Attached files
| file | filename |
|---|---|
| EX-99.A - EXHIBIT 99(A) - CULP INC | a50305270ex99_a.htm |
| 8-K - CULP, INC. 8-K - CULP INC | a50305270.htm |
Exhibit 99(b)
Page 1 of 9
|
CULP, INC. FINANCIAL INFORMATION RELEASE
|
|||||||||||||||||
|
CONSOLIDATED STATEMENTS OF NET INCOME
|
|||||||||||||||||
|
FOR THE THREE MONTHS ENDED APRIL 29, 2012 AND MAY 1, 2011
|
|||||||||||||||||
|
(UNAUDITED)
|
|||||||||||||||||
|
(Amounts in Thousands, Except for Per Share Data)
|
|||||||||||||||||
|
THREE MONTHS ENDED
|
|||||||||||||||||
|
Amounts
|
Percent of Sales
|
||||||||||||||||
|
April 29,
|
May 1,
|
% Over
|
April 29,
|
May 1,
|
|||||||||||||
|
2012
|
2011
|
(Under)
|
2012
|
2011
|
|||||||||||||
|
Net sales
|
$ |
75,711
|
60,363
|
25.4
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
|
Cost of sales
|
62,013
|
49,080
|
26.4
|
%
|
81.9
|
%
|
81.3
|
%
|
|||||||||
|
Gross profit
|
13,698
|
11,283
|
21.4
|
%
|
18.1
|
%
|
18.7
|
%
|
|||||||||
|
Selling, general and
|
|||||||||||||||||
|
administrative expenses
|
8,031
|
6,525
|
23.1
|
%
|
10.6
|
%
|
10.8
|
%
|
|||||||||
|
Restructuring expense
|
-
|
28
|
(100.0
|
) %
|
0.0
|
%
|
0.0
|
%
|
|||||||||
|
Income from operations
|
5,667
|
4,730
|
19.8
|
%
|
7.5
|
%
|
7.8
|
%
|
|||||||||
|
Interest expense
|
190
|
222
|
(14.4
|
) %
|
0.3
|
%
|
0.4
|
%
|
|||||||||
|
Interest income
|
(121)
|
(96)
|
26.0
|
%
|
(0.2)
|
%
|
(0.2
|
) %
|
|||||||||
|
Other expense (income)
|
104
|
(71)
|
N.M.
|
0.1
|
%
|
(0.1
|
) %
|
||||||||||
|
Income before income taxes
|
5,494
|
4,675
|
17.5
|
%
|
7.3
|
%
|
7.7
|
%
|
|||||||||
|
Income taxes*
|
2,071
|
(1,315)
|
N.M.
|
37.7
|
%
|
(28.1
|
) %
|
||||||||||
|
Net income
|
$ |
3,423
|
5,990
|
(42.9
|
) %
|
4.5
|
%
|
9.9
|
%
|
||||||||
|
Net income per share-basic
|
$ |
0.27
|
$ |
0.46
|
(41.3
|
) %
|
|||||||||||
|
Net income per share-diluted
|
$ |
0.27
|
$ |
0.45
|
(40.0
|
) %
|
|||||||||||
|
Average shares outstanding-basic
|
12,513
|
13,030
|
(4.0
|
) %
|
|||||||||||||
|
Average shares outstanding-diluted
|
12,695
|
13,217
|
(3.9
|
) %
|
|||||||||||||
|
PRESENTATION OF ADJUSTED NET INCOME, ADJUSTED INCOME TAXES AND EARNINGS PER SHARE (1)
|
||||||||||||||||||||
|
THREE MONTHS ENDED
|
||||||||||||||||||||
|
Amounts
|
Percent of Sales
|
|||||||||||||||||||
|
April 29,
|
May 1,
|
% Over
|
April 29,
|
May 1,
|
||||||||||||||||
|
2012
|
2011
|
(Under)
|
2012
|
2011
|
||||||||||||||||
|
Income before income taxes (see above)
|
$ | 5,494 | 4,675 | 17.5 | % | 7.3 | % | 7.7 | % | |||||||||||
|
Adjusted Income taxes (2)*
|
1,016 | 753 | 34.9 | % | 18.5 | % | 16.1 | % | ||||||||||||
|
Adjusted net income
|
4,478 | 3,922 | 14.2 | % | 5.9 | % | 6.5 | % | ||||||||||||
| A | ||||||||||||||||||||
|
Adjusted net income per share-basic
|
$ | 0.36 | $ | 0.30 | 20.0 | % | ||||||||||||||
|
Adjusted net income per share-diluted
|
$ | 0.35 | $ | 0.30 | 16.7 | % | ||||||||||||||
|
Average shares outstanding-basic
|
12,513 | 13,030 | (4.0 | ) % | ||||||||||||||||
|
Average shares outstanding-diluted
|
12,695 | 13,217 | (3.9 | ) % | ||||||||||||||||
|
(1) Culp, Inc. currently does not incur cash income tax expense in the US due to its $59.9 million in net operating loss carryforwards. Therefore, adjusted net income is calculated using only income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 9 of 9.
|
|
|
(2) Represents estimated income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 9 of 9.
|
|
|
* Percent of sales column for income taxes is calculated as a % of income before income taxes.
