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

Attached files

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8-K - CULP, INC. 8-K - CULP INC	a6761963.htm
EX-99.A - EXHIBIT 99(A) - CULP INC	a6761963ex99_a.htm

Exhibit 99(b)

Page 1 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF NET INCOME
FOR THE THREE MONTHS AND TWELVE MONTHS ENDED May 1, 2011 AND May 2, 2010
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)

	THREE MONTHS ENDED

	Amounts										Percent of Sales
	May 1,			May 2,			% Over				May 1,				May 2,
	2011			2010			(Under)				2011				2010

Net sales	$	60,363			57,243			5.5		%		100.0		%		100.0		%
Cost of sales		49,080			45,843			7.1		%		81.3		%		80.1		%
Gross profit		11,283			11,400			(1.0	)	%		18.7		%		19.9		%

Selling, general and
administrative expenses		6,525			6,090			7.1		%		10.8		%		10.6		%
Restructuring expense (credit)		28			(52	)	N.M.					0.0		%		(0.1	)	%
Income from operations		4,730			5,362			(11.8	)	%		7.8		%		9.4		%

Interest expense		222			288			(22.9	)	%		0.4		%		0.5		%
Interest income		(96	)		(36	)		166.7		%		(0.2	)	%		(0.1	)	%
Other (income) expense		(71	)		114		N.M.					(0.1	)	%		0.2		%
Income before income taxes		4,675			4,996			(6.4	)	%		7.7		%		8.7		%

Income taxes*		(1,315	)		(436	)		201.6		%		(28.1	)	%		(8.7	)	%
Net income	$	5,990			5,432			10.3		%		9.9		%		9.5		%

Net income per share-basic	$	0.46		$	0.42			9.5		%
Net income per share-diluted	$	0.45		$	0.41			9.8		%
Average shares outstanding-basic		13,030			12,801			1.8		%
Average shares outstanding-diluted		13,217			13,200			0.1		%

	TWELVE MONTHS ENDED

	Amounts										Percent of Sales
	May 1,			May 2,			% Over				May 1,				May 2,
	2011			2010			(Under)				2011				2010

Net sales	$	216,806			206,416			5.0		%		100.0		%		100.0		%
Cost of sales		179,966			167,639			7.4		%		83.0		%		81.2		%
Gross profit		36,840			38,777			(5.0	)	%		17.0		%		18.8		%

Selling, general and
administrative expenses		21,069			22,805			(7.6	)	%		9.7		%		11.0		%
Restructuring expense (credit)		28			(370	)	N.M.					0.0		%		(0.2	)	%
Income from operations		15,743			16,342			(3.7	)	%		7.3		%		7.9		%

Interest expense		881			1,314			(33.0	)	%		0.4		%		0.6		%
Interest income		(240	)		(116	)		106.9		%		(0.1	)	%		(0.1	)	%
Other expense		40			828			(95.2	)	%		0.0		%		0.4		%
Income before income taxes		15,062			14,316			5.2		%		6.9		%		6.9		%

Income taxes*		(1,102	)		1,128		N.M.					(7.3	)	%		7.9		%
Net income	$	16,164			13,188			22.6		%		7.5		%		6.4		%

Net income per share-basic	$	1.25		$	1.04			20.2		%
Net income per share-diluted	$	1.22		$	1.01			20.8		%
Average shares outstanding-basic		12,959			12,709			2.0		%
Average shares outstanding-diluted		13,218			13,057			1.2		%

* 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
MAY 1, 2011 AND MAY 2, 2010
Unaudited
(Amounts in Thousands)

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

Current assets
Cash and cash equivalents	$	23,181	$	18,295		4,886			26.7	%
Short-term investments		7,699		3,023		4,676			154.7	%
Accounts receivable		20,209		19,822		387			2.0	%
Inventories		28,723		26,002		2,721			10.5	%
Deferred income taxes		293		150		143			95.3	%
Assets held for sale		75		123		(48	)		(39.0	) %
Income taxes receivable		79		728		(649	)		(89.1	) %
Other current assets		2,376		1,698		678			39.9	%
Total current assets		82,635		69,841		12,794			18.3	%

