<SEC-DOCUMENT>0001157523-19-002024.txt : 20191001
<SEC-HEADER>0001157523-19-002024.hdr.sgml : 20191001
<ACCEPTANCE-DATETIME>20191001161540
ACCESSION NUMBER:		0001157523-19-002024
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190926
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191001

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:			0503

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12597
		FILM NUMBER:		191129290

	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>a52101634.htm
<DESCRIPTION>CULP, INC. 8-K
<TEXT>
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    <div style="text-align: center; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</div>
    <div><br>
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    <div style="text-align: center; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
    <font style="font-size: 16pt;"> </font>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">CURRENT REPORT PURSUANT</div>
    <div style="text-align: center; font-weight: bold;">TO SECTION 13 OR 15(d) OF THE</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Date of Report (Date of earliest event reported) September 26, 2019</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 16pt; font-weight: bold;"><u>Culp, Inc.</u></div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
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            <div style="text-align: center;">North Carolina</div>
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          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 37.6%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1-12597</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 25.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">56-1001967</div>
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          <td style="width: 31.21%; vertical-align: top;">
            <div style="text-align: center;">(State or Other Jurisdiction</div>
            <div style="text-align: center;">of Incorporation)</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 37.6%; vertical-align: top;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 25.56%; vertical-align: top;">
            <div style="text-align: center;">(I.R.S. Employer</div>
            <div style="text-align: center;">Identification No.)</div>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1823 Eastchester Drive</div>
            <div style="text-align: center;">High Point, North Carolina&#160; 27265</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Address of Principal Executive Offices)</div>
            <div style="text-align: center;">(Zip Code)</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">(336) 889-5161</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
          </td>
        </tr>

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    <div><br>
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            <div style="text-align: center;">Not Applicable</div>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Former name or address, if changed from last report)</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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 style="font-style: italic;">see</font> General Instruction A.2. below):</div>
  </div>
  <div><br>
    <div style="font-family: 'Times New Roman',Times,serif; margin-left: 36pt;">&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; margin-left: 36pt;">&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; margin-left: 36pt;">&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; margin-left: 36pt;">&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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    <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
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            <div style="text-align: center;">Title of each class</div>
          </td>
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            <div style="text-align: center;">Trading Symbol</div>
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          <td style="width: 44.76%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Name of exchange on which registered</div>
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            <div style="text-align: center;">Common stock, par value $0.05 per share</div>
          </td>
          <td style="width: 17.14%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">CULP</div>
          </td>
          <td style="width: 44.76%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">New York Stock Exchange</div>
          </td>
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    <div style="background-color: rgb(255, 255, 255);">
      <div>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).&#160; Emerging growth company
        &#9744;</div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify;">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. &#9744;<u>:</u></div>
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    <div style="text-align: center; font-weight: bold;"><u>INDEX</u></div>
    <div><br>
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      <table cellspacing="0" cellpadding="0" border="0" id="z5671831145674b61b1badd069e02c78b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

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            <td style="width: 94.72%;">
              <div>&#160;</div>
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            <td style="width: 5.28%;">
              <div style="text-align: center;"><u>Page</u> <br>
              </div>
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              <div>&#160;</div>
            </td>
            <td style="width: 5.28%;">
              <div>&#160;</div>
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            <td style="width: 94.72%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>Item 5.02 &#8211; Departure of Directors or Certain Officers; Election of Directors; </div>
              <div>Appointment of Certain Officers; Compensatory Arrangements of Certain </div>
              <div>Officers <br>
              </div>
            </td>
            <td style="width: 5.28%; text-align: center; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>&#160;3</div>
            </td>
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            <td style="width: 94.72%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5.28%;">
