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CULP REPORTS HIGHER FIRST QUARTER SALES AND EARNINGS

 HIGH POINT, N.C., Aug. 25 /PRNewswire/ -- Culp, Inc. (NASDAQ-NMS: CULP) today reported higher sales and earnings for the first quarter of its 1994 fiscal year.
 For the three months ended Aug. 1, 1993, Culp reported net sales of $46.6 million compared with $45.8 million a year ago. Net income for the quarter totaled $860,000, or $0.12 per share, compared with $602,000, or $0.08 per share, in the first quarter of fiscal 1993. The per share figure in the year-earlier period has been adjusted to reflect the 25 percent stock dividend distributed in July 1993.
 "The increase of only 2 percent in sales for the quarter as a whole indicates that Culp is still operating in a very competitive environment," remarked Robert G. Culp, III, chief executive officer. "We are encouraged, however, by the general trend in our business during the first quarter. The period began with indications of some slowing in incoming orders; but the overall momentum in shipments, particularly for mattress ticking, improved as the quarter progressed."
 Culp commented: "Our planning for fiscal 1994 underscored the importance of containing expenses while taking advantage of opportunities to extend our competitive gains. The sharp increase in profitability during the first quarter reflects the results of this initiative to reduce expenses which we intend to pursue aggressively over the remainder of this year. The first three months of each fiscal year is generally a seasonally low period for demand, and we are especially pleased that operating income in the first quarter was well above the year-earlier level.
 "We were affected during the first quarter by slightly lower exports, reflecting the weakness now prevalent in several major foreign economies. Increased shipments to existing U.S.-based furniture and bedding manufacturers proved sufficient to offset that softness in sales to customers outside the United States. Although the absence of a clear trend in consumer confidence adds a note of uncertainty to the near-term outlook for retail spending on home furnishings, our goal is to maintain Culp's overall progress over the next several quarters."
 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.
 CULP, INC.
 Condensed Financial Highlights
 Three Months Ended
 Aug. 1, Aug. 2,
 1993 1992
 Net sales $46,583,000 $45,782,000
 Net income 860,000 602,000
 Earnings per share $ 0.12 $ 0.08
 -0- 8/25/93
 /CONTACT: Frank Saxon, Vice President and Chief Financial Officer of Culp, 919-888-6266/
 (CULP)


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

SB-MM -- CH004 -- 5772 08/25/93 10:54 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
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