Culp Announces Results for Fourth Quarter and Fiscal 2019
Fiscal 2019 Full Year Highlights
-
Net sales were
$296.7 million , down 8.4 percent compared with the prior year, with mattress fabric sales down 24.7 percent and upholstery fabric sales up 3.5 percent over the prior year. Net sales for home accessories were$16.0 million since theJune 2018 investment in eLuxury, with no comparable prior-year sales. -
Pre-tax income was
$12.0 million , compared with$26.9 million for fiscal 2018. Excluding restructuring and related charges and credits and other non-recurring items of approximately$2.7 million , pre-tax income was$14.7 million for fiscal 2019. (See reconciliation tables on page 10).
-
Net income attributable to
Culp, Inc. shareholders was$5.7 million , or$0.45 per diluted share, compared with net income of$20.9 million , or$1.65 per diluted share, for fiscal 2018. (See additional discussion on tax impact for the year on page 2). - Return on capital was 12 percent, compared with 25 percent in fiscal 2018. (See reconciliation tables on pages 11-12).
-
Cash flow from operations was
$13.9 million , with free cash flow of$11.5 million for the year, after spending$4.8 million in capital expenditures, including vendor-financed payments and investments inHaiti . (See reconciliation tables on page 8). -
The company’s financial position as of the end of fiscal 2019
reflected a
$675 thousand note payable and total cash and investments of$45.0 million , compared with$54.5 million at the end of fiscal 2018. (See summary of cash and investments table on page 7). -
The company paid
$4.7 million in dividends and$3.3 million in share repurchases.
Fiscal 2019 Fourth Quarter Highlights
-
Net sales were
$71.0 million , down 9.2 percent over the prior-year period, with mattress fabric sales down 18.9 percent and upholstery fabric sales down 8.3 percent compared with the fourth quarter last year. Net sales for home accessories were$4.2 million , with no comparable prior-year sales. -
Pre-tax income was
$1.5 million , compared with$6.5 million in the fourth quarter of fiscal 2018. Excluding a non-recurring charge of$500,000 , pre-tax income was$2.0 million for the fourth quarter of 2019. (See reconciliation table on page 9). -
Net loss attributable to
Culp, Inc. shareholders was$1.4 million , or$0.11 per diluted share, compared with net income of$12.7 million , or$1.00 per diluted share, in the prior-year period. This net loss was attributable to a 199.7 percent tax rate for the quarter. (See additional discussion on taxes on page 2). -
The company announced a quarterly cash dividend of
$0.10 per share, payable inJuly 2019 .
Financial Outlook
-
The projection for first quarter fiscal 2020, which will have one more
week as compared to the prior year period, is for overall sales to be
slightly higher as compared to the first quarter of fiscal 2019.
Pre-tax income for the first quarter of fiscal 2020 is expected to be
in the range of
$2.5 million to $3.2 million . Pre-tax income for the first quarter of fiscal 2019 was$1.9 million , which included$2.0 million in restructuring and related charges.
Fourth Quarter and Fiscal 2019 Financial Results
For the fourth quarter ended
Net sales for fiscal 2019 were
Income taxes for the fourth quarter of fiscal 2019 reflect the mix of
the company’s taxable income favoring its foreign tax jurisdictions
located in
Overview
Commenting on the results,
“In spite of the challenging market conditions, throughout fiscal 2019,
we continued to execute our product-driven strategy in each of our
business segments, with a relentless focus on design creativity and
product innovation. Our ability to offer a diverse product mix and reach
new market segments has been a key differentiator for
Mattress Fabrics Segment
Sales for this segment were
Iv
“Despite the headwinds, we continue to manage our business in an
efficient manner and provide excellent service to our customers. We have
rationalized our manufacturing operations to meet current and expected
demand and have achieved sound profitability in spite of the ongoing
challenges. Importantly, we have a sustainable business platform that
favorably positions
“Our varied product mix of mattress fabrics and sewn covers across most price points and style trends supports our diversification strategy with favorable results. Importantly, CLASS, our mattress cover business, continues to perform well with the support of our global sewing platform. We remain encouraged by the sales trends with our core customers, as well as our ability to reach new customers and additional market segments like the popular and expanding boxed bedding space. We are excited about the growth opportunities for CLASS as we broaden our customer base.”
