content: --------------------------------------------------------------------------------
  
                                   UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549
  
                                     ---------
  
                                     Form 8-K
  
                                  CURRENT REPORT
  
                 Pursuant to Section 13 or 15(d) of the Securities
                               Exchange Act of 1934
  
                                   -------------
  
          Date of Report (Date of earliest event reported) January 29, 2004
  
                                     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)
                                  (336) 889-5161
               (Registrant's telephone number, including area code)
  
  
  
  
  
           (Former name or former address, if changed since last report)
  
  
  
  
  
  --------------------------------------------------------------------------------
  
  
  
  
  <PAGE>
  
  
  
  Item 9 --   Regulation FD
  
  On January 29, 2004, the  registrant  issued a press release to disclose a $25.0
  million  prepayment on it's $75.0 million of outstanding senior notes. A copy of
  the press release is attached hereto as Exhibit 99.
  
  Forward Looking Information.
  
  This report contains statements that may be deemed "forward-looking  statements"
  within  the  meaning of the  federal  securities  laws,  including  the  Private
  Securities  Litigation  Reform Act of 1995 (Section 27A of the Securities Act of
  1933  and  Section  27A of the  Securities  and  Exchange  Act  of  1934).  Such
  statements  are  inherently  subject  to  risks  and   uncertainties.   Further,
  forward-looking  statements  are  intended to speak only as of the date on which
  they  are  made.   Forward-looking   statements  are  statements   that  include
  projections, expectations or beliefs about future events or results or otherwise
  are not statements of historical  fact. Such statements are often but not always
  characterized  by  qualifying  words such as  "expect,"  "believe,"  "estimate,"
  "plan" and "project"  and their  derivatives.  Factors that could  influence the
  matters  discussed in such  statements  include the level of housing  starts and
  sales of existing homes,  consumer confidence,  trends in disposable income, and
  general economic conditions. Decreases in these economic indicators could have a
  negative effect on the company's business and prospects.  Likewise, increases in
  interest rates, particularly home mortgage rates, and increases in consumer debt
  or the  general  rate of  inflation,  could  affect the  company  adversely.  In
  addition,  strengthening of the U. S. dollar against other currencies could make
  the company's products less competitive on the basis of price in markets outside
  the United States.  Also,  economic and political  instability in  international
  areas could affect the company's  operations or sources of goods in those areas,
  as well as demand for the company's products in international markets.  Finally,
  unanticipated delays or costs in executing restructuring actions could cause the
  cumulative  effect of  restructuring  actions to fail to meet the objectives set
  forth by  management.  Other factors that could affect the matters  discussed in
  forward-looking  statements are included in the company's periodic reports filed
  with the Securities and Exchange Commission.
  
  
  
  
  
  
  
  
  
  
                                     SIGNATURE
  
  
  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
                                      -------------------
                                       Executive Vice President and
                                       Chief Financial Officer
  
  
  
  
  
  Dated:  January 29, 2004
  
  
  
  <PAGE>
  Exhibit 99
                                    NEWS RELEASE
  
  Investor Contact: Kathy J. Hardy         Media Contact:   Kenneth M. Ludwig
                    Corporate Secretary                     Senior Vice President,
                    336-888-6209                            Human Resources
                                                            336-889-5161
  
  
  
  
               CULP ANNOUNCES $25.0 MILLION PREPAYMENT OF SENIOR NOTES
  
  
  HIGH POINT,  N.C.  (January 29, 2004) - Culp, Inc.  (NYSE:  CFI) today announced
  that the company has made a $25.0  million  prepayment  on its $75.0  million of
  outstanding  senior  notes.  These notes carry an interest  rate of 7.76 percent
  with annual  principal  payments due beginning March 2006, and continuing  until
  March 2010. As part of the transaction,  the company  negotiated a five percent,
  or  $1.25  million,  premium  to be paid to the  current  note  holders  for the
  prepayment of this principal amount.
  
  "As we have  previously  noted,  one of Culp's  important  financial goals is to
  maintain a strong balance sheet," commented Robert G. Culp, III, chairman of the
  board and chief executive  officer of Culp,  Inc. "We have generated  sufficient
  cash from  operations to reduce our long-term  debt by a total of $86.0 million,
  including this prepayment,  over the past three and a half years. By taking this
  opportunity  to reduce  our debt on  favorable  terms,  our long  -term debt now
  stands at $51.1 million. Considering this reduction, as of the end of the second
  fiscal quarter, our debt-to-capital  ratio would have been 35 percent instead of
  44 percent.  This  transaction,  with related  closing  costs,  will result in a
  charge of  approximately  $1.6 million,  or $0.08 per share, in the third fiscal
  quarter of 2004.  However,  we will realize  annualized savings of approximately
  $1.7  million,  or $0.09 per share,  in net  interest  expense over the next two
  years,  and a declining amount over the remainder of the notes' term until 2010.
  We believe that taking this step to further  strengthen  our financial  position
  provides  Culp  with  a  distinct  competitive  advantage  in  today's  business
  environment."
  