              <div style="text-align: center;"><br>
              </div>
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            <td style="width: 94.72%;">
              <div>
                <div>Item 5.07 -&#160; Submission of Matters to a Vote of Security Holders</div>
              </div>
            </td>
            <td style="width: 5.28%;">
              <div style="text-align: center;">4 <br>
              </div>
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            <td style="width: 94.72%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5.28%;">
              <div style="text-align: center;"><br>
              </div>
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            <td style="width: 94.72%;">
              <div>
                <div>Iem 9.01(d) - Exhibits</div>
              </div>
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            <td style="width: 5.28%;">
              <div style="text-align: center;">5 <br>
              </div>
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              <div>&#160;</div>
            </td>
            <td style="width: 5.28%;">
              <div>&#160;</div>
            </td>
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              <div>
                <div>Signatures</div>
              </div>
            </td>
            <td style="width: 5.28%;">
              <div style="text-align: center;">6 <br>
              </div>
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            <td style="width: 94.72%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5.28%;">
              <div>&#160;</div>
            </td>
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            <td rowspan="1" style="width: 94.72%;">Exhibit Index <br>
            </td>
            <td rowspan="1" style="width: 5.28%; text-align: center;">7 <br>
            </td>
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    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">This report and the exhibits attached hereto contain <a name="z_Hlk516209825"></a>&#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; &#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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">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. In addition, the impact of potential goodwill or intangible asset impairments could affect our financial results.&#160; 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; 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;12, 2019 for the fiscal year ended April 28, 2019, and our
      subsequent periodic reports filed with the Securities and Exchange Commission.</div>
    <div style="text-align: justify;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 9%; text-align: left; vertical-align: top;"><font style="font-weight: bold;">Item 5.02.</font></td>
              <td style="width: 91%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: 400;">
                <div>
                  <div style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.&#160; </div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">On September 26, 2019, the board of directors of Culp, Inc. (the &#8220;Company&#8221;) appointed Robert G. Culp, IV as chief executive officer of the Company, effective January 1, 2020.&#160; Additionally, Franklin N. Saxon, who
      currently serves as the Company&#8217;s chairman of the board and chief executive officer, was named executive chairman of the board, also effective as of January 1, 2020.&#160; Mr. Saxon will continue to serve as the Company&#8217;s chief executive officer until
      such time.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Robert G. Culp, IV, age 48, is currently the Company&#8217;s president, chief operating officer, and president of the Culp Home Fashions division.&#160; He has been employed by the Company since 1998 and has served in various
      capacities during his tenure, including as president of Culp Home Fashions since 2004.&#160; He became the Company&#8217;s chief operating officer in 2018 and president in 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Mr. Culp, IV will assume Mr. Saxon&#8217;s responsibilities for operations of all the company&#8217;s divisions.&#160; Sandy Brown will continue to serve as executive vice president of Culp Home Fashions, Boyd Chumbley will continue to
      serve as president of Culp Upholstery Fabrics, and Paul Saunders will continue to serve as chief executive officer of eLuxury, with each reporting to Mr. Culp, IV.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Mr. Saxon will remain a full-time employee actively involved in the day-to-day operations of the Company, with specific responsibility for all corporate shared services, including finance, human resources, and
      information technology.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    </div>
    <div style="text-align: justify;">As previously disclosed in the Company&#8217;s 2019 proxy statement, the Company leases an industrial facility from an entity owned by Susan Culp, the mother or Robert G. Culp, IV.&#160; The lease was assumed by the Company in
      connection with its August 2008 acquisition of the knitted mattress fabrics operation of Bodet &amp; Horst USA, LP.&#160; The facility contains 63,522 square feet of floor space and is located in High Point, North Carolina.&#160; Currently, this facility is
      being leased on a month to month basis at an amount of $13,100 per month.&#160; The lessor is generally responsible for maintenance only of roof and structural portions of the leased facility.&#160; The facility is leased on a &#8220;triple net&#8221; basis, with the
      Company responsible for payment of all property taxes, insurance premiums, and maintenance (other than structural maintenance).&#160; The Company believes that the terms of this lease are no less favorable to the tenant than could have been obtained in
      arm&#8217;s length transactions with unaffiliated persons.&#160; The total amount of rent paid by the Company under this related party lease totaled $158,000 in fiscal 2019 and $156,000 in fiscal 2018 and 2017, respectively.</div>
    <div style="background-color: rgb(255, 255, 255);">
      <div>&#160;</div>
      <div style="text-align: justify;">The Company&#8217;s board and Compensation Committee also approved certain changes to the compensation arrangements for Mr. Culp, IV from those described in the 2019 proxy statement, in connection with the promotion