Property, plant and equipment, net		30,296		28,403		1,893			6.7	%
Goodwill		11,462		11,462		-			0.0	%
Deferred income taxes		3,606		324		3,282			1,013.0	%
Other assets		2,052		2,568		(516	)		(20.1	) %

Total assets	$	130,051	$	112,598		17,453			15.5	%



Current liabilities
Current maturities of long-term debt	$	2,412	$	196		2,216			1,130.6	%
Accounts payable - trade		24,871		22,278		2,593			11.6	%
Accounts payable - capital expenditures		140		567		(427	)		(75.3	) %
Accrued expenses		7,617		9,613		(1,996	)		(20.8	) %
Accrued restructuring		44		324		(280	)		(86.4	) %
Deferred income taxes		82		-		82			100.0	%
Income taxes payable - current		646		224		422			188.4	%
Total current liabilities		35,812		33,202		2,610			7.9	%

Income taxes payable - long-term		4,167		3,876		291			7.5	%
Deferred income taxes		596		982		(386	)		(39.3	) %
Long-term debt , less current maturities		9,135		11,491		(2,356	)		(20.5	) %

Total liabilities		49,710		49,551		159			0.3	%

Shareholders' equity		80,341		63,047		17,294			27.4	%

Total liabilities and
shareholders' equity	$	130,051	$	112,598		17,453			15.5	%

Shares outstanding		13,264		13,052		212			1.6	%


* Derived from audited financial statements

Page 3 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED MAY 1, 2011 AND MAY 2, 2010
Unaudited
(Amounts in Thousands)


	TWELVE MONTHS ENDED

	Amounts
	May 1,			May 2,
	2011			2010

Cash flows from operating activities:
Net income	$	16,164			13,188
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation		4,372			4,010
Amortization of other assets		442			548
Stock-based compensation		360			834
Deferred income taxes		(3,390	)		(148	)
Restructuring expenses, net of gain on sale of related assets		28			(170	)
Gain on sale of equipment		(22	)		(65	)
Excess tax benefits related to stock-based compensation		(339	)		(429	)
Foreign currency exchange (gains) losses		(115	)		688
Changes in assets and liabilities:
Accounts receivable		(199	)		(1,684	)
Inventories		(2,579	)		(2,020	)
Other current assets		(621	)		(418	)
Other assets		(3	)		(67	)
Accounts payable		2,110			5,157
Accrued expenses		(2,286	)		2,853
Accrued restructuring		(280	)		(529	)
Income taxes		1,179			(171	)
Net cash provided by operating activities		14,821			21,577

Cash flows from investing activities:
Capital expenditures		(6,352	)		(7,431	)
Purchase of short-term investments		(6,713	)		(3,023	)
Proceeds from the sale of short-term investments		2,037			-
Proceeds from the sale of equipment		79			583
Net cash used in investing activities		(10,949	)		(9,871	)

Cash flows from financing activities:
Payments on vendor-financed capital expenditures		(377	)		(985	)
Payments on capital lease obligation		-			(626	)
Payments on long-term debt		(179	)		(4,789	)
Debt issuance costs		(27	)		(15	)
Excess tax benefits related to stock-based compensation		339			429
Proceeds from common stock issued		769			673
Net cash provided by (used in) financing activities		525			(5,313	)

Effect of exchange rate changes on cash and cash equivalents		489			105

Increase in cash and cash equivalents		4,886			6,498

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

Cash and cash equivalents at end of period	$	23,181			18,295


Free Cash Flow (1)	$	8,999			13,652


(1) Free Cash Flow reconciliation is as follows:
				FY 2011			FY 2010
	A	)	Net cash provided by operating activities	$	14,821			21,577
	B	)	Minus: Capital Expenditures		(6,352	)		(7,431	)
	C	)	Add: Proceeds from the sale of equipment		79			583
	D	)	Minus: Payments on vendor-financed capital expenditures		(377	)		(985	)
	E	)	Minus: Payments on capital lease obligation		-			(626	)
	F	)	Add: Excess tax benefits related to stock-based compensation		339			429
	G	)	Effects of exchange rate changes on cash and cash equivalents		489			105
				$	8,999			13,652

