Outcomes of specific body goals
Cut - lose fat.
Bulk - gain muscle mass.
RECOMP - gain muscle mass with little or minimal fat gains, OR a fat loss.
Recomp can be done at any time - I personally do it ALL the time (well, it's what my body ends up doing, regardless). However, it is a far slower process than outright bulking or cutting, and requires excellent manipulation of your NUTRITION, and is generally only achieved by very experienced trainees who know what they're doing, or unintentionally by newbies who make drastic changes by starting to train or change their nutrition.
It's possible to lose fat and gain muscle mass, yes. It's not easy though, and most people just do the straight bulk and then cut and so on. I personally do not see the point in doing a traditional bulk and then cut - IMO, it's better to stay lean and gain mass, but that's just me.
~Rosie~
The Primordial Woman