non-current -- -- 6,177 6,177 -- -- 5,663 5,663
Deferred
compensation
non-current -- -- 6,856 6,856 -- -- 6,748 6,748
-------- --------- --------- --- --------- -------- --------- --------- -------
Total Capital
Employed $ 67,338 $ 5,884 $ 3,074 $ 76,296 $ 61,185 $ 11,324 $ 3,562 $ 76,071
======== ========= ========= === ========= ======== ========= ========= =======
Mattress Upholstery Unallocated
Fabrics Fabrics Corporate Consolidated
--------- ---------- ------------- --------------
Average
Capital
Employed (2) $ 60,301 $ 7,595 $ 4,284 $ 72,179
======== ========= ========= === =========
Notes
------------------------------------------------------------------------------
(1) See last page of this presentation for calculation.
(2) Average capital employed is calculated independently for each segment
and on a consolidated basis using the five quarterly periods ending
October 27, 2024, July 28, 2024, April 28, 2024, January 28, 2024, and
October 29, 2023.
(3) Return on average capital employed represents the twelve months
operating (loss) income as of October 27, 2024, divided by average
capital employed. Average capital employed does not include cash and
cash equivalents, short-term and long-term investments -- Rabbi Trust,
income taxes receivable and payable, accrued restructuring, line of
credit - China, noncurrent deferred income tax assets and liabilities,
and current and non-current deferred compensation.
(4) Intangible assets are included in unallocated corporate for all periods
presented and therefore, have no effect on capital employed and return
on capital employed for our mattress fabrics and upholstery fabrics
segments.
CULP INC.
RETURN ON CAPITAL EMPLOYED BY SEGMENT
FOR THE TWELVE MONTHS ENDED OCTOBER 29, 2023
Unaudited
(Amounts in Thousands)
Adjusted
Operating
(Loss)
Income
Twelve
Months Average Return on
Ended Capital Avg. Capital
October
29, 2023
(1) Employed (2) Employed (3)
---------- ------------ -------------
Mattress
Fabrics $ (9,093) $ 64,140 (14.2)%
Upholstery
Fabrics 3,910 13,489 29.0%
Unallocated
Corporate (10,584) 3,724 N.M.
--------- -------- -------------
Consolidated $ (15,767) $ 81,354 (19.4)%
========= ======== =========
Average
Capital
Employed As of the Three months ended October 29, 2023 As of the Three Months Ended July 30, 2023 As of the Three Months Ended April 30, 2023
------------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Mattress Upholstery Unallocated Mattress Upholstery Unallocated Mattress Upholstery Unallocated
Fabrics Fabrics Corporate Total Fabrics Fabrics Corporate Total Fabrics Fabrics Corporate Total
---------- ------------ ------------- -------- --------- ------------ ------------- -------- --------- ------------ ------------- --------
Total assets
(4) $ 75,924 35,082 31,154 142,160 $ 72,286 37,592 33,024 142,902 $ 75,494 39,127 37,562 152,183
Total
liabilities (14,739) (23,758) (20,035) (58,532) (11,230) (25,235) (20,320) (56,785) (11,387) (29,638) (22,078) (63,103)
--------- -------- --------- ------- -------- -------- --------- ------- -------- -------- --------- -------
Subtotal $ 61,185 $ 11,324 $ 11,119 $ 83,628 $ 61,056 $ 12,357 $ 12,704 $ 86,117 $ 64,107 $ 9,489 $ 15,484 $ 89,080
Cash and cash
equivalents -- -- (15,214) (15,214) -- -- (16,812) (16,812) -- -- (20,964) (20,964)
Short-term
investments -
Rabbi Trust -- -- (937) (937) -- -- (791) (791) -- -- (1,404) (1,404)
Current income
taxes
receivable -- -- (340) (340) -- -- (202) (202) -- -- -- --
Long-term
investments -
Rabbi Trust -- -- (6,995) (6,995) -- -- (7,204) (7,204) -- -- (7,067) (7,067)
Deferred
income taxes
-
non-current -- -- (472) (472) -- -- (476) (476) -- -- (480) (480)
Deferred
compensation
- current -- -- 937 937 -- -- 791 791 -- -- 1,404 1,404
Accrued
restructuring -- -- -- -- -- -- 10 10 -- -- -- --
Income taxes
payable -
current -- -- 998 998 -- -- 526 526 -- -- 753 753
Income taxes
payable -
long-term -- -- 2,055 2,055 -- -- 2,710 2,710 -- -- 2,675 2,675
Deferred
income taxes
-
non-current -- -- 5,663 5,663 -- -- 5,864 5,864 -- -- 5,954 5,954
Deferred
compensation
- long-term -- -- 6,748 6,748 -- -- 6,966 6,966 -- -- 6,842 6,842
--------- -------- --------- ------- -------- -------- --------- ------- -------- -------- --------- -------
Total Capital
Employed $ 61,185 $ 11,324 $ 3,562 $ 76,071 $ 61,056 $ 12,357 $ 4,086 $ 77,499 $ 64,107 $ 9,489 $ 3,197 $ 76,793
========= ======== ========= ======= ======== ======== ========= ======= ======== ======== ========= =======
CULP INC.
RETURN ON CAPITAL EMPLOYED BY SEGMENT - CONTINUED
FOR THE TWELVE MONTHS ENDED OCTOBER 29, 2023
Unaudited
(Amounts in Thousands)
As of the Three Months Ended January 29, 2023 As of the Three Months Ended October 30, 2022
------------------------------------------------------- -------------------------------------------------
Mattress Upholstery Unallocated Mattress Upholstery Unallocated
Fabrics Fabrics Corporate Total Fabrics Fabrics Corporate Total
--------- ---------- ------------- -------------- --------- ---------- ------------- --------
Total assets
(4) $ 75,393 39,817 35,388 150,598 $ 78,366 44,934 38,330 161,630
Total
liabilities (9,511) (24,367) (23,216) (57,094) (9,895) (26,108) (23,519) (59,522)
-------- --------- --------- --- --------- -------- --------- --------- -------
Subtotal $ 65,882 $ 15,450 $ 12,172 $ 93,504 $ 68,471 $ 18,826 $ 14,811 $102,108
Cash and cash
equivalents -- -- (16,725) (16,725) -- -- (19,137) (19,137)
Short-term
investments -
Rabbi Trust -- -- (2,420) (2,420) -- -- (2,237) (2,237)
Current income
taxes
receivable -- -- (238) (238) -- -- (510) (510)
Long-term
investments -
Rabbi Trust -- -- (7,725) (7,725) -- -- (7,526) (7,526)
Deferred
income taxes
-
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