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a6761963.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) June 16, 2011

Culp, Inc.

(Exact Name of Registrant as Specified in its Charter)

North Carolina		1-12597		56-1001967
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

1823 Eastchester Drive

High Point, North Carolina 27265

(Address of Principal Executive Offices)

(Zip Code)

(336) 889-5161

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former name or address, if changed from last report)

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 (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INDEX

	Page

Item 2.02 - Results of Operations and Financial Condition	3

Item 9.01(d) - Exhibits	4

Signature	5

Exhibits	6

Forward Looking Information. This report and the exhibits hereto contain “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 27A 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. 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 the company’s future operations, production levels, sales, SG&A or other expenses, margins, gross profit, operating income, earnings or other performance measures. 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 the company’s 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 the company adversely. Changes in consumer tastes or preferences toward products not produced by the company could erode demand for the company’s products. Strengthening of the U.S. dollar against other currencies could make the company’s 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 the company’s sales in the U.S. of products produced in those countries. Also, economic and political instability in international areas could affect the company’s operations or sources of goods in those areas, as well as demand for the company’s products in international markets. Other factors that could affect the matters discussed in forward-looking statements are included in the company’s periodic reports filed with the Securities and Exchange Commission, including the “Risk Factors” section in the company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission on July 15, 2010 for the fiscal year ended May 2, 2010.

Item 2.02 – Results of Operations and Financial Condition

On June 16, 2011, we issued a news release to announce our financial results for the fourth quarter ended May 1, 2011. The news release is attached hereto as Exhibit 99(a).

Also on June 16, 2011, we released a Financial Information Release containing additional financial information and disclosures about our fourth quarter ended May 1, 2011. The Financial Information Release is attached hereto as Exhibit 99(b).

The news release and Financial Information Release contain disclosures about free cash flow, a non-GAAP liquidity measure that the company defines as net cash provided by operating activities, less cash capital expenditures and capital lease expenditures, plus any proceeds from sales of fixed assets, and the effects of exchange rate changes on cash and cash equivalents. Details of these calculations and a reconciliation to information from our GAAP financial statements is set forth in the Financial Information Release. Management believes the disclosure of free cash flow provides useful information to investors because it measures our available cash flow for potential debt repayment, stock repurchases and additions to cash and cash equivalents. We note, however, that not all of the company’s free cash flow is available for discretionary spending, as we have mandatory debt payments and other cash requirements that must be deducted from our cash available for future use. In operating our business, management uses free cash flow to make decisions about what commitments of cash to make for operations, such as capital expenditures (and financing arrangements for these expenditures), purchases of inventory or supplies, SG&A expenditure levels, compensation, and other commitments of cash, while still allowing for adequate cash to meet known future commitments for cash, such as debt repayment.

The news release and Financial Information Release contain disclosures about return on capital, both for the entire company and for individual business segments. We define return on capital as operating income (on an annualized basis if at a point other than the end of the fiscal year) divided by average capital employed. Operating income excludes restructuring and related charges, and average capital employed is calculated over rolling two – five fiscal periods, depending on which quarter is being presented. Details of these calculations and a reconciliation to information from our GAAP financial statements is set forth in the Financial Information Release. We believe return on capital is an accepted measure of earnings efficiency in relation to capital employed, but it is a non-GAAP performance measure that is not defined or calculated in the same manner by all companies. This measure should not be considered in isolation or as an alternative to net income or other performance measures, but we believe it provides useful information to investors by comparing the operating income we produce to the asset base used to generate that income. Also, annualized operating income does not necessarily indicate results that would be expected for the full fiscal year. We note that, particularly for return on capital measured at the segment level, not all assets are allocated to our operating segments, and there are assets held at the corporate (unallocated) level that may provide support to a segment’s operations and yet are not included in the asset base used to calculate that segment’s return on capital. Thus, the average return on capital for the company’s segments will generally be higher than the company’s overall return on capital. Management uses return on capital to evaluate the company’s earnings efficiency and the relative performance of its segments.

Item 9.01 (d) -- Exhibits

99(a) News Release dated June 16, 2011

99(b) Financial Information Release dated June 16, 2011

SIGNATURES

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.

		CULP, INC.
		(Registrant)


	By:	/s/ Kenneth R. Bowling
		Chief Financial Officer
		(principal financial officer)

	By:	/s/ Thomas B. Gallagher, Jr.
		Corporate Controller
		(principal accounting officer)

Dated: June 16, 2011

EXHIBIT INDEX

Exhibit Number		Exhibit

99(a)		News Release dated June 16, 2011
99(b)		Financial Information Release dated June 16, 2011

a6761963ex99_a.htm

Exhibit 99(a)

Investor Contact:	Kenneth R. Bowling	Media Contact:	Teresa A. Huffman
	Chief Financial Officer		Vice President, Human Resources
	336-881-5630		336-889-5161

CULP ANNOUNCES RESULTS FOR FOURTH QUARTER AND FISCAL 2011

Board of Directors Approves Stock Repurchase

HIGH POINT, N.C. (June 16, 2011) ─ Culp, Inc. (NYSE: CFI) today reported financial and operating results for the fourth quarter and fiscal year ended May 1, 2011.

Fiscal 2011 fourth quarter highlights:

■	Net sales were $60.4 million, up 5.5 percent from the fourth quarter of fiscal 2010, with mattress fabric segment sales up 5.3 percent and upholstery fabrics segment sales up 5.7 percent. This is the highest quarterly sales level in three years.

■	Pre-tax income was $4.7 million, or 7.7 percent of sales, compared with $5.0 million, or 8.7 percent, of sales, in the prior year period.