|
|
Page 2 of 9
|
CULP, INC. FINANCIAL INFORMATION RELEASE
|
|||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF NET INCOME
|
|||||||||||||||||||||
|
FOR THE TWELVE MONTHS ENDED APRIL 29, 2012 AND MAY 1, 2011
|
|||||||||||||||||||||
|
(UNAUDITED)
|
|||||||||||||||||||||
|
(Amounts in Thousands, Except for Per Share Data)
|
|||||||||||||||||||||
|
TWELVE MONTHS ENDED
|
|||||||||||||||||||||
|
Amounts
|
Percent of Sales
|
||||||||||||||||||||
|
April 29,
|
May 1,
|
% Over
|
April 29,
|
May 1,
|
|||||||||||||||||
|
2012
|
2011
|
(Under)
|
2012
|
2011
|
|||||||||||||||||
|
Net sales
|
$ | 254,443 | 216,806 | 17.4 | % | 100.0 | % | 100.0 | % | ||||||||||||
|
Cost of sales
|
214,711 | 179,966 | 19.3 | % | 84.4 | % | 83.0 | % | |||||||||||||
|
Gross profit
|
39,732 | 36,840 | 7.9 | % | 15.6 | % | 17.0 | % | |||||||||||||
|
Selling, general and
|
|||||||||||||||||||||
|
administrative expenses
|
25,026 | 21,069 | 18.8 | % | 9.8 | % | 9.7 | % | |||||||||||||
|
Restructuring expense
|
- | 28 |
N.M.
|
0.0 | % | 0.0 | % | ||||||||||||||
|
Income from operations
|
14,706 | 15,743 | (6.6 | ) | % | 5.8 | % | 7.3 | % | ||||||||||||
|
Interest expense
|
780 | 881 | (11.5 | ) | % | 0.3 | % | 0.4 | % | ||||||||||||
|
Interest income
|
(508 | ) | (240 | ) | 111.7 | % | (0.2 | ) % | (0.1 | ) % | |||||||||||
|
Other expense
|
236 | 40 | 490.0 | % | 0.1 | % | 0.0 | % | |||||||||||||
|
Income before income taxes
|
14,198 | 15,062 | (5.7 | ) | % | 5.6 | % | 6.9 | % | ||||||||||||
|
Income taxes*
|
902 | (1,102 | ) |
N.M.
|
6.4 | % | (7.3 | ) % | |||||||||||||
|
Net income
|
$ | 13,296 | 16,164 | (17.7 | ) | % | 5.2 | % | 7.5 | % | |||||||||||
|
Net income per share-basic
|
$ | 1.05 | $ | 1.25 | (16.0 | ) | % | ||||||||||||||
|
Net income per share-diluted
|
$ | 1.03 | $ | 1.22 | (15.6 | ) | % | ||||||||||||||
|
Average shares outstanding-basic
|
12,711 | 12,959 | (1.9 | ) | % | ||||||||||||||||
|
Average shares outstanding-diluted
|
12,866 | 13,218 | (2.7 | ) | % | ||||||||||||||||
|
PRESENTATION OF ADJUSTED NET INCOME, ADJUSTED INCOME TAXES AND EARNINGS PER SHARE (1)
|
|||||||||||||||||||||
|
TWELVE MONTHS ENDED
|
|||||||||||||||||||||
|
Amounts
|
Percent of Sales
|
||||||||||||||||||||
|
April 29,
|
May 1,
|
% Over
|
April 29,
|
May 1,
|
|||||||||||||||||
| 2012 | 2011 |
(Under)
|
2012 | 2011 | |||||||||||||||||
|
Income before income taxes (see above)
|
$ | 14,198 | 15,062 | (5.7 | ) | % | 5.6 | % | 6.9 | % | |||||||||||
|
Adjusted Income taxes (2)*
|
2,627 | 2,425 | 8.3 | % | 18.5 | % | 16.1 | % | |||||||||||||
|
Adjusted net income
|
11,571 | 12,637 | (8.4 | ) | % | 4.5 | % | 5.8 | % | ||||||||||||
|
Adjusted net income per share-basic
|
$ | 0.91 | $ | 0.98 | (7.1 | ) | % | ||||||||||||||
|
Adjusted net income per share-diluted
|
$ | 0.90 | $ | 0.96 | (6.2 | ) | % | ||||||||||||||
|
Average shares outstanding-basic
|
12,711 | 12,959 | (1.9 | ) | % | ||||||||||||||||
|
Average shares outstanding-diluted
|
12,866 | 13,218 | (2.7 | ) | % | ||||||||||||||||
|
(1) Culp, Inc. currently does not incur cash income tax expense in the US due to its $59.9 million in net operating loss carryforwards. Therefore, adjusted net income is calculated using only income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 9 of 9.
|
|||||||||||||||||||||
|
(2) Represents estimated income tax expense for our subsidiaries located in Canada and China. See reconciliation on page 9 of 9.
|
|||||||||||||||||||||
|
* Percent of sales column for income taxes is calculated as a % of income before income taxes.
