<SEC-DOCUMENT>0001157523-19-001024.txt : 20190501
<SEC-HEADER>0001157523-19-001024.hdr.sgml : 20190501
<ACCEPTANCE-DATETIME>20190501163511
ACCESSION NUMBER:		0001157523-19-001024
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190501
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190501
DATE AS OF CHANGE:		20190501

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:		19788115

	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>a51978244.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,
      D.C.&#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;May 1, 2019</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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            North Carolina
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          &#160;
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            1-12597
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          &#160;
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            56-1001967
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            (State or Other Jurisdiction
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            of Incorporation)
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            (Commission File Number)
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            &#160;
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        <td style="width: 5%">

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            (I.R.S. Employer
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            Identification No.)
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          <p style="margin-top: 0px; margin-bottom: 0px">
            1823 Eastchester Drive
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            High Point, North Carolina&#160;&#160;27265
          </p>
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        <td style="width: 33%">

        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal Executive Offices)</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Zip
            Code)</font>
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        </td>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (336) 889-5161
          </p>
        </td>
        <td style="width: 25%">

        </td>
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          <p style="margin-top: 0px; margin-bottom: 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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            Not Applicable
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            (Former name or address, if changed from last report)
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        </td>
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    </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="text-indent: 30.0px; font-size: 10pt; 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="text-indent: 30.0px; font-size: 10pt; 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="text-indent: 30.0px; font-size: 10pt; 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="text-indent: 30.0px; font-size: 10pt; 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>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
      &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
      &#167;240.12b-2).
    </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="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
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        <div style="text-align: left">

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

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        </div>
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    </div>
    <p>

    </p>
    <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 that may cause actual events and results to differ
      materially from such statements.&#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 to reflect any changes in
      management&#8217;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.&#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;anticipate,&#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, new product launches, 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 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.</b>
    </p>
    <p style="text-align: justify">
      <b>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.&#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. 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 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. Finally, increases in market prices for
      petrochemical products can significantly affect the prices we pay for
      raw materials, and in turn, increase our operating costs and decrease
      our profitability.&#160;&#160;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;13, 2018 for the fiscal year
      ended April 29, 2018, and our subsequent periodic reports filed with the
      Securities and Exchange Commission.</b>
    </p>
    <p style="text-align: justify">
      <b>Item 2.02 &#8211; Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      The information set forth in this Item 2.02 of this Current Report, and
      in Exhibit 99, is intended to be &#8220;furnished&#8221; under Item 2.02 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 May 1, 2019, Culp, Inc. (the &#8220;Company&#8221;) issued a news release
      regarding revised expectations about its financial results for the
      fourth quarter of the Company&#8217;s fiscal 2019.&#160;&#160;A copy of the news release
      is attached hereto as Exhibit 99.&#160;&#160;
    </p>
    <p style="text-align: justify">
      The news release contains disclosures about adjusted pre-tax income, a
      non-GAAP performance measure which excludes non-recurring charges that
      are included in the determination of pre-tax income under GAAP.&#160;&#160;The
      Company has included this adjusted information in order to show revised
      expectations for projected operational performance excluding the effects
      of non-recurring charges.&#160;&#160;Details of these calculations and a
      reconciliation of the non-GAAP adjusted pre-tax income information to
      the most comparable GAAP measure are set forth in the news
      release.&#160;&#160;Management believes this information aids in the comparison of
      financial results among comparable financial periods.&#160;&#160;In addition, this
      information is used by management to make operational decisions about
      the Company&#8217;s business and is used by the Company as a financial goal
      for purposes of determining management incentive compensation. We note,
      however, that this adjusted information should not be viewed in
      isolation or as a substitute for pre-tax income calculated in accordance
      with GAAP, as non-recurring charges do have an effect on our financial
      performance.
    </p>
    <p style="text-align: justify">
      <b>Item 9.01 (d) -- Exhibits</b>
    </p>
    <p style="text-align: justify">
      99 - News Release dated May 1, 2019
    </p>
    <p style="text-align: justify; white-space: nowrap">

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

    </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CULP, INC.</b>
          </p>
        </td>
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        <td style="width: 6%">

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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Registrant)</b>
          </p>
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        <td style="width: 5%">

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

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

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

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        <td style="width: 5%">

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        <td style="width: 45%">
          &#160;
        </td>
      </tr>
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        <td style="width: 6%">

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

        </td>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By:</b>
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>/s/ Thomas B. Gallagher, Jr.</b></u>
          </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; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Corporate Controller</b>
          </p>
        </td>
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        <td style="width: 44%">

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        <td style="width: 5%">

