Culp 8K Entry into a Material Definitive Agreement | CULP 4 Dec 08

Exhibit 99(b)

Page 1 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND SIX MONTHS ENDED NOVEMBER 2, 2008 AND OCTOBER 28, 2007
(UNAUDITED)
(Amounts in Thousands, Except for Per Share Data)

			THREE MONTHS ENDED

			Amounts								Percent of Sales
			November 2,		October 28,			% Over			November 2,			October 28,
			2008			2007		(Under)			2008			2007

Net sales		$	52,263			64,336		(18.8	)	%	100.0		%	100.0		%
Cost of sales			49,115			55,914		(12.2	)	%	94.0		%	86.9		%
	Gross profit		3,148			8,422		(62.6	)	%	6.0		%	13.1		%

Selling, general and
administrative expenses			4,439			5,838		(24.0	)	%	8.5		%	9.1		%
Restructuring expense (credit)			8,634			(84	)	N.M.			16.5		%	(0.1	)	%
	(Loss) income from operations		(9,925	)		2,668		N.M.			(19.0	)	%	4.1		%

Interest expense			663			809		(18.0	)	%	1.3		%	1.3		%
Interest income			(21	)		(63	)	(66.7	)	%	(0.0	)	%	(0.1	)	%
Other (income) expense			(250	)		463		N.M.			(0.5	)	%	0.7		%
	(Loss) income before income taxes		(10,317	)		1,459		N.M.			(19.7	)	%	2.3		%

Income taxes*			30,551			(95	)	N.M.			N.M.			(6.5	)	%
	Net (loss) income	$	(40,868	)		1,554		N.M.			N.M.			2.4		%

Net (loss) income per share-basic			($3.23	)		0.12		N.M.
Net (loss) income per share-diluted			($3.23	)		0.12		N.M.
Average shares outstanding-basic			12,650			12,635		0.1		%
Average shares outstanding-diluted			12,650			12,809		(1.2	)	%



			SIX MONTHS ENDED

			Amounts								Percent of Sales
			November 2,		October 28,			% Over			November 2,			October 28,
			2008			2007		(Under)			2008			2007

Net sales		$	111,585			129,566		(13.9	)	%	100.0		%	100.0		%
Cost of sales			101,035			112,088		(9.9	)	%	90.5		%	86.5		%
	Gross profit		10,550			17,478		(39.6	)	%	9.5		%	13.5		%

Selling, general and
administrative expenses			9,823			12,159		(19.2	)	%	8.8		%	9.4		%
Restructuring expense			9,036			348		N.M.			8.1		%	0.3		%
	(Loss) income from operations		(8,309	)		4,971		N.M.			(7.4	)	%	3.8		%

Interest expense			1,095			1,627		(32.7	)	%	1.0		%	1.3		%
Interest income			(55	)		(121	)	(54.5	)	%	(0.0	)	%	(0.1	)	%
Other (income) expense			(236	)		695		N.M.			(0.2	)	%	0.5		%
	(Loss) income before income taxes		(9,113	)		2,770		N.M.			(8.2	)	%	2.1		%

Income taxes*			30,975			365		N.M.			N.M.			13.2		%
	Net (loss) income	$	(40,088	)		2,405		N.M.			N.M.			1.9		%

Net (loss) income per share-basic			($3.17	)		0.19		N.M.
Net (loss) income per share-diluted			($3.17	)		0.19		N.M.
Average shares outstanding-basic			12,649			12,609		0.3		%
Average shares outstanding-diluted			12,649			12,776		(1.0	)	%

* Percent of sales column for income taxes is calculated as a % of (loss) income before income taxes.

Page 2 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED BALANCE SHEETS
NOVEMBER 2, 2008, OCTOBER 28, 2007 AND APRIL 27, 2008
Unaudited
(Amounts in Thousands)

		Amounts		Increase (Decrease)
		November 2, 2008	October 28, 2007	Increase (Decrease)					* April 27, 2008
		November 2, 2008	October 28, 2007	Dollars		Percent			* April 27, 2008