Upholstery Fabrics Segment
Sales for this segment were
“Our results for the fourth quarter of fiscal 2019 reflect an uncertain
marketplace and a soft retail environment for home furnishings,” said
“For the full year, we were pleased to achieve another year of higher
annual sales in spite of the closure of our
In closing, Chumbley noted, “Looking ahead, we expect the prevailing
geopolitical issues will continue to affect our business and the
furniture industry. We are taking steps to adjust our supply chains,
including partnering with sources for cut and sew kits in
Culp Home Accessories Segment
Sales for this segment, which includes the operation of eLuxury, Culp’s
e-commerce and finished products business offering bedding accessories
and home goods, totaled
Commenting on the results,
Balance Sheet
“We are pleased to end fiscal 2019 with a strong financial position,”
added
Dividends and Share Repurchases
The company announced that its Board of Directors has approved the
payment of the company’s quarterly cash dividend of
The company repurchased a small number of shares in the fourth quarter.
For fiscal 2019,
Since
Financial Outlook for First Quarter Fiscal 2020
Commenting on the outlook for the first quarter of fiscal 2020, Bowling said, “At this time, we expect overall sales to be slightly higher as compared with the first quarter of fiscal 2019. The first quarter of fiscal 2020 will have one more week than the first quarter of the prior year, or 14 weeks compared with 13 weeks.
“We expect mattress fabrics sales to be moderately up compared with the first quarter of fiscal 2019, and operating income and margins also are expected to be moderately up as compared with the previous year’s first quarter.
“In our upholstery fabrics segment, we expect first quarter sales to be moderately down compared with the first quarter of last year as we continue to operate in an environment of trade uncertainty and soft retail demand. Operating income and margins are also expected to be moderately down compared with the same period a year ago.
“In our home accessories segment, we expect first quarter sales to be
moderately up compared with the fourth quarter of fiscal 2019, with no
full period of comparison for the first quarter of fiscal 2019 based on
the
“Considering these factors, the company expects to report pre-tax income
for the first fiscal quarter of 2020 in the range of
“Based on our current projection, capital expenditures for fiscal 2020
are expected to be in the
About the Company
This release contains “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934).Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements.Further, forward looking statements are intended to speak only as of the date on which they are made, and we disclaim any duty to update such statements to reflect any changes in management’s expectations or any change in the assumptions or circumstances on which such statements are based, whether due to new information, future events, or otherwise.Forward-looking statements are statements that include projections, expectations or beliefs about future events or results or otherwise are not statements of historical fact.Such statements are often but not always characterized by qualifying words such as “expect,” “believe,” “anticipate,” “estimate,” “plan” and “project” and their derivatives, and include but are not limited to statements about expectations for our future operations, production levels, new product launches, sales, profit margins, profitability, operating income, capital expenditures, working capital levels, income taxes, SG&A or other expenses, pre-tax income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding potential acquisitions, future economic or industry trends or future developments. There can be no assurance that the company will realize these expectations, meet its guidance, or that these beliefs will prove correct.
