___________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
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Date of Report (Date of earliest event reported) December 19, 1996
CULP, INC.
(Exact name of registrant as specified in its charter)
North Carolina 0-12781 56-1001967
(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation) Identification No.)
101 South Main Street
High Point, North Carolina 27260
(Address of principal executive offices)
(910) 889-5161
(Registrant's telephone number, including area code)
_______________________________
(Former name or former address, if changed since last report)
_____________________________________________________________________________
<PAGE>
Item 5. Other Events
See Press Release dated December 19, 1996 related to filing of registration
statement for offering of common stock, filed as Exhibit 99.1.
See Press Release dated December 19, 1996 related to listing on New York Stock
Exchange, filed as Exhibit 99.2.
See Press Release dated December 19, 1996 related to investing $9 million to
expand capacity for wet-printed flock upholstery fabrics, filed as Exhibit 99.3.
Item 7. Financial Statements and Exhibits
Exhibit 99.1 Press Release dated December 19, 1996 related to filing of
registration statement for offering of common stock,
Exhibit 99.2 Press Release dated December 19, 1996 related to listing on
New York Stock Exchange,
Exhibit 99.3 Press Release dated December 19, 1996 related to investing $9
million to expand capacity for wet-printed flock upholstery fabrics.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CULP, INC.
(Registrant)
By: Franklin N. Saxon
Senior Vice President and
Chief Financial Officer
By: Stephen T. Hancock
Stephen T. Hancock
General Accounting Manager
Dated: December 19, 1996
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<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Press Release dated December 19, 1996 related to filing of
registration statement for offering of common stock.
99.2 Press Release dated December 19, 1996 related to listing on
New York Stock Exchange.
99.3 Press Release dated December 19, 1996 related to investing
$9 million to expand capacity for wet-prnted flock upholstery
fabrics
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(Logo of CULP appears here)
NEWS RELEASE Contact:
Franklin N. Saxon
Senior Vice President &
Chief Financial Officer
FOR IMMEDIATE RELEASE
CULP, INC. ANNOUNCES FILING OF REGISTRATION STATEMENT FOR OFFERING OF COMMON
STOCK
High Point, North Carolina (December 19, 1996) -- Culp, Inc. (Nasdaq/NM:CULP)
today announced that it has filed a Registration Statement with the Securities
and Exchange Commission covering the public offering of 1,600,000 shares of the
Company's Common Stock. Of the shares being offered, 1,200,000 shares are being
offered by the Company, with the balance being offered by certain non-management
selling shareholders. The selling shareholders will also grant the underwriters
an over-allotment option for an additional 240,000 shares. Wheat First Butcher
Singer and Raymond James & Associates, Inc. will act as managing underwriters of
the offering.
A Registration Statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to the
time the Registration Statement becomes effective. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such State.
When publicly circulated, a preliminary prospectus relating to these
securities may be obtained from Wheat First Butcher Singer; Attn: Equity
Syndicate Department; Riverfront Plaza; 901 East Byrd Street; Richmond, Virginia
23219 and Raymond James & Associates; Attn: Equity Syndicate Department; 880
Carillon Parkway; St.
Petersburg, Florida 33716.
Culp, Inc. designs, manufactures and markets fabrics for the
furniture, bedding and institutional furnishings markets.
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(Culp logo appears here)
NEWS RELEASE Contact:
Franklin N. Saxon
Senior Vice President &
Chief Financial Officer
FOR IMMEDIATE RELEASE
CULP TO LIST ON NEW YORK STOCK EXCHANGE
_________________________
"CFI" TO BE NEW TRADING SYMBOL
High Point, North Carolina (December 19, 1996) -- Culp, Inc. (Nasdaq/NM:CULP)
today announced that the Company has filed an application to list its common
stock on the New York Stock Exchange. Culp has been informed by the New York
Stock Exchange that the Company meets the eligibility requirements for listing.
Pending final authorization, Culp anticipates that the Company's common stock
will begin trading on the New York Stock Exchange on or about December 31, 1996.
"CFI" will be the new trading symbol for the shares.
Robert G. Culp III, Chief Executive Officer, said, "Listing on the New
York Stock Exchange, which is the world's premier securities market, marks an
important milestone for Culp. We believe this action will increase the potential
investor base available to Culp, provide greater liquidity and reduce trading
volatility. This decision reflects the intent by our Board of Directors to
establish the most efficient trading market possible for our shareholders."
Culp, Inc. designs, manufactures and markets fabrics for the
furniture, bedding and institutional furnishings markets.
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(Culp Logo appears here)
NEWS RELEASE Contact:
Franklin N. Saxon
Senior Vice President &
Chief Financial Officer
FOR IMMEDIATE RELEASE
CULP INVESTING $9 MILLION TO EXPAND CAPACITY
FOR WET-PRINTED FLOCK UPHOLSTERY FABRICS
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SIGNS AGREEMENT FOR PROPOSED $125 MILLION CREDIT FACILITY
High Point, North Carolina (December 19, 1996)---Robert G. Culp, III, chief
executive officer, today announced that Culp, Inc. has entered into agreements
relating to the expansion of its capacity for manufacturing wet-printed flock
upholstery fabrics. The expansion, which involves capital expenditures of
approximately $9 million, includes the acquisition of an existing
107,000-square-foot building in Lumberton, North Carolina and the purchase and
installation of new printing and finishing equipment at that facility. The
company expects to close the purchase of the building by January 1997 and to
start production at the new facility by July 1997.
Culp, Inc. also announced that in a separate development, the company
recently received "best efforts" commitments from its principal bank lenders,
Wachovia Bank of North Carolina, N.A. and First Union National Bank of North
Carolina, to refinance the Company's existing $66 million credit facility with a
$125 million syndicated, five-year, unsecured, multi-currency credit facility.
Terms of the proposed new facility include reduced interest costs, less
restrictive financial covenants and additional borrowing capacity. Wachovia Bank
of Georgia, N.A., the agent for these lenders, has agreed to use commercially
reasonable efforts to complete this refinancing, which is expected to include
several international lending institutions.
Culp, Inc. designs, manufactures and markets fabrics for the
furniture, bedding and institutional furnishings markets.
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