-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H74wzHn2UdgnBPGza+arN5P1LY9U9O9VjJl0Y26kK/HXU+dvWXhe/ub3eslrVG4x NuJPfShcrhoovm4eUj5SDg== 0000950168-96-002467.txt : 19961223 0000950168-96-002467.hdr.sgml : 19961223 ACCESSION NUMBER: 0000950168-96-002467 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19961219 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961220 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CULP INC CENTRAL INDEX KEY: 0000723603 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 561001967 STATE OF INCORPORATION: NC FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12597 FILM NUMBER: 96684392 BUSINESS ADDRESS: STREET 1: 101 S MAIN ST STREET 2: 101 S MAIN ST CITY: HIGH POINT STATE: NC ZIP: 27261-2686 BUSINESS PHONE: 9108895161 MAIL ADDRESS: STREET 1: P O BOX 2686 STREET 2: 101 S MAIN ST CITY: HIGH POINT STATE: NC ZIP: 27261 8-K 1 CULP, INC. ___________________________________________________________________________ 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) 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) _____________________________________________________________________________ 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 -2- 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 -3- EX-99.1 2 EXHIBIT 99.1 (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. -30- EX-99.2 3 CULP EXHIBIT 99.2 (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. -30- EX-99.3 4 EXHIBIT 99.3 (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 ______________________________________ 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. -30- -----END PRIVACY-ENHANCED MESSAGE-----