Factors that could influence the matters discussed in such statements
include the level of housing starts and sales of existing homes,
consumer confidence, trends in disposable income, and general economic
conditions. Decreases in these economic indicators could have a negative
effect on our business and prospects.Likewise, increases in
interest rates, particularly home mortgage rates, and increases in
consumer debt or the general rate of inflation, could affect us
adversely. The future performance of our business depends in part on our
success in conducting and finalizing acquisition negotiations and
integrating acquired businesses into our existing operations. Changes in
consumer tastes or preferences toward products not produced by us could
erode demand for our products. Changes in tariffs or trade policy, or
changes in the value of the U.S. dollar versus other currencies, could
affect our financial results because a significant portion of our
operations are located outside
CULP, INC. Condensed Financial Highlights (Unaudited) |
||||||||||||||||||
Three Months Ended | Fiscal Year Ended | |||||||||||||||||
April 28, 2019 |
April 29, 2018 |
April 28, 2019 |
April 29, 2018 |
|||||||||||||||
Net sales |
$ |
70,963,000
|
$ | 78,184,000 | $ | 296,669,000 | $ | 323,725,000 | ||||||||||
Income before income taxes | $ | 1,511,000 | $ | 6,466,000 | $ | 11,996,000 | $ | 26,883,000 | ||||||||||
Net income (loss) attributable to Culp, Inc. | $ | (1,368,000 | ) | $ | 12,666,000 | $ | 5,676,000 | $ | 20,877,000 | |||||||||
Net income (loss) attributable to Culp, Inc. per share: |
||||||||||||||||||
Basic | $ | (0.11 | ) | $ | 1.02 | $ | 0.46 | $ | 1.68 | |||||||||
Diluted | $ | (0.11 | ) | $ | 1.00 | $ | 0.45 | $ | 1.65 | |||||||||
Average shares outstanding: | ||||||||||||||||||
Basic | 12,384,000 | 12,450,000 | 12,462,000 | 12,431,000 | ||||||||||||||
Diluted | 12,384,000 | 12,611,000 | 12,548,000 | 12,633,000 |
CULP, INC. Summary of Cash and Investments April 28, 2019 and April 29, 2018 (Unaudited) (Amounts in Thousands) |
||||||||||
Amounts |
||||||||||
April 28, 2019 |
April 29,
2018 * |
|||||||||
Cash and cash equivalents | $ | 40,008 | $ | 21,228 | ||||||
Short-term investments - Available for Sale | - | 2,451 | ||||||||
Short-term investments - Held-To-Maturity | 5,001 | 25,759 | ||||||||
Long-term investments - Held-To-Maturity | - | 5,035 | ||||||||
Total cash and investments | $ | 45,009 | $ | 54,473 | ||||||
*Derived from audited financial statements. |
CULP, INC. Reconciliation of Free Cash Flow For the Twelve Months Ended April 28, 2019, and April 29, 2018 (Unaudited) (Amounts in thousands) |
|||||||||||
Twelve Months Ended April 28, 2019 |
Twelve Months Ended April 29, 2018 |
||||||||||
Net cash provided by operating activities | $ | 13,873 | $ | 27,473 | |||||||
Minus: Capital Expenditures | (3,261 | ) | (8,005 | ) | |||||||
Plus: Proceeds from the sale pf property, plant and equipment | 1,894 | 6 | |||||||||
Minus: Investment in unconsolidated joint venture | (120 | ) | (661 | ) | |||||||
Minus: Payments on vendor-financed capital expenditures | (1,412 | ) | (3,750 | ) | |||||||
Plus: Proceeds from the sale of long-term investments (Rabbi Trust) | 1,233 | 57 | |||||||||
Minus: Purchase of long-term investments (Rabbi Trust) | (1,011 | ) | (1,902 | ) | |||||||
Plus: Proceeds from life insurance policy | 394 | - | |||||||||
Minus: Premium payment on life insurance policy | - | (18 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (93 | ) | (85 | ) | |||||||
Free Cash Flow | $ | 11,497 | $ | 13,285 |
CULP, INC. Reconciliation of Selected Income Statement Information to Adjusted Results For Three Months Ended April 28, 2019 (Unaudited) |
