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CULP REPORTS SECOND QUARTER SALES AND EARNINGS

 HIGH POINT, N.C., Nov. 30 ~PRNewswire~ -- Culp, Inc. (NASDAQ-NMS: CULP), today reported sales and earnings for the second quarter of its 1993 fiscal year.
 For the three months ended November 1, 1992, Culp reported net sales of $50.7 million versus $49.1 million in the second quarter of fiscal 1992. Net income for the quarter totaled $655,000 compared with $1,151,000 in the year-earlier period. Earnings in the second quarter amounted to $0.11 per share compared with $0.20 per share a year ago.
 The second quarter results brought net sales for the first half to $96.5 million, up from $89.9 million in the first six months of fiscal 1992. Net income for the first half was $1,257,000 compared with $1,540,000 in the year-earlier period. Earnings per share for the first six months totaled $0.22 versus $0.27 a year ago.
 The earnings per share for the second quarter and first six months of fiscal 1992 have been adjusted to reflect the 30 percent stock dividend distributed in July 1992. The fiscal 1993 earnings include $243,000, or $0.04 per share, and $486,000, or $0.08 per share, for the second quarter and first six months, respectively, from the previously announced adjustment regarding the estimated useful lives of certain depreciable assets.
 "We are still not realizing the overall operating margin that we believe Culp can generate," said Robert G. Culp, III, chief executive officer. "Although sales were up modestly for the second quarter, the increase was less than we had expected at the start of this fiscal year. A more competitive pricing environment and some unfavorable manufacturing variances have led to significant pressure on the profitability of several of our product lines. The combination of these lower margins and the shortfall in sales caused the reduced level of earnings compared with a year ago."
 Culp remarked, "There are increasing indications of a pick-up in the rate of incoming orders to furniture manufacturers. Any sustained upward trend in consumer spending on home furnishings should translate into higher revenues for Culp. We are continuing to make the capital investments necessary to enhance our competitive position while instituting appropriate actions to reduce operating expenses. Having a lean organization has enabled us to remain solidly profitable during this period of protracted sluggishness in the home furnishings industry. Our strong financial position has complemented this sound operating profile by enabling us to modernize the company's equipment, facilities and information systems."
 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 in the National Market System under the NASDAQ symbol CULP.
 CULP, INC.
 Condensed Financial Highlights
 (Unaudited)
 Three Months Ended
 November 1, October 27,
 1992 1991
 Net sales $50,716,000 $49,081,000
 Net income $655,000 $1,151,000
 Earnings per share $0.11 $0.20
 Six Months Ended
 November 1, October 27,
 1992 1991
 Net sales $96,498,000 $89,902,000
 Net income $1,257,000 $1,540,000
 Earnings per share $0.22 $0.27
 -0- 11~30~92
 ~CONTACT: Frank Saxon, Vice President and Chief Financial Officer, Culp, 919-888-6266~
 (CULP)


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

CM -- CH006X -- 2020 11~30~92 15:12 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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