Culp Directors Approve Additional Repurchase of Stock.

HIGH POINT, N.C.--(BUSINESS WIRE)--Sept. 21, 1999--

Culp, Inc. (NYSE: CFI) today announced that its Board of Directors has authorized the use of up to an additional $5.0 million to repurchase the company's common stock. Subject to availability, the transactions may be made from time to time in the open market or directly from shareholders at prevailing market prices that the company deems appropriate. Based on the current fair market value of the common stock, the authorization will allow the company to repurchase approximately 5% of the 11.7 million shares outstanding.

Robert G. Culp, III, chief executive officer, remarked "We are pleased with the Board's decision to invest an additional amount of the company's capital in the repurchase of our shares. We have used $8.4 million of the $10.0 million authorized to date to repurchase approximately 1.3 million shares at an average price of $6.61 a share. We believe that the repurchase of our shares at attractive market levels will prove to be a sound investment of the company's capital."

Culp, Inc. is one of the world's largest marketers of upholstery fabrics for furniture and is a leading producer of mattress ticking for bedding. The company's fabrics are used primarily in the production of residential and commercial furniture and bedding products.