content: -----------------------------------------------------------------------------
  
  
                         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) May 12, 2003
  
                                     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 7 - Exhibits
  
  
  Exhibit 99 - Press Release dated May 6, 2003
  
  
  Item 9 - Regulation FD Disclosure (also disclosing  information pursuant to Item
  12, Results of Operations and Financial Condition)
  
  On May 6, 2003, the Registrant  issued a press release to disclose  management's
  estimates of its earnings for the fourth quarter of the Registrant's fiscal year
  that ended April 27, 2003.  The press  release is attached  hereto as Exhibit 99
  and is incorporated herein by reference.
  
  The press release contains management's estimate of earnings per share excluding
  restructuring  and related charges that will be reported in early June, which is
  a non-GAAP  performance measure that management believes provides investors with
  a more  accurate  picture of the  results  of the  Registrant's  operations  for
  comparative purposes.  In addition,  management had earlier expressed an opinion
  about  analysts'  estimates  of  earnings  excluding  restructuring  and related
  charges, and it concluded that it would be useful to investors for management to
  update  its  opinion  as of  May  6,  2003.  Management  uses  this  performance
  measurement  to assess its  progress  toward  internal  operating  goals.  Also,
  earnings  per  share  excluding   restructuring   and  related  charges  is  the
  performance  measure used  internally  by the  Registrant  to set  benchmarks to
  determine the payment and levels of bonuses for senior management.
  
  Foward 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,  and include but are not limited to
  statements about  expectations for the company's future  operations,  production
  levels,  sales,  expenses  and other  performance  measures.  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.  Because of the significant percentage of the company's sales derived
  from  international  shipments,  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. Additionally, economic and political
  instability  in  international  areas could affect the demand for the  company's
  products.  Other  risk  factors  that  could  have an  impact  on the  company's
  activities in China include  uncertainties  in  connection  with  operating in a
  geographic  area and business  culture where the company does not have extensive
  experience,  foreign language barriers,  potential delays caused by the distance
  between the China operations and the company's  traditional  geographic base and
  similar risks associated with establishing  business  operations in a remote and
  unfamiliar  location.  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.
  <PAGE>
  
                                     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 :  May 12, 2003
  
  
  <PAGE>
  
  
                               Exhibit Index
  
                    Exhibit No.                 Description of Exhibit
                    -----------             -------------------------------
                       99                   Press Release dated May 6, 2003
  
  
  
  <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 PRELIMINARY FOURTH QUARTER 2003 RESULTS
  
  HIGH POINT, NC (May 6, 2003) - Culp, Inc. (NYSE:CFI) today announced that, based
  on preliminary  information  and estimates,  it expects  earnings for the fourth
  fiscal  quarter ended  April 27,  2003, to be  approximately  $0.26 to $0.30 per
  diluted share. The company will incur  approximately  $0.04 per diluted share in
  restructuring  and related charges during the fourth fiscal  quarter,  which are
  related  to  the  previously  announced  Chattanooga,  Tennessee,  restructuring
  initiative.  Excluding  these  charges,  the  company  expects  earnings  to  be
  approximately  $0.30 to $0.34 per diluted share.  These anticipated  results are
  lower than the  company's  previously  announced  guidance of $0.41 to $0.44 per
  diluted share,  excluding  restructuring and related charges.  Final results for
  the fourth quarter and fiscal year 2003 will be announced in early June.
  
  Robert G. Culp, III,  chairman and chief executive  officer of Culp, said, "Like
  most  companies in our industry,  our sales efforts over the past year have been
  significantly  affected by the overall  softness in consumer  spending  for home
  furnishings.  Beginning in March,  concerns  over the Iraqi war created  further
  challenges  for  furniture  retailers  already  burdened  by a slow  economy and
  extreme  winter  weather  conditions.  As a result,  Culp's sales for the fourth
  quarter were lower than anticipated.
  
  "In spite of the challenging  business  conditions,  our results for fiscal 2003
  will reflect  excellent  progress in meeting our  objectives to  strengthen  our
  balance sheet, increase margins and improve the profitability of our sales mix,"
  added Culp.  "During the fourth quarter  we pre-paid an  additional  $20 million
  in debt and, as a result, we have reduced our long-term debt by over $32 million
  in fiscal 2003. Notably, over the past three years we have reduced our debt by a
  total of $61 million,  and have increased our cash position by $23 million for a
  total of $84 million. We believe this is a significant  accomplishment  during a
  difficult period for our industry and provides Culp with a strong foundation and
  considerable financial flexibility for the future.
  
  "In addition,  we are encouraged by the positive  feedback from our customers to
  our recently  announced  initiative to establish  manufacturing and distribution
  operations  in China.  While it is  difficult  to predict  when  overall  market
  conditions will improve, we remain confident that Culp has the right strategy in
  place  to  further  enhance  our  competitive  position  when our  sales  regain
  momentum."
  
  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 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,  and include but are not limited to
  statements about  expectations for the company's future  operations,  production
  levels,  sales,  expenses  and other  performance  measures.  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.  Because of the significant percentage of the company's sales derived
  from  international  shipments,  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. Additionally, economic and political
  instability  in  international  areas could affect the demand for the  company's
  products.  Other  risk  factors  that  could  have an  impact  on the  company's
  activities in China include  uncertainties  in  connection  with  operating in a
  geographic  area and business  culture where the company does not have extensive
  experience,  foreign language barriers,  potential delays caused by the distance
  between the China operations and the company's  traditional  geographic base and
  similar risks associated with establishing  business  operations in a remote and
  unfamiliar  location.  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.
  