||||||||||||
(Amounts in Thousands) | As Reported April 28, 2019 |
Adjustments | April 28, 2019 Adjusted Results |
|||||||||
Gross Profit | $ | 12,189 | $ | - | $ | 12,189 | ||||||
Selling, general, and administrative expenses | 10,230 | - | 10,230 | |||||||||
Income from operations | 1,959 | - | 1,959 | |||||||||
Other expense (1) | 658 | (500 | ) | 158 | ||||||||
Income before income taxes | 1,511 | 500 | 2,011 | |||||||||
Income taxes | 3,017 | - | 3,017 | |||||||||
Net loss | (1,511 | ) | - | (1,511 | ) | |||||||
Net loss attributable to non-controlling interest | 143 | - | 143 | |||||||||
Net loss attributable to Culp Inc. common shareholders | $ | (1,368 | ) | $ | - | $ | (1,368 | ) | ||||
(1) Other expense for the three-month period ending April 28, 2019, included a $500 non-recurring charge for an endowed scholarship to the University of North Carolina at Chapel Hill in honor of our Co-Founder and former Chairman of the Board. This charitable contribution will be paid over a period of three years. |
CULP, INC. Reconciliation of Selected Income Statement Information to Adjusted Results For Three Months Ended April 29, 2018 (Unaudited) |
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(Amounts in Thousands) | As Reported April 29, 2018 |
Adjustments |
April 29, 2018 Adjusted Results |
||||||||
Gross Profit | $ | 14,760 | $ | - | $ | 14,760 | |||||
Selling, general, and administrative expenses | 8,296 | - | 8,296 | ||||||||
Income from operations | 6,464 | - | 6,464 | ||||||||
Other expense | 115 | - | 115 | ||||||||
Income before income taxes | 6,466 | - | 6,466 | ||||||||
Income taxes (1) | (6,217 | ) | 7,988 | 1,771 | |||||||
Net income | $ | 12,666 | $ | (7,988 | ) | $ | 4,678 | ||||
(1) Income taxes for the three-month period ending April 29, 2018, include provisional adjustments that represent the income tax effects of the Tax Cuts and Jobs Act (TCJA) enacted on December 22, 2017, of which an income tax benefit of $9.1 million pertains to a reduction in our U.S. Federal income tax rate pursuant to the TCJA on the effective settlement on an IRS exam and the mandatory repatriation of undistributed earnings and profits associated with our foreign subsidiaries, partially offset by a $1.1 million charge that relates the revaluation of our U.S. deferred income taxes as a result of the reduction in our annual effective income tax rate pursuant to the TCJA. |
CULP, INC. Reconciliation of Selected Income Statement Information to Adjusted Results For Twelve Months Ended April 28, 2019 (Unaudited) |
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(Amounts in Thousands) | As Reported April 28, 2019 |
Adjustments | April 28, 2019 Adjusted Results |
||||||||
Gross Profit (1) | $ | 50,198 | $ | 2,508 | $ | 52,706 | |||||
Selling, general, and administrative expenses (3) | 38,405 | (558 | ) | 37,847 | |||||||
Restructuring credit (2) | (825 | ) | 825 | - | |||||||
Income from operations | 12,618 | 2,241 | 14,859 | ||||||||
Other expense (4) | 1,346 | (500 | ) | 846 | |||||||
Income before income taxes | 11,996 | 2,741 | 14,737 | ||||||||
Income taxes (5) | 6,424 | 550 | 6,974 | ||||||||
Net income | 5,458 | (550 | ) | 4,908 | |||||||
Net loss attributable to non-controlling interest | 218 | - | 218 | ||||||||
Net income attributable to Culp Inc. common shareholders | $ | 5,676 | $ | (550 | ) | $ | 5,126 | ||||
(1) The $2.5 million represents a restructuring related charge of
$1.6 million for inventory markdowns and $784 for other operating
costs associated with our closed Anderson, SC upholstery fabrics
plant facility and $159 for employee termination benefits and other
operational reorganization costs associated with our mattress
fabrics segment.