  Culp,  Inc. is one of the world's  largest  marketers of upholstery  fabrics for
  furniture  and is a leading  marketer  of  mattress  ticking  for  bedding.  The
  company's  fabrics are used  principally in the  production of  residential  and
  commercial furniture and bedding products.
  
  This release contain statements that may be deemed "forward-looking  statements"
  within  the  meaning of the  federal  securities  laws,  including  the  Private
  Securities  Litigation  Reform Act of 1995 (Section 27A of the Securities Act of
  1933  and  Section  27A of the  Securities  and  Exchange  Act  of  1934).  Such
  statements  are  inherently  subject  to  risks  and   uncertainties.   Further,
  forward-looking  statements  are  intended to speak only as of the date on which
  they  are  made.   Forward-looking   statements  are  statements   that  include
  projections, expectations or beliefs about future events or results or otherwise
  are not statements of historical  fact. Such statements are often but not always
  characterized  by  qualifying  words such as  "expect,"  "believe,"  "estimate,"
  "plan" and "project"  and their  derivatives.  Factors that could  influence the
  matters  discussed in such  statements  include the level of housing  starts and
  sales of existing homes,  consumer confidence,  trends in disposable income, and
  general economic conditions. Decreases in these economic indicators could have a
  negative effect on the company's business and prospects.  Likewise, increases in
  interest rates, particularly home mortgage rates, and increases in consumer debt
  or the  general  rate of  inflation,  could  affect the  company  adversely.  In
  addition,  strengthening of the U. S. dollar against other currencies could make
  the company's products less competitive on the basis of price in markets outside
  the United States.  Also,  economic and political  instability in  international
  areas could affect the company's  operations or sources of goods in those areas,
  as well as demand for the company's products in international markets.  Finally,
  unanticipated delays or costs in executing restructuring actions could cause the
  cumulative  effect of  restructuring  actions to fail to meet the objectives set
  forth by  management.  Other factors that could affect the matters  discussed in
  forward-looking  statements are included in the company's periodic reports filed
  with the Securities and Exchange Commission.
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metadata_filer: {"company-data": {"conformed-name": "CULP INC", "cik": "0000723603", "assigned-sic": "2211", "irs-number": "561001967", "state-of-incorporation": "NC", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12597", "film-number": "04553622"}, "business-address": {"street1": "101 S MAIN ST", "city": "HIGH POINT", "state": "NC", "zip": "27260", "phone": "3368895161"}, "mail-address": {"street1": "P O BOX 2686", "street2": "101 S MAIN ST", "city": "HIGH POINT", "state": "NC", "zip": "27261"}}
text: --------------------------------------------------------------------------------
  
                                   UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549
  
                                     ---------
  
                                     Form 8-K
  
                                  CURRENT REPORT
  
                 Pursuant to Section 13 or 15(d) of the Securities
                               Exchange Act of 1934
  
                                   -------------
  
          Date of Report (Date of earliest event reported) January 29, 2004
  
                                     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)
                                  (336) 889-5161
               (Registrant's telephone number, including area code)
  
           (Former name or former address, if changed since last report)
  
  --------------------------------------------------------------------------------
  Item 9 --   Regulation FD
  
  On January 29, 2004, the  registrant  issued a press release to disclose a $25.0
  million  prepayment on it's $75.0 million of outstanding senior notes. A copy of
  the press release is attached hereto as Exhibit 99.
  
  Forward Looking Information.
  
  This report contains statements that may be deemed "forward-looking  statements"
  within  the  meaning of the  federal  securities  laws,  including  the  Private
  Securities  Litigation  Reform Act of 1995 (Section 27A of the Securities Act of
  1933  and  Section  27A of the  Securities  and  Exchange  Act  of  1934).  Such
  statements  are  inherently  subject  to  risks  and   uncertainties.   Further,
  forward-looking  statements  are  intended to speak only as of the date on which
  they  are  made.   Forward-looking   statements  are  statements   that  include
  projections, expectations or beliefs about future events or results or otherwise
  are not statements of historical  fact. Such statements are often but not always
  characterized  by  qualifying  words such as  "expect,"  "believe,"  "estimate,"
  "plan" and "project"  and their  derivatives.  Factors that could  influence the
  matters  discussed in such  statements  include the level of housing  starts and
  sales of existing homes,  consumer confidence,  trends in disposable income, and
  general economic conditions. Decreases in these economic indicators could have a
  negative effect on the company's business and prospects.  Likewise, increases in
  interest rates, particularly home mortgage rates, and increases in consumer debt
  or the  general  rate of  inflation,  could  affect the  company  adversely.  In
  addition,  strengthening of the U. S. dollar against other currencies could make
  the company's products less competitive on the basis of price in markets outside
  the United States.  Also,  economic and political  instability in  international
  areas could affect the company's  operations or sources of goods in those areas,
  as well as demand for the company's products in international markets.  Finally,
  unanticipated delays or costs in executing restructuring actions could cause the
  cumulative  effect of  restructuring  actions to fail to meet the objectives set
  forth by  management.  Other factors that could affect the matters  discussed in
  forward-looking  statements are included in the company's periodic reports filed
  with the Securities and Exchange Commission.
  