        described above.&#160; Effective January 1, 2020, the annual salary for Mr. Culp, IV will increase by approximately 14% and the target bonus level for Mr. Culp, IV under the Company&#8217;s annual incentive bonus program will increase from 85% to 100%.&#160; The
        compensation arrangements for Mr. Saxon were not changed.</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">A copy of the press release issued by the Company on September 26, 2019 to announce these leadership changes is included in this filing as Exhibit 99.&#160;<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 9%; text-align: left; vertical-align: top;"><font style="font-weight: bold;">Item 5.07.</font></td>
              <td style="width: 91%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: bold;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Submission of Matters to a Vote of Security Holders</font></div>
              </td>
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      </div>
    </div>
    &#160;
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: justify; text-indent: 27pt;">On September 26, 2019, Culp, Inc. (the &#8220;Company&#8221;) held its annual meeting of shareholders.&#160;&#160;At the meeting, the Company&#8217;s shareholders: (i) elected each of the six persons listed below under
        Proposal 1 to serve as a director of the Company until the 2020 annual meeting, or until their successors are elected and qualified; (ii) ratified the appointment of Grant Thornton LLP as the independent auditors of the Company for fiscal 2020; and
        (iii) voted for a resolution approving, on an advisory basis, the compensation paid to the Company&#8217;s named executive officers (Say on Pay vote).&#160;&#160;The following information sets forth the results of the voting at the annual meeting.</div>
      <div>&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: justify; font-weight: bold;">Proposal 1:&#160;&#160;To elect six directors to serve until the 2020 annual meeting of shareholders, or until their successors are elected and qualified</div>
      <div>&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z384b252be2b84ecc8a843895c753b8f8" style="border-collapse: collapse; width: 95%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 24.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Director Nominee</div>
          </td>
          <td style="width: 22.94%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Shares<br>
              Voted For</div>
          </td>
          <td style="width: 27.94%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Shares</div>
            <div style="text-align: center; font-weight: bold;">Withheld</div>
          </td>
          <td style="width: 24.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Broker<br>
              Non-Votes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.85%; vertical-align: top;">
            <div>Perry E. Davis</div>
          </td>
          <td style="width: 22.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">11,143,878</div>
          </td>
          <td style="width: 27.94%; vertical-align: top;">
            <div style="text-align: center;">52,237</div>
          </td>
          <td style="width: 24.26%; vertical-align: top;">
            <div style="text-align: center;">644,859</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.85%; vertical-align: top;">
            <div>Sharon A. Decker</div>
          </td>
          <td style="width: 22.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">11,143,883</div>
          </td>
          <td style="width: 27.94%; vertical-align: top;">
            <div style="text-align: center;">52,232</div>
          </td>
          <td style="width: 24.26%; vertical-align: top;">
            <div style="text-align: center;">644,859</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.85%; vertical-align: top;">
            <div>Fred A. Jackson</div>
          </td>
          <td style="width: 22.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">11,088,367</div>
          </td>
          <td style="width: 27.94%; vertical-align: top;">
            <div style="text-align: center;">107,748</div>
          </td>
          <td style="width: 24.26%; vertical-align: top;">
            <div style="text-align: center;">644,859</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.85%; vertical-align: top;">
            <div>Kenneth R. Larson</div>
          </td>
          <td style="width: 22.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">11,051,143</div>
          </td>
          <td style="width: 27.94%; vertical-align: top;">
            <div style="text-align: center;">144,972</div>
          </td>
          <td style="width: 24.26%; vertical-align: top;">
            <div style="text-align: center;">644,859</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.85%; vertical-align: top;">
            <div>Kenneth W. McAllister</div>
          </td>
          <td style="width: 22.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;&#160;9,836,403</div>
          </td>
          <td style="width: 27.94%; vertical-align: top;">
            <div style="text-align: center;">1,359,712</div>
          </td>
          <td style="width: 24.26%; vertical-align: top;">
            <div style="text-align: center;">644,859</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.85%; vertical-align: top;">
            <div>Franklin N. Saxon</div>
          </td>
          <td style="width: 22.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">11,105,627</div>
          </td>
          <td style="width: 27.94%; vertical-align: top;">
            <div style="text-align: center;">90,488</div>
          </td>
          <td style="width: 24.26%; vertical-align: top;">
            <div style="text-align: center;">644,859</div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255);">
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Proposal 2:&#160;&#160;To ratify the appointment of Grant Thornton LLP as the Company&#8217;s independent auditors for fiscal 2020</div>
      <div>&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z7397a11645bc4105bd7dbea3b7ff786d" style="border-collapse: collapse; width: 95%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>For</div>
          </td>
          <td style="width: 8.84%; vertical-align: top;">
            <div>11,806,316</div>