(2) The $825 restructuring credit represents a $1.5 million gain on the sale of property, plant, and equipment associated with our closed Anderson, SC upholstery fabrics plant facility, partially offset by a charge of $661 for employee termination benefits. (3) The $558 consists of a non-recurring charge totaling $469 that was associated with the accelerated vesting of certain stock-based compensation agreements. Of this $469 non-recurring charge, $429 and $40 pertain to unallocated corporate expenses and a restructuring related charge associated with our closed Anderson, SC upholstery fabrics plant facility. Additionally, the $558 consists of a non-recurring charge of $89 for employee termination benefits and operational reorganization costs associated with our mattress fabrics segment. (4) Other expense for the year ending April 28, 2019, included a $500 non-recurring charge for an endowed scholarship to the University of North Carolina at Chapel Hill in honor of our Co-Founder and former Chairman of the Board. This charitable contribution will be paid over a period of three years. (5) Amount represents provisional adjustments associated with the TCJA enacted on December 22, 2017. |
CULP, INC. Reconciliation of Selected Income Statement Information to Adjusted Results For Twelve Months Ended April 29, 2018 (Unaudited) |
|||||||||||||
(Amounts in Thousands) | As Reported April 29, 2018 |
Adjustments | April 29, 2018 Adjusted Results |
||||||||||
Gross Profit | $ | 64,633 | $ | - | $ | 64,633 | |||||||
Selling, general, and administrative expenses | 37,172 | - | 37,172 | ||||||||||
Income from operations | 27,461 | - | 27,461 | ||||||||||
Other expense | 1,018 | - | 1,018 | ||||||||||
Income before income taxes | 26,883 | - | 26,883 | ||||||||||
Income taxes (1) | 5,740 | 2,049 | 7,789 | ||||||||||
Net Income | $ | 20,877 | $ | (2,049 | ) | $ | 18,828 | ||||||
(1) Amount represents provisional adjustments associated with the TCJA enacted on December 22, 2017. |
CULP, INC. Reconciliation of Return on Capital Employed For the Twelve Months Ended April 28, 2019 (Unaudited) (Amounts in thousands) |
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Twelve Months Ended April 28, 2019 |
||||||||||||||||||||
Consolidated income from operations (1) | $ | 14,859 | ||||||||||||||||||
Average capital employed (3) | 126,846 | |||||||||||||||||||
Return on average capital employed (2) | 11.7 | % | ||||||||||||||||||
Average capital employed | ||||||||||||||||||||
April 28, 2019 |
January 27, 2019 |
October 28, 2018 |
July 29, 2018 |
April 29, 2018 |
||||||||||||||||
Total assets | $ | 219,726 | $ | 224,908 | $ | 222,211 | $ | 226,372 | $ | 217,984 | ||||||||||
Total liabilities | (55,479 | ) | (57,676 | ) | (54,742 | ) | (60,342 | ) | (54,608 | ) | ||||||||||
Subtotal | $ | 164,247 | $ | 167,232 | $ | 167,469 | $ | 166,030 | $ | 163,376 | ||||||||||
Less: | ||||||||||||||||||||
Cash and cash equivalents | (40,008 | ) | (26,418 | ) | (14,768 | ) | (8,593 | ) | (21,228 | ) | ||||||||||
Short-term investments - Available for Sale | - | - | - | - | (2,451 | ) | ||||||||||||||
Short-term investments - Held-to-Maturity | (5,001 | ) | (13,544 | ) | (26,719 | ) | (30,756 | ) | (25,759 | ) | ||||||||||
Current income taxes receivable | (776 | ) | - | - | - | - | ||||||||||||||
Long-term investments - Held-to-Maturity | - | - | - | - | (5,035 | ) | ||||||||||||||
Long-term investments - Rabbi Trust | (7,081 | ) | (6,834 | ) | (7,851 | ) | (7,671 | ) | (7,326 | ) | ||||||||||
Noncurrent income taxes receivable | (733 | ) | - | - | - | - | ||||||||||||||
Deferred income taxes - non-current | (457 | ) | (3,224 | ) | (3,614 | ) | (3,721 | ) | (1,458 | ) | ||||||||||
Deferred compensation – current | - | - | 714 | - | - | |||||||||||||||
Income taxes payable - current | 1,022 | 642 | 2,044 | 1,244 | 1,437 | |||||||||||||||
Income taxes payable - long-term | 3,249 | 3,294 | 3,233 | 3,733 | 3,758 | |||||||||||||||
Deferred income taxes - non-current | 3,176 | 2,225 | 2,225 | 2,150 | 2,150 | |||||||||||||||
Line of credit | - | - | - | 4,000 | - | |||||||||||||||
Related party – note payable | 675 | - | - | - | - | |||||||||||||||
Deferred compensation – non-current | 6,998 | 6,782 | 7,120 | 7,679 | 7,353 | |||||||||||||||
Total Capital Employed | $ | 125,311 | $ | 130,155 | $ | 129,853 | $ | 134,095 | $ | 114,817 | ||||||||||
Average capital employed (3) | $ | 126,846 | ||||||||||||||||||
(1) See Reconciliation of Selected Income Statement
Information to Adjusted Results on page 10 for calculation of the
last twelve months of operating income as of April 28, 2019.