■

Net income was $6.0 million, or $0.45 per diluted share, compared with net income of $5.4 million, or $0.41 per diluted share, in the prior year. Net income for the fourth quarter of fiscal 2011 included a $1.3 million income tax benefit, while net income for the previous year period included an income tax benefit of $436,000.

■	The company began initial upholstery fabric sales through Culp Europe, its new subsidiary established in Poland to sell and distribute fabrics.

■	The company announced today a $5.0 million share repurchase program.

Fiscal 2011 full year highlights:

■	Net sales were $216.8 million, up five percent over the prior year. Mattress fabric segment sales were up 6.6 percent over the prior year while upholstery fabric sales were up 3.1 percent. These results mark the second consecutive annual sales increase since the recession began in 2008.

■	Pre-tax income was $15.1 million compared with a pre-tax income of $14.3 million in fiscal 2010, 6.9 percent of sales for both periods.

■	Net income was $16.2 million, or $1.22 per diluted share, compared with $13.2 million, or $1.01 per diluted share, in the prior year period. Net income for fiscal 2011 included a $1.1 million income tax benefit, while net income for fiscal 2010 included income tax expense of $1.1 million.

■

The company’s financial position strengthened considerably during fiscal 2011 with cash and cash equivalents and short-term investments totaling $30.9 million at year end, exceeding total debt of $11.5 million. The company increased its total cash and short term investment position by $9.6 million during the year, while investing significantly in capital expenditures of $6.4 million and building working capital of $3.6 million to support higher sales.

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CFI Announces Results for Fourth Quarter and Fiscal 2011

Page 2

June 16, 2011

Stock Repurchase Program

The company also announced that its Board of Directors has authorized the expenditure of up to $5.0 million for the repurchase of shares of the company's common stock. Based on the current market value of the common stock, this will allow the company to repurchase approximately five percent of the 13.3 million shares outstanding. Under the stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under Securities Exchange Act Rule 10b5-1, or otherwise. The amount of shares purchased and the timing of the purchases will be based on working capital requirements, market and general business conditions and other factors, including alternative investment opportunities.

Frank Saxon, chief executive officer of Culp, Inc., stated, “This share repurchase program reflects the company’s strong financial position and confidence in our long-term prospects. Our healthy balance sheet and ample liquidity provide us the opportunity to continue to invest in growing our businesses, while also creating value for our shareholders through share repurchases.”

Overview

For the three months ended May 1, 2011, net sales were $60.4 million, a 5.5 percent increase compared with $57.2 million a year ago. The company reported net income of $6.0 million, or $0.45 per diluted share, for the fourth quarter of fiscal 2011, compared with a net income of $5.4 million, or $0.41 per diluted share, for the fourth quarter of fiscal 2010. Net income for the fourth quarter of fiscal 2011 includes a $1.3 million income tax benefit, while net income for the previous year period included an income tax benefit of $436,000. The income tax benefit for the fourth quarter of fiscal 2011 includes a non-cash reversal of a portion of a valuation allowance against net deferred tax assets in the amount of $2.3 million. On a pre-tax basis, the company reported income of $4.7 million compared with pre-tax income of $5.0 million for the fourth quarter of fiscal 2010.

Net sales for fiscal 2011 were $216.8 million, up five percent compared with net sales of $206.4 million in fiscal 2010. Net income for fiscal 2011 was $16.2 million, or $1.22 per diluted share, compared with $13.2 million, or $1.01 per diluted share, in fiscal 2010. Net income for fiscal 2011 included a $1.1 million income tax benefit, while net income for fiscal 2010 included income tax expense of $1.1 million. The income tax benefit for fiscal 2011 includes a non-cash reversal of a valuation allowance against net deferred tax assets relating to future earnings in the amount of $3.6 million. On a pre-tax basis, the company reported income of $15.1 million compared with pre-tax income of $14.3 million in fiscal 2010.

Commenting on the results for the fourth quarter of fiscal 2011, Saxon said, “We are pleased with our fourth quarter performance, concluding a year of sound growth and progress for Culp. These results are especially noteworthy in light of the economic headwinds and significant raw material cost and selling price pressures we faced during the year. Although our operating margins are slightly down for the fiscal year due to these factors, we are encouraged that both our mattress fabrics and upholstery fabrics divisions increased sales and we reported higher pre-tax income as compared with the previous year. Overall, our solid performance reflects the benefits of a lean and agile global operating platform and a strong competitive position in both businesses. Our financial position continues to be the strongest in the company’s history. This represents an important competitive advantage in these highly uncertain times, and provides us not only with greater flexibility to pursue our growth initiatives, but also an opportunity to enhance shareholder value through the share repurchase program announced today. Above all, Culp represents a stable and trusted supplier for our customers with a proven ability to execute.”

Mattress Fabrics Segment

Mattress fabric sales for the fourth quarter were $35.2 million, up 5.3 percent compared with $33.4 million for the fourth quarter of fiscal 2010. For the year, mattress fabric sales were $122.4 million, up 6.6 percent compared with fiscal 2010.

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CFI Announces Results for Fourth Quarter and Fiscal 2011

Page 3

June 16, 2011

“Our mattress fabrics business had a solid fourth quarter performance, with the highest quarterly sales of fiscal 2011,” said Saxon. “Notably, sales were higher compared with a strong fourth quarter period in fiscal 2010. We are continuing to benefit from our capital investments and recent operating initiatives to further build upon our efficient and scalable manufacturing platform, especially in our knitted fabrics area. Capital expenditures for the year, including vendor financed payments, were $6.1 million. Our operating margins for the year were slightly lower due to significantly higher raw material costs and selling price pressures. Although we are beginning to see some stabilization in raw material prices, these costs remain significantly higher than this time last year. In response to these raw material cost increases, management has taken steps to re-engineer products and yarns where possible without sacrificing quality, enhance production efficiencies, and implement small price increases to offset a portion of the most significant cost surges.