|
|||||||||||||||||||||
Page 3 of 9
|
CULP, INC. FINANCIAL INFORMATION RELEASE
|
||||||||||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||||||||||
|
APRIL 29, 2012 AND MAY 1, 2011
|
||||||||||||||||
|
Unaudited
|
||||||||||||||||
|
(Amounts in Thousands)
|
||||||||||||||||
|
Amounts
|
Increase
|
|||||||||||||||
|
Aprl 29,
|
* May 1,
|
(Decrease)
|
||||||||||||||
|
2012
|
2011
|
Dollars
|
Percent
|
|||||||||||||
|
Current assets
|
||||||||||||||||
|
Cash and cash equivalents
|
$ | 25,023 | $ | 23,181 | 1,842 | 7.9 | % | |||||||||
|
Short-term investments
|
5,941 | 7,699 | (1,758 | ) | (22.8 | ) % | ||||||||||
|
Accounts receivable
|
25,055 | 20,209 | 4,846 | 24.0 | % | |||||||||||
|
Inventories
|
36,373 | 28,723 | 7,650 | 26.6 | % | |||||||||||
|
Deferred income taxes
|
2,467 | 293 | 2,174 | 742.0 | % | |||||||||||
|
Assets held for sale
|
15 | 75 | (60 | ) | (80.0 | ) % | ||||||||||
|
Income taxes receivable
|
- | 79 | (79 | ) | (100.0 | ) % | ||||||||||
|
Other current assets
|
1,989 | 2,376 | (387 | ) | (16.3 | ) % | ||||||||||
|
Total current assets
|
96,863 | 82,635 | 14,228 | 17.2 | % | |||||||||||
|
Property, plant and equipment, net
|
31,279 | 30,296 | 983 | 3.2 | % | |||||||||||
|
Goodwill
|
11,462 | 11,462 | - | 0.0 | % | |||||||||||
|
Deferred income taxes
|
3,205 | 3,606 | (401 | ) | (11.1 | ) % | ||||||||||
|
Other assets
|
1,907 | 2,052 | (145 | ) | (7.1 | ) % | ||||||||||
|
Total assets
|
$ | 144,716 | $ | 130,051 | 14,665 | 11.3 | % | |||||||||
|
Current liabilities
|
||||||||||||||||
|
Current maturities of long-term debt
|
$ | 2,404 | $ | 2,412 | (8 | ) | (0.3 | ) % | ||||||||
|
Line of credit
|
889 | - | 889 | 100.0 | % | |||||||||||
|
Accounts payable - trade
|
30,663 | 24,871 | 5,792 | 23.3 | % | |||||||||||
|
Accounts payable - capital expenditures
|
169 | 140 | 29 | 20.7 | % | |||||||||||
|
Accrued expenses
|
9,321 | 7,617 | 1,704 | 22.4 | % | |||||||||||
|
Accrued restructuring
|
40 | 44 | (4 | ) | (9.1 | ) % | ||||||||||
|
Deferred income taxes
|
- | 82 | (82 | ) | (100.0 | ) % | ||||||||||
|
Income taxes payable - current
|
642 | 646 | (4 | ) | (0.6 | ) % | ||||||||||
|
Total current liabilities
|
44,128 | 35,812 | 8,316 | 23.2 | % | |||||||||||
|
Income taxes payable - long-term
|
4,164 | 4,167 | (3 | ) | (0.1 | ) % | ||||||||||
|
Deferred income taxes
|
705 | 596 | 109 | 18.3 | % | |||||||||||
|
Long-term debt , less current maturities
|
6,719 | 9,135 | (2,416 | ) | (26.4 | ) % | ||||||||||
|
Total liabilities
|
55,716 | 49,710 | 6,006 | 12.1 | % | |||||||||||
|
Shareholders' equity
|
89,000 | 80,341 | 8,659 | 10.8 | % | |||||||||||
|
Total liabilities and
|
||||||||||||||||
|
shareholders' equity
|
$ | 144,716 | $ | 130,051 | 14,665 | 11.3 | % | |||||||||
|
Shares outstanding
|
12,703 | 13,264 | (561 | ) | (4.2 | ) % | ||||||||||
|
* Derived from audited financial statements
|
||||||||||||||||
Page 4 of 9
| CULP, INC. FINANCIAL INFORMATION RELEASE | ||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
FOR THE TWELVE MONTHS ENDED APRIL 29, 2012 AND MAY 1, 2011
|
||||||||
| Unaudited | ||||||||
|
(Amounts in Thousands)
|
||||||||
|
TWELVE MONTHS ENDED
|
||||||||
|
Amounts
|
||||||||
|
April 29,
|
May 1,
|
|||||||
|
2012
|
2011
|
|||||||
|
Cash flows from operating activities:
|
|
|||||||
|
Net income
|
$ | 13,296 | 16,164 | |||||
|
Adjustments to reconcile net income to net cash
|
||||||||
|
provided by operating activities:
|
||||||||
|
Depreciation
|
4,865 | 4,372 | ||||||
|
Amortization of other assets
|
243 | 442 | ||||||
|
Stock-based compensation
|
349 | 360 | ||||||
|
Deferred income taxes
|
(1,682 | ) | (3,390 | ) | ||||
| Restructuring expenses, net of gain on sale of related assets | - | 28 | ||||||
|
Gain on sale of equipment
|
(168 | ) | (22 | ) | ||||
|
Excess tax benefits related to stock-based compensation
|
(64 | ) | (339 | ) | ||||
|
Foreign currency exchange gains
|
(215 | ) | (115 | ) | ||||
|
Changes in assets and liabilities:
|
||||||||
|
Accounts receivable
|
(4,792 | ) | (199 | ) | ||||
|
Inventories
|
(7,497 | ) | (2,579 | ) | ||||
|
Other current assets
|
395 | (621 | ) | |||||
|
Other assets
|
(61 | ) | (3 | ) | ||||
|
Accounts payable
|
5,426 | 2,110 | ||||||
|
Accrued expenses
|
1,710 | (2,286 | ) | |||||
|
Accrued restructuring
|
(4 | ) | (280 | ) | ||||
|
Income taxes
|
202 | 1,179 | ||||||
|
Net cash provided by operating activities
|
12,003 | 14,821 | ||||||
|
Cash flows from investing activities:
|
||||||||
|
Capital expenditures
|
(5,890 | ) | (6,352 | ) | ||||
