8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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)     February 27, 2008

Culp, Inc.
(Exact Name of Registrant as Specified in its Charter)

North Carolina	0-12781	56-1001967
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1823 Eastchester Drive

High Point, North Carolina  27265

(Address of Principal Executive Offices)

(Zip Code)

(336) 889-5161

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former name or address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INDEX

	Page
Item 2.02 - Results of Operations and Financial Condition	3
Item 8.01 - Other Events	3
Item 9.01(d) - Exhibits	4
Signature	5
Exhibits	6

2

Forward Looking Information.This report and the exhibits hereto 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, and include but are not limited to statements about the company’s future operations, production levels, sales, SG&A or other expenses, margins, gross profit, operating income, earnings or 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. Changes in consumer tastes or preferences toward products not produced by the Company could erode demand for the Company’s products. 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, and strengthening of currencies in Canada and China can have a negative impact on the company's sales in the U.S. of products produced in those countries.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, including the "Risk Factors" section in the company’s most recent annual report of Form 10-K filed with the Securities and Exchange Commission on July 19, 2007 for the fiscal year ended April 29, 2007.

Item 2.02 – Results of Operations and Financial Condition

On February 27, 2008, the Company issued a news release to announce its financial results for the third quarter ended January 27, 2008. The news release is attached hereto as Exhibit 99(a).

Also on February 27, 2008, the Company released a Financial Information Release containing additional financial information and disclosures about the Company’s third quarter ended January 27, 2008. The Financial Information Release is attached hereto as Exhibit 99(b).

The news release and Financial Information Release contain disclosures about free cash flow, a non-GAAP performance measure, that management believes provides useful information to investors because it measures the Company’s available cash flow for potential debt repayment, stock repurchases and additions to cash and cash equivalents. In addition, the news release and Financial Information Release contain proforma income statement information, which reconciles the reported and projected income statement information with proforma results, which exclude restructuring and related charges. The Company has included this proforma information in order to show operational performance excluding the effects of restructuring and related charges that are not expected to occur on a regular basis. Management believes this presentation aids in the comparison of financial results among comparable financial periods. In addition, this information is used by management to make operational decisions about the Company’s business, is used in certain financial covenants in the Company’s loan agreements, and is used by the Company as a financial goal for purposes of determining management incentive bonuses.

Item 8.01 - Other Events

The company has received notification from the New York Stock Exchange ("NYSE") that it is now considered a "company in good standing" under the NYSE’s continued listing standards and will be removed from its "Watch List". The NYSE’s decision comes as a result of the company’s consistent positive performance with respect to its business plan submitted to the NYSE in September 2006 and its compliance with the NYSE’s minimum market capitalization and shareholders’ equity standard over the past six quarters. After a twelve month follow up period to ensure continuing compliance, the company will remain subject to normal NYSE monitoring procedures.

3

Item 9.01 (d) -- Exhibits

99(a) News Release dated February 27, 2008

99(b) Financial Information Release dated February 27, 2008

4

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:	/s/ Kenneth R. Bowling
		Chief Financial Officer
		(principal financial officer)
	By:	/s/ Thomas B. Gallagher, Jr.
		Corporate Controller
		(principal accounting officer)
Dated: February 27, 2008

5

EXHIBIT INDEX

Exhibit Number	Exhibit
99(a)	News Release dated February 27, 2008
99(b)	Financial Information Release dated February 27, 2008

6

EX-99.A

Exhibit 99.a

Culp Announces Results for Third Quarter Fiscal 2008

HIGH POINT, N.C.--(BUSINESS WIRE)--Culp, Inc. (NYSE: CFI) today reported financial and operating results for the third quarter and nine months ended January 27, 2008.

Overview

For the three months ended January 27, 2008, net sales were $60.5 million, up 8.6 percent compared with $55.7 million a year ago. The company reported net income of $903,000, or $0.07 per diluted share, for the third quarter of fiscal 2008, compared with a net loss of $2.2 million, or $0.19 per diluted share, for the third quarter of fiscal 2007. The financial results for the third quarter of fiscal 2008 included $551,000, or $0.04 per diluted share, in restructuring and related charges, after taxes. Excluding these charges, net income for the third fiscal quarter was $1.5 million, or $0.11 per diluted share. The financial results for the third quarter of fiscal 2007 included $2.1 million, or $0.18 per diluted share, in restructuring and related charges, after taxes. Excluding these restructuring and related charges, net loss for the third quarter of fiscal 2007 was $99,000, or $0.01 per diluted share. (A reconciliation of net income and net income per share has been set forth on Page 6.)

For the nine months ended January 27, 2008, the company reported net sales of $190.0 million compared with $177.3 million for the same period a year ago, an increase of 7.2 percent. Net income for the first nine months of fiscal 2008 was $3.3 million, or $0.26 per diluted share, compared with a net loss of $1.3 million, or $0.11 per diluted share, for the same period last year. Excluding restructuring and related charges, net income for the first nine months of fiscal 2008 was $5.0 million, or $0.39 per diluted share. Excluding restructuring and related charges, net income for the first nine months of fiscal 2007 was $2.1 million, or $0.18 per diluted share.

Frank Saxon, chief executive officer of Culp, Inc., said, “We delivered another solid performance in the third quarter. We are pleased with our year over year sales improvement and our ability to generate strong cash flow from operations and strengthen our financial position in this environment, even as business conditions for the retail furniture industry continued to be very weak and bedding industry demand began to soften. These results reflect continued growth in our mattress fabrics sales and a solid gain in our non-U.S. produced upholstery fabrics. Our China platform and lower operating cost structure in our upholstery fabrics business have positioned us to operate more efficiently during this downturn, remain profitable on lower volumes and benefit from any upturn in demand.”