“We are pleased with our operating performance in mattress fabrics and look forward to additional opportunities to leverage our success in the year ahead. As a result of our multi-year $45 million capital investment initiatives which were completed during fiscal 2011, Culp has a strong competitive position with a large and modern, vertically integrated manufacturing platform in the major decorative product categories of woven and knitted fabrics. We have also substantially improved upon our supply logistics from pattern inception to fabric delivery. Looking ahead to fiscal 2012, we expect to have lower capital expenditures in mattress fabrics with a core strategic focus on product development, along with sales and marketing initiatives. Most importantly, we remain committed to providing our customers with outstanding service, reliable delivery performance and consistent quality and value,” added Saxon.

Upholstery Fabrics Segment

Sales for this segment were $25.2 million, a 5.7 percent improvement compared with sales of $23.8 million in the fourth quarter of fiscal 2010. Sales of China-produced fabrics were $21.2 million in the fourth quarter of fiscal 2011, up seven percent, while sales of U.S. produced fabrics were $4.0 million, down two percent. For the year, upholstery fabric sales totaled $94.4 million, a 3.1 percent increase compared with $91.6 million in fiscal 2010. Sales of China-produced fabrics were $81.2 million, up five percent, and sales of U.S. produced fabrics were $13.2 million, down eight percent, in fiscal 2011.

“We were pleased with the sales trends in upholstery fabrics for the fourth quarter, with our highest quarterly sales in this segment for fiscal 2011,” noted Saxon. “However, our profitability for the quarter and the year was primarily affected by significantly higher raw material costs, which began to increase in the second quarter. We implemented price increases with effective dates in the fourth quarter to help offset as much of these costs as possible. In addition, we are consistently introducing new fabrics that take into account the higher material costs, and we have re-engineered certain products where possible without affecting quality. With respect to our one remaining U.S. upholstery fabrics facility, higher raw material costs, along with lower sales, resulted in a weaker performance as compared with the previous year. Also, we are announcing a price increase for certain U. S. produced fabrics this quarter.

“China produced products accounted for 86 percent of sales in upholstery fabrics for the year. Our China platform has played a significant role in the ongoing development of our upholstery fabrics business in today’s global marketplace. Customer response to our China produced products continues to be very favorable as we have further enhanced Culp’s reputation for product innovation, quality and value. We have continued to look for additional sales opportunities to leverage our success with our U.S. customers and we are expanding sales of China produced products to both the local China market and other international customers.

“As previously announced in the third quarter of fiscal 2011, we established a wholly-owned subsidiary in Poland, called Culp Europe, to sell and distribute fabrics and to make and sell cut and sewn kits,” added Saxon. “We began sales activities from this location late in the fourth quarter. The Poland location offers a number of advantages for Culp, including the highest concentration of furniture suppliers to the European market, low operating costs, an experienced work force, and close proximity for shipping to customers in most European countries. Europe as a whole represents the second largest furniture market in the world behind North America. This operation is still in the early stages, and we expect sales to develop gradually over the next year. We are encouraged by the initial level of interest from our customers.”

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CFI Announces Results for Fourth Quarter and Fiscal 2011

Page 4

June 16, 2011

Saxon continued, “Along with our efforts in Poland, we also previously announced our plans to establish a joint venture in the United Kingdom to sell and distribute upholstery fabrics throughout the U.K. With the significant opportunities for our Culp Europe operation in Poland and the internal resources required to build this business, we have decided to pursue the U.K. market through a more traditional customer/supplier approach rather than a joint venture. While we are optimistic about the market opportunities in the U.K., our primary focus for the next year will be on our sales and marketing efforts for Culp Europe.

“Looking ahead to fiscal 2012, our priorities are to improve the results of our U.S. facility, make meaningful progress in Culp Europe, and continue the excellent performance of our China-produced fabrics business.”

Balance Sheet

“During fiscal 2011, we have strengthened our balance sheet considerably and generated significant cash flow in this tough economic environment”, added Saxon. “As of May 1, 2011, we reported $30.9 million in cash and cash equivalents and short-term investments, compared with $21.3 million at the end of fiscal 2010. Total debt was $11.5 million, which includes long-term debt plus current maturities of long-term debt. Our next major scheduled principal payment of $2.2 million is due August 2011. Capital expenditures for the year were $6.4 million. After several years of high levels of capital expenditures, almost all of which were related to the mattress fabrics multi-year investment program, we are expecting significantly lower levels of capital spending for the foreseeable future. We are currently planning for fiscal 2012 capital expenditures of approximately $4.0 million. Notably, our shareholders equity has grown to $80.3 million at the end of fiscal 2011, up 67 percent from $48.0 million just two years ago. Our strong financial position provides us with a competitive advantage, especially in this uncertain economy, as well as sufficient capital and flexibility to support our growth strategy in fiscal 2012.”

Outlook

Commenting on the outlook for the first quarter of fiscal 2012, Saxon remarked, “In spite of the macro-economic trends, including persistently high unemployment, consumer credit and leverage concerns, as well as a weak housing market, we are encouraged by the sales trends we are seeing in both of our segments, especially our bedding business. Overall, we expect our sales for the first quarter of fiscal 2012 to be one to five percent higher than the first quarter of last year.

“We expect sales in our mattress fabrics segment to be two to five percent higher than the same period a year ago. Operating income in this segment is expected to be somewhat lower than the same period a year ago, due primarily to higher raw materials costs on a year over year basis.

“In our upholstery fabrics segment, we expect sales to be flat to slightly higher as compared to the previous year’s first quarter results. We believe the upholstery fabric segment’s operating income will be somewhat lower than the same quarter of last year due primarily to higher raw material costs on a year over year basis, and lower profitability in our U.S. operation.