|
Purchase of short-term investments
|
(4,797 | ) | (6,713 | ) | ||||
|
Proceeds from the sale of short-term investments
|
6,707 | 2,037 | ||||||
|
Proceeds from the sale of equipment
|
299 | 79 | ||||||
|
Net cash used in investing activities
|
(3,681 | ) | (10,949 | ) | ||||
|
Cash flows from financing activities:
|
||||||||
|
Proceeds from lines of credit
|
6,323 | - | ||||||
|
Payments on lines of credit
|
(5,500 | ) | - | |||||
|
Payments on vendor-financed capital expenditures
|
- | (377 | ) | |||||
|
Payments on long-term debt
|
(2,404 | ) | (179 | ) | ||||
|
Debt issuance costs
|
(37 | ) | (27 | ) | ||||
|
Excess tax benefits related to stock-based compensation
|
64 | 339 | ||||||
|
Repurchase of common stock
|
(5,384 | ) | - | |||||
|
Proceeds from common stock issued
|
318 | 769 | ||||||
|
Net cash (used in) provided by financing activities
|
(6,620 | ) | 525 | |||||
|
Effect of exchange rate changes on cash and cash equivalents
|
140 | 489 | ||||||
|
Increase in cash and cash equivalents
|
1,842 | 4,886 | ||||||
|
Cash and cash equivalents at beginning of period
|
23,181 | 18,295 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 25,023 | 23,181 | |||||
|
Free Cash Flow (1)
|
$ | 6,616 | 8,999 | |||||
|
(1)
|
Free Cash Flow reconciliation is as follows:
|
|||||||||
|
FY 2012
|
FY 2011
|
|||||||||
| A) |
Net cash provided by operating activities
|
$ | 12,003 | 14,821 | ||||||
| B) |
Minus: Capital Expenditures
|
(5,890 | ) | (6,352 | ) | |||||
| C) |
Add: Proceeds from the sale of equipment
|
299 | 79 | |||||||
| D) |
Minus: Payments on vendor-financed capital expenditures
|
- | (377 | ) | ||||||
| E) |
Add: Excess tax benefits related to stock-based compensation
|
64 | 339 | |||||||
| F) |
Effects of exchange rate changes on cash and cash equivalents
|
140 | 489 | |||||||
| $ | 6,616 | 8,999 | ||||||||
Page 5 of 9
|
CULP, INC. FINANCIAL INFORMATION RELEASE
|
||||||||||||||||||||||
|
STATEMENTS OF OPERATIONS BY SEGMENT
|
||||||||||||||||||||||
|
FOR THE THREE MONTHS ENDED APRIL 29, 2012 AND MAY 1, 2011
|
||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
|
THREE MONTHS ENDED
|
||||||||||||||||||||||
|
Amounts
|
Percent of Total Sales
|
|||||||||||||||||||||
|
April 29,
|
May 1,
|
% Over
|
April 29,
|
May 1,
|
||||||||||||||||||
|
Net Sales by Segment
|
2012
|
2011
|
(Under)
|
2012
|
2011
|
|||||||||||||||||
|
Mattress Fabrics
|
$ | 43,389 | 35,187 | 23.3 | % | 57.3 | % | 58.3 | % | |||||||||||||
|
Upholstery Fabrics
|
32,322 | 25,176 | 28.4 | % | 42.7 | % | 41.7 | % | ||||||||||||||
|
Net Sales
|
$ | 75,711 | 60,363 | 25.4 | % | 100.0 | % | 100.0 | % | |||||||||||||
|
Gross Profit by Segment
|
Gross Profit Margin
|
|||||||||||||||||||||
|
Mattress Fabrics
|
$ | 8,645 | 7,632 | 13.3 | % | 19.9 | % | 21.7 | % | |||||||||||||
|
Upholstery Fabrics
|
5,053 | 3,651 | 38.4 | % | 15.6 | % | 14.5 | % | ||||||||||||||
|
Gross Profit
|
$ | 13,698 | 11,283 | 21.4 | % | 18.1 | % | 18.7 | % | |||||||||||||
|
Selling, General and Administrative expenses by Segment
|
Percent of Sales
|
|||||||||||||||||||||
|
Mattress Fabrics
|
$ | 2,967 | 2,395 | 23.9 | % | 6.8 | % | 6.8 | % | |||||||||||||
|
Upholstery Fabrics
|
3,267 | 2,839 | 15.1 | % | 10.1 | % | 11.3 | % | ||||||||||||||
|
Unallocated Corporate expenses
|
1,797 | 1,291 | 39.2 | % | 2.4 | % | 2.1 | % | ||||||||||||||
|
Selling, General and Administrative expenses
|
8,031 | 6,525 | 23.1 | % | 10.6 | % | 10.8 | % | ||||||||||||||
|
Operating Income (loss) by Segment
|
Operating Income (Loss) Margin
|
|||||||||||||||||||||
|
Mattress Fabrics
|
$ | 5,678 | 5,236 | 8.4 | % | 13.1 | % | 14.9 | % | |||||||||||||
|
Upholstery Fabrics
|
1,786 | 813 | 119.7 | % | 5.5 | % | 3.2 | % | ||||||||||||||
|
Unallocated corporate expenses
|
(1,797 | ) | (1,291 | ) | 39.2 | % | (2.4 | ) % | (2.1 | ) % | ||||||||||||
|
Subtotal
|
5,667 | 4,758 | 19.1 | % | 7.5 | % | 7.9 | % | ||||||||||||||
|
Restructuring expense
|
- | (28 | ) | (1) | (100.0 | ) % | 0.0 | % | (0.0 | ) % | ||||||||||||
|
Operating income
|
$ | 5,667 | 4,730 | 19.8 | % | 7.5 | % | 7.8 | % | |||||||||||||
|
Depreciation by Segment
|
||||||||||||||||||||||
|
Mattress Fabrics
|
$ | 1,112 | 1,024 | 8.6 | % | |||||||||||||||||
|
Upholstery Fabrics
|
152 | 143 | 6.3 | % | ||||||||||||||||||
|
Subtotal
|
1,264 | 1,167 | 8.3 | % | ||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||
|
(1) The $28 represents an impairment charge related to equipment associated with the upholstery fabrics segment that is classified as held for sale.
