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CULP REPORTS HIGHER THIRD QUARTER SALES AND EARNINGS

 HIGH POINT, N.C., Feb. 24 /PRNewswire/ -- Culp, Inc. (NASDAQ-NMS: CULP) today reported higher net sales and earnings for the third quarter of its 1993 fiscal year.
 For the three months ended January 31, 1993, Culp reported net sales of $47,977,000, up from $44,014,000 in the third quarter of fiscal 1992. Net income for the quarter totaled $700,000, up from $270,000 in the third period a year ago. Earnings for the third quarter of fiscal 1993 amounted to $0.12 per share compared with $0.05 per share in the year- earlier period.
 The higher sales for the quarter brought net sales through the first nine months of fiscal 1993 to $144,475,000 compared with $133,916,000 in the year-earlier period. Net income for the first nine months totaled $1,957,000 compared with $1,810,000 in the same period a year ago. Earnings per share for the first nine months of fiscal 1993 amounted to $0.34 compared with $0.31 per share in the year-earlier period.
 The earnings for fiscal 1993 include $243,000, or $0.04 per share, and $729,000, or $0.12 per share, for the third quarter and first nine months, respectively, from the previously announced adjustment regarding the estimated useful lives of certain depreciable assets. The earnings per share for the third quarter and first nine months of fiscal 1992 have been adjusted to reflect the 30 percent stock dividend distributed in July 1992.
 "We are experiencing a definite improvement in demand for our fabrics," said Robert G. Culp, III, chief executive officer. "Although the third fiscal quarter is not generally the strongest period of the year for Culp, we achieved a level of earnings higher than in either the first or second quarter. Current indications are that this favorable momentum in incoming orders is extending into the final quarter of fiscal 1993. We are encouraged by this improvement, but are still finding considerable competitive pressure on prices."
 Culp remarked, "We are continuing to work toward increasing margins by lowering unit costs and maintaining tight control over operating expenses. At the same time, we are pursuing an ongoing initiative to attain consistently higher standards for product quality and customer service. Our progress toward this goal has involved not only implementing thorough training programs and making significant changes in the Company's operations, but also committing the capital necessary to have modern, efficient production facilities. Our capital expenditures for the current fiscal year will total approximately $14.5 million, up from $12.4 million in fiscal 1992. This investment in new equipment will be the second-highest annual level of spending ever for Culp. The Company's strong balance sheet is enabling us to continue this modernization, which has been a key factor in our success in strengthening Culp's overall competitive position."
 Culp, Inc. is a leading manufacturer and marketer of fabrics for the furniture, bedding and institutional furnishings markets.
 CULP, INC.
 Condensed Financial Highlights
 (Unaudited)
 Three Months
 Ended
 January 31, January 26,
 1993 1992
 Net sales 47,977,000 $44,014,000
 Net income 700,000 270,000
 Earnings per share 0.12 0.05
 Nine Months Ended
 January 31, January 26,
 1993 1992
 Net sales 144,475,000 133,916,000
 Net income 1,957,000 1,810,000
 Earnings per share 0.34 0.31
 -0- 2/24/93
 /CONTACT: Frank Saxon, Vice President and Chief Financial Officer, Culp, Inc., 919-888-6266/
 (CULP)


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

CM -- CHOO4 -- 9777 02/24/93 09:30 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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