“Considering these factors, the company expects to report pre-tax income for the first fiscal quarter of 2012 in the range of $3.5 to $4.0 million. Given the volatility in the income tax area, the income tax expense or benefit and related tax rate for the first quarter of fiscal 2012 are too uncertain to project. This is management’s best estimate at present, recognizing that future financial results are difficult to predict because of overall economic uncertainties,” said Saxon.

In closing, Saxon remarked, “Our results for fiscal 2011 demonstrate that we are successfully navigating through this challenging period of economic weakness and uncertainty. We have worked hard to create scalable and sustainable manufacturing platforms in both businesses. This strategy is allowing us to serve our customers very well and achieve increasing profitability in a difficult business environment. At the same time, Culp is well positioned for further profitable growth as the home furnishings industry eventually recovers and our international sales opportunities develop. As we begin fiscal 2012, we have a focused strategy and the financial strength to not only fund our growth initiatives, but also to begin to return funds to shareholders through share repurchases as market conditions allow. Above all, we are committed to outstanding performance for our customers as a financially stable and trusted source for innovative fabrics.”

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CFI Announces Results for Fourth Quarter and Fiscal 2011

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June 16, 2011

About the Company

Culp, Inc. is one of the world’s largest marketers of mattress fabrics for bedding and upholstery fabrics for furniture. The company’s fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.

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 27A 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. 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 the company’s future operations, production levels, sales, SG&A or other expenses, margins, gross profit, operating income, earnings or other performance measures. 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 the company’s 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 the company adversely. Changes in consumer tastes or preferences toward products not produced by the company could erode demand for the company’s products. Strengthening of the U.S. dollar against other currencies could make the company’s 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 the company’s sales in the U.S. of products produced in those countries. Also, economic and political instability in international areas could affect the company’s operations or sources of goods in those areas, as well as demand for the company’s products in international markets. Other factors that could affect the matters discussed in forward-looking statements are included in the company’s periodic reports filed with the Securities and Exchange Commission, including the “Risk Factors” section in the company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission on July 15, 2010, for fiscal year ended May 2, 2010.

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CFI Announces Results for Fourth Quarter and Fiscal 2011

Page 6

June 16, 2011

CULP, INC.
Condensed Financial Highlights
(Unaudited)


	Three Months Ended				Fiscal Year Ended
	May 1,		May 2,		May 1,		May 2,
	2011		2010		2011		2010

Net sales	$	60,363,000	$	57,243,000	$	216,806,000	$	206,416,000
Income before income taxes	$	4,675,000	$	4,996,000	$	15,062,000	$	14,316,000
Net income	$	5,990,000	$	5,432,000	$	16,164,000	$	13,188,000
Net income per share:
Basic	$	0.46	$	0.42	$	1.25	$	1.04
Diluted	$	0.45	$	0.41	$	1.22	$	1.01
Average shares outstanding:
Basic		13,030,000		12,801,000		12,959,000		12,709,000
Diluted		13,217,000		13,200,000		13,218,000		13,057,000

-END-

a6761963ex99_b.htm

Exhibit 99(b)

Page 1 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF NET INCOME
FOR THE THREE MONTHS AND TWELVE MONTHS ENDED May 1, 2011 AND May 2, 2010
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)

	THREE MONTHS ENDED

	Amounts										Percent of Sales
	May 1,			May 2,			% Over				May 1,				May 2,
	2011			2010			(Under)				2011				2010

Net sales	$	60,363			57,243			5.5		%		100.0		%		100.0		%
Cost of sales		49,080			45,843			7.1		%		81.3		%		80.1		%
Gross profit		11,283			11,400			(1.0	)	%		18.7		%		19.9		%

Selling, general and
administrative expenses		6,525			6,090			7.1		%		10.8		%		10.6		%
Restructuring expense (credit)		28			(52	)	N.M.					0.0		%		(0.1	)	%
Income from operations		4,730			5,362			(11.8	)	%		7.8		%		9.4		%

Interest expense		222			288			(22.9	)	%		0.4		%		0.5		%
Interest income		(96	)		(36	)		166.7		%		(0.2	)	%		(0.1	)	%
Other (income) expense		(71	)		114		N.M.					(0.1	)	%		0.2		%
Income before income taxes		4,675			4,996			(6.4	)	%		7.7		%		8.7		%

Income taxes*		(1,315	)		(436	)		201.6		%		(28.1	)	%		(8.7	)	%
Net income	$	5,990			5,432			10.3		%		9.9		%		9.5		%

Net income per share-basic	$	0.46		$	0.42			9.5		%
Net income per share-diluted	$	0.45		$	0.41			9.8		%
Average shares outstanding-basic		13,030			12,801			1.8		%
Average shares outstanding-diluted		13,217			13,200			0.1		%

	TWELVE MONTHS ENDED

	Amounts										Percent of Sales
	May 1,			May 2,			% Over				May 1,				May 2,
	2011			2010			(Under)				2011				2010

Net sales	$	216,806			206,416			5.0		%		100.0		%		100.0		%
Cost of sales		179,966			167,639			7.4		%		83.0		%		81.2		%
Gross profit		36,840			38,777			(5.0	)	%		17.0		%		18.8		%

Selling, general and
administrative expenses		21,069			22,805			(7.6	)	%		9.7		%		11.0		%
Restructuring expense (credit)		28			(370	)	N.M.					0.0		%		(0.2	)	%
Income from operations		15,743			16,342			(3.7	)	%		7.3		%		7.9		%

Interest expense		881			1,314			(33.0	)	%		0.4		%		0.6		%
Interest income		(240	)		(116	)		106.9		%		(0.1	)	%		(0.1	)	%
Other expense		40			828			(95.2	)	%		0.0		%		0.4		%
Income before income taxes		15,062			14,316			5.2		%		6.9		%		6.9		%

Income taxes*		(1,102	)		1,128		N.M.					(7.3	)	%		7.9		%
Net income	$	16,164			13,188			22.6		%		7.5		%		6.4		%

Net income per share-basic	$	1.25		$	1.04			20.2		%
Net income per share-diluted	$	1.22		$	1.01			20.8		%
Average shares outstanding-basic		12,959			12,709			2.0		%
Average shares outstanding-diluted		13,218			13,057			1.2		%

* Percent of sales column for income taxes is calculated as a % of income before income taxes.