Mattress Fabrics Segment

Mattress fabric (known as mattress ticking) sales for the third quarter were $30.9 million, a 27 percent increase compared with $24.4 million for the third quarter of fiscal 2007. This trend reflects the incremental sales related to the company’s acquisition of ITG’s mattress fabrics business in January 2007. However, the year over year sales gain is lower than the previous quarters since the acquisition due to the planned discontinuation of certain ITG products that did not fit Culp’s business model. The third quarter of last year included $1.0 million in sales from the acquisition. Mattress fabric sales represented 51 percent of total company sales for the quarter, compared with 44 percent a year ago. On a unit volume basis, total yards sold increased by 21 percent compared with the third quarter of fiscal 2007. The average selling price of $2.42 per yard for the third quarter of fiscal 2008 was four percent higher than the same period a year ago, reflecting a shift in product mix toward more knitted fabrics. Operating income for this segment was $2.6 million, or 8.5 percent of sales, compared with $2.5 million, or 10.3 percent of sales, for the prior-year period.

“Culp’s mattress fabrics business has continued to perform well throughout this fiscal year and has been a key driver of our growth,” said Saxon. “Over the past year, we have worked very hard to ensure the smooth integration of ITG’s mattress fabrics business with minimal customer disruption. As a result, Culp has continued to enjoy excellent customer relationships and we have benefited from the additional sales volumes and more efficient production. As a final stage of this integration process, we sold some excess inventory at reduced margins. The results for the quarter were also affected by higher raw materials costs and increased Canadian operating costs due to the strengthening of the Canadian currency as compared with the same period last year. To offset these higher costs, we have implemented a price increase in our mattress fabrics segment, effective in March.

“As we focus on maintaining our high level of execution and service for our customers, we are continuing to make strategic investments to enhance our manufacturing platform and provide additional reactive capacity in mattress fabrics. During the next few months we are implementing a $5.0 million capital project that includes the expansion of our weaving and finishing operations in our Stokesdale, North Carolina, facility. We expect to have this project completed around the end of May 2008. This state-of-the-art equipment and additional capacity will allow us to operate more efficiently on lower inventories and provide even faster response time to our customers. Additionally, these capital projects will position Culp to pursue additional growth opportunities and extend our leadership position in mattress fabrics,” added Saxon.

Upholstery Fabrics Segment

Sales for this segment, which include both fabric and cut and sewn kits, were $29.6 million, a 5.5 percent decline compared with $31.3 million in the third quarter of fiscal 2007. Total fabric yards sold declined by 12 percent, while average selling prices were approximately five percent higher than the third quarter of fiscal 2007. Sales of cut and sewn kits were up significantly over the same period last year. Upholstery fabrics sales reflect very weak demand industry wide, as well as continued soft demand for U.S. produced upholstery fabrics driven by consumer preference for leather and suede furniture and other imported furniture and fabrics. Sales of non-U.S. produced fabrics were $20.2 million in the third quarter, up 17 percent over the prior year period, while sales of U.S. produced fabrics were $9.4 million, down 33 percent from the third quarter of fiscal 2007. The year over year growth in non-U.S. produced fabrics reverses a trend reflected in the results for the previous two fiscal quarters. Operating income for the upholstery fabrics segment for the third quarter of fiscal 2008 was $395,000 compared with an operating loss of $496,000 for the same period a year ago.

“We were pleased to report another profitable quarter in upholstery fabrics in this very difficult operating environment,” said Saxon. “The solid sales gains in our non-U.S. operations reflect our strategic focus on product development, innovation and improved supply chain performance. Today, our China platform is the cornerstone of Culp’s upholstery fabrics business and we are excited about the opportunities to grow this business when overall industry demand improves. However, we still face significant challenges with respect to the underperformance of our remaining U.S. manufacturing operation and the lower volume it is experiencing. We will also be implementing a price increase on our U.S.-produced products during the fourth quarter. We have improved our cost structure in our overall upholstery fabric business with substantially lower selling, general and administrative (SG&A) expenses for the third quarter of fiscal 2008, which were down approximately $1.0 million, or 26 percent, from the same period a year ago. We have also reduced our inventory levels by almost $4.0 million, or 16 percent, since the third quarter of fiscal 2007. We continue to monitor our U.S. operations and are prepared to take the necessary steps to remain profitable in the upholstery fabrics segment.”

Balance Sheet

“We are focused on keeping our financial position and cash flow strong,” added Saxon. “At the end of the third fiscal quarter, our balance sheet reflected $15.5 million in cash and cash equivalents. Our cash position represents substantial improvement in cash flow from operations, which was $14.8 million for the year to date period compared with $4.4 million for the same period of last year. This performance is due to increased profitability and significant improvement in working capital management. The strong cash flow is helping the company to substantially reduce its long term debt during this fiscal year. During the third quarter we reduced total borrowings by $5.6 million, which brings the year to date total debt reduction to $7.6 million. With the scheduled repayment during the fourth quarter of an additional $8.3 million, the company will have reduced total debt by almost $16 million this fiscal year. Total debt was $33.4 million at the end of the third quarter compared with $46.7 million a year earlier, a 28 percent reduction. Our debt to capital ratio has improved significantly and was 28 percent at the end of the third quarter, compared with 37 percent a year earlier.”

Outlook

Commenting on the outlook for the fourth quarter of fiscal 2008, Saxon remarked, “We believe our mattress fabrics segment will continue to perform well, even though bedding industry demand is softening. However, industry conditions for upholstery fabrics have been extremely difficult all year and continue to be difficult today. Overall, we expect our fourth quarter sales to be down in the ten percent range from the fourth quarter of last year.

“We expect sales in our mattress fabrics segment to be down approximately 5 to 10 percent for the fourth quarter, primarily due to the planned discontinuation of certain ITG products and softening overall demand. Operating income in this segment is expected to approximate the prior year period with operating margins back over our target of 10 percent.

