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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) May 13, 2004
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 7 - Exhibits
Exhibit 99 - News Release dated May 13, 2004
Item 9 - Regulation FD
On May 13, 2004 the registrant issued a press release to announce senior
management changes. A copy of the press release is attached hereto as
Exhibit 99.
Forward Looking Information
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 future sales, gross profit
margins, SG&A or other expenses, and earnings, as well as any statements
regarding the company's view of estimates of the company's future results by
analysts. 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. In addition,
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. 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. Finally,
unanticipated delays or costs in executing restructuring actions could cause the
cumulative effect of restructuring actions to fail to meet the objectives set
forth by management. 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: /s/ Kenneth M. Ludwig
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Kenneth M. Ludwig
Senior Vice President
Human Resources
Exhibit 99
Investor Contact: Kathy J. Hardy Media Contact: Kenneth M. Ludwig
Corporate Secretary Senior Vice President,
336-888-6209 Human Resources
336-889-5161
CULP ANNOUNCES SENIOR MANAGEMENT CHANGES
HIGH POINT, N.C. (May 13, 2004) - Culp, Inc. (NYSE: CFI) today announced the
following changes in the company's senior management team.
Howard L. Dunn, president and chief operating officer of Culp, will assume
the newly created position of vice chairman. Dunn joined Culp in 1972 as one of
its founders. Over the past 32 years he has served in various senior management
positions with responsibilities for the areas of sales, design and product
development, and manufacturing. In his new role with the company, Dunn will have
executive responsibility for Culp's China operations and will remain involved in
the company's design and product development activities.
Franklin N. Saxon has been named Dunn's successor as president and chief
operating officer. Previously, Saxon was executive vice president and chief
financial officer, as well as president of the Culp Velvets/Prints Division. He
has been with the company since 1983 and a director since 1987. A new chief
financial officer will be named in the near future and will report directly to
Saxon.
Robert G. Culp, III, chairman and chief executive officer, commented,
"Howard Dunn has played a vital role in the growth and success of Culp since we
started the business in 1972 as a small, but ambitious, company to sell
upholstery fabrics. Since then, Howard has helped lead Culp's evolution into a
fully integrated manufacturer and one of the world's largest marketers of
upholstery fabrics for furniture and a leading marketer of mattress ticking for
bedding. And, as the company has grown, our consistent ability to provide value
for both our customers and shareholders also reflects Howard's talent, drive and
strategic vision. Throughout his 32 years with the company, Howard has
demonstrated both the leadership and the operational skills needed to assure
that Culp has always been positioned to anticipate new market opportunities. We
will continue to benefit from Howard's experience as he takes on his new role
with Culp. Furthermore, as we make this transition, we are confident in Frank
Saxon's ability to assume his new leadership position. Frank's long history with
Culp has demonstrated his leadership abilities and the drive and energy to
address the key operating issues within the company."
The company also named new leadership for each of its divisions. Rodney A.
Smith has been named president of the Culp Decorative Fabrics division. He has
been with the company since 1997, first serving as general manager of the
Phillips Weaving operation, and most recently as senior vice president of the
Culp Decorative Fabrics division and president of the Culp Yarn division. Boyd
B. Chumbley will assume the position of president of the Culp Velvets/Prints
division. Since 1997, Chumbley has served as vice president of manufacturing for
this division and previously held various positions in the areas of finance,
operations and manufacturing. He joined Culp in 1984. Robert G. Culp, IV, has
been named president of the Culp Home Fashions division. He has been with the
company since 1998, and has served in various capacities, most recently as
executive vice president of the Culp Home Fashions division.
Commenting on the new leadership for Culp, Dunn added, "We are enthusiastic
about the future of Culp and are pleased that we have been able to develop this
leadership from within the company. We are fortunate to have the level of
experience and tenure with the company that each of these individuals possess.
Our new management structure will allow us to focus attention on each of our
business units, and to continue to have strong leadership in all aspects of the
company. We believe we have the right team in place to execute our strategy and
continue Culp's track record of growth and excellence."
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 future sales, gross profit
margins, SG&A or other expenses, and earnings, as well as any statements
regarding the company's view of estimates of the company's future results by
analysts. 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. In addition,
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. 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. Finally,
unanticipated delays or costs in executing restructuring actions could cause the
cumulative effect of restructuring actions to fail to meet the objectives set
forth by management. 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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