Page 2 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED BALANCE SHEETS
MAY 1, 2011 AND MAY 2, 2010
Unaudited
(Amounts in Thousands)

	Amounts				Increase
	May 1,		* May 2,		(Decrease)
	2011		2010		Dollars			Percent

Current assets
Cash and cash equivalents	$	23,181	$	18,295		4,886			26.7	%
Short-term investments		7,699		3,023		4,676			154.7	%
Accounts receivable		20,209		19,822		387			2.0	%
Inventories		28,723		26,002		2,721			10.5	%
Deferred income taxes		293		150		143			95.3	%
Assets held for sale		75		123		(48	)		(39.0	) %
Income taxes receivable		79		728		(649	)		(89.1	) %
Other current assets		2,376		1,698		678			39.9	%
Total current assets		82,635		69,841		12,794			18.3	%

Property, plant and equipment, net		30,296		28,403		1,893			6.7	%
Goodwill		11,462		11,462		-			0.0	%
Deferred income taxes		3,606		324		3,282			1,013.0	%
Other assets		2,052		2,568		(516	)		(20.1	) %

Total assets	$	130,051	$	112,598		17,453			15.5	%



Current liabilities
Current maturities of long-term debt	$	2,412	$	196		2,216			1,130.6	%
Accounts payable - trade		24,871		22,278		2,593			11.6	%
Accounts payable - capital expenditures		140		567		(427	)		(75.3	) %
Accrued expenses		7,617		9,613		(1,996	)		(20.8	) %
Accrued restructuring		44		324		(280	)		(86.4	) %
Deferred income taxes		82		-		82			100.0	%
Income taxes payable - current		646		224		422			188.4	%
Total current liabilities		35,812		33,202		2,610			7.9	%

Income taxes payable - long-term		4,167		3,876		291			7.5	%
Deferred income taxes		596		982		(386	)		(39.3	) %
Long-term debt , less current maturities		9,135		11,491		(2,356	)		(20.5	) %

Total liabilities		49,710		49,551		159			0.3	%

Shareholders' equity		80,341		63,047		17,294			27.4	%

Total liabilities and
shareholders' equity	$	130,051	$	112,598		17,453			15.5	%

Shares outstanding		13,264		13,052		212			1.6	%


* Derived from audited financial statements

Page 3 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED MAY 1, 2011 AND MAY 2, 2010
Unaudited
(Amounts in Thousands)


	TWELVE MONTHS ENDED

	Amounts
	May 1,			May 2,
	2011			2010

Cash flows from operating activities:
Net income	$	16,164			13,188
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation		4,372			4,010
Amortization of other assets		442			548
Stock-based compensation		360			834
Deferred income taxes		(3,390	)		(148	)
Restructuring expenses, net of gain on sale of related assets		28			(170	)
Gain on sale of equipment		(22	)		(65	)
Excess tax benefits related to stock-based compensation		(339	)		(429	)
Foreign currency exchange (gains) losses		(115	)		688
Changes in assets and liabilities:
Accounts receivable		(199	)		(1,684	)
Inventories		(2,579	)		(2,020	)
Other current assets		(621	)		(418	)
Other assets		(3	)		(67	)
Accounts payable		2,110			5,157
Accrued expenses		(2,286	)		2,853
Accrued restructuring		(280	)		(529	)
Income taxes		1,179			(171	)
Net cash provided by operating activities		14,821			21,577

Cash flows from investing activities:
Capital expenditures		(6,352	)		(7,431	)
Purchase of short-term investments		(6,713	)		(3,023	)
Proceeds from the sale of short-term investments		2,037			-
Proceeds from the sale of equipment		79			583
Net cash used in investing activities		(10,949	)		(9,871	)

Cash flows from financing activities:
Payments on vendor-financed capital expenditures		(377	)		(985	)
Payments on capital lease obligation		-			(626	)
Payments on long-term debt		(179	)		(4,789	)
Debt issuance costs		(27	)		(15	)
Excess tax benefits related to stock-based compensation		339			429
Proceeds from common stock issued		769			673
Net cash provided by (used in) financing activities		525			(5,313	)

Effect of exchange rate changes on cash and cash equivalents		489			105

Increase in cash and cash equivalents		4,886			6,498

Cash and cash equivalents at beginning of period		18,295			11,797

Cash and cash equivalents at end of period	$	23,181			18,295


Free Cash Flow (1)	$	8,999			13,652


(1) Free Cash Flow reconciliation is as follows:
				FY 2011			FY 2010
	A	)	Net cash provided by operating activities	$	14,821			21,577
	B	)	Minus: Capital Expenditures		(6,352	)		(7,431	)
	C	)	Add: Proceeds from the sale of equipment		79			583
	D	)	Minus: Payments on vendor-financed capital expenditures		(377	)		(985	)
	E	)	Minus: Payments on capital lease obligation		-			(626	)
	F	)	Add: Excess tax benefits related to stock-based compensation		339			429
	G	)	Effects of exchange rate changes on cash and cash equivalents		489			105
				$	8,999			13,652