Page 4 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

STATEMENTS OF OPERATIONS BY SEGMENT

FOR THE THREE MONTHS ENDED MAY 1, 2011 AND MAY 2, 2010

(Unaudited)

(Amounts in thousands)

	THREE MONTHS ENDED

	Amounts													Percent of Total Sales
	May 1,					May 2,					% Over			May 1,			May 2,
Net Sales by Segment	2011					2010					(Under)			2011			2010

Mattress Fabrics	$	35,187					33,418					5.3	%		58.3	%		58.4	%
Upholstery Fabrics		25,176					23,825					5.7	%		41.7	%		41.6	%

Net Sales	$	60,363					57,243					5.5	%		100.0	%		100.0	%


Gross Profit by Segment														Gross Profit Margin

Mattress Fabrics	$	7,632					7,407					3.0	%		21.7	%		22.2	%
Upholstery Fabrics		3,651					4,008					(8.9	) %		14.5	%		16.8	%
Subtotal		11,283					11,415					(1.2	) %		18.7	%		19.9	%

Restructuring related charges		-					(15	)	(2	)		(100.0	) %		0.0	%		(0.0	) %

Gross Profit	$	11,283					11,400					(1.0	) %		18.7	%		19.9	%


Selling, General and Administrative expenses by Segment														Percent of Sales

Mattress Fabrics	$	2,395					2,482					(3.5	) %		6.8	%		7.4	%
Upholstery Fabrics		2,839					2,385					19.0	%		11.3	%		10.0	%
Unallocated Corporate expenses		1,291					1,223					5.6	%		2.1	%		2.1	%
Selling, General and Administrative expenses		6,525					6,090					7.1	%		10.8	%		10.6	%


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

Mattress Fabrics	$	5,236					4,925					6.3	%		14.9	%		14.7	%
Upholstery Fabrics		813					1,623					(49.9	) %		3.2	%		6.8	%
Unallocated corporate expenses		(1,291	)				(1,223	)				5.6	%		(2.1	) %		(2.1	) %
Subtotal		4,758					5,325					(10.6	) %		7.9	%		9.3	%

Restructuring and related (charges) credit		(28	)	(1	)		37		(2	)	N.M.				(0.0	) %		0.1	%

Operating income	$	4,730					5,362					(11.8	) %		7.8	%		9.4	%


Depreciation by Segment

Mattress Fabrics	$	1,024					838					22.2	%
Upholstery Fabrics		143					130					10.0	%
Subtotal		1,167					968					20.6	%

Notes:

(1)	The $28 represents an impairment charge related to equipment associated with the upholstery fabrics segment that are classified as held for sale.

(2)

The $15 restructuring related charge represents other operating costs associated with closed plant facilities. The $37 restructuring and related credit represents a credit of $43 for sales proceeds received on equipment with no carrying value, a credit of $16 for employee termination benefits, offset by a charge of $15 for other operating costs associated with closed plant facilities and a charge of $7 for lease termination and other exit costs.

Page 5 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
STATEMENTS OF OPERATIONS BY SEGMENT
FOR THE TWELVE MONTHS ENDED MAY 1, 2011 AND MAY 2, 2010
(Unaudited)
(Amounts in thousands)

	TWELVE MONTHS ENDED

	Amounts													Percent of Total Sales
	May 1,					May 2,					% Over			May 1,			May 2,
Net Sales by Segment	2011					2010					(Under)			2011			2010

Mattress Fabrics	$	122,431					114,848					6.6	%		56.5	%		55.6	%
Upholstery Fabrics		94,375					91,568					3.1	%		43.5	%		44.4	%