“In our upholstery fabrics segment, we expect sales to be down approximately 13 to 18 percent for the fourth quarter, due entirely to lower sales of U.S. produced fabrics. We believe the upholstery fabric segment’s operating results will reflect breakeven results, due primarily to very weak gross profits in our U.S. operations. However, we still expect continued solid gross profit margins in our non-U.S. produced business and substantially lower selling, general and administrative expenses as compared to the fourth quarter of the prior year.

“Considering these factors, we expect the company to report net income in the fourth quarter in the range of $0.11 to $0.15 per diluted share, excluding restructuring and related charges for previously announced restructuring initiatives. This is management's best estimate at present, recognizing that future financial results are difficult to predict because the upholstery fabrics industry is undergoing a dramatic transition, some internal changes are still underway within the company and foreign currency fluctuations may continue. The actual results will depend primarily upon the level of demand throughout the quarter," said Saxon.

The company estimates that restructuring and related charges of approximately $200,000 ($176,000 net of taxes, or $0.01 per diluted share) from previously announced restructuring initiatives will be incurred during the fourth fiscal quarter. Including the restructuring and related charges, the company expects to report net income for the fourth fiscal quarter of 2008 in the range of $0.10 to $0.14 per diluted share. The net income for the fourth quarter of fiscal 2007 was $0.00 per diluted share. (A reconciliation of the projected net income per share calculation has been set forth on Page 6.)

In closing, Saxon remarked, "We are pleased with our execution and we are building upon the leadership positions we enjoy in both of our businesses. Our mattress fabrics business will continue to be the key driver of our growth in the short term. With the capital improvements underway to enhance our manufacturing capabilities, we believe we have additional opportunities to grow our mattress fabrics business. Our upholstery fabrics business is being affected by the extremely challenging conditions in the furniture industry; however, we believe we are well positioned to both withstand the current downturn and report better results with any upturn in demand. Our China platform is gaining traction and provides a sustainable business model for Culp to compete effectively in upholstery fabrics in today’s global marketplace. Overall, we are pleased with our progress in fiscal 2008 and remain focused on achieving profitable growth over the long term.”

About the Company

Culp, Inc. is one of the world’s largest marketers of mattress fabrics for bedding and upholstery fabrics for furniture. The company’s fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.

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 the company’s future operations, production levels, sales, SG&A or other expenses, margins, gross profit, operating income, earnings or 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. Changes in consumer tastes or preferences toward products not produced or marketed by the company could erode demand for the company’s products. 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 and strengthening of currencies in Canada and China can have a negative impact on the company’s sales in the U.S. of products produced in those countries. 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, including the “Risk Factors” section in the company’s most recent annual report on Form 10-K.

CULP, INC.
Condensed Financial Highlights
(Unaudited)
	Three Months Ended					Nine Months Ended
	January 27,		January 28,			January 27,		January 28,
	2008		2007			2008		2007
Net sales	$	60,482,000	$	55,712,000		$	190,048,000	$	177,337,000
Income (loss) before income taxes	$	643,000	$	(3,703,000	)	$	3,412,000	$	(2,816,000	)
Net income (loss)	$	903,000	$	(2,221,000	)	$	3,307,000	$	(1,276,000	)
Net income (loss) per share:
Basic	$	0.07	$	(0.19	)	$	0.26	$	(0.11	)
Diluted	$	0.07	$	(0.19	)	$	0.26	$	(0.11	)
Income before income taxes, excluding restructuring and related charges(a)	$	1,417,000	$	373,000		$	5,691,000	$	2,793,000
Net income (loss) per share, diluted, excluding restructuring and related charges(a)	$	0.11	$	(0.01	)	$	0.39	$	0.18
Average shares outstanding:
Basic		12,635,000		11,773,000			12,617,000		11,710,000
Diluted		12,738,000		11,773,000			12,770,000		11,713,000
(a)Excludes restructuring and related charges of $774,000 ($551,000 or $0.04 per diluted share, after taxes) for the third quarter of fiscal 2008. Excludes restructuring and related charges of $2.3 million ($1.7 million, or $0.13 per diluted share, after taxes) for the first nine months of fiscal 2008.
(a)Excludes restructuring and related charges of $4.1 million ($2.1 million, or $0.18 per diluted share, after taxes) for the third quarter of fiscal 2007. Excludes restructuring and related charges of $5.6 million ($3.3 million or $0.29 per diluted share, after taxes) for the first nine months of fiscal 2007.

CULP, INC. Reconciliation of Income (Loss) before Income Taxes as Reported to Pro Forma Income before Income Taxes (Unaudited)
	Three Months Ended					Nine Months Ended
	January 27,		January 28,			January 27,		January 28,
	2008		2007			2008		2007
Income (loss) before income taxes, as reported	$	643,000	$	(3,703,000	)	$	3,412,000	$	(2,816,000	)
Restructuring and related charges	$	774,000	$	4,076,000		$	2,279,000	$	5,609,000
Pro forma income before income taxes	$	1,417,000	$	373,000		$	5,691,000	$	2,793,000
Reconciliation of Net Income (Loss) as Reported to Pro Forma Net Income (Loss) (Unaudited)
	Three Months Ended					Nine Months Ended
	January 27,		January 28,			January 27,		January 28,
	2008		2007			2008		2007
Net income (loss)as reported	$	903,000	$	(2,221,000	)	$	3,307,000	$	(1,276,000	)
Restructuring and related charges, net of income taxes	$	551,000	$	2,122,000		$	1,676,000	$	3,340,000
Pro forma net income (loss)	$	1,454,000	$	(99,000	)	$	4,983,000	$	2,064,000
Reconciliation of Net Income (Loss) Per Share as Reported to Pro Forma Net Income (Loss) Per Share (Unaudited)
	Three Months Ended(a)					Nine Months Ended(a)
	January 27,		January 28,			January 27,		January 28,
	2008		2007			2008		2007
Net income (loss), per diluted share, as reported	$	0.07	$	(0.19	)	$	0.26	$	(0.11	)
Restructuring and related charges, net of income taxes	$	0.04	$	0.18		$	0.13	$	0.29
Net income (loss) per diluted share, adjusted	$	0.11	$	(0.01	)	$	0.39	$	0.18
(a)Per share numbers have been rounded
Reconciliation of Projected Range of Net Income Per Share to Projected Range of Pro Forma Net Income Per Share (Unaudited)
						Three Months Ending
						April 27, 2008
Projected range of net income per diluted share						$ 0.10 - $ 0.14
Projected restructuring and related charges, net of income taxes						0.01
Projected range of pro forma net income per diluted share						$ 0.11 - $ 0.15