|
||||||||||||||||||||||
|
|
||||||||||||||||||||||
Page 6 of 9
|
CULP, INC. FINANCIAL INFORMATION RELEASE
|
||||||||||||||||||||||||
|
STATEMENTS OF OPERATIONS BY SEGMENT
|
||||||||||||||||||||||||
|
FOR THE TWELVE MONTHS ENDED APRIL 29, 2012 AND MAY 1, 2011
|
||||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||||
|
TWELVE MONTHS ENDED
|
||||||||||||||||||||||||
|
Amounts
|
Percent of Total Sales
|
|||||||||||||||||||||||
|
April 29,
|
May 1,
|
% Over
|
April 29,
|
May 1,
|
||||||||||||||||||||
|
Net Sales by Segment
|
2012
|
2011
|
(Under)
|
2012
|
2011
|
|||||||||||||||||||
|
Mattress Fabrics
|
$ | 145,519 | 122,431 | 18.9 | % | 57.2 | % | 56.5 | % | |||||||||||||||
|
Upholstery Fabrics
|
108,924 | 94,375 | 15.4 | % | 42.8 | % | 43.5 | % | ||||||||||||||||
|
Net Sales
|
$ | 254,443 | 216,806 | 17.4 | % | 100.0 | % | 100.0 | % | |||||||||||||||
|
Gross Profit by Segment
|
Gross Profit Margin
|
|||||||||||||||||||||||
|
Mattress Fabrics
|
$ | 24,825 | 23,248 | 6.8 | % | 17.1 | % | 19.0 | % | |||||||||||||||
|
Upholstery Fabrics
|
14,984 | 13,592 | 10.2 | % | 13.8 | % | 14.4 | % | ||||||||||||||||
|
Subtotal
|
39,809 | 36,840 | 8.1 | % | 15.6 | % | 17.0 | % | ||||||||||||||||
|
Other non-recurring charges
|
(77 | ) | (1) | - | 100.0 | % | (0.0 | ) % | 0.0 | % | ||||||||||||||
|
Gross Profit
|
39,732 | 36,840 | 7.9 | % | 15.6 | % | 17.0 | % | ||||||||||||||||
|
Selling, General and Administrative expenses by Segment
|
Percent of Sales
|
|||||||||||||||||||||||
|
Mattress Fabrics
|
$ | 9,061 | 7,875 | 15.1 | % | 6.2 | % | 6.4 | % | |||||||||||||||
|
Upholstery Fabrics
|
11,453 | 9,233 | 24.0 | % | 10.5 | % | 9.8 | % | ||||||||||||||||
|
Unallocated Corporate expenses
|
4,512 | 3,961 | 13.9 | % | 1.8 | % | 1.8 | % | ||||||||||||||||
|
Subtotal
|
25,026 | 21,069 | 18.8 | % | 9.8 | % | 9.7 | % | ||||||||||||||||
|
Operating Income (loss) by Segment
|
Operating Income (Loss) Margin
|
|||||||||||||||||||||||
|
Mattress Fabrics
|
$ | 15,764 | 15,373 | 2.5 | % | 10.8 | % | 12.6 | % | |||||||||||||||
|
Upholstery Fabrics
|
3,531 | 4,359 | (19.0 | ) % | 3.2 | % | 4.6 | % | ||||||||||||||||
|
Unallocated corporate expenses
|
(4,512 | ) | (3,961 | ) | 13.9 | % | (1.8 | ) % | (1.8 | ) % | ||||||||||||||
|
Subtotal
|
14,783 | 15,771 | (6.3 | ) % | 5.8 | % | 7.3 | % | ||||||||||||||||
|
Other non-recurring charges
|
(77 | ) | (1) | (28 | ) | (2) | 175.0 | % | (0.0 | ) % | (0.0 | ) % | ||||||||||||
|
Operating income
|
$ | 14,706 | 15,743 | (6.6 | ) % | 5.8 | % | 7.3 | % | |||||||||||||||
|
Return on Capital (3)
|
||||||||||||||||||||||||
|
Mattress Fabrics
|
29.4 | % | 29.5 | % | ||||||||||||||||||||
|
Upholstery Fabrics
|
25.7 | % | 36.3 | % | ||||||||||||||||||||
|
Unallocated Corporate
|
N/A | N/A | ||||||||||||||||||||||
|
Consolidated
|
21.9 | % | 24.9 | % | ||||||||||||||||||||
|
Capital Employed (4)
|
||||||||||||||||||||||||
|
Mattress Fabrics
|
53,910 | 52,632 | 2.4 | % | ||||||||||||||||||||
|
Upholstery Fabrics
|
14,518 | 10,317 | 40.7 | % | ||||||||||||||||||||
|
Unallocated Corporate
|
(541 | ) | (428 | ) | N/A | |||||||||||||||||||
|
Consolidated
|
67,887 | 62,521 | 8.6 | % | ||||||||||||||||||||
|
Depreciation by Segment
|
||||||||||||||||||||||||
|
Mattress Fabrics
|
$ | 4,275 | 3,820 | 11.9 | % | |||||||||||||||||||
|
Upholstery Fabrics
|
590 | 552 | 6.9 | % | ||||||||||||||||||||
|
Subtotal
|
4,865 | 4,372 | 11.3 | % | ||||||||||||||||||||
| Notes: | |||||||||||||||||||||||||
| (1) |
The $77 represents employee termination benefits associated with our Anderson, SC plant facility.
