-			-			153			153			-			-			329			329			-			-			72			72
Income taxes payable - long-term		-			-			3,690			3,690			-			-			3,603			3,603			-			-			3,538			3,538
Deferred income taxes - non-current		-			-			1,092			1,092			-			-			1,078			1,078			-			-			1,072			1,072
Long-term debt, less current maturities		-			-			11,529			11,529			-			-			11,568			11,568			-			-			11,618			11,618

Total Capital Employed	$	48,543		$	12,401		$	(2,079	)	$	58,865		$	46,061		$	9,137		$	(496	)	$	54,702		$	47,634		$	8,458		$	(728	)	$	55,364


	As of the three Months Ended May 3, 2009
	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Total assets		58,626			22,078			14,590			95,294
Total liabilities		(11,372	)		(10,999	)		(24,892	)		(47,263	)

Subtotal	$	47,254		$	11,079		$	(10,302	)	$	48,031
Less:
Cash and cash equivalents		-			-			(11,797	)		(11,797	)
Short-term investments		-			-			-			-
Deferred income taxes - current		-			-			(54	)		(54	)
Income taxes receivable		-			-			(210	)		(210	)
Current maturities of long-term debt		-			-			4,764			4,764
Income taxes payable - current		-			-			83			83
Income taxes payable - long-term		-			-			3,264			3,264
Deferred income taxes - non-current		-			-			974			974
Long-term debt, less current maturities		-			-			11,604			11,604

Total Capital Employed	$	47,254		$	11,079		$	(1,674	)	$	56,659


	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Average Capital Employed (3)	$	47,373		$	10,269		$	(1,244	)	$	56,398

Notes:

(1)	Operating income excludes restructuring and related charges and credits--see reconciliation per page 5 of this financial information release.

(2)	Return on average capital employed represents operating income for the 9 month period ending January 31, 2010 times 3 divided by 4 to arrive at an annualized value then divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments, long-term debt, including current maturities, current and noncurrent deferred tax assets and liabilities, current and long-term income taxes payable, and income taxes receivable.

(3)	Average capital employed computed using the four periods ending May 3,2009, August 2,2009, November 1, 2009, and January 31, 2010.

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