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CULP PROJECTS HIGHER FOURTH QUARTER EARNINGS

 HIGH POINT, N.C., May 25 /PRNewswire/ -- Robert G. Culp, III, chief executive officer of Culp, Inc. (NASDAQ-NMS: CULP), today said that Culp expects to report sharply higher earnings for the fourth quarter of the fiscal year ended May 2, 1993.
 Culp indicated that the company plans to report audited results for the fourth quarter and fiscal year in mid-June. He remarked: "We anticipate earnings for the fourth quarter approximately double the $1.2 million, or $0.20 per share, in the fourth quarter of fiscal 1992. Based on that expected gain, earnings for fiscal 1993 as a whole should be significantly higher than the $3.0 million, or $0.51 per share, that Culp reported for fiscal 1992." The earnings for fiscal 1993 will include $0.04 per share and $0.16 per share for the fourth quarter and full year, respectively, from the previously announced adjustment regarding the estimated useful lives of certain depreciable assets. The earnings per share for the year-earlier periods have been adjusted to reflect the 30 percent stock dividend distributed in July 1992.
 Culp's earnings for the first nine months of fiscal 1993 totaled $2.0 million, or $0.34 per share, versus $1.8 million, or $0.31 per share, in the year-earlier period.
 Culp remarked: "On a preliminary basis, sales for the fourth quarter of fiscal 1993, a 13-week period, were down slightly from the $57.4 million in the year-earlier quarter which contained 14 weeks. Earnings benefited from initiatives to reduce unit manufacturing costs and increase the profitability of our sales mix."
 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- 5/25/93
 /CONTACT: Frank Saxon, Vice President and Chief Financial Officer of Culp, 919-888-6266/
 (CULP)


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

CM -- CH002 -- 1995 05/25/93 08:35 EDT
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Publication:PR Newswire
Date:May 25, 1993
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