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CULP DECLARES 3-FOR-2 STOCK SPLIT ANNOUNCES REGULAR QUARTERLY CASH DIVIDEND OF $0.02 PER SHARE

 HIGH POINT, N.C., Dec. 14 /PRNewswire/ -- Culp, Inc. (NASDAQ-NMS: CULP), today announced that its Board of Directors has declared a 3-for-2 stock split to be effected in the form of a 50 percent stock dividend. The board also declared a regular quarterly cash dividend of $0.02 (two cents) per share which, adjusted for the stock dividend, is unchanged from Culp's most recent quarterly payout of $0.03 (three cents) per share. The stock dividend and the quarterly cash dividend have the same record date of Dec. 28, 1993 and will each be distributed to shareholders on Jan. 11, 1994. The cash dividend is payable on both the current shares outstanding as well as the additional shares to be issued through the stock dividend. Culp has approximately 7.4 million shares outstanding.
 "This action marks the third stock dividend that the Board has declared over the past 18 months," said Robert G. Culp, III, chief executive officer. In June 1992 the company distributed a 30 percent stock dividend, and in June 1993 a 25 percent stock dividend was distributed to Culp's shareholders. He remarked, "We are pleased that our progress has enabled the Board to take these actions. We believe that the additional shares outstanding as a result of the previous stock dividends have benefited shareholders by increasing the trading activity of Culp's shares. We believe that today's action will further increase the liquidity of our shareholders' holdings."
 Culp, Inc. is a leading manufacturer and marketer of fabrics for the furniture, bedding and institutional furnishings markets. The company's common shares are traded on The Nasdaq Stock Market (National Market) under the symbol CULP.
 -0- 12/14/93
 /CONTACT: Frank Saxon, vice president, chief financial officer, of Culp, Inc., 919-888-6266/
 (CULP)


CO: Culp, Inc. ST: North Carolina IN: TEX SU: DIV

JM -- CH009 -- 3701 12/14/93 13:41 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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