                                     SIGNATURE
  
  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
                                      -------------------
                                       Executive Vice President and
                                       Chief Financial Officer
  
  Dated:  January 29, 2004
  Exhibit 99
                                    NEWS RELEASE
  
  Investor Contact: Kathy J. Hardy         Media Contact:   Kenneth M. Ludwig
                    Corporate Secretary                     Senior Vice President,
                    336-888-6209                            Human Resources
                                                            336-889-5161
  
               CULP ANNOUNCES $25.0 MILLION PREPAYMENT OF SENIOR NOTES
  
  HIGH POINT,  N.C.  (January 29, 2004) - Culp, Inc.  (NYSE:  CFI) today announced
  that the company has made a $25.0  million  prepayment  on its $75.0  million of
  outstanding  senior  notes.  These notes carry an interest  rate of 7.76 percent
  with annual  principal  payments due beginning March 2006, and continuing  until
  March 2010. As part of the transaction,  the company  negotiated a five percent,
  or  $1.25  million,  premium  to be paid to the  current  note  holders  for the
  prepayment of this principal amount.
  
  "As we have  previously  noted,  one of Culp's  important  financial goals is to
  maintain a strong balance sheet," commented Robert G. Culp, III, chairman of the
  board and chief executive  officer of Culp,  Inc. "We have generated  sufficient
  cash from  operations to reduce our long-term  debt by a total of $86.0 million,
  including this prepayment,  over the past three and a half years. By taking this
  opportunity  to reduce  our debt on  favorable  terms,  our long  -term debt now
  stands at $51.1 million. Considering this reduction, as of the end of the second
  fiscal quarter, our debt-to-capital  ratio would have been 35 percent instead of
  44 percent.  This  transaction,  with related  closing  costs,  will result in a
  charge of  approximately  $1.6 million,  or $0.08 per share, in the third fiscal
  quarter of 2004.  However,  we will realize  annualized savings of approximately
  $1.7  million,  or $0.09 per share,  in net  interest  expense over the next two
  years,  and a declining amount over the remainder of the notes' term until 2010.
  We believe that taking this step to further  strengthen  our financial  position
  provides  Culp  with  a  distinct  competitive  advantage  in  today's  business
  environment."
  
  Culp,  Inc. is one of the world's  largest  marketers of upholstery  fabrics for
  furniture  and is a leading  marketer  of  mattress  ticking  for  bedding.  The
  company's  fabrics are used  principally in the  production of  residential  and
  commercial furniture and bedding products.
  
  This release contain statements that may be deemed "forward-looking  statements"
  within  the  meaning of the  federal  securities  laws,  including  the  Private
  Securities  Litigation  Reform Act of 1995 (Section 27A of the Securities Act of
  1933  and  Section  27A of the  Securities  and  Exchange  Act  of  1934).  Such
  statements  are  inherently  subject  to  risks  and   uncertainties.   Further,
  forward-looking  statements  are  intended to speak only as of the date on which
  they  are  made.   Forward-looking   statements  are  statements   that  include
  projections, expectations or beliefs about future events or results or otherwise
  are not statements of historical  fact. Such statements are often but not always
  characterized  by  qualifying  words such as  "expect,"  "believe,"  "estimate,"
  "plan" and "project"  and their  derivatives.  Factors that could  influence the
  matters  discussed in such  statements  include the level of housing  starts and
  sales of existing homes,  consumer confidence,  trends in disposable income, and
  general economic conditions. Decreases in these economic indicators could have a
  negative effect on the company's business and prospects.  Likewise, increases in
  interest rates, particularly home mortgage rates, and increases in consumer debt
  or the  general  rate of  inflation,  could  affect the  company  adversely.  In
  addition,  strengthening of the U. S. dollar against other currencies could make
  the company's products less competitive on the basis of price in markets outside
  the United States.  Also,  economic and political  instability in  international
  areas could affect the company's  operations or sources of goods in those areas,
  as well as demand for the company's products in international markets.  Finally,
  unanticipated delays or costs in executing restructuring actions could cause the
  cumulative  effect of  restructuring  actions to fail to meet the objectives set
  forth by  management.  Other factors that could affect the matters  discussed in
  forward-looking  statements are included in the company's periodic reports filed
  with the Securities and Exchange Commission.