Page 4 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

STATEMENTS OF OPERATIONS BY SEGMENT

FOR THE THREE MONTHS ENDED MAY 1, 2011 AND MAY 2, 2010

(Unaudited)

(Amounts in thousands)

	THREE MONTHS ENDED

	Amounts													Percent of Total Sales
	May 1,					May 2,					% Over			May 1,			May 2,
Net Sales by Segment	2011					2010					(Under)			2011			2010

Mattress Fabrics	$	35,187					33,418					5.3	%		58.3	%		58.4	%
Upholstery Fabrics		25,176					23,825					5.7	%		41.7	%		41.6	%

Net Sales	$	60,363					57,243					5.5	%		100.0	%		100.0	%


Gross Profit by Segment														Gross Profit Margin

Mattress Fabrics	$	7,632					7,407					3.0	%		21.7	%		22.2	%
Upholstery Fabrics		3,651					4,008					(8.9	) %		14.5	%		16.8	%
Subtotal		11,283					11,415					(1.2	) %		18.7	%		19.9	%

Restructuring related charges		-					(15	)	(2	)		(100.0	) %		0.0	%		(0.0	) %

Gross Profit	$	11,283					11,400					(1.0	) %		18.7	%		19.9	%


Selling, General and Administrative expenses by Segment														Percent of Sales

Mattress Fabrics	$	2,395					2,482					(3.5	) %		6.8	%		7.4	%
Upholstery Fabrics		2,839					2,385					19.0	%		11.3	%		10.0	%
Unallocated Corporate expenses		1,291					1,223					5.6	%		2.1	%		2.1	%
Selling, General and Administrative expenses		6,525					6,090					7.1	%		10.8	%		10.6	%


Operating Income (loss) by Segment														Operating Income (Loss) Margin

Mattress Fabrics	$	5,236					4,925					6.3	%		14.9	%		14.7	%
Upholstery Fabrics		813					1,623					(49.9	) %		3.2	%		6.8	%
Unallocated corporate expenses		(1,291	)				(1,223	)				5.6	%		(2.1	) %		(2.1	) %
Subtotal		4,758					5,325					(10.6	) %		7.9	%		9.3	%

Restructuring and related (charges) credit		(28	)	(1	)		37		(2	)	N.M.				(0.0	) %		0.1	%

Operating income	$	4,730					5,362					(11.8	) %		7.8	%		9.4	%


Depreciation by Segment

Mattress Fabrics	$	1,024					838					22.2	%
Upholstery Fabrics		143					130					10.0	%
Subtotal		1,167					968					20.6	%

Notes:

(1)	The $28 represents an impairment charge related to equipment associated with the upholstery fabrics segment that are classified as held for sale.

(2)

The $15 restructuring related charge represents other operating costs associated with closed plant facilities. The $37 restructuring and related credit represents a credit of $43 for sales proceeds received on equipment with no carrying value, a credit of $16 for employee termination benefits, offset by a charge of $15 for other operating costs associated with closed plant facilities and a charge of $7 for lease termination and other exit costs.

Page 5 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
STATEMENTS OF OPERATIONS BY SEGMENT
FOR THE TWELVE MONTHS ENDED MAY 1, 2011 AND MAY 2, 2010
(Unaudited)
(Amounts in thousands)

	TWELVE MONTHS ENDED

	Amounts													Percent of Total Sales
	May 1,					May 2,					% Over			May 1,			May 2,
Net Sales by Segment	2011					2010					(Under)			2011			2010

Mattress Fabrics	$	122,431					114,848					6.6	%		56.5	%		55.6	%
Upholstery Fabrics		94,375					91,568					3.1	%		43.5	%		44.4	%

Net Sales	$	216,806					206,416					5.0	%		100.0	%		100.0	%


Gross Profit by Segment														Gross Profit Margin

Mattress Fabrics	$	23,248					23,652					(1.7	) %		19.0	%		20.6	%
Upholstery Fabrics		13,592					15,183					(10.5	) %		14.4	%		16.6	%
Subtotal		36,840					38,835					(5.1	) %		17.0	%		18.8	%

Restructuring related charges		-					(58	)	(2	)		(100.0	) %		0.0	%		(0.0	) %

Gross Profit	$	36,840					38,777					(5.0	) %		17.0	%		18.8	%


Selling, General and Administrative expenses by Segment														Percent of Sales

Mattress Fabrics	$	7,875					8,178					(3.7	) %		6.4	%		7.1	%
Upholstery Fabrics		9,233					9,227					0.1	%		9.8	%		10.1	%
Unallocated Corporate expenses		3,961					5,400					(26.6	) %		1.8	%		2.6	%
Subtotal		21,069					22,805					(7.6	) %		9.7	%		11.0	%


Operating Income (loss) by Segment														Operating Income (Loss) Margin

Mattress Fabrics	$	15,373					15,474					(0.7	) %		12.6	%		13.5	%
Upholstery Fabrics		4,359					5,956					(26.8	) %		4.6	%		6.5	%
Unallocated corporate expenses		(3,961	)				(5,400	)				(26.6	) %		(1.8	) %		(2.6	) %
Subtotal		15,771					16,030					(1.6	) %		7.3	%		7.8	%

Restructuring and related (charges) credit		(28	)	(1	)		312		(2	)	N.A				(0.0	) %		0.2	%

Operating income	$	15,743					16,342					(3.7	) %		7.3	%		7.9	%


Return on Capital (3)

Mattress Fabrics		29.5	%				32.7	%
Upholstery Fabrics		36.3	%				56.3	%
Unallocated Corporate		N/A					N/A
Consolidated		24.9	%				28.3	%

Capital Employed (3)

Mattress Fabrics		52,632					47,202					11.5	%
Upholstery Fabrics		10,317					11,861					(13.0	) %
Unallocated Corporate		(428	)				(1,767	)				N/A
Consolidated		62,521					57,296					9.1	%


Depreciation by Segment

Mattress Fabrics	$	3,820					3,458					10.5	%
Upholstery Fabrics		552					552					0.0	%
Subtotal		4,372					4,010					9.0	%

Notes:

(1)	This $28 represents an impairment charge of $28 related to equipment associated with the upholstery fabrics segment that are classified as held for sale, a charge of $10 for lease termination and other exit costs, offset by a credit of $10 for sales proceeds received on equipment with no carrying value.