CONTACT:
Culp, Inc.
Investor & Media Contact:
Kenneth R. Bowling, 336-881-5630
Chief Financial Officer

EX-99.B

Exhibit 99(b)Page 1 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
FOR THE THREE MONTHS AND NINE MONTHS ENDED JANUARY 27, 2008 AND JANUARY 28, 2007
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)
		THREE MONTHS ENDED
		Amounts				Percent of Sales
		January 27,	January 28,	% Over		January 27,		January 28,
		2008	2007	(Under)		2008		2007
Net sales	$	60,482	55,712	8.6	%	100.0	%	100.0	%
Cost of sales		53,706	51,001	5.3	%	88.8	%	91.5	%
Gross profit		6,776	4,711	43.8	%	11.2	%	8.5	%
Selling, general and
administrative expenses		5,117	6,394	(20.0)	%	8.5	%	11.5	%
Restructuring expense		412	1,275	(67.7)	%	0.7	%	2.3	%
Income (loss) from operations		1,247	(2,958)	142.2	%	2.1	%	(5.3)	%
Interest expense		753	952	(20.9)	%	1.2	%	1.7	%
Interest income		(77)	(50)	54.0	%	(0.1)	%	(0.1)	%
Other income		(72)	(157)	(54.1)	%	(0.1)	%	(0.3)	%
Income (loss) before income taxes		643	(3,703)	117.4	%	1.1	%	(6.6)	%
Income taxes*		(260)	(1,482)	(82.5)	%	(40.4)	%	40.0	%
Net income (loss)	$	903	(2,221)	140.7	%	1.5	%	(4.0)	%
Net income (loss) per share-basic		$0.07	($0.19)	136.8	%
Net income (loss) per share-diluted		$0.07	($0.19)	136.8	%
Net income (loss) per share, diluted, excluding restructuring
and related charges (see proforma statement on page 6)		$0.11	($0.01)	N.M.
Average shares outstanding-basic		12,635	11,773	7.3	%
Average shares outstanding-diluted		12,738	11,773	8.2	%
		NINE MONTHS ENDED
		Amounts				Percent of Sales
		January 27,	January 28,	% Over		January 27,		January 28,
		2008	2007	(Under)		2008		2007
Net sales	$	190,048	177,337	7.2	%	100.0	%	100.0	%
Cost of sales		165,794	156,575	5.9	%	87.2	%	88.3	%
Gross profit		24,254	20,762	16.8	%	12.8	%	11.7	%
Selling, general and
administrative expenses		17,275	19,240	(10.2)	%	9.1	%	10.8	%
Restructuring expense		759	1,742	(56.4)	%	0.4	%	1.0	%
Income (loss) from operations		6,220	(220)	N.M.		3.3	%	(0.1)	%
Interest expense		2,380	2,841	(16.2)	%	1.3	%	1.6	%
Interest income		(197)	(147)	34.0	%	(0.1)	%	(0.1)	%
Other expense (income)		625	(98)	N.M.		0.3	%	(0.1)	%
Income (loss) before income taxes		3,412	(2,816)	221.2	%	1.8	%	(1.6)	%
Income taxes*		105	(1,540)	(106.8)	%	3.1	%	54.7	%
Net income (loss)	$	3,307	(1,276)	359.2	%	1.7	%	(0.7)	%
Net income (loss) per share-basic		$0.26	($0.11)	336.4	%
Net income (loss) per share-diluted		$0.26	($0.11)	336.4	%
Net income per share, diluted, excluding restructuring
and related charges (see proforma statement on page 7)		$0.39	$0.18	116.7	%
Average shares outstanding-basic		12,617	11,710	7.7	%
Average shares outstanding-diluted		12,770	11,710	9.1	%
* Percent of sales column for income taxes is calculated as a % of income (loss) before income taxes.