(2) Return on average capital employed represents the last twelve months operating income as of April 28, 2019, divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments - Available for Sale, short-term investments - Held-To-Maturity, long-term investments - Held-To-Maturity, long-term investments (Rabbi Trust), noncurrent deferred income tax assets and liabilities, income taxes receivable and payable, line of credit, related party – note payable, and current and noncurrent deferred compensation. (3) Average capital employed used for the twelve months ending April 28, 2019 was computed using the five quarterly periods ending April 28, 2019, January 27, 2019, October 28, 2018, July 29, 2018, and April 29, 2018. |
CULP, INC. Reconciliation of Return on Capital Employed For the Twelve Months Ended April 29, 2018 (Unaudited) (Amounts in thousands) |
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Twelve Months Ended April 29, 2018 |
||||||||||||||||||||
Consolidated income from operations (1) | $ | 27,461 | ||||||||||||||||||
Average capital employed (3) | 108,001 | |||||||||||||||||||
Return on average capital employed (2) | 25.4 | % | ||||||||||||||||||
Average capital employed | ||||||||||||||||||||
April 29, 2018 |
January 28, 2018 |
October 29, 2017 |
July 30, 2017 |
April 30, 2017 |
||||||||||||||||
Total assets | $ | 217,984 | $ | 216,844 | $ | 201,043 | $ | 207,904 | $ | 205,634 | ||||||||||
Total liabilities | (54,608 | ) | (64,662 | ) | (47,963 | ) | (58,227 | ) | (57,004 | ) | ||||||||||
Subtotal | $ | 163,376 | $ | 152,182 | $ | 153,080 | $ | 149,677 | $ | 148,630 | ||||||||||
Less: | ||||||||||||||||||||
Cash and cash equivalents | (21,228 | ) | (22,428 | ) | (15,739 | ) | (18,322 | ) | (20,795 | ) | ||||||||||
Short-term investments - Available for Sale | (2,451 | ) | (2,472 | ) | (2,478 | ) | (2,469 | ) | (2,443 | ) | ||||||||||
Short-term investments - Held-to-Maturity | (25,759 | ) | (17,206 | ) | (4,015 | ) | - | - | ||||||||||||
Long-term investments - Held-To-Maturity | (5,035 | ) | (13,625 | ) | (26,853 | ) | (30,907 | ) | (30,945 | ) | ||||||||||
Long-term investments - Rabbi Trust | (7,326 | ) | (7,176 | ) | (6,921 | ) | (6,714 | ) | (5,466 | ) | ||||||||||
Deferred income taxes - non-current | (1,458 | ) | (1,942 | ) | (491 | ) | (436 | ) | (419 | ) | ||||||||||
Income taxes payable - current | 1,437 | 1,580 | 692 | 884 | 287 | |||||||||||||||
Income taxes payable - long-term | 3,758 | 10,940 | 487 | 487 | 467 | |||||||||||||||
Deferred income taxes - non-current | 2,150 | 2,096 | 4,641 | 4,253 | 3,593 | |||||||||||||||
Line of credit | - | - | - | 5,000 | - | |||||||||||||||
Deferred compensation | 7,353 | 7,216 | 6,970 | 6,769 | 5,520 | |||||||||||||||
Total capital employed | $ | 114,817 | $ | 109,165 | $ | 109,373 | $ | 108,222 | $ | 98,429 | ||||||||||
Average Capital Employed (2) | $ | 108,001 | ||||||||||||||||||
(1) See Reconciliation of Selected Income Statement
Information to Adjusted Results on page 10 for calculation of the
last twelve months of operating income as of April 29, 2018.
(2) Return on average capital employed represents the last twelve months operating income as of April 29, 2018 divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments - Available for Sale, short-term investments - Held-To-Maturity, long-term investments - Held-To-Maturity, long-term investments (Rabbi Trust), noncurrent deferred income tax assets and liabilities, income taxes payable, line of credit, and deferred compensation. (3) Average capital employed used for the twelve months ending April 29, 2018 was computed using the five quarterly periods ending April 29, 2018, January 28, 2018, October29, 2017, July 30, 2017, and April 30, 2017. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190612005859/en/
Source:
Investor Contact:
Kenneth R. Bowling
Chief Financial Officer
336-881-5630
Media Contact:
Teresa A. Huffman
Vice President, Human
Resources
336-889-5161