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

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

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

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

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          &#160;
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        </td>
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          &#160;
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            <u><b>Dated: &#160;May 1, 2019</b></u>
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          3
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      <b>EXHIBIT INDEX</b>
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            <u>Exhibit Number</u>
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            <u>Exhibit</u>
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            <a href="a51978244ex99.htm">99</a>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51978244ex99.htm">Press Release dated May 1, 2019</a>
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      4
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<TYPE>EX-99
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<FILENAME>a51978244ex99.htm
<DESCRIPTION>EXHIBIT 99
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      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Culp
      Announces Revised Expectations for Fourth Quarter Fiscal 2019</b></font>
    </p>
    <p>
      HIGH POINT, N.C.--(BUSINESS WIRE)--May 1, 2019--Culp, Inc. (NYSE: CULP)
      today announced that, based on unaudited preliminary results and current
      estimates, the company<i> </i>expects pre-tax income (GAAP) to be in the
      range of $1.0 million to $1.7&#160;million for the fourth quarter of fiscal
      2019. Excluding a non-recurring charge of $500,000 (discussed below),
      adjusted pre-tax income (non-GAAP) is projected to be in the range of
      $1.5 million to $2.2 million. These projected results are lower than the
      company&#8217;s previously announced expectation of $4.2 million to $4.9
      million in pre-tax income for the quarter. Sales for the fourth quarter
      of fiscal 2019 are lower than the company&#8217;s previously announced
      outlook, with overall sales now expected to be down approximately 10
      percent, with mattress fabrics sales projected to be down approximately
      20 percent and upholstery fabrics sales projected to be down
      approximately 9 percent compared with the fourth quarter last year.
    </p>
    <p>
      Commenting on the announcement, Iv Culp, president and chief operating
      officer of Culp, Inc., said, &#8220;The revised expectations for the fourth
      quarter of fiscal 2019 resulted from the continuing headwinds associated
      with Chinese imported mattresses and an overall weaker retail
      environment. Although sales for our mattress fabrics segment have
      sequentially increased compared to the third quarter, consistent with
      our previously announced expectations, this improvement will be less
      than previously anticipated as a result of the significant influx of
      low-priced Chinese mattress imports, which has caused major disruption
      in the domestic mattress business that has continued to affect many of
      our customers, with reduced demand for our mattress fabrics. While we
      believe import activity has recently slowed, there is still a
      substantial amount of excess inventory of late 2018 and early 2019
      imports in the pipeline. Additionally, the weaker mattress retail
      environment has slowed the sale of this inventory. We believe the
      domestic mattress industry will ultimately benefit from relief under
      U.S. trade laws and the anticipated punitive measures against Chinese
      importers, with a preliminary ruling from the U.S. Department of
      Commerce now expected in late May 2019.
    </p>
    <p>
      &#8220;After achieving sales growth through the first nine months of fiscal
      2019, sales and profits for our upholstery fabrics business in the
      fourth quarter were lower than our previously announced expectations,
      primarily due to weaker than anticipated retail demand for furniture.
      Also, the potential for additional international tariffs and the
      associated geopolitical risks have been uncertain and resulted in
      advance purchases and higher inventories from our customers in previous
      quarters to avoid these potential additional tariffs. These factors have
      created additional challenges for the furniture industry.&#8221;
    </p>
    <p>
      Frank Saxon, chairman and chief executive officer of Culp, Inc., said,
      &#8220;Regarding the $500,000 non-recurring charge in the fourth quarter, the
      company is proud to announce the establishment of an endowed scholarship
      at the University of North Carolina at Chapel Hill in honor of our
      beloved co-founder and former chairman, Robert G. Culp, III. Management
      and the board of directors are proud of this tribute and will always
      remember the 47 years of Mr. Culp&#8217;s dedicated service to Culp, Inc. This
      charitable contribution will be paid over a period of three years.
    </p>
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    <p>
      &#8220;While we are experiencing a more difficult business environment, Culp
      remains well positioned for the long term with our creative designs and
      innovative product offerings, expanding sales channels, and a highly
      competitive global manufacturing platform. Additionally, our financial
      position remains strong, with approximately $45.0 million of cash and
      investments as of the fourth quarter of fiscal 2019. We are expecting an
      improving business environment for the furniture and bedding industries
      in our 2020 fiscal year, with less headwinds than we faced in fiscal
      2019. We believe these conditions will support the solid placements we
      have in line with current and new customers. Above all, regardless of
      market conditions, our business foundation is solid, and we remain
      focused on meeting the demands of our valued customers and delivering
      continued profitable results for our investors,&#8221; added Saxon.
    </p>
    <p>
      The company expects to report financial and operating results for the
      fourth quarter and fiscal 2019 in mid-June.
    </p>
    <p>
      <b>About the Company</b>
    </p>
    <p>
      Culp, Inc. is one of the world'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.
    </p>
    <p>
      <i>This 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 that may
      cause actual events and results to differ materially from such
      statements.</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 to reflect any changes in management&#8217;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.</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;anticipate,&#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, new product launches, 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 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.</i>
    </p>
    <p>
      <i>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.</i> <i>Increases in interest
      rates, particularly home mortgage rates, and increases in consumer debt
      or the general rate of inflation, could affect&#160;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.</i> <i>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 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. Finally, increases in market prices for
      petrochemical products can significantly affect the prices we pay for
      raw materials, and in turn, increase our operating costs and decrease
      our profitability.</i> <i>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;13, 2018 for the
      fiscal year ended April 29, 2018, and our subsequent periodic reports
      filed with the Securities and Exchange Commission.</i>
    </p>
    <p>
      CONTACT:<br>Kenneth R. Bowling<br>Chief Financial Officer<br>336-881-5630
    </p>
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