SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) September 21, 2004
Culp, Inc.
(Exact Name of Registrant as Specified in its Charter)
North Carolina 0-12781 56-1001967
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(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
101 South Main Street
High Point, North Carolina 27260
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(Address of Principal Executive
Offices)
(Zip Code)
(336) 889-5161
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former name or address, if changed from last report)
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.
Culp, Inc. (the "Company") held its annual meeting of shareholders on
September 21, 2004. In order to have a majority of its board of directors
meet the definitions of independent director adopted by the Company and by
regulatory authorities, there was a larger turnover of board members than at
the Company's typical annual meeting. Effective with the annual meeting, Dr.
Harry R. Culp resigned as a director of the Company. Dr. Culp does not meet
the definition of independent director because he is the brother of Robert G.
Culp, III, Chairman and Chief Executive Officer of the Company. At the
annual meeting, five directors were elected to the Company's board As a
result of those elections, a majority of the members of the Company's board
of directors are now independent directors.
The Company issued a press release to announce the results of its annual
meeting of shareholders, and a copy of that release is filed with this Form
8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(c) The following exhibits are filed as part of this report:
99.1 - Press Release dated September 21, 2004.
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.
Date: September 21, 2004
Culp, Inc.
By: /s/ Franklin N. Saxon
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Franklin N. Saxon
President and Chief Operating Officer
EXHIBIT INDEX
Exhibit Number Exhibit
99.1 Press Release dated September 21, 2004
Exhibit 99.1
NEWS RELEASE
Contact: Kathy J. Hardy
Corporate Secretary
(336) 888-6209
CULP, INC. ANNOUNCES ELECTION OF NEW INDEPENDENT
BOARD MEMBERS AT ANNUAL MEETING OF SHAREHOLDERS
HIGH POINT, N.C. (September 21, 2004) -- Culp, Inc. (NYSE: CFI) held its
annual meeting of shareholders today in High Point, North Carolina. In the
formal business conducted at the meeting, shareholders elected three
directors to new three-year terms expiring with the 2007 annual meeting and
two directors to fill vacancies with terms expiring in 2005. Howard L. Dunn,
Jr., H. Bruce English and Kenneth W. McAllister were each re-elected to a
three-year term. The Company also added two new directors, Jean L.P. Brunel
and Kenneth R. Larson, who will fill the vacancies expiring in 2005.
Mr. Brunel is the managing principal of Brunel Associates, a firm
offering wealth management consulting services. Prior to starting his own
firm he was chief investment officer-private asset management for U.S.
Bancorp. Mr. Brunel spent the majority of his career in the investment
management group of J.P. Morgan, where he worked in the U.S. and abroad from
1976 until his retirement in 1999. During his tenure with J.P. Morgan, he
served in New York, Tokyo, Hong Kong, Singapore and Melbourne, in various
investment and managerial capacities. Mr. Brunel is a graduate of Ecole des
Hautes Etudes Commerciales in France and has an MBA from the Kellogg Graduate
School of Management at Northwestern University. He is a Chartered Financial
Analyst.
Mr. Larson is owner, president and chief executive officer of
Slumberland Furniture, a leading home furnishings retailer with 89 stores in
a nine-state area in the Midwestern U.S. Mr. Larson and Slumberland have
received numerous awards including 1995 Retailer of the Year by the National
Home Furnishings Association, 1998 Entrepreneur of the Year by Ernst & Young
in the retail category for Minnesota and North Dakota and the 2000 Integrity
Award for Marketplace Ethics from the Better Business Bureau of Minnesota and
North Dakota. Mr. Larson has served on the board of the National Home
Furnishings Association and has been active in a number of non-profit
organizations.
"We are very pleased to have Jean Brunel and Ken Larson join our
board," commented Robert G. Culp, III, chairman and chief executive officer
of Culp, Inc. "We believe that one requirement to be a great company is to
have an experienced and dedicated board of directors. As independent
directors, each of these individuals brings unique strengths to Culp's board.
Both the extensive international experience of Jean Brunel and the retail
home furnishings expertise of Ken Larson will be invaluable to the company
and will strengthen an already outstanding group of directors. We look
forward to working together to execute Culp's strategy to build shareholder
value in today's global marketplace."
Other directors of Culp, whose terms continue to future years, include:
Robert G. Culp, III, Patrick B. Flavin, Patrick H. Norton and Franklin N.
Saxon. In other action at today's meeting, shareholders ratified the
selection of KPMG LLP as independent auditors for the current fiscal year
ending May 1, 2005.
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.
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