Page 2 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED BALANCE SHEETS
JANUARY 27, 2008, JANUARY 28, 2007 AND APRIL 29, 2007
Unaudited
(Amounts in Thousands)
				Amounts		Increase
				January 27,	January 28,	(Decrease)			* April 29,
				2008	2007	Dollars	Percent		2007
Current assets
	Cash and cash equivalents		$	15,500	10,675	4,825	45.2	%	10,169
	Accounts receivable			23,370	23,755	(385)	(1.6)	%	29,290
	Inventories			37,923	42,717	(4,794)	(11.2)	%	40,630
	Deferred income taxes			5,376	7,120	(1,744)	(24.5)	%	5,376
	Assets held for sale			4,972	1,231	3,741	303.9	%	2,499
	Income taxes receivable			423	-	423	100.0	%	-
	Other current assets			995	2,710	(1,715)	(63.3)	%	1,824
		Total current assets		88,559	88,208	351	0.4	%	89,788
Property, plant and equipment, net				32,218	40,784	(8,566)	(21.0)	%	37,773
Goodwill				4,114	4,114	-	0.0	%	4,114
Deferred income taxes				25,993	23,232	2,761	11.9	%	25,683
Other assets				2,442	2,683	(241)	(9.0)	%	2,588
		Total assets	$	153,326	159,021	(5,695)	(3.6)	%	159,946
Current liabilities
	Current maturities of long-term debt		$	8,569	4,744	3,825	80.6	%	16,046
	Lines of credit			2,783	-	2,783	100.0	%	2,593
	Accounts payable			19,036	18,051	985	5.5	%	23,585
	Accrued expenses			10,422	7,704	2,718	35.3	%	8,670
	Accrued restructuring			1,875	3,490	(1,615)	(46.3)	%	3,282
	Income taxes payable - current (1)			-	4,136	(4,136)	(100.0)	%	4,579
		Total current liabilities		42,685	38,125	4,560	12.0	%	58,755
Income taxes payable - long-term (1)				4,497	-	4,497	100.0	%	-
Long-term debt , less current maturities				22,026	41,965	(19,939)	(47.5)	%	22,114
		Total liabilities		69,208	80,090	(10,882)	(13.6)	%	80,869
Shareholders' equity				84,118	78,931	5,187	6.6	%	79,077
		Total liabilities and
		shareholders' equity	$	153,326	159,021	(5,695)	(3.6)	%	159,946
Shares outstanding				12,635	12,555	80	0.6	%	12,569
* Derived from audited financial statements
(1) Amounts as of January 27, 2008 reflect the adoption of Financial Accounting Standards Board (FASB)
Interpretation No. 48, Accounting for Uncertainty in Income Taxes" during the first quarter of fiscal 2008.

Page 3 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JANUARY 27, 2008 AND JANUARY 28, 2007
Unaudited
(Amounts in Thousands)
							NINE MONTHS ENDED
							Amounts
							January 27,	January 28,
							2008	2007
Cash flows from operating activities:
	Net income (loss)					$	3,307	(1,276)
	Adjustments to reconcile net income (loss) to net cash
		provided by operating activities:
			Depreciation				4,264	5,651
			Amortization of other assets				280	59
			Stock-based compensation				520	406
			Excess tax benefit related to stock options exercised				(21)	-
			Deferred income taxes				73	(3,056)
			Loss on impairment of equipment				256	-
			Restructuring expenses, net of gain on sale of related assets				123	(546)
			Changes in assets and liabilities:
				Accounts receivable			6,140	5,294
				Inventories			2,707	(1,270)
				Other current assets			829	787
				Other assets			(128)	(46)
				Accounts payable			(3,716)	(2,507)
				Accrued expenses			1,651	(141)
				Accrued restructuring			(1,483)	(564)
				Income taxes			16	1,648
					Net cash provided by operating activities		14,818	4,439
Cash flows from investing activities:
	Capital expenditures						(4,303)	(2,492)
	Acquisition of assets						-	(2,500)
	Proceeds from the sale of buildings and equipment						2,336	3,260
					Net cash used in investing activities		(1,967)	(1,732)
Cash flows from financing activities:
	Net proceeds from lines of credit						190	-
	Payments on vendor-financed capital expenditures						(571)	(927)
	Payments on long-term debt						(7,565)	(3,513)
	Proceeds from the issuance of long-term debt						-	2,500
	Proceeds from common stock issued						405	194
	Excess tax benefit related to stock options exercised						21	-
					Net cash used in financing activities		(7,520)	(1,746)
Increase in cash and cash equivalents							5,331	961
Cash and cash equivalents at beginning of period							10,169	9,714
Cash and cash equivalents at end of period						$	15,500	10,675
Free Cash Flow (1)						$	12,301	4,280
(1) Free Cash Flow reconciliation is as follows:							3rd Qtr	3rd Qtr
							FY 2008	FY 2007
A)	Net cash provided by operating activities					$	14,818	4,439
B)	Minus: Capital Expenditures						(4,303)	(2,492)
C)	Add: Proceeds from the sale of buildings and equipment						2,336	3,260
D)	Minus: Payments on vendor-financed capital expenditures						(571)	(927)
E)	Add: Excess tax benefit related to stock options exercised						21	-
						$	12,301	4,280