          </td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td style="width: 27.56%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Against</div>
          </td>
          <td style="width: 8.84%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>33,945</div>
          </td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td style="width: 27.56%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Abstain</div>
          </td>
          <td style="width: 8.84%; vertical-align: top;">
            <div>713</div>
          </td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td style="width: 27.56%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Broker Non-Votes</div>
          </td>
          <td style="width: 8.84%; vertical-align: top;">
            <div>0</div>
          </td>
          <td style="width: 29%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.56%; vertical-align: middle;">&#160;</td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255);">
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Proposal 3:&#160;&#160;Advisory vote on executive compensation (Say on Pay)</div>
      <div>&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z10cdfca1bfca474c9ff07c17ecd4fcc6" style="border-collapse: collapse; width: 95%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>For <br>
            </div>
          </td>
          <td style="width: 9%; vertical-align: top;">
            <div>&#160;11,148,058</div>
          </td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td style="width: 27.6%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Against</div>
          </td>
          <td style="width: 9%; vertical-align: top;">
            <div>&#160;42,874</div>
          </td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td style="width: 27.6%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Abstain</div>
          </td>
          <td style="width: 9%; vertical-align: top;">
            <div>&#160;5,183</div>
          </td>
          <td style="width: 29%; vertical-align: top;">&#160;</td>
          <td style="width: 27.6%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Broker Non-Votes</div>
          </td>
          <td style="width: 9%; vertical-align: top;">
            <div>&#160;0</div>
          </td>
          <td style="width: 29%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.6%; vertical-align: middle;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold;">Item 9.01 (d) - Exhibits</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z31a997f711124625b310eb1d4cccfc7f">

          <tr>
            <td style="width: 9%;">
              <div><u>Exhibit No.</u> <br>
              </div>
            </td>
            <td style="width: 91%;">
              <div><u>Description</u> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 9%;">
              <div>99 <br>
              </div>
            </td>
            <td style="width: 91%;">
              <div>News Release dated September 26, 2019 <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"><u> <br>
      </u></div>
  </div>
  <div><u> </u>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman',Times,serif;">SIGNATURES</div>
    <font style="font-weight: bold;"> </font>
    <div><br>
    </div>
    <div><br>
    </div>
    <font style="font-weight: bold;">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. </font>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Date:&#160; October 1, 2019</div>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 3%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 35%;"><font style="font-weight: bold;">CULP, INC.</font> <br>
            </td>
            <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 3%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 35%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: bold;">
              <div>(Registrant)</div>
            </td>
            <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 3%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 35%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
              </div>
            </td>
            <td valign="top" style="width: 3%;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="font-weight: bold;">By:</font> </div>
            </td>
            <td valign="top" align="left" style="width: 35%;"><u><font style="font-weight: bold;">&#160;/s/ </font><font style="font-weight: bold;">Kenneth R. Bowling</font></u></td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" align="left" style="width: 35%; font-weight: bold;">&#160;Executive Vice President,</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%; font-weight: bold;">&#160;Chief Financial Officer</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="zd22903e7ac7b49f69ddfcea50d31bc29" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 25.00%;">
              <div><u>Exhibit Number</u> <br>
              </div>
            </td>
            <td style="width: 25.00%;">
              <div style="text-align: left; margin-left: 54pt;"><u>Exhibit</u> <br>
              </div>
            </td>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 25.00%;">
              <div><a href="a52101634ex99.htm">99</a><br>
              </div>
            </td>
            <td style="width: 25.00%;">
              <div><a href="a52101634ex99.htm">News Release dated September 26, 2019</a><br>
              </div>
            </td>
            <td style="width: 25.00%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 70.2pt;"><u> <br>
      </u></div>
    <div style="text-align: justify; text-indent: 70.2pt;"><u> <br>
      </u></div>
    <u> </u></div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a52101634ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99</font><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div>
    <div class="bw-release">
      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>Culp Board Names Robert G. Culp, IV as Chief Executive Officer</b> </h1>
      <div class="bw-release-subhead">
        <p style="text-align: center; list-style-position:inside;"><b> <b>Franklin N. Saxon to Become Executive Chairman</b> </b></p>
      </div>
      <div class="bw-release-body">
        <div class="bw-release-table-js bw-release-story">
          <p>HIGH POINT, N.C.--(BUSINESS WIRE)--September 26, 2019--Culp, Inc. (NYSE: CULP) today announced that its board of directors has elected Robert G. (Iv) Culp, IV, currently the company&#8217;s president, chief operating officer and president of Culp