|
||||||||||||||||||||||||
| (2) |
This $28 represents an impairment charge of $28 related to equipment associated with the upholstery fabrics segment that is classified as held for sale, a charge of $24 for lease termination and other exit costs, offset by a credit of $14 for employee termination benefits, and credit of $10 for sales proceeds received on equipment with no carrying value.
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
| (3) |
See pages 7 and 8 of this financial information release for calculations.
|
||||||||||||||||||||||||
| (4) |
The capital employed balances are as of April 29, 2012 and May 1, 2011.
|
||||||||||||||||||||||||
Page 7 of 9
|
CULP, INC. FINANCIAL INFORMATION RELEASE
|
|
RETURN ON CAPITAL EMPLOYED BY SEGMENT
|
|
FOR THE TWELVE MONTHS ENDED APRIL 29, 2012
|
|
(Amounts in Thousands)
|
|
(Unaudited)
|
| Operating | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Income
|
Return | |||||||||||||||||||||||||||||||||||||||||||||||
|
Twelve Months
|
Average
|
on
Avg.
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Ended
|
Capital
|
Capital
|
||||||||||||||||||||||||||||||||||||||||||||||
| April 29, | Employed | Employed | ||||||||||||||||||||||||||||||||||||||||||||||
|
2012 (1)
|
(3)
|
(2)
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Mattress Fabrics
|
$ | 15,764 | $ | 53,669 | 29.4 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Upholstery Fabrics
|
3,531 | 13,758 | 25.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
|
(less: Unallocated Corporate)
|
(4,512 | ) | (56 | ) | N/A | |||||||||||||||||||||||||||||||||||||||||||
|
Total
|
$ | 14,783 | $ | 67,372 | 21.9 | % | ||||||||||||||||||||||||||||||||||||||||||
|
Average Capital Employed
|
As of the three Months Ended April 29, 2012
|
As of the three Months Ended January 29, 2012
|
As of the three Months Ended October 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Mattress
|
Upholstery
|
Unallocated
|
Mattress
|
Upholstery
|
Unallocated
|
Mattress
|
Upholstery
|
Unallocated
|
||||||||||||||||||||||||||||||||||||||||
|
Fabrics
|
Fabrics
|
Corporate
|
Total
|
Fabrics
|
Fabrics
|
Corporate
|
Total
|
Fabrics
|
Fabrics
|
Corporate
|
Total
|
|||||||||||||||||||||||||||||||||||||
|
Total assets
|
71,563 | 33,641 | 39,512 | 144,716 | 69,063 | 29,501 | 32,893 | 131,457 | 68,568 | 24,462 | 34,094 | 127,124 | ||||||||||||||||||||||||||||||||||||
|
Total liabilities
|
(17,653 | ) | (19,123 | ) | (18,940 | ) | (55,716 | ) | (16,468 | ) | (11,929 | ) | (17,689 | ) | (46,086 | ) | (15,353 | ) | (11,253 | ) | (16,421 | ) | (43,027 | ) | ||||||||||||||||||||||||
|
Subtotal
|
$ | 53,910 | $ | 14,518 | $ | 20,572 | $ | 89,000 | $ | 52,595 | $ | 17,572 | $ | 15,204 | $ | 85,371 | $ | 53,215 | $ | 13,209 | $ | 17,673 | $ | 84,097 | ||||||||||||||||||||||||
|
Less:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash and cash equivalents
|
- | - | (25,023 | ) | (25,023 | ) | - | - | (15,096 | ) | (15,096 | ) | - | - | (13,795 | ) | (13,795 | ) | ||||||||||||||||||||||||||||||
|
Short-term investments
|
- | - | (5,941 | ) | (5,941 | ) | - | - | (8,511 | ) | (8,511 | ) | - | - | (10,482 | ) | (10,482 | ) | ||||||||||||||||||||||||||||||
|
Deferred income taxes - current
|
- | - | (2,467 | ) | (2,467 | ) | - | - | (2,767 | ) | (2,767 | ) | - | - | (2,659 | ) | (2,659 | ) | ||||||||||||||||||||||||||||||
|
Income taxes receivable
|
- | - | - | - | - | - | - | - | - | - | (79 | ) | (79 | ) | ||||||||||||||||||||||||||||||||||
|
Deferred income taxes - non-current
|
- | - | (3,205 | ) | (3,205 | ) | - | - | (3,903 | ) | (3,903 | ) | - | - | (4,540 | ) | (4,540 | ) | ||||||||||||||||||||||||||||||
|
Current maturities of long-term debt
|
- | - | 2,404 | 2,404 | - | - | 2,400 | 2,400 | - | - | 2,401 | 2,401 | ||||||||||||||||||||||||||||||||||||
|
Line of credit
|
