Culp revises Q4 FY2022 to operating loss of $6.5M-$7.5M; signs term sheet for $40M secured credit facility

CULP INC

Q4 net sales down significantly vs Q4 FY2021; expected operating loss $(6.5)M-$(7.5)M.
China facilities closed since April 1 due to COVID restrictions; expected to remain shut through April.
Mattress fabric sales declined materially in March/April as customers reduced inventory due to slowing retail demand.
Signed non-binding term sheet for $40M secured revolving credit facility; replaces existing unsecured facility expiring Aug 2022.
Estimated $32M borrowing availability upon closing; expects $10M cash, no borrowings at Q4 end.

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