            Home Fashions, to become chief executive officer, effective January 1, 2020. At that time, Franklin N. Saxon, Culp&#8217;s current chairman and chief executive officer, will assume the new role of executive chairman. These changes reflect the
            continuation of the board&#8217;s long-standing succession planning process designed to provide continuity and a natural leadership evolution as the company continues to execute its growth strategy. </p>
          <p> Iv Culp has been employed by the company since 1998 and has served in various capacities during his tenure, including as president of Culp Home Fashions, the company&#8217;s mattress fabrics division, since 2004. He became the company&#8217;s chief
            operating officer in 2018 and president in 2019. As a member of the company&#8217;s senior leadership team for over fifteen years, he has played an integral role in the company&#8217;s business and strategic planning. </p>
          <p> Saxon joined the company in 1983 and has been a member of the board of directors since 1987. He has served in various capacities, including chief financial officer from 1985 to 1998 and president of Culp Velvets/Prints division from 1998 to
            2004. Saxon was named president and chief operating officer of the company in 2004, and he became president and chief executive officer in 2007. He was elected chairman of the board in 2019. </p>
          <p> Iv Culp will assume Saxon&#8217;s responsibilities for operations of all the company&#8217;s divisions. Sandy Brown and Boyd Chumbley, long-tenured leaders in the Culp Home Fashions and Culp Upholstery Fabrics divisions, respectively, and Paul Saunders,
            chief executive officer of eLuxury, which operates under the Culp Home Accessories division, will report to Culp in his new role. </p>
          <p> Saxon will remain actively involved in the day-to-day operations of the company with specific responsibility for all corporate shared services, including finance, human resources, and information technology. </p>
          <p> &#8220;We are very pleased to announce this planned transition for the executive leadership of Culp, which is consistent with our corporate strategic plan&#8221; said Saxon. &#8220;Iv Culp is a proven leader and brings the right complement of operational
            experience and strategic insight to this position. Having worked with him for over 20 years, I am confident he is well prepared and has the vision, skills, experience, and leadership capabilities necessary to be our chief executive officer. Iv
            is well respected throughout our company and our industry, and he has earned the trust of our valued customers. I look forward to our continued working relationship as we transition to our new leadership positions. Together, we will work to
            enhance Culp&#8217;s strong competitive position as a leading provider of fabrics and products for the home furnishings industry.&#8221; </p>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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          </div>
          <p> On behalf of the board of directors, Ken McAllister, lead director, added, &#8220;We are delighted that Iv will be Culp&#8217;s next chief executive officer. As part of the board&#8217;s ongoing focus on executive succession planning, Frank and, prior to his
            death, Rob Culp, the company&#8217;s co-founder and former chairman, worked closely with the board over a period of years to plan this transition. We are highly confident Iv is the right leader to build on Culp&#8217;s proud history, and we look forward to
            working with him as chief executive officer. At the same time, we thank and recognize Frank for his incredible leadership and stewardship as chief executive officer and are excited that we will continue to benefit from his experience in his
            active role as executive chairman.&#8221; </p>
          <p> &#8220;It is an honor to assume this new leadership role with Culp,&#8221; said Iv Culp. &#8220;I am especially proud to carry on the legacy of my father and grandfather, who founded and built a company known for innovation and an unwavering commitment to both
            our customers and shareholders. Going forward, we will continue to pursue a strategy that reflects these same important values. Frank Saxon has played a pivotal role in the growth and success of Culp, and he will continue to serve as an
            important mentor and leader. I am fortunate to have the support of tremendously strong and experienced divisional leaders in Sandy Brown and Boyd Chumbley, together with Paul Saunders at eLuxury. I am also thankful for the support of our
            experienced and energetic board of directors, as well as our talented, deep, and dedicated management team, both at the executive level and throughout each operating segment. We are confident we have the right people in place to pursue our
            growth strategy and create additional long-term value for our shareholders, employees, and customers.&#8221; </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). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. 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. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. 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; &#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. Likewise, increases in interest rates, particularly home mortgage rates, and increases in consumer debt or the general rate of inflation, could affect 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. In addition, the impact of potential goodwill or intangible asset impairments could affect our financial results. 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. 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 12, 2019 for the fiscal year ended April 28, 2019, and
              our subsequent periodic reports filed with the Securities and Exchange Commission.</i> </p>
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        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> Investor Contact: Kenneth R. Bowling <br>
            Chief Financial Officer <br>
            336-881-5630 </p>
          <p> Media Contact: Teresa A. Huffman <br>
            Vice President, Human Resources <br>
            336-889-5161 </p>
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