- | - | 889 | 889 | - | - | 875 | 875 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Deferred income taxes - current
|
- | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Income taxes payable - current
|
- | - | 642 | 642 | - | - | 208 | 208 | - | - | 373 | 373 | ||||||||||||||||||||||||||||||||||||
|
Income taxes payable - long-term
|
- | - | 4,164 | 4,164 | - | - | 4,040 | 4,040 | - | - | 4,096 | 4,096 | ||||||||||||||||||||||||||||||||||||
|
Deferred income taxes - non-current
|
- | - | 705 | 705 | - | - | 659 | 659 | - | - | 659 | 659 | ||||||||||||||||||||||||||||||||||||
|
Long-term debt, less current maturities
|
- | - | 6,719 | 6,719 | - | - | 6,766 | 6,766 | - | - | 6,818 | 6,818 | ||||||||||||||||||||||||||||||||||||
|
Total Capital Employed
|
$ | 53,910 | $ | 14,518 | $ | (541 | ) | $ | 67,887 | $ | 52,595 | $ | 17,572 | $ | (125 | ) | $ | 70,042 | $ | 53,215 | $ | 13,209 | $ | 465 | $ | 66,889 | ||||||||||||||||||||||
|
As of the three Months Ended July 31, 2011
|
As of the three Months Ended May 1, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Mattress
|
Upholstery
|
Unallocated
|
Mattress
|
Upholstery
|
Unallocated
|
|||||||||||||||||||||||||||||||||||||||||||
|
Fabrics
|
Fabrics
|
Corporate
|
Total
|
Fabrics
|
Fabrics
|
Corporate
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
|
Total assets
|
71,325 | 26,683 | 31,299 | 129,307 | 66,637 | 25,929 | 37,485 | 130,051 | ||||||||||||||||||||||||||||||||||||||||
|
Total liabilities
|
(15,331 | ) | (13,507 | ) | (19,118 | ) | (47,956 | ) | (14,005 | ) | (15,612 | ) | (20,093 | ) | (49,710 | ) | ||||||||||||||||||||||||||||||||
|
Subtotal
|
$ | 55,994 | $ | 13,176 | $ | 12,181 | $ | 81,351 | $ | 52,632 | $ | 10,317 | $ | 17,392 | $ | 80,341 | ||||||||||||||||||||||||||||||||
|
Less:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash and cash equivalents
|
- | - | (14,570 | ) | (14,570 | ) | - | - | (23,181 | ) | (23,181 | ) | ||||||||||||||||||||||||||||||||||||
|
Short-term investments
|
- | - | (10,443 | ) | (10,443 | ) | (7,699 | ) | (7,699 | ) | ||||||||||||||||||||||||||||||||||||||
|
Deferred income taxes - current
|
- | - | (1,237 | ) | (1,237 | ) | - | - | (293 | ) | (293 | ) | ||||||||||||||||||||||||||||||||||||
|
Income taxes receivable
|
- | - | (79 | ) | (79 | ) | - | - | (79 | ) | (79 | ) | ||||||||||||||||||||||||||||||||||||
|
Deferred income taxes - non-current
|
- | - | (2,191 | ) | (2,191 | ) | - | - | (3,606 | ) | (3,606 | ) | ||||||||||||||||||||||||||||||||||||
|
Current maturities of long-term debt
|
- | - | 2,409 | 2,409 | - | - | 2,412 | 2,412 | ||||||||||||||||||||||||||||||||||||||||
|
Line of credit
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
|
Deferred income taxes - current
|
- | - | 82 | 82 | - | - | 82 | 82 | ||||||||||||||||||||||||||||||||||||||||
|
Income taxes payable - current
|
- | - | 345 | 345 | - | - | 646 | 646 | ||||||||||||||||||||||||||||||||||||||||
|
Income taxes payable - long-term
|
- | - | 4,178 | 4,178 | - | - | 4,167 | 4,167 | ||||||||||||||||||||||||||||||||||||||||
|
Deferred income taxes - non-current
|
- | - | 596 | 596 | - | - | 596 | 596 | ||||||||||||||||||||||||||||||||||||||||
|
Long-term debt, less current maturities
|
- | - | 9,079 | 9,079 | - | - | 9,135 | 9,135 | ||||||||||||||||||||||||||||||||||||||||
|
Total Capital Employed
|
$ | 55,994 | $ | 13,176 | $ | 350 | $ | 69,520 | $ | 52,632 | $ | 10,317 | $ | (428 | ) | $ | 62,521 | |||||||||||||||||||||||||||||||
|
Mattress
|
Upholstery
|
Unallocated
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Fabrics
|
Fabrics
|
Corporate
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Average Capital Employed (3)
|
$ | 53,669 | $ | 13,758 | $ | (56 | ) | $ | 67,372 | |||||||||||||||||||||||||||||||||||||||
Notes:
|
(1)
|
Operating income excludes restructuring and related charges--see reconciliation per page 6 of this financial information release.