(2)	The $58 restructuring related charge represents a charge of $108 for other operating costs associated with closed plant facilities,offset by a credit of $50 for the sale of inventory previously reserved for. The $312 restructuring and related creditrepresents a credit of $186 for employee termination benefits, a credit of $170 for sales proceeds received on equipmentwith no carrying value, a credit of $50 for the sale of inventory previously reserved for, a credit of $14 for lease termination and other exit costs, offset by a charge of $108 for other operating costs associated with closed plant facilities.

(3)	The capital employed balances are as of May 1, 2011 and May 2, 2010. See pages 6 and 7 of this financial information releasefor calculations.

Page 6 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE

RETURN ON CAPITAL EMPLOYED BY SEGMENT

FOR THE TWELVE MONTHS ENDED MAY 1, 2011

(Amounts in Thousands)

(Unaudited)

	Operating
	Income
	Twelve						Return on
	Months			Average			Avg.
	Ended			Capital			Capital
	May 1,			Employed			Employed
	2011 (1)			(3)			(2)

Mattress Fabrics	$	15,373		$	52,131			29.5	%
Upholstery Fabrics		4,359			11,995			36.3	%
(less: Unallocated Corporate)		(3,961	)		(848	)		N/A
Total	$	15,771		$	63,278			24.9	%



Average Capital Employed	As of the three Months Ended May 1, 2011												As of the three Months Ended January 30, 2011												As of the three Months Ended October 31, 2010
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		66,637			25,929			37,485			130,051			63,830			22,623			27,424			113,877			65,485			22,277			24,146			111,908
Total liabilities		(14,005	)		(15,612	)		(20,093	)		(49,710	)		(9,876	)		(10,117	)		(19,784	)		(39,777	)		(10,634	)		(10,275	)		(19,495	)		(40,404	)

Subtotal	$	52,632		$	10,317		$	17,392		$	80,341		$	53,954		$	12,506		$	7,640		$	74,100		$	54,851		$	12,002		$	4,651		$	71,504
Less:
Cash and cash equivalents		-			-			(23,181	)		(23,181	)		-			-			(17,259	)		(17,259	)		-			-			(15,262	)		(15,262	)
Short-term investments		-			-			(7,699	)		(7,699	)		-			-			(5,518	)		(5,518	)		-			-			(4,035	)		(4,035	)
Deferred income taxes - current		-			-			(293	)		(293	)		-			-			(296	)		(296	)		-			-			(176	)		(176	)
Income taxes receivable		-			-			(79	)		(79	)		-			-			(407	)		(407	)		-			-			(477	)		(477	)
Deferred income taxes - non-current		-			-			(3,606	)		(3,606	)		-			-			(1,322	)		(1,322	)		-			-			(1,391	)		(1,391	)
Current maturities of long-term debt		-			-			2,412			2,412			-			-			2,400			2,400			-			-			2,396			2,396
Deferred income taxes - current								82			82			-			-			-			-			-			-			-			-
Income taxes payable - current		-			-			646			646			-			-			289			289			-			-			90			90
Income taxes payable - long-term		-			-			4,167			4,167			-			-			3,934			3,934			-			-			3,890			3,890
Deferred income taxes - non-current		-			-			596			596			-			-			622			622			-			-			622			622
Long-term debt, less current maturities		-			-			9,135			9,135			-			-			9,166			9,166			-			-			9,209			9,209

Total Capital Employed	$	52,632		$	10,317		$	(428	)	$	62,521		$	53,954		$	12,506		$	(751	)	$	65,709		$	54,851		$	12,002		$	(483	)	$	66,370


	As of the three Months Ended August 1, 2010												As of the three Months Ended May 2, 2010
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		66,919			24,415			21,763			113,097			61,922			25,420			25,256			112,598
Total liabilities		(14,902	)		(11,126	)		(19,943	)		(45,971	)		(14,720	)		(13,559	)		(21,272	)		(49,551	)

Subtotal	$	52,017		$	13,289		$	1,820		$	67,126		$	47,202		$	11,861		$	3,984		$	63,047
Less:
Cash and cash equivalents		-			-			(14,045	)		(14,045	)		-			-			(18,295	)		(18,295	)
Short-term investments		-			-			(4,009	)		(4,009	)								(3,023	)		(3,023	)
Deferred income taxes - current		-			-			(138	)		(138	)		-			-			(150	)		(150	)
Income taxes receivable		-			-			(568	)		(568	)		-			-			(728	)		(728	)
Deferred income taxes - non-current		-			-			(245	)		(245	)		-			-			(324	)		(324	)
Current maturities of long-term debt		-			-			194			194			-			-			196			196
Deferred income taxes - current		-			-			-			-			-			-			-			-
Income taxes payable - current		-			-			182			182			-			-			224			224
Income taxes payable - long-term		-			-			3,877			3,877			-			-			3,876			3,876
Deferred income taxes - non-current		-			-			666			666			-			-			982			982
Long-term debt, less current maturities		-			-			11,453			11,453			-			-			11,491			11,491

Total Capital Employed	$	52,017		$	13,289		$	(813	)	$	64,493		$	47,202		$	11,861		$	(1,767	)	$	57,296


	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Average Capital Employed (3)	$	52,131		$	11,995		$	(848	)	$	63,278

Notes:

(1)	Operating income excludes restructuring and related charges--see reconciliation per page 5 of this financial information release.

