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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
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Date of Report (Date of earliest event reported) October 15, 2003
CULP, INC.
(Exact name of registrant as specified in its charter)
North Carolina 0-12781 56-1001967
(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation) Identification No.)
101 South Main Street
High Point, North Carolina 27260
(Address of principal executive offices)
(336) 889-5161
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
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Item 9 - Regulation FD Disclosure
On October 15, 2003, the Registrant issued a press release to disclose
management's expectation about its earnings for the second quarter of the
Registrant's fiscal year ending May 2, 2004. A copy of the press release is
attached hereto as Exhibit 99.
Forward Looking Information
This report contains statements that may be deemed "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 expectations for the company's earnings, future operations,
production levels, sales, expenses and 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. Because of the significant percentage of the company's sales
derived from international shipments, 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. Additionally, economic and
political instability in international areas could affect the demand for the
company's products. 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.
SIGNATURE
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: Franklin N. Saxon
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Executive Vice President and
Chief Financial Officer
Dated: October 17, 2003
Exhibit 99
NEWS RELEASE
Investor Contact: Kathy J. Hardy Media Contact: Kenneth M. Ludwig
Corporate Secretary Senior Vice
336-888-6209 President,
Human Resources
336-889-5161
CULP REVISES SECOND QUARTER EARNINGS OUTLOOK
HIGH POINT, NC (October 15, 2003) - Culp, Inc. (NYSE:CFI) today announced that,
based on preliminary information and estimates, it expects earnings for the
second fiscal quarter of 2004, which ends on November 2, 2003, to be in the
range of $0.23 to $0.26 per diluted share. These projected earnings are ahead of
the company's previously announced expectation of $0.12 to $0.19 per diluted
share for the period.
Commenting on the announcement, Robert G. Culp, III, chairman and chief
executive officer of Culp, Inc., said, "Our revised outlook for the second
fiscal quarter primarily reflects better-than- expected demand for upholstery
fabrics. Volume in our upholstery fabric segment has picked up through the first
two months of the quarter, although we believe it is still too early to say if
this trend points to a sustainable recovery. Additional factors affecting our
results include continued solid performance in the mattress ticking segment and
improved manufacturing efficiencies realized from past restructuring initiatives
within the upholstery fabric segment."
The company expects to announce financial results for the second fiscal quarter
ended November 2, 2003, on or about November 24, 2003.
Culp, Inc. is one of the world's largest marketers of upholstery fabrics for
furniture and is a leading marketer of mattress ticking for bedding. The
company's fabrics are used principally in the production of residential and
commercial furniture and bedding products.
This release contains statements that may be deemed "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 expectations for the company's earnings, future operations,
production levels, sales, expenses and 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. Because of the significant percentage of the company's sales
derived from international shipments, 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. Additionally, economic and
political instability in international areas could affect the demand for the
company's products. 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.
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