10-Q Filing

CULP INC CIK: 723603 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001157523-13-004351`
Period End Date	20130731
Filing Date	20130906
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	cfi-20130728.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 31 Cash Flow Statement 62 Stockholders Equity 24 Comprehensive Income 10

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.02M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$6.17M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$5.29M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$5.20M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$23.39M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$20.02M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$24.49M	USD	Point-in-time
Inventories	`InventoryNet`	$44.05M	USD	Point-in-time
Inventories	`InventoryNet`	$41.77M	USD	Point-in-time
Inventories	`InventoryNet`	$38.42M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$7.71M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$7.75M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$2.34M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleCurrent`	$15.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$318.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$292.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.41M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.09M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$100.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$105.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.08M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$30.81M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$31.02M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$30.59M	USD	Point-in-time
Goodwill	`Goodwill`	$11.46M	USD	Point-in-time
Goodwill	`Goodwill`	$11.46M	USD	Point-in-time
Goodwill	`Goodwill`	$11.46M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.71M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$651.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$753.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.89M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.87M	USD	Point-in-time
Total assets	`Assets`	$143.16M	USD	Point-in-time
Total assets	`Assets`	$144.71M	USD	Point-in-time
Total assets	`Assets`	$151.10M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.20M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.40M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.20M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$561.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$834.00K	USD	Point-in-time
Accounts payable-trade	`AccountsPayableCurrent`	$27.82M	USD	Point-in-time
Accounts payable-trade	`AccountsPayableCurrent`	$22.36M	USD	Point-in-time
Accounts payable-trade	`AccountsPayableCurrent`	$27.28M	USD	Point-in-time
Accounts payable - capital expenditures	`AccountsPayableCapitalExpendituresCurrent`	$152.00K	USD	Point-in-time
Accounts payable - capital expenditures	`AccountsPayableCapitalExpendituresCurrent`	$225.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$11.83M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.70M	USD	Point-in-time
Accrued restructuring costs	`RestructuringReserveCurrent`	$40.00K	USD	Point-in-time
Income taxes payable - current	`AccruedIncomeTaxesCurrent`	$285.00K	USD	Point-in-time
Income taxes payable - current	`AccruedIncomeTaxesCurrent`	$751.00K	USD	Point-in-time
Income taxes payable - current	`AccruedIncomeTaxesCurrent`	$320.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.05M	USD	Point-in-time
Income taxes payable - long-term	`AccruedIncomeTaxesNoncurrent`	$4.19M	USD	Point-in-time
Income taxes payable - long-term	`AccruedIncomeTaxesNoncurrent`	$4.13M	USD	Point-in-time
Income taxes payable - long-term	`AccruedIncomeTaxesNoncurrent`	$4.18M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$3.08M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$4.33M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$705.00K	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$560.00K	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$4.40M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$4.40M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$6.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$51.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$52.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$49.12M	USD	Point-in-time
Commitments and Contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Shareholders' equity	`StockholdersEquity`	$98.58M	USD	Point-in-time
Shareholders' equity	`StockholdersEquity`	$95.58M	USD	Point-in-time
Shareholders' equity	`StockholdersEquity`	$91.83M	USD	Point-in-time
Shareholders' equity	`StockholdersEquity`	$89.00M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$144.71M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$151.10M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$143.16M	USD	Point-in-time
Shares outstanding	`CommonStockSharesOutstanding`	12.24M	shares	Point-in-time
Shares outstanding	`CommonStockSharesOutstanding`	12.22M	shares	Point-in-time
Shares outstanding	`CommonStockSharesOutstanding`	13.18M	shares	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$69.18M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$70.14M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$57.07M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$56.06M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.48M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.97M	USD	1 Quarter
Interest expense	`InterestExpense`	$190.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$140.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$127.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$92.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-44.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-391.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.37M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.54M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$2.31M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$1.85M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.32M	USD	Annual
Net income per share, basic	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Net income per share, basic	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Net income per share, diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Net income per share, diluted	`EarningsPerShareDiluted`	$0.26	USD	1 Quarter
Average shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.15M	shares	1 Quarter
Average shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.55M	shares	1 Quarter
Average shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.71M	shares	1 Quarter
Average shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.37M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.32M	USD	Annual
Depreciation	`Depreciation`	$1.30M	USD	1 Quarter
Depreciation	`Depreciation`	$1.25M	USD	1 Quarter
Amortization of other assets	`AdjustmentForAmortization`	$39.00K	USD	1 Quarter
Amortization of other assets	`AdjustmentForAmortization`	$60.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$152.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$70.00K	USD	1 Quarter
Excess tax benefit related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$114.00K	USD	1 Quarter
Excess tax benefit related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$55.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.44M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$675.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$74.00K	USD	1 Quarter
Foreign currency exchange losses (gains)	`ForeignCurrencyTransactionGainLossUnrealized`	$80.00K	USD	1 Quarter
Foreign currency exchange losses (gains)	`ForeignCurrencyTransactionGainLossUnrealized`	$-96.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.05M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.99M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.27M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.71M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$572.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.30M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$43.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$11.00K	USD	1 Quarter
Accounts payable - trade	`IncreaseDecreaseInAccountsPayableTrade`	$-3.29M	USD	1 Quarter
Accounts payable - trade	`IncreaseDecreaseInAccountsPayableTrade`	$5.28M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-930.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-3.13M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$148.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$81.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.96M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.67M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$884.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.01M	USD	1 Quarter
Cash paid for business acquisition	`PaymentsToAcquireBusinessesGross`	$2.64M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$25.00K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$1.02M	USD	1 Quarter
Proceeds from the sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$795.00K	USD	1 Quarter
Proceeds from the sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$104.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.44M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-238.00K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$50.00K	USD	1 Quarter
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	$145.00K	USD	1 Quarter
Common stock repurchased	`PaymentsForRepurchaseOfCommonStock`	$470.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$489.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$381.00K	USD	1 Quarter
Excess tax benefit related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$55.00K	USD	1 Quarter
Excess tax benefit related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$114.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-230.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-846.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-88.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-109.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.11M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.13M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.53M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.42M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.02M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.53M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.42M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.02M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$98.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$95.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$91.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$3.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.32M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$562.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$152.00K	USD	1 Quarter
Unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$33.00K	USD	1 Quarter
Unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$38.00K	USD	Annual
Unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-135.00K	USD	1 Quarter
Excess tax benefit related to stock based compensation	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$76.00K	USD	Annual
Excess tax benefit related to stock based compensation	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$114.00K	USD	1 Quarter
Common stock repurchased	`StockRepurchasedAndRetiredDuringPeriodValue`	$5.02M	USD	Annual
Common stock issued in connection with stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$205.00K	USD	Annual
Common stock issued in connection with stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$145.00K	USD	1 Quarter
Common stock surrendered for withholding taxes payable	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$15.00K	USD	1 Quarter
Dividends paid	`DividendsCash`	$7.59M	USD	Annual
Dividends paid	`DividendsCash`	$489.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$98.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$95.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$91.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.00M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.32M	USD	Annual
Unrealized (loss) gain on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$33.00K	USD	1 Quarter
Unrealized (loss) gain on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$38.00K	USD	Annual
Unrealized (loss) gain on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-135.00K	USD	1 Quarter
Total other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$33.00K	USD	1 Quarter
Total other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-135.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.56M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.10M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.