<SEC-DOCUMENT>0001157523-13-004175.txt : 20130819
<SEC-HEADER>0001157523-13-004175.hdr.sgml : 20130819
<ACCEPTANCE-DATETIME>20130819161734
ACCESSION NUMBER:		0001157523-13-004175
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20130813
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20130819
DATE AS OF CHANGE:		20130819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CULP INC
		CENTRAL INDEX KEY:			0000723603
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILLS, COTTON [2211]
		IRS NUMBER:				561001967
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0429

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12597
		FILM NUMBER:		131048467

	BUSINESS ADDRESS:	
		STREET 1:		1823 EASTCHESTER DRIVE
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
		BUSINESS PHONE:		3368895161

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2686
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50692924.htm
<DESCRIPTION>CULP, INC. 8-K
<TEXT>
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      <font style="font-size: 12pt"><b>UNITED STATES</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>WASHINGTON,
      DC&#160;&#160;20549</b></font><br><br><font style="font-size: 16pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT PURSUANT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>TO
      SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;</font><u><font style="font-size: 10pt; font-family: Times New Roman">August
      13, 2013</font></u><u><br></u><br><u><font style="font-size: 18pt; font-family: Times New Roman"><b>Culp,
      Inc.</b></font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br><br>
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            North Carolina
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            1-12597
          </p>
        </td>
        <td style="width: 5%">
          &#160;
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        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; width: 30%; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            56-1001967
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; text-align: center; width: 30%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of Incorporation)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 30%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 30%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
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          &#160;
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        <td style="padding-left: 0.0px; text-align: center; width: 34%; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1823 Eastchester Drive
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            High Point, North Carolina&#160;&#160;27265
          </p>
        </td>
        <td style="width: 33%">

        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal Executive Offices)</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Zip
            Code)</font>
          </p>
        </td>
        <td style="width: 33%">

        </td>
      </tr>
    </table>
    </div>
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      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; width: 50%; white-space: nowrap; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (336) 889-5161
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
            Telephone Number, Including Area Code)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 22%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 56%; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Not Applicable
          </p>
        </td>
        <td style="width: 22%">

        </td>
      </tr>
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        <td style="width: 22%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 56%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Former name or address, if changed from last report)
          </p>
        </td>
        <td style="width: 22%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions</font><font style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-size: 10pt">(</font><i><font style="font-size: 10pt">see</font></i><font style="font-size: 10pt">
      General Instruction A.2. below)</font><font style="font-size: 10pt; font-family: Times New Roman">:</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 1.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Entry into a Material Definitive Agreement.</b>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Culp, Inc. (the &#8220;Company&#8221;) has entered into a Credit Agreement (the
      &#8220;Credit Agreement&#8221;) with Wells Fargo Bank, N.A. (&#8220;Wells Fargo&#8221;) dated as
      of August 13, 2013, which replaces the Company&#8217;s current credit
      agreement with Wells Fargo.&#160;&#160;The Credit Agreement contains terms similar
      to the previous agreement with Wells Fargo, and extends the term of the
      credit facility through August 31, 2015.&#160;&#160;The Credit Agreement provides
      for an unsecured revolving line of credit in the amount of $10,000,000,
      to be used to finance working capital and for general corporate
      purposes.&#160;&#160;Interest on the line of credit is charged at a rate equal to
      the one-month LIBOR rate plus a spread that depends upon the Company&#8217;s
      ratio of debt to EBITDA as defined in the agreement. &#160;The Credit
      Agreement also includes customary financial covenants, which are not
      materially different from the covenants contained in the Company&#8217;s
      previous credit agreement with Wells Fargo.&#160;&#160;
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; font-family: Times New Roman; text-align: center">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURES</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p style="text-indent: 30.0px; text-align: justify">

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 44%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            August 19, 2013
          </p>
        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Culp, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 44%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Kenneth R. Bowling</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Kenneth R. Bowling
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      3
    </p>
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