Page 4 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE THREE MONTHS ENDED JANUARY 27, 2008 AND JANUARY 28, 2007
(Amounts in thousands)
		THREE MONTHS ENDED (UNAUDITED)
		Amounts						Percent of Total Sales
		January 27,		January 28,		% Over		January 27,		January 28,
Net Sales by Segment		2008		2007		(Under)		2008		2007
Mattress Fabrics	$	30,880		24,396		26.6	%	51.1	%	43.8	%
Upholstery Fabrics		29,602		31,316		(5.5)	%	48.9	%	56.2	%
Net Sales	$	60,482		55,712		8.6	%	100.0	%	100.0	%
Gross Profit by Segment								Gross Profit Margin
Mattress Fabrics	$	4,200		4,215		(0.4)	%	13.6	%	17.3	%
Upholstery Fabrics		3,181		3,269		(2.7)	%	10.7	%	10.4	%
Subtotal		7,381		7,484		(1.4)	%	12.2	%	13.4	%
Loss on impairment of equipment		(256)	(1)	-		(100.0)	%	(0.4)	%	0.0	%
Restructuring related charges		(349)	(2)	(2,773)	(4)	(87.4)	%	(0.6)	%	(5.0)	%
Gross Profit	$	6,776		4,711		43.8	%	11.2	%	8.5	%
Selling, General and Administrative expenses by Segment								Percent of Sales
Mattress Fabrics	$	1,571		1,706		(7.9)	%	5.1	%	7.0	%
Upholstery Fabrics		2,787		3,765		(26.0)	%	9.4	%	12.0	%
Unallocated Corporate expenses		746		895		(16.6)	%	1.2	%	1.6	%
		5,104		6,366		(19.8)	%	8.4	%	11.4	%
Restructuring related charges		13	(2)	28	(4)	(53.6)	%	0.0	%	0.1	%
Selling, General and Administrative expenses	$	5,117		6,394		(20.0)	%	8.5	%	11.5	%
Operating Income (loss) by Segment								Operating Income (Loss) Margin
Mattress Fabrics	$	2,628		2,509		4.7	%	8.5	%	10.3	%
Upholstery Fabrics		395		(496)		179.6	%	1.3	%	(1.6)	%
Unallocated corporate expenses		(746)		(895)		(16.6)	%	(1.2)	%	(1.6)	%
Subtotal		2,277		1,118		103.7	%	3.8	%	2.0	%
Loss on impairment of equipment		(256)	(1)	-		(100.0)	%	(0.4)	%	0.0	%
Restructuring expense and restructuring related charges		(774)	(3)	(4,076)	(5)	(81.0)	%	(1.3)	%	(7.3)	%
Operating income (loss)	$	1,247		(2,958)		142.2	%	2.1	%	(5.3)	%
Depreciation by Segment
Mattress Fabrics	$	874		912		(4.2)	%
Upholstery Fabrics		497		710		(30.0)	%
Subtotal		1,371		1,622		(15.5)	%
Accelerated Depreciation		-		665		(100.0)	%
Total Depreciation		1,371		2,287		(40.1)	%
Notes:
(1) The $256 represents an impairment loss on older and existing equipment that was sold after
January 27, 2008 and is being replaced by newer and more efficient equipment. This impairment
loss pertains to the mattress fabrics segment.
(2) The $349 restructuring related charge represents $218 for other operating costs associated
with closed plant facilities and $131 for inventory markdowns. The $13 restructuring related
charge represents other operating costs associated with closed plant facilities.
(3) The $774 restructuring and related charge represents $238 for employee termination benefits,
$231 for other operating costs associated with closed plant facilities, $131 for inventory
markdowns, $93 for a write-down of a building, $68 for lease termination and other exit costs,
$57 for asset movement costs, and a credit of $44 for sales proceeds received on equipment
with no carrying value. Of this total charge, $349 was recorded in cost of sales, $13 was
recorded in selling, general, and administrative expenses, and $412 was recorded in
restructuring expense. The total $774 restructuring and related charge pertains to the
upholstery fabrics segment.
(4) The $2.8 million represents restructuring related charges of $2.2 million for inventory markdowns,
$665 for accelerated depreciation, and a credit of $52 for other operating costs associated with
closed plant facilities. The $28 restructuring related charge represents other operating costs
associated with closed plant facilities.
(5) The $4.1 million restructuring and related charge represents $2.2 million for inventory markdowns,
$1.2 million for employee termination benefits, $665 for accelerated depreciation, $272 for
write-downs of equipment, $181 for asset movement costs, $61 for lease termination and other
exit costs, a credit of $24 for other operating costs associated with closed plant facilities, and a credit
of $455 for sales proceeds received on equipment with no carrying value. Of this total charge, $2.8
million was recorded in cost of sales, $28 was recorded in selling, general, and administrative
expenses and $1.3 million was recorded in restructuring expense. The total $4.1 million
restructuring and related charge pertains to the upholstery fabrics segment.

Page 5 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE NINE MONTHS ENDED JANUARY 27, 2008 AND JANUARY 28, 2007
(Amounts in thousands)
		NINE MONTHS ENDED (UNAUDITED)
		Amounts						Percent of Total Sales
		January 27,		January 28,		% Over		January 27,		January 28,
Net Sales by Segment		2008		2007		(Under)		2008		2007
Mattress Fabrics	$	103,426		69,734		48.3	%	54.4	%	39.3	%
Upholstery Fabrics		86,622		107,603		(19.5)	%	45.6	%	60.7	%
Net Sales	$	190,048		177,337		7.2	%	100.0	%	100.0	%
Gross Profit by Segment								Gross Profit Margin
Mattress Fabrics	$	16,043		11,880		35.0	%	15.5	%	17.0	%
Upholstery Fabrics		9,922		12,691		(21.8)	%	11.5	%	11.8	%
Subtotal		25,965		24,571		5.7	%	13.7	%	13.9	%
Loss on impairment of equipment		(256)	(1)	-		(100.0)	%	(0.1)	%	0.0	%
Restructuring related charges		(1,455)	(2)	(3,809)	(4)	(61.8)	%	(0.8)	%	(2.1)	%
Gross Profit	$	24,254		20,762		16.8	%	12.8	%	11.7	%
Selling, General and Administrative expenses by Segment								Percent of Sales
Mattress Fabrics	$	5,779		5,043		14.6	%	5.6	%	7.2	%
Upholstery Fabrics		8,877		11,219		(20.9)	%	10.2	%	10.4	%
Unallocated Corporate expenses		2,554		2,920		(12.5)	%	1.3	%	1.6	%
Subtotal		17,210		19,182		(10.3)	%	9.1	%	10.8	%
Restructuring related charges		65	(2)	58	(4)	12.1	%	0.0	%	0.0	%
Selling, General and Administrative expenses	$	17,275		19,240		(10.2)	%	9.1	%	10.8	%
Operating Income (loss) by Segment								Operating Income (Loss) Margin
Mattress Fabrics	$	10,264		6,837		50.1	%	9.9	%	9.8	%
Upholstery Fabrics		1,045		1,472		(29.0)	%	1.2	%	1.4	%
Unallocated corporate expenses		(2,554)		(2,920)		(12.5)	%	(1.3)	%	(1.6)	%
Subtotal		8,755		5,389		62.5	%	4.6	%	3.0	%
Loss on impairment of equipment		(256)	(1)	-		(100.0)	%	(0.1)	%	0.0	%
Restructuring expense and restructuring related charges		(2,279)	(3)	(5,609)	(5)	(59.4)	%	(1.2)	%	(3.2)	%
Operating income (loss)	$	6,220		(220)		N.M.		3.3	%	(0.1)	%
Depreciation by Segment
Mattress Fabrics	$	2,668		2,771		(3.7)	%
Upholstery Fabrics		1,596		2,215		(27.9)	%
Subtotal		4,264		4,986		(14.5)	%
Accelerated Depreciation		-		665		(100.0)	%
Total Depreciation		4,264		5,651		(24.5)	%