Net Sales	$	216,806					206,416					5.0	%		100.0	%		100.0	%


Gross Profit by Segment														Gross Profit Margin

Mattress Fabrics	$	23,248					23,652					(1.7	) %		19.0	%		20.6	%
Upholstery Fabrics		13,592					15,183					(10.5	) %		14.4	%		16.6	%
Subtotal		36,840					38,835					(5.1	) %		17.0	%		18.8	%

Restructuring related charges		-					(58	)	(2	)		(100.0	) %		0.0	%		(0.0	) %

Gross Profit	$	36,840					38,777					(5.0	) %		17.0	%		18.8	%


Selling, General and Administrative expenses by Segment														Percent of Sales

Mattress Fabrics	$	7,875					8,178					(3.7	) %		6.4	%		7.1	%
Upholstery Fabrics		9,233					9,227					0.1	%		9.8	%		10.1	%
Unallocated Corporate expenses		3,961					5,400					(26.6	) %		1.8	%		2.6	%
Subtotal		21,069					22,805					(7.6	) %		9.7	%		11.0	%


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

Mattress Fabrics	$	15,373					15,474					(0.7	) %		12.6	%		13.5	%
Upholstery Fabrics		4,359					5,956					(26.8	) %		4.6	%		6.5	%
Unallocated corporate expenses		(3,961	)				(5,400	)				(26.6	) %		(1.8	) %		(2.6	) %
Subtotal		15,771					16,030					(1.6	) %		7.3	%		7.8	%

Restructuring and related (charges) credit		(28	)	(1	)		312		(2	)	N.A				(0.0	) %		0.2	%

Operating income	$	15,743					16,342					(3.7	) %		7.3	%		7.9	%


Return on Capital (3)

Mattress Fabrics		29.5	%				32.7	%
Upholstery Fabrics		36.3	%				56.3	%
Unallocated Corporate		N/A					N/A
Consolidated		24.9	%				28.3	%

Capital Employed (3)

Mattress Fabrics		52,632					47,202					11.5	%
Upholstery Fabrics		10,317					11,861					(13.0	) %
Unallocated Corporate		(428	)				(1,767	)				N/A
Consolidated		62,521					57,296					9.1	%


Depreciation by Segment

Mattress Fabrics	$	3,820					3,458					10.5	%
Upholstery Fabrics		552					552					0.0	%
Subtotal		4,372					4,010					9.0	%

Notes:

(1)	This $28 represents an impairment charge of $28 related to equipment associated with the upholstery fabrics segment that are classified as held for sale, a charge of $10 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 $58 restructuring related charge represents a charge of $108 for other operating costs associated with closed plant facilities,offset by a credit of $50 for the sale of inventory previously reserved for. The $312 restructuring and related creditrepresents a credit of $186 for employee termination benefits, a credit of $170 for sales proceeds received on equipmentwith no carrying value, a credit of $50 for the sale of inventory previously reserved for, a credit of $14 for lease termination and other exit costs, offset by a charge of $108 for other operating costs associated with closed plant facilities.

(3)	The capital employed balances are as of May 1, 2011 and May 2, 2010. See pages 6 and 7 of this financial information releasefor calculations.

Page 6 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

RETURN ON CAPITAL EMPLOYED BY SEGMENT

FOR THE TWELVE MONTHS ENDED MAY 1, 2011

(Amounts in Thousands)

(Unaudited)

	Operating
	Income
	Twelve						Return on
	Months			Average			Avg.
	Ended			Capital			Capital
	May 1,			Employed			Employed
	2011 (1)			(3)			(2)

Mattress Fabrics	$	15,373		$	52,131			29.5	%
Upholstery Fabrics		4,359			11,995			36.3	%
(less: Unallocated Corporate)		(3,961	)		(848	)		N/A
Total	$	15,771		$	63,278			24.9	%



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

Total assets		66,637			25,929			37,485			130,051			63,830			22,623			27,424			113,877			65,485			22,277			24,146			111,908
Total liabilities		(14,005	)		(15,612	)		(20,093	)		(49,710	)		(9,876	)		(10,117	)		(19,784	)		(39,777	)		(10,634	)		(10,275	)		(19,495	)		(40,404	)

