<SEC-DOCUMENT>0001157523-18-001343.txt : 20180626
<SEC-HEADER>0001157523-18-001343.hdr.sgml : 20180626
<ACCEPTANCE-DATETIME>20180626144204
ACCESSION NUMBER:		0001157523-18-001343
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180626
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180626
DATE AS OF CHANGE:		20180626

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:		18919095

	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>a51828456.htm
<DESCRIPTION>CULP, INC. 8-K
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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><u><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;June 26, 2018</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>
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            North Carolina
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          <p style="margin-bottom: 0px; margin-top: 0px">
            1-12597
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            56-1001967
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction
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            of Incorporation)
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
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            &#160;
          </p>
        </td>
        <td style="width: 5%">

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          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
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          &#160;
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        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; width: 34%" 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>
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        </td>
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          <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>
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        </td>
        <td style="width: 33%">

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

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          <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>
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    </table>
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          &#160;
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          <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="text-align: center; padding-left: 0.0px; 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>
    </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>
      <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>
      <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>
      <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>
      <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="text-align: justify">
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#194;
      &#167;240.12b-2 of this chapter).
    </p>
    <p>
      Emerging growth company &#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. &#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

        </div>
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          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      <b>This report and the exhibits attached hereto contain &#8220;forward-looking
      statements&#8221; 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).&#160;&#160;Such statements are inherently subject to risks and
      uncertainties.&#160;&#160;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.&#160;&#160;Forward-looking statements are
      statements that include projections, expectations or beliefs about
      future events or results or otherwise are not statements of historical
      fact.&#160;&#160;Such statements are often but not always characterized by
      qualifying words such as &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;plan&#8221; and
      &#8220;project&#8221; and their derivatives, and include but are not limited to
      statements about expectations for our future operations, production
      levels, sales, profit margins, profitability, operating income, capital
      expenditures, working capital levels, income taxes, SG&amp;A or other
      expenses, pre-tax income, earnings, cash flow, and other performance
      measures, as well as any statements regarding potential acquisitions,
      future economic or industry trends or future developments. 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, as well as our success in finalizing acquisition
      negotiations and integrating acquired businesses.&#160;&#160;Decreases in these
      economic indicators could have a negative effect on our business and
      prospects.&#160;&#160;Likewise, increases in interest rates, particularly home
      mortgage rates, and increases in consumer debt or the general rate of
      inflation, could affect&#160;us adversely. Changes in consumer tastes or
      preferences toward products not produced by us could erode demand for
      our products. 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 the United States.
      Strengthening of the U.S. dollar against other currencies could make our
      products less competitive on the basis of price in markets outside the
      United States, and strengthening of currencies in Canada and China can
      have a negative impact on our sales of products produced in those
      places. Also, economic and political instability in international areas
      could affect our operations or sources of goods in those areas, as well
      as demand for our products in international markets. Further information
      about these factors, as well as other factors that could affect our
      future operations or financial results and the matters discussed in
      forward-looking statements, is included in Item 1A &#8220;Risk Factors&#8221; in our
      Form 10-K filed with the Securities and Exchange Commission on July&#160;14,
      2017 for the fiscal year ended April 30, 2017.</b>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <b>Item 7.01 &#8211; Regulation FD Disclosure.</b>
    </p>
    <p style="text-align: justify">
      The information set forth in this Current Report, and in Exhibit 99, is
      intended to be &#8220;furnished&#8221; under Item 7.01 of Form 8-K.&#160;&#160;Such
      information shall not be deemed &#8220;filed&#8221; for the purposes of Section 18
      of the Securities Exchange Act of 1934, as amended, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933, as amended, except as shall be expressly set forth by specific
      reference in such filing.
    </p>
    <p style="text-align: justify">
      On June 26, 2018, Culp, Inc. (the &#8220;Company&#8221;) issued a news release
      disclosing that the Company has completed its previously announced
      majority ownership investment in eLuxury.&#160;&#160;The news release is attached
      hereto as Exhibit 99.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <b>Item 9.01 (d) -- Exhibits</b>
    </p>
    <p style="text-align: justify">
      <a href="a51828456ex99_1.htm">99 &#8211; News Release dated June 26, 2018</a>
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
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          2
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      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: left">
      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>
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          &#160;
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        <td style="width: 44%">

        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            CULP, INC.
          </p>
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        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
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        <td style="width: 6%">

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

        </td>
        <td colspan="2">
          &#160;
        </td>
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        </td>
        <td style="width: 44%">

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
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        <td style="width: 6%">

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (principal financial officer)
          </p>
        </td>
      </tr>
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        <td style="width: 6%">

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          &#160;
        </td>
      </tr>
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        <td style="width: 6%">

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Date: &#160;June 26, 2018</u>
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
      </tr>
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    <p>