(2)

Return on average capital employed represents operating income for fiscal 2011 divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments, long-term debt, including current maturities, current and noncurrent deferred tax assets and liabilities, income taxes payable, and income taxes receivable.

(3)	Average capital employed computed using the five periods ending May 2,2010, August 1,2010, October 31, 2010, January 30, 2011, and May 1, 2011.

Page 7 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
RETURN ON CAPITAL EMPLOYED BY SEGMENT
FOR THE TWELVE MONTHS ENDED MAY 2, 2010
(Amounts in Thousands)
(Unaudited)

	Operating
	Income
	Twelve						Return on
	Months			Average			Avg.
	Ended			Capital			Capital
	May 2, 2010 (1)			Employed (3)			Employed (2)

Mattress Fabrics	$	15,474		$	47,339			32.7	%
Upholstery Fabrics		5,956			10,587			56.3	%
(less: Unallocated Corporate)		(5,400	)		(1,349	)		N/A
Total	$	16,030		$	56,577			28.3	%



Average Capital Employed	As of the three Months Ended May 2, 2010												As of the three Months Ended January 31, 2010												As of the three Months Ended November 1, 2009
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		61,922			25,420			25,256			112,598			58,609			25,928			21,971			106,508			56,686			19,598			22,496			98,780
Total liabilities		(14,720	)		(13,559	)		(21,272	)		(49,551	)		(10,066	)		(13,527	)		(25,991	)		(49,584	)		(10,625	)		(10,461	)		(24,416	)		(45,502	)

Subtotal	$	47,202		$	11,861		$	3,984		$	63,047		$	48,543		$	12,401		$	(4,020	)	$	56,924		$	46,061		$	9,137		$	(1,920	)	$	53,278
Less:
Cash and cash equivalents		-			-			(18,295	)		(18,295	)		-			-			(15,994	)		(15,994	)		-			-			(19,575	)		(19,575	)
Short-term investments		-			-			(3,023	)		(3,023	)		-			-			(3,021	)		(3,021	)		-			-			-			-
Deferred income taxes - current		-			-			(150	)		(150	)		-			-			(57	)		(57	)		-			-			(58	)		(58	)
Income taxes receivable		-			-			(728	)		(728	)		-			-			(331	)		(331	)		-			-			(384	)		(384	)
Deferred income taxes - non-current		-			-			(324	)		(324	)		-			-			-			-			-			-			-			-
Current maturities of long-term debt		-			-			196			196			-			-			4,880			4,880			-			-			4,863			4,863
Income taxes payable - current		-			-			224			224			-			-			153			153			-			-			329			329
Income taxes payable - long-term		-			-			3,876			3,876			-			-			3,690			3,690			-			-			3,603			3,603
Deferred income taxes - non-current		-			-			982			982			-			-			1,092			1,092			-			-			1,078			1,078
Long-term debt, less current maturities		-			-			11,491			11,491			-			-			11,529			11,529			-			-			11,568			11,568

Total Capital Employed	$	47,202		$	11,861		$	(1,767	)	$	57,296		$	48,543		$	12,401		$	(2,079	)	$	58,865		$	46,061		$	9,137		$	(496	)	$	54,702



	As of the three Months Ended August 2, 2009												As of the three Months Ended May 3, 2009
	Mattress			Upholstery			Unallocated						Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total			Fabrics			Fabrics			Corporate			Total

Total assets		57,772			16,128			18,511			92,411			58,626			22,078			14,590			95,294
Total liabilities		(10,138	)		(7,670	)		(24,427	)		(42,235	)		(11,372	)		(10,999	)		(24,892	)		(47,263	)

Subtotal	$	47,634		$	8,458		$	(5,916	)	$	50,176		$	47,254		$	11,079		$	(10,302	)	$	48,031
Less:
Cash and cash equivalents		-			-			(15,481	)		(15,481	)		-			-			(11,797	)		(11,797	)
Short-term investments		-			-			-			-			-			-			-			-
Deferred income taxes - current		-			-			(52	)		(52	)		-			-			(54	)		(54	)
Income taxes receivable		-			-			(396	)		(396	)		-			-			(210	)		(210	)
Deferred income taxes - non-current		-			-			-			-			-			-			-			-
Current maturities of long-term debt		-			-			4,817			4,817			-			-			4,764			4,764
Income taxes payable - current		-			-			72			72			-			-			83			83
Income taxes payable - long-term		-			-			3,538			3,538			-			-			3,264			3,264
Deferred income taxes - non-current		-			-			1,072			1,072			-			-			974			974
Long-term debt, less current maturities		-			-			11,618			11,618			-			-			11,604			11,604

Total Capital Employed	$	47,634		$	8,458		$	(728	)	$	55,364		$	47,254		$	11,079		$	(1,674	)	$	56,659


	Mattress			Upholstery			Unallocated
	Fabrics			Fabrics			Corporate			Total

Average Capital Employed (3)	$	47,339		$	10,587		$	(1,349	)	$	56,577

Notes:

(1)	Operating income excludes restructuring and related charges and credits--see reconciliation per page 5 of this financial information release.

(2)

Return on average capital employed represents operating income for fiscal 2010 then divided by average capital employed. Average capital employed does not include cash and cash equivalents, short-term investments, long-term debt, including current maturities, current and noncurrent deferred tax assets and liabilities, current and long-term income taxes payable, and income taxes receivable.

(3)	Average capital employed computed using the five periods ending May 3,2009, August 2,2009, November 1, 2009, January 31, 2010, and May 2, 2010.