UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 Culp, Inc. (Name of Issuer) Common Stock, par value $0.05 per share (Title of Class of Securities) 230215 10 5 (CUSIP Number) December 7, 2006 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
SCHEDULE 13G CUSIP NO. 230215 10 5 PAGE 2 OF 7 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON R. Scott Asen I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] Not Applicable (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 600,000 ------------------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 57,000* OWNED BY ------------------------------------------------------------ EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 600,000 ------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 57,000* - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 657,000 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) Not applicable [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.6% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (See Instructions) IN - --------------------------------------------------------------------------------
SCHEDULE 13G CUSIP NO. 230215 10 5 PAGE 3 OF 7 PAGES * Consists of shares held by certain Managed Accounts, as to which the Reporting Person disclaims beneficial ownership (see Item 4).
SCHEDULE 13G CUSIP NO. 230215 10 5 PAGE 4 OF 7 PAGES ITEM 1(A). NAME OF ISSUER: Culp, Inc. ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 1823 Eastchester Drive High Point, NC 27265 ITEM 2(A). NAME OF PERSON FILING: R. Scott Asen (the "Reporting Person") ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICES OR, IF NONE, RESIDENCE: Asen and Co. 224 East 49th St. New York, New York 10017 ITEM 2(C). CITIZENSHIP: The Reporting Person is a citizen of the United States of America. ITEM 2(D). TITLE OF CLASS OF SECURITIES: Common Stock, par value $0.05 per share ITEM 2(E). CUSIP NUMBER: 230215 10 5 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: Not applicable. ITEM 4. OWNERSHIP Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned:
SCHEDULE 13G CUSIP NO. 230215 10 5 PAGE 5 OF 7 PAGES The Reporting Person directly owns 600,000 shares. The Reporting Person is the President of Asen and Co., which provides certain advisory services to accounts (the "Managed Accounts") that own 57,000 shares. The Reporting Person may be deemed to beneficially own the shares held by the Managed Accounts, but the Reporting Person disclaims beneficial ownership of such shares. (b) Percent of class: 5.6%, consisting of: (1) 600,000 shares owned directly by the Reporting Person, which represent approximately 5.1% of the issued and outstanding shares of Common Stock of the Issuer and (2) 57,000 shares owned by the Managed Accounts, which represent approximately 0.5% of the issued and outstanding shares of Common Stock of the issuer. The foregoing percentages are calculated based on 11,686,959 shares of Common Stock outstanding as of October 29, 2006, as reported in the issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on December 8, 2006. (c) Number of shares as to which such person has: (i) Sole power to vote or direct the vote: The Reporting Person has sole voting power over 600,000 shares which he owns directly. (ii) Shared power to vote or direct the vote: The Reporting Person has shared voting power over 57,000 shares owned by the Managed Accounts. The Reporting Person disclaims beneficial ownership of such shares. (iii) Sole power to dispose or to direct the disposition of: The Reporting Person has sole dispositive power over 600,000 shares which he owns directly. (iv) Shared power to dispose or to direct the disposition of: The Reporting Person has shared dispositive power over 57,000 shares owned by the Managed Accounts. The Reporting Person disclaims beneficial ownership of such shares. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Not applicable
SCHEDULE 13G CUSIP NO. 230215 10 5 PAGE 6 OF 7 PAGES ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. See response to Item 4. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Not applicable ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not applicable ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable ITEM 10. CERTIFICATION. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SCHEDULE 13G CUSIP NO. 230215 10 5 PAGE 7 OF 7 PAGES SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: December 18, 2006 By: /s/ R. Scott Asen ------------------------------------ R. Scott Asen