Subtotal	$	52,632		$	10,317		$	17,392		$	80,341		$	53,954		$	12,506		$	7,640		$	74,100		$	54,851		$	12,002		$	4,651		$	71,504
Less:
Cash and cash equivalents		-			-			(23,181	)		(23,181	)		-			-			(17,259	)		(17,259	)		-			-			(15,262	)		(15,262	)
Short-term investments		-			-			(7,699	)		(7,699	)		-			-			(5,518	)		(5,518	)		-			-			(4,035	)		(4,035	)
Deferred income taxes - current		-			-			(293	)		(293	)		-			-			(296	)		(296	)		-			-			(176	)		(176	)
Income taxes receivable		-			-			(79	)		(79	)		-			-			(407	)		(407	)		-			-			(477	)		(477	)
Deferred income taxes - non-current		-			-			(3,606	)		(3,606	)		-			-			(1,322	)		(1,322	)		-			-			(1,391	)		(1,391	)
Current maturities of long-term debt		-			-			2,412			2,412			-			-			2,400			2,400			-			-			2,396			2,396
Deferred income taxes - current								82			82			-			-			-			-			-			-			-			-
Income taxes payable - current		-			-			646			646			-			-			289			289			-			-			90			90
Income taxes payable - long-term		-			-			4,167			4,167			-			-			3,934			3,934			-			-			3,890			3,890
Deferred income taxes - non-current		-			-			596			596			-			-			622			622			-			-			622			622
Long-term debt, less current maturities		-			-			9,135			9,135			-			-			9,166			9,166			-			-			9,209			9,209

Total Capital Employed	$	52,632		$	10,317		$	(428	)	$	62,521		$	53,954		$	12,506		$	(751	)	$	65,709		$	54,851		$	12,002		$	(483	)	$	66,370


	As of the three Months Ended August 1, 2010												As of the three Months Ended May 2, 2010
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		66,919			24,415			21,763			113,097			61,922			25,420			25,256			112,598
Total liabilities		(14,902	)		(11,126	)		(19,943	)		(45,971	)		(14,720	)		(13,559	)		(21,272	)		(49,551	)

Subtotal	$	52,017		$	13,289		$	1,820		$	67,126		$	47,202		$	11,861		$	3,984		$	63,047
Less:
Cash and cash equivalents		-			-			(14,045	)		(14,045	)		-			-			(18,295	)		(18,295	)
Short-term investments		-			-			(4,009	)		(4,009	)								(3,023	)		(3,023	)
Deferred income taxes - current		-			-			(138	)		(138	)		-			-			(150	)		(150	)
Income taxes receivable		-			-			(568	)		(568	)		-			-			(728	)		(728	)
Deferred income taxes - non-current		-			-			(245	)		(245	)		-			-			(324	)		(324	)
Current maturities of long-term debt		-			-			194			194			-			-			196			196
Deferred income taxes - current		-			-			-			-			-			-			-			-
Income taxes payable - current		-			-			182			182			-			-			224			224
Income taxes payable - long-term		-			-			3,877			3,877			-			-			3,876			3,876
Deferred income taxes - non-current		-			-			666			666			-			-			982			982
Long-term debt, less current maturities		-			-			11,453			11,453			-			-			11,491			11,491

Total Capital Employed	$	52,017		$	13,289		$	(813	)	$	64,493		$	47,202		$	11,861		$	(1,767	)	$	57,296


	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Average Capital Employed (3)	$	52,131		$	11,995		$	(848	)	$	63,278

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 fiscal 2011 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, income taxes payable, and income taxes receivable.

