shares of culp inc were trading lower in wednesdays afterhours market following the release of fourthquarter financial results and the companys announcement its board has suspended the companys dividend at 436 pm edt the companys stock had fallen 1113 to trade at 447 per share the stock ended the days regular session with a 308 loss closing at 503 per share year to date the stock is down about 47 after the bell culp reported a fourthquarter loss per share of 49 cents on sales of 569 million in the yearago period the company reported earnings per share of 12 cents on sales of 791 million after the bell culp said its board made the decision to suspend the quarterly cash dividend on the companys common stock culp said it continues to navigate headwinds including significant inflationary pressures that are affecting consumer spending a challenging labor market covidrelated disruption in china and other geopolitical events culp also expects net sales for the first quarter of fiscal 2023 to be comparable to the fourth quarter of fiscal 2022 iv culp the companys president and chief executive said the company took several pricing and costreduction actions throughout the year and added we are taking additional measures to align our business to meet current demand trends and diligently manage our liquidity the measures include reducing inventory limiting capital expenditures and other discretionary spending eliminating underutilized equipment reducing production schedules and making other workforce adjustments as needed to align with demand he said we are also planning to announce additional pricing action during the first quarter culp said it markets mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture