Culp Announces Changes in Executive Management Structure
Robert G. (Iv) Culp, IV, president of Culp Home Fashions, the company’s
mattress fabrics division, has been named chief operating officer of
“I have been very fortunate to serve this company since the day it
opened,” Culp III said. “At the same time, I am happy to have the
opportunity to turn more of the daily management of the firm over to
others, and I have complete confidence in their ability to keep
“We have a deep and talented management group that is functioning well together,” said Saxon. “I expect a smooth transition as we continue working to maintain Culp’s position as a premier provider of products for the home furnishings industry. Iv Culp is an excellent manager who has proven himself while leading the growth and success of the mattress fabrics division. He is very well suited by experience and talent to take on additional responsibilities as our chief operating officer. I know he will perform well in this expanded role.
“We are also very pleased that we will continue to have the leadership
and guidance that
About the Company
This release contains “forward-looking statements 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.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.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 “expect,”
“believe,” “estimate,” “plan” and “project” 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&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.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. 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
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Source:
Culp, Inc.
Investor Contact:
Kenneth R. Bowling
Chief
Financial Officer
336-881-5630
or
Media Contact:
Teresa
A. Huffman
Vice President, Human Resources
336-889-5161