Notes:

(1) The $256 represents an impairment loss on older and existing equipment that was sold after January 27, 2008 and is being

      replaced by newer and more efficient equipment. This impairment loss pertains to the mattress fabrics segment.

(2) The $1.4 million restructuring related charge represents $920 for other operating costs associated with closed plant

      facilities and $535 for inventory markdowns. The $65 restructuring related charge represents other operating costs

      associated with plant facilities.

(3) The $2.3 million represents $985 for other operating costs associated with closed plant facilities, $612 for lease

      termination and other exit costs, $535 for inventory markdowns, $482 for write-downs of buildings and equipment,

      $184 for asset movement costs, a credit of $160 for employee termination benefits, and a credit of $359 for sales

      proceeds received on equipment with no carrying value. Of this total charge, $1.4 million was recorded in cost of sales,

      $65 was recorded in selling, general, and administrative expenses, and $759 was recorded in restructuring expense.

      The total $2.3 million restructuring and related charge pertains to the upholstery fabrics segment.

(4) The $3.8 million represents restructuring related charges of $2.3 million for inventory markdowns, $744 for other operating costs

      associated with the closed plant facilities, and $665 for accelerated depreciation. The $58 restructuring related charge represents

      other operating costs associated with closed plant facilities.

(5) The $5.6 million represents restructuring and related charges of $2.3 million for inventory markdowns, $990 for employee termination

      benefits, $914 for asset movement costs, $802 for other operating costs associated with closed plant facilities, $665 for

      accelerated deprecation, $395 for lease termination and other exit costs, $334 for write-downs of buildings and equipment,

      and a credit of $890 for sales proceeds received on equipment with no carrying value. Of this total charge, $3.8 million was recorded

      in cost of sales, $58 was recorded in selling, general, and administrative expenses, and $1.7 million was recorded in restructuring

      expense. The total $5.6 million restructuring and related charge pertains to the upholstery fabrics segment.

Page 6 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
PROFORMA CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
FOR THE THREE MONTHS ENDED JANUARY 27, 2008 AND JANUARY 28, 2007
(Unaudited)
(Amounts in Thousands, Except for Per Share Data)
			THREE MONTHS ENDED
			As Reported					January 27, 2008		As Reported					January 28, 2007		Proforma
			January 27,	% of		% of		Proforma Net	% of	January 28,	% of		% of		Proforma Net	% of	% Over
			2008	Sales	Adjustments	Sales		of Adjustments	Sales	2007	Sales	Adjustments	Sales		of Adjustments	Sales	(Under)
Net sales		$	60,482	100.0%	-			60,482	100.0%	55,712	100.0%	-			55,712	100.0%	8.6%
Cost of sales			53,706	88.8%	(349)	-0.6%	(1)	53,357	88.2%	51,001	91.5%	(2,773)	-5.0%	(3)	48,228	86.6%	10.6%
	Gross profit		6,776	11.2%	(349)	-0.6%		7,125	11.8%	4,711	8.5%	(2,773)	-5.0%		7,484	13.4%	-4.8%
Selling, general and
administrative expenses			5,117	8.5%	(13)	0.0%	(1)	5,104	8.4%	6,394	11.5%	(28)	-0.1%	(3)	6,366	11.4%	-19.8%
Restructuring expense			412	0.7%	(412)	-0.7%	(2)	-	0.0%	1,275	2.3%	(1,275)	-2.3%	(4)	-	0.0%	0.0%
	Income (loss) from operations		1,247	2.1%	(774)	-1.3%		2,021	3.3%	(2,958)	-5.3%	(4,076)	-7.3%		1,118	2.0%	80.8%
Interest expense			753	1.2%	-	0.0%		753	1.2%	952	1.7%	-	0.0%		952	1.7%	-20.9%
Interest income			(77)	-0.1%	-	0.0%		(77)	-0.1%	(50)	-0.1%	-	0.0%		(50)	-0.1%	54.0%
Other income			(72)	-0.1%	-	0.0%		(72)	-0.1%	(157)	-0.3%	-	0.0%		(157)	-0.3%	-54.1%
	Income (loss) before income taxes		643	1.1%	(774)	-1.3%	(5)	1,417	2.3%	(3,703)	-6.6%	(4,076)	-7.3%	(6)	373	0.7%	279.9%
Income taxes (7)			(260)	-40.4%	(223)	28.8%		(37)	-2.6%	(1,482)	40.0%	(1,954)	47.9%		472	126.5%	107.8%
Net income (loss)		$	903	1.5%	(551)	-0.9%		1,454	2.4%	(2,221)	-4.0%	(2,122)	-3.8%		(99)	-0.2%	1568.7%
Net income (loss) per share-basic			$0.07		($0.04)			$0.11		($0.19)		($0.18)			($0.01)
Net income (loss) per share-diluted			$0.07		($0.04)			$0.11		($0.19)		($0.18)			($0.01)
Average shares outstanding-basic			12,635		12,635			12,635		11,773		11,773			11,773
Average shares outstanding-diluted			12,738		12,635			12,738		11,773		11,773			11,773
Notes:
(1) The $349 restructuring related charge represents $218 for other operating costs associated with closed plant facilities
and $131 for inventory markdowns. The $13 restructuring related charge represents other operating costs
associated with closed plant facilities.
(2) The $412 restructuring charge represents $238 for employee termination benefits, $93 for fixed asset write-downs,
$68 for lease termination and other exit costs, $57 for asset movement costs, and a credit of $44 for sales proceeds
received on equipment with no carrying value.
(3) The $2.8 million represents restructuring related charges of $2.2 million for inventory markdowns, $665 for accelerated
depreciation, and a credit of $52 for other operating costs associated with closed plant facilities. The $28 restructuring
related charge represents other operating costs associated with closed plant facilities.
(4) The $1.3 million restructuring charge represents $1.2 million for employee termination benefits, $272 for write-downs of
equipment, $181 for asset movement costs, $61 for lease termination and other exit costs, and a credit of $455 for sales
proceeds received on equipment with no carrying value.
(5) Of this total charge, $550 and $224 represent cash and non-cash charges, respectively.
(6) Of this total charge, $3.1 million and $1.0 million represent cash charges and non-cash charges, respectively.
(7)The percent of net sales column for income taxes is calculated as a % of income (loss) before income taxes.