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

Page 7 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
RETURN ON CAPITAL EMPLOYED BY SEGMENT
FOR THE TWELVE MONTHS ENDED MAY 2, 2010
(Amounts in Thousands)
(Unaudited)

	Operating
	Income
	Twelve						Return on
	Months			Average			Avg.
	Ended			Capital			Capital
	May 2, 2010 (1)			Employed (3)			Employed (2)

Mattress Fabrics	$	15,474		$	47,339			32.7	%
Upholstery Fabrics		5,956			10,587			56.3	%
(less: Unallocated Corporate)		(5,400	)		(1,349	)		N/A
Total	$	16,030		$	56,577			28.3	%



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

Total assets		61,922			25,420			25,256			112,598			58,609			25,928			21,971			106,508			56,686			19,598			22,496			98,780
Total liabilities		(14,720	)		(13,559	)		(21,272	)		(49,551	)		(10,066	)		(13,527	)		(25,991	)		(49,584	)		(10,625	)		(10,461	)		(24,416	)		(45,502	)

Subtotal	$	47,202		$	11,861		$	3,984		$	63,047		$	48,543		$	12,401		$	(4,020	)	$	56,924		$	46,061		$	9,137		$	(1,920	)	$	53,278
Less:
Cash and cash equivalents		-			-			(18,295	)		(18,295	)		-			-			(15,994	)		(15,994	)		-			-			(19,575	)		(19,575	)
Short-term investments		-			-			(3,023	)		(3,023	)		-			-			(3,021	)		(3,021	)		-			-			-			-
Deferred income taxes - current		-			-			(150	)		(150	)		-			-			(57	)		(57	)		-			-			(58	)		(58	)
Income taxes receivable		-			-			(728	)		(728	)		-			-			(331	)		(331	)		-			-			(384	)		(384	)
Deferred income taxes - non-current		-			-			(324	)		(324	)		-			-			-			-			-			-			-			-
Current maturities of long-term debt		-			-			196			196			-			-			4,880			4,880			-			-			4,863			4,863
Income taxes payable - current		-			-			224			224			-			-			153			153			-			-			329			329
Income taxes payable - long-term		-			-			3,876			3,876			-			-			3,690			3,690			-			-			3,603			3,603
Deferred income taxes - non-current		-			-			982			982			-			-			1,092			1,092			-			-			1,078			1,078
Long-term debt, less current maturities		-			-			11,491			11,491			-			-			11,529			11,529			-			-			11,568			11,568

Total Capital Employed	$	47,202		$	11,861		$	(1,767	)	$	57,296		$	48,543		$	12,401		$	(2,079	)	$	58,865		$	46,061		$	9,137		$	(496	)	$	54,702



	As of the three Months Ended August 2, 2009												As of the three Months Ended May 3, 2009
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		57,772			16,128			18,511			92,411			58,626			22,078			14,590			95,294
Total liabilities		(10,138	)		(7,670	)		(24,427	)		(42,235	)		(11,372	)		(10,999	)		(24,892	)		(47,263	)

Subtotal	$	47,634		$	8,458		$	(5,916	)	$	50,176		$	47,254		$	11,079		$	(10,302	)	$	48,031
Less:
Cash and cash equivalents		-			-			(15,481	)		(15,481	)		-			-			(11,797	)		(11,797	)
Short-term investments		-			-			-			-			-			-			-			-
Deferred income taxes - current		-			-			(52	)		(52	)		-			-			(54	)		(54	)
Income taxes receivable		-			-			(396	)		(396	)		-			-			(210	)		(210	)
Deferred income taxes - non-current		-			-			-			-			-			-			-			-
Current maturities of long-term debt		-			-			4,817			4,817			-			-			4,764			4,764
Income taxes payable - current		-			-			72			72			-			-			83			83
Income taxes payable - long-term		-			-			3,538			3,538			-			-			3,264			3,264
Deferred income taxes - non-current		-			-			1,072			1,072			-			-			974			974
Long-term debt, less current maturities		-			-			11,618			11,618			-			-			11,604			11,604

Total Capital Employed	$	47,634		$	8,458		$	(728	)	$	55,364		$	47,254		$	11,079		$	(1,674	)	$	56,659


	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Average Capital Employed (3)	$	47,339		$	10,587		$	(1,349	)	$	56,577

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 fiscal 2010 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 five periods ending May 3,2009, August 2,2009, November 1, 2009, January 31, 2010, and May 2, 2010.

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