ADDED
As of October 27, 2024, the aggregate market value of the voting stock held by non-affiliates of the registrant on that date was $ 56,266,570 base d on the closing sales price of such stock as quoted on the New York Stock Exchange (NYSE), assuming, for purposes of this report, that all executive officers and directors of the registrant are affiliates.
Management s Discussion and Analysis of Financial Condition and Results of Operations 31 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91 9A.
Exhibits and Financial Statement Schedules 94 Documents Filed as Part of this Report 94 Exhibits 95 Financial Statement Schedules 94 16.
Finally, the future performance of our business also depends on our ability to achieve our expected cost savings from past restructuring programs and to return our restructured mattress fabric business to profitability, as well as our ability to successfully integrate our mattress fabric and upholstery fabric divisions and achieve the anticipated operating efficiency and cost reduction benefits of that initiative.
In addition, we place great emphasis on providing excellent and dependable service to our customers as well as a supply chain that provides customers with sourcing optionality across a variety of jurisdictions.
At the end of fiscal 2025, we initiated an integration effort involving the combination of our two operating divisions, Culp Upholstery Fabrics and Culp Home Fashions, into one, unified business designed to optimize operational agility and collaboration, streamline costs and processes, and increase responsiveness to customer needs and market trends.
However, for financial reporting purposes, our operations are classified into two operating segments mattress fabrics and upholstery fabrics.
In fiscal 2025, we operated production and distribution facilities located in North Carolina; Tennessee; Shanghai, China; and Ouanaminthe, Haiti (on the Dominican Republic border), and also operated a facility in Quebec, Canada, for a portion of the year before closing it in connection with the Fiscal 2025 restructuring referenced below.
Culp also sources fabrics and cut and sewn kits from other manufacturers, located primarily in China, Vietnam, and Turkey.
REMOVED
As of October 29, 2023, t he aggregate market value of the voting stock held by non-affiliates of the registrant on that date was $ 64,332,059 ba sed on the closing sales price of such stock as quoted on the New York Stock Exchange (NYSE), assuming, for purposes of this report, that all executive officers and directors of the registrant are affiliates.
Management s Discussion and Analysis of Financial Condition and Results of Operations 28 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 84 9A.
Exhibits and Financial Statement Schedules 87 Documents Filed as Part of this Report 87 Exhibits 88 Financial Statement Schedules 87 16.
Finally, the future performance of our business also depends on our ability to successfully restructure our mattress fabric operations and return the segment to profitability.
In addition, we place great emphasis on providing excellent and dependable service to our customers.
Our operations are classified into two operating segments mattress fabrics and upholstery fabrics.
In fiscal 2024, we had active production facilities located in North Carolina; Tennessee; Quebec, Canada; Shanghai, China; and Ouanaminthe, Haiti.
Culp also sources fabrics and cut and sewn kits from other manufacturers, located primarily in China, Vietnam, and Turkey, with substantially all of these products made specifically for Culp and created by Culp designers.
In May 2024, Culp announced a restructuring plan (the Fiscal 2025 restructuring ), primarily focused on its mattress fabrics segment, in which Culp will consolidate certain of its operations.