                                        -END-
  
  
  
  
  
  
  
  
  
  
  <PAGE>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "c8k512.txt", "description": "PRESS RELEASE DATED  5-6-03", "secsgml_size_bytes": 12409}]
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": "03693111"}, "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: -----------------------------------------------------------------------------
  
                         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) May 12, 2003
  
                                     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 7 - Exhibits
  
  Exhibit 99 - Press Release dated May 6, 2003
  
  Item 9 - Regulation FD Disclosure (also disclosing  information pursuant to Item
  12, Results of Operations and Financial Condition)
  
  On May 6, 2003, the Registrant  issued a press release to disclose  management's
  estimates of its earnings for the fourth quarter of the Registrant's fiscal year
  that ended April 27, 2003.  The press  release is attached  hereto as Exhibit 99
  and is incorporated herein by reference.
  
  The press release contains management's estimate of earnings per share excluding
  restructuring  and related charges that will be reported in early June, which is
  a non-GAAP  performance measure that management believes provides investors with
  a more  accurate  picture of the  results  of the  Registrant's  operations  for
  comparative purposes.  In addition,  management had earlier expressed an opinion
  about  analysts'  estimates  of  earnings  excluding  restructuring  and related
  charges, and it concluded that it would be useful to investors for management to
  update  its  opinion  as of  May  6,  2003.  Management  uses  this  performance
  measurement  to assess its  progress  toward  internal  operating  goals.  Also,
  earnings  per  share  excluding   restructuring   and  related  charges  is  the
  performance  measure used  internally  by the  Registrant  to set  benchmarks to
  determine the payment and levels of bonuses for senior management.
  
  Foward 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,  and include but are not limited to
  statements about  expectations for the company's future  operations,  production
  levels,  sales,  expenses  and other  performance  measures.  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.  Because of the significant percentage of the company's sales derived
  from  international  shipments,  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. Additionally, economic and political
  instability  in  international  areas could affect the demand for the  company's
  products.  Other  risk  factors  that  could  have an  impact  on the  company's
  activities in China include  uncertainties  in  connection  with  operating in a
  geographic  area and business  culture where the company does not have extensive
  experience,  foreign language barriers,  potential delays caused by the distance
  between the China operations and the company's  traditional  geographic base and
  similar risks associated with establishing  business  operations in a remote and
  unfamiliar  location.  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 :  May 12, 2003
  Exhibit Index
  
                    Exhibit No.                 Description of Exhibit
                    -----------             -------------------------------
                       99                   Press Release dated May 6, 2003
  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 PRELIMINARY FOURTH QUARTER 2003 RESULTS
  
  HIGH POINT, NC (May 6, 2003) - Culp, Inc. (NYSE:CFI) today announced that, based
  on preliminary  information  and estimates,  it expects  earnings for the fourth
  fiscal  quarter ended  April 27,  2003, to be  approximately  $0.26 to $0.30 per
  diluted share. The company will incur  approximately  $0.04 per diluted share in
  restructuring  and related charges during the fourth fiscal  quarter,  which are
  related  to  the  previously  announced  Chattanooga,  Tennessee,  restructuring
  initiative.  Excluding  these  charges,  the  company  expects  earnings  to  be
  approximately  $0.30 to $0.34 per diluted share.  These anticipated  results are
  lower than the  company's  previously  announced  guidance of $0.41 to $0.44 per
  diluted share,  excluding  restructuring and related charges.  Final results for
  the fourth quarter and fiscal year 2003 will be announced in early June.
  
  Robert G. Culp, III,  chairman and chief executive  officer of Culp, said, "Like
  most  companies in our industry,  our sales efforts over the past year have been
  significantly  affected by the overall  softness in consumer  spending  for home
  furnishings.  Beginning in March,  concerns  over the Iraqi war created  further
  challenges  for  furniture  retailers  already  burdened  by a slow  economy and
  extreme  winter  weather  conditions.  As a result,  Culp's sales for the fourth
  quarter were lower than anticipated.
  
  "In spite of the challenging  business  conditions,  our results for fiscal 2003
  will reflect  excellent  progress in meeting our  objectives to  strengthen  our
  balance sheet, increase margins and improve the profitability of our sales mix,"
  added Culp.  "During the fourth quarter  we pre-paid an  additional  $20 million
  in debt and, as a result, we have reduced our long-term debt by over $32 million
  in fiscal 2003. Notably, over the past three years we have reduced our debt by a
  total of $61 million,  and have increased our cash position by $23 million for a
  total of $84 million. We believe this is a significant  accomplishment  during a
  difficult period for our industry and provides Culp with a strong foundation and
  considerable financial flexibility for the future.
  
  "In addition,  we are encouraged by the positive  feedback from our customers to
  our recently  announced  initiative to establish  manufacturing and distribution
  operations  in China.  While it is  difficult  to predict  when  overall  market
  conditions will improve, we remain confident that Culp has the right strategy in
  place  to  further  enhance  our  competitive  position  when our  sales  regain
  momentum."
  
  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 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,  and include but are not limited to
  statements about  expectations for the company's future  operations,  production
  levels,  sales,  expenses  and other  performance  measures.  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.  Because of the significant percentage of the company's sales derived
  from  international  shipments,  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. Additionally, economic and political
  instability  in  international  areas could affect the demand for the  company's
  products.  Other  risk  factors  that  could  have an  impact  on the  company's
  activities in China include  uncertainties  in  connection  with  operating in a
  geographic  area and business  culture where the company does not have extensive
  experience,  foreign language barriers,  potential delays caused by the distance
  between the China operations and the company's  traditional  geographic base and
  similar risks associated with establishing  business  operations in a remote and
  unfamiliar  location.  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.
  
                                        -END-