Culp, Inc. (NYSE:CULP) Q2 2020 Earnings Conference Call - Preliminary Transcript

Dec 06, 2019 • 11:00 am ET


Culp, Inc. (NYSE:CULP) Q2 2020 Earnings Conference Call - Preliminary Transcript


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Good day and welcome to the Culp Second Quarter 2020 Earnings Conference Call. Today's call is being recorded. At this time for opening remarks and introductions, I'd like to turn the call over to Ms. Dru Anderson. Please go ahead.

Dru Anderson

Thank you. Good morning and welcome to the Culp conference call to review the Company's results for the second quarter of fiscal 2020. As we start, let me state that this morning's call will contain forward-looking statements about the business, financial condition and prospects of the company. Forward-looking statements are statements that include, projections, expectations or beliefs about future events or results or otherwise are not statements of historical fact. The actual performance of the company could differ materially from that indicated by the forward-looking statements because of various risks and uncertainties. These risks and uncertainties are described in our regular SEC filings, including the company's most recent filings on Form 10-K and Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements made today and each such statements speaks only as of today. We undertake no obligation to update or to revise forward-looking statements.

In addition, during this call, the company will be discussing non-GAAP financial measurements. A reconciliation of these non-GAAP financial measurements to the most directly comparable GAAP financial measurements is included as a schedule to the Company's 8-K filed yesterday and posted on the company's website at A slide presentation with supporting summary financial information and additional performance charts are also available on the website as part of the webcast of today's call. With respect to certain forward-looking free cash flow information, the comparable GAAP and reconciling information is not available without unreasonable effort and its significance is similar to the significance of the historical free cash flow information, which is available in the company's 8-K filed yesterday and posted on the Company's website. I will now turn the call over to Frank Saxon, Chairman and Chief Executive Officer of Culp. Please go ahead, sir.

Franklin N. Saxon

Thank you, Dru. Good morning everyone and thank you for joining us today. I would like to welcome you

to the Culp quarterly conference call with analysts and investors. With me on the call today is Iv Culp, President and Chief Operating Officer, Ken Bowling, our Chief Financial Officer and Boyd Chumbley, President of our Upholstery fabrics business. As we have previously announced (ph) Iv will be taking over the role of CEO of Culp effective January 1, and I will be resuming the role of Executive Chairman. These changes are part of our long-standing succession planning process designed to provide continuity and the natural leadership evolution as the company continues to execute its growth strategy.

Having worked with Iv for over 20 years and I'm confident, he is well prepared and has the vision, skills, experience and leadership capability necessary to be a great CEO. Iv will assume responsibility for oversight of each of the Company's divisions while I will remain actively involved in day-to-day operations