Culp, Inc. (NYSE:CULP) Q1 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 11:00 am ET


Culp, Inc. (NYSE:CULP) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to Culp's First Quarter 2021 Earnings Conference Call. A quick reminder that today's call is being recorded.

At this time, for opening or introduction, 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 first quarter of fiscal 2021. 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 statement 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 measurement is included in either the tables to the press release included as an exhibit to the company's 8-K filed yesterday and posted on the company's website at or in the slide presentation with supporting summary financial information, that is also available on the company's website as part of the webcast of today's call.

With respect to certain forward-looking income tax information, the comparable GAAP and reconciling information is not available without unreasonable effort. And its significance is similar to the significance of the historical income tax rate information, which is available in the slide presentation with supporting summary financial information that is also on the company's website as part of the webcast of today's call.

With that, I will now turn the call over to Iv Culp, President and Chief Executive Officer of Culp. Please go ahead, sir.

Robert G. Culp IV

Thank you, Dru, and good morning, and thanks to everyone 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 are Ken Bowling, our Chief Financial Officer; and Boyd Chumbley, President of our Mattress Fabrics business. I will begin the call with some brief comments, and Ken will then review the financial results for the quarter. I will then update you on the strategic actions in each of our operating segments. After that, Ken will review our second quarter fiscal 2021 business outlook. We will then be happy to take your questions. As we continue to navigate our way through these uncertain times, we remain focused on the health and safety of our employees, customers, suppliers and the communities we serve. I'm incredibly thankful for our team's