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    <p style="text-align: center">
      3
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51828456ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Culp,
      Inc. Completes Majority Ownership Investment in eLuxury, a Bedding
      Accessories E-Commerce Company</b></font>
    </p>
    <p>
      HIGH POINT, N.C.--(BUSINESS WIRE)--June 26, 2018--Culp, Inc. (NYSE:
      CULP) today announced the company has completed its previously announced
      majority ownership investment in eLuxury, an internet company offering
      bedding accessories and home goods direct to consumers. Based in
      Evansville, Indiana, eLuxury&#8217;s primary products include a line of
      mattress pads manufactured at the Evansville location. eLuxury also
      offers handmade platform beds, cotton bed sheets, and other bedding
      items. eLuxury&#8217;s revenue is on a current annual run rate of $22 million
      for 2018, excluding related seller businesses that are not part of this
      transaction. Their products are available on eLuxury&#8217;s own branded
      website, eLuxury.com, Amazon and other leading online retailers for
      specialty home goods.
    </p>
    <p>
      Commenting on the announcement, Iv Culp, president of Culp&#8217;s mattress
      fabrics division, said, &#8220;This strategic investment substantially expands
      our addressable market, provides an important new sales channel for Culp
      in the bedding accessories category, and expands our ability to
      participate in the rapidly growing e-commerce direct-to-consumer space.
      This business combination brings together eLuxury&#8217;s experience in
      e-commerce, online brand building, and direct-to-consumer shopping and
      fulfillment expertise with Culp&#8217;s extensive global production, design
      and product development capabilities, and distribution network. We also
      have an opportunity to market our new line of bedding accessories,
      &#8216;Comfort Supply Company by Culp&#8217;, as well as other home products that we
      may develop, including items made from our upholstery fabrics, through
      this e-commerce platform. We are excited to work with Paul Saunders, a
      successful entrepreneur, and we look forward to having his associates as
      partners with the Culp team.&#8221;
    </p>
    <p>
      Saunders, eLuxury&#8217;s founder and chief executive officer, will maintain a
      minority interest in the company and remain in his role. Saunders
      stated, &#8220;This is a great opportunity for eLuxury to partner with a
      market leader, and we look forward to our relationship with Culp. Our
      companies share similar values and a common business culture centered
      around product excellence and exceptional customer service. We are
      excited about the significant opportunities to leverage our combined
      expertise and expand our product offering into new markets.&#8221;
    </p>
    <p>
      Culp, Inc. is one of the world&#8217;s largest marketers of mattress fabrics
      for bedding and upholstery fabrics for residential and commercial
      furniture. The company markets a variety of fabrics to its global
      customer base of leading bedding and furniture companies, including
      fabrics produced at Culp&#8217;s manufacturing facilities and fabrics sourced
      through other suppliers. Culp has operations located in the United
      States, Canada, China and Haiti.
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    <p>
      <i>This press release contains &#8220;forward-looking statements&#8221; 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).</i> <i>Such
      statements are inherently subject to risks and uncertainties.</i> <i>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.</i>
      <i>Forward-looking statements are statements that include projections,
      expectations or beliefs about future events or results or otherwise are
      not statements of historical fact.</i> <i>Such statements are often but
      not always characterized by qualifying words such as &#8220;expect,&#8221;
      &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;plan&#8221; and &#8220;project&#8221; and their derivatives, and
      include but are not limited to statements about expectations for our
      future operations, production levels, sales, profit margins,
      profitability, operating income, capital expenditures, working capital
      levels, income taxes, SG&amp;A or other expenses, pre-tax income, earnings,
      cash flow, and other performance measures, as well as any statements
      regarding potential acquisitions, future economic or industry trends or
      future developments. 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, as well as our success in finalizing
      acquisition negotiations, and integrating acquired businesses.</i> <i>Decreases
      in these economic indicators could have a negative effect on our
      business and prospects.</i> <i>Likewise, increases in interest rates,
      particularly home mortgage rates, and increases in consumer debt or the
      general rate of inflation, could affect&#160;us adversely. Changes in
      consumer tastes or preferences toward products not produced by us could
      erode demand for our products. 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 the United
      States. Strengthening of the U.S. dollar against other currencies could
      make our products less competitive on the basis of price in markets
      outside the United States, and strengthening of currencies in Canada and
      China can have a negative impact on our sales of products produced in
      those places. Also, economic and political instability in international
      areas could affect our operations or sources of goods in those areas, as
      well as demand for our products in international markets. Further
      information about these factors, as well as other factors that could
      affect our future operations or financial results and the matters
      discussed in forward-looking statements, is included in Item 1A &#8220;Risk
      Factors&#8221; in our Form 10-K filed with the Securities and Exchange
      Commission on July&#160;14, 2017 for the fiscal year ended April 30, 2017.</i>
    </p>
    <p>
      CONTACT:<br>Culp, Inc.<br>Investor Contact:<br>Kenneth R. Bowling,
      336-881-5630<br>Chief Financial Officer<br>or<br>Media Contact:<br>Teresa
      A. Huffman, 336-889-5161<br>Vice President, Human Resources
    </p>
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