|
|
(2)
|
Return on average capital employed represents operating income for fiscal 2012 divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments, long-term debt, including current maturities, line of credit, 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 1,2011, July 31, 2011, October 30, 2011, January 29, 2012, and April 29, 2012.
|
Page 8 of 9
|
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
|
Return | |||||||||||||||||||||||||||||||||||||||||||||||
|
Twelve Months
|
Average
|
on
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 6 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 9 of 9
| CULP, INC. FINANCIAL INFORMATION RELEASE |
|
CONSOLIDATED ADJUSTED EFFECTIVE INCOME TAX RATE, NET INCOME AND EARNINGS PER SHARE
|
|
FOR THE TWELVE MONTHS ENDED APRIL 29, 2012 AND MAY 1, 2011
|
| Unaudited |
|
(Amounts in Thousands)
|
|
TWELVE MONTHS ENDED
|
||||||||||
| Amounts | ||||||||||
|
April 29,
|
May 1,
|
|||||||||
|
2012
|
2011
|
|||||||||
|
Consolidated Effective GAAP Income Tax Rate
|
(1) | 6.4 | % | (7.3 | )% | |||||
|
Reduction of U.S. Valuation Allowance
|
26.1 | % | 33.7 | % | ||||||
|
Reduction of China Valuation Allowance
|
- | 8.4 | % | |||||||
|
Non-Cash U.S. Income Tax Expense
|
(13.8 | )% | (20.6 | )% | ||||||
|
Non-Cash Foreign Income Tax Expense
|
(0.2 | )% | 1.9 | % | ||||||
|
Consolidated Adjusted Effective Income Tax Rate
|
(2) | 18.5 | % | 16.1 | % | |||||
|
THREE MONTHS ENDED
|
||||||||||||||||||||||||
|
As reported
|
|
April 29, 2012
|
As reported
|
|
May 1, 2011
|
|||||||||||||||||||
|
April 29,
|
Proforma Net
|
May 1,
|
Proforma Net
|
|||||||||||||||||||||
|
2012
|
Adjustments
|
of Adjustments
|
2011
|
Adjustments
|
of Adjustments
|
|||||||||||||||||||
|
Income before income taxes
|
$ | 5,494 | $ | 5,494 | $ | 4,675 | $ | 4,675 | ||||||||||||||||
|
Income taxes (3)
|
2,071 | $ | (1,055 | ) | 1,016 | (1,315 | ) | $ | 2,068 | 753 | ||||||||||||||
|
Net income
|
$ | 3,423 | $ | 1,055 | $ | 4,478 | $ | 5,990 | $ | (2,068 | ) | $ | 3,922 | |||||||||||
|
Net income per share-basic
|
$ | 0.27 | $ | (0.08 | ) | $ | 0.36 | $ | 0.46 | $ | 0.16 | $ | 0.30 | |||||||||||
|
Net income per share-diluted
|
$ | 0.27 | $ | (0.08 | ) | $ | 0.35 | $ | 0.45 | $ | 0.16 | $ | 0.30 | |||||||||||
|
Average shares outstanding-basic
|
12,513 | 12,513 | 12,513 | 13,030 | 13,030 | 13,030 | ||||||||||||||||||
|
Average shares outstanding-diluted
|
12,695 | 12,695 | 12,695 | 13,217 | 13,217 | 13,217 | ||||||||||||||||||
|
TWELVE MONTHS ENDED
|
||||||||||||||||||||||||
|
As reported
|
April 29, 2012
|
As reported
|
May 1, 2011
|
|||||||||||||||||||||
|
April 29,
|
Proforma Net
|
May 1,
|
Proforma Net
|
|||||||||||||||||||||
| 2012 |
Adjustments
|
of Adjustments
|
2011 |
Adjustments
|
of Adjustments
|
|||||||||||||||||||
|
Income before income taxes
|
$ | 14,198 | $ | 14,198 | $ | 15,062 | $ | 15,062 | ||||||||||||||||
|
Income taxes (3)
|
902 | $ | 1,725 | 2,627 | (1,102 | ) | $ | 3,527 | 2,425 | |||||||||||||||
|
Net income
|
$ | 13,296 | $ | (1,725 | ) | $ | 11,571 | $ | 16,164 | $ | (3,527 | ) | $ | 12,637 | ||||||||||
|
Net income per share-basic
|
$ | 1.05 | $ | 0.14 | $ | 0.91 | $ | 1.25 | $ | 0.27 | $ | 0.98 | ||||||||||||
|
Net income per share-diluted
|
$ | 1.03 | $ | 0.13 | $ | 0.90 | $ | 1.22 | $ | 0.27 | $ | 0.96 | ||||||||||||
|
Average shares outstanding-basic
|
12,711 | 12,711 | 12,711 | 12,959 | 12,959 | 12,959 | ||||||||||||||||||
|
Average shares outstanding-diluted
|
12,866 | 12,866 | 12,866 | 13,218 | 13,218 | 13,218 | ||||||||||||||||||
|
(1)
|
Calculated by dividing consolidated income tax (benefit) expense by consolidated income before income taxes.
|
|
(2)
|
Represents estimated cash income tax expense for our subsidiaries located in Canada and China divided by consolidated income before income taxes.
|
|
(3)
|
Proforma taxes calculated using the Consolidated Adjusted Effective Income Tax Rate as reflected above.
|