Page 7 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
PROFORMA CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
FOR THE NINE MONTHS ENDED JANUARY 27, 2008 AND JANUARY 28, 2007
(Unaudited)
(Amounts in Thousands, Except for Per Share Data)
			NINE MONTHS ENDED
			As Reported					January 27, 2008		As Reported					January 28, 2007		Proforma
			January 27,	% of		% of		Proforma Net	% of	January 28,	% of		% of		Proforma Net	% of	% Over
			2008	Sales	Adjustments	Sales		of Adjustments	Sales	2007	Sales	Adjustments	Sales		of Adjustments	Sales	(Under)
Net sales		$	190,048	100.0%	-			190,048	100.0%	177,337	100.0%	-			177,337	100.0%	7.2%
Cost of sales			165,794	87.2%	(1,455)	-0.8%	(1)	164,339	86.5%	156,575	88.3%	(3,809)	-2.1%	(3)	152,766	86.1%	7.6%
	Gross profit		24,254	12.8%	(1,455)	-0.8%		25,709	13.5%	20,762	11.7%	(3,809)	-2.1%		24,571	13.9%	4.6%
Selling, general and
administrative expenses			17,275	9.1%	(65)	0.0%	(1)	17,210	9.1%	19,240	10.8%	(58)	0.0%	(3)	19,182	10.8%	-10.3%
Restructuring expense			759	0.4%	(759)	-0.4%	(2)	-	0.0%	1,742	1.0%	(1,742)	-1.0%	(4)	-	0.0%	0.0%
	Income (loss) from operations		6,220	3.3%	(2,279)	-1.2%		8,499	4.5%	(220)	-0.1%	(5,609)	-3.2%		5,389	3.0%	57.7%
Interest expense			2,380	1.3%	-	0.0%		2,380	1.3%	2,841	1.6%	-	0.0%		2,841	1.6%	-16.2%
Interest income			(197)	-0.1%	-	0.0%		(197)	-0.1%	(147)	-0.1%	-	0.0%		(147)	-0.1%	34.0%
Other expense (income)			625	0.3%	-	0.0%		625	0.3%	(98)	-0.1%	-	0.0%		(98)	-0.1%	-737.8%
	Income (loss) before income taxes		3,412	1.8%	(2,279)	-1.2%	(5)	5,691	3.0%	(2,816)	-1.6%	(5,609)	-3.2%	(6)	2,793	1.6%	103.8%
Income taxes (7)			105	3.1%	(603)	26.5%		708	12.4%	(1,540)	54.7%	(2,269)	40.5%		729	26.1%	-2.9%
Net income (loss)		$	3,307	1.7%	(1,676)	-0.9%		4,983	2.6%	(1,276)	-0.7%	(3,340)	-1.9%		2,064	1.2%	141.4%
Net income (loss) per share-basic			$0.26		($0.13)			$0.39		($0.11)		($0.29)			$0.18
Net income (loss) per share-diluted			$0.26		($0.13)			$0.39		($0.11)		($0.29)			$0.18
Average shares outstanding-basic			12,617		12,617			12,617		11,710		11,710			11,710
Average shares outstanding-diluted			12,770		12,617			12,770		11,710		11,710			11,713
Notes:
(1) The $1.4 million restructuring related charge represents $920 for other operating costs associated with closed plant facilities
and $535 for inventory markdowns. The $65 restructuring related charge represents other operating costs associated with
closed plant facilities.
(2) The $759 restructuring charge represents $612 for lease termination and other exit costs, $482 for write-downs of buildings
and equipment, $184 for asset movement costs, a credit of $160 for employee termination benefits, and a credit of $359
for sales proceeds received on equipment with no carrying value.
(3) The $3.8 million represents restructuring related charges of $2.3 million for inventory markdowns, $744 for other operating
costs associated with closed plant facilities, and $665 for accelerated depreciation. The $58 restructuring related charge
represents other operating costs associated with closed plant facilities.
(4) The $1.7 million restructuring charge represents $990 for employee termination benefits, $913 for asset movement costs,
$395 for lease termination and other exit costs, $334 for write-downs of buildings and equipment, and a credit of $890 for
sales proceeds received on equipment with no carrying value.
(5) Of this total charge, $1.3 million and $1.0 million represent cash and non-cash charges, respectively.
(6) Of this total charge, $2.3 million and $3.3 million represent cash and non-cash charges, respectively.
(7) The percent of net sales column for income taxes is calculated as a % of income (loss) before income taxes.