Current assets
Cash and cash equivalents	$	8,522	16,830	(8,308	)	(49.4	)	%	4,914
Accounts receivable		18,801	22,885	(4,084	)	(17.8	)	%	27,073
Inventories		36,307	41,518	(5,211	)	(12.6	)	%	35,394
Deferred income taxes		-	5,376	(5,376	)	(100.0	)	%	4,380
Assets held for sale		4,827	341	4,486		1,315.5		%	5,610
Income taxes receivable		-	491	(491	)	(100.0	)	%	438
Other current assets		1,100	1,271	(171	)	(13.5	)	%	1,328
Total current assets		69,557	88,712	(19,155	)	(21.6	)	%	79,137

Property, plant & equipment, net		26,802	37,887	(11,085	)	(29.3	)	%	32,939
Goodwill		11,593	4,114	7,479		181.8		%	4,114
Deferred income taxes		-	25,762	(25,762	)	(100.0	)	%	29,430
Other assets		2,975	2,439	536		22.0		%	2,409

Total assets	$	110,927	158,914	(47,987	)	(30.2	)	%	148,029



Current liabilities
Current maturities of long-term debt	$	7,383	12,834	(5,451	)	(42.5	)	%	7,375
Current portion of obligation under a capital lease		692	-	692		100.0		%	-
Lines of credit		-	4,016	(4,016	)	(100.0	)	%	-
Accounts payable - trade		19,192	20,341	(1,149	)	(5.6	)	%	21,103
Accounts payable - capital expenditures		1,020	783	237		30.3		%	1,547
Accrued expenses		5,259	9,040	(3,781	)	(41.8	)	%	8,300
Accrued restructuring		1,790	2,356	(566	)	(24.0	)	%	1,432
Income taxes payable - current		1,074	-	1,074		100.0		%	150
Total current liabilities		36,410	49,370	(12,960	)	(26.3	)	%	39,907

Accounts payable - capital expenditures		1,000	-	1,000		100.0		%	1,449
Income taxes payable - long-term		742	4,299	(3,557	)	(82.7	)	%	4,802
Deferred income taxes		1,185	-	1,185		100.0		%	1,464
Obligation under capital lease		280	-	280		100.0		%	-
Long-term debt , less current maturities		24,803	22,120	2,683		12.1		%	14,048

Total liabilities		64,420	75,789	(11,369	)	(15.0	)	%	61,670

Shareholders' equity		46,507	83,125	(36,618	)	(44.1	)	%	86,359

Total liabilities and
shareholders' equity	$	110,927	158,914	(47,987	)	(30.2	)	%	148,029

Shares outstanding		12,653	12,635	18		0.1		%	12,648


* Derived from audited financial statements.

Page 3 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED NOVEMBER 2, 2008 AND OCTOBER 28, 2007
Unaudited
(Amounts in Thousands)

			SIX MONTHS ENDED
			Amounts
			November 2,		October 28,
			2008		2007

Cash flows from operating activities:
Net (loss) income		$	(40,088	)	2,405
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation			4,723		2,892
Amortization of other assets			208		186
Stock-based compensation			219		366
Excess tax benefit related to stock options exercised			-		(21	)
Deferred income taxes			33,534		266
Restructuring expenses, net of gain on sale of related assets			7,812		73
Changes in assets and liabilities, net of effects of acquisition of business:
Accounts receivable			8,272		6,625
Inventories			526		(888	)
Other current assets			211		553
Other assets			88		(31	)
Accounts payable			(3,203	)	(1,687	)
Accrued expenses			(3,048	)	370
Accrued restructuring			358		(1,002	)
Income taxes			(2,698	)	(250	)
Net cash provided by operating activities			6,914		9,857

Cash flows from investing activities:
Capital expenditures			(1,333	)	(3,385	)
Net cash paid for acquisition of business			(11,365	)	-
Proceeds from the sale of buildings and equipment			-		2,045
Net cash used in investing activities			(12,698	)	(1,340	)

Cash flows from financing activities:
Proceeds from lines of credit			-		1,423
Proceeds from the issuance of long-term debt			11,000		-
Payments on vendor-financed capital expenditures			(874	)	(499	)
Payments on capital lease obligation			(412	)	-
Payments on long-term debt			(237	)	(3,206	)
Debt issuance costs			(106	)	-
Proceeds from common stock issued			21		405
Excess tax benefit related to stock options exercised			-		21
Net cash provided by (used in) financing activities			9,392		(1,856	)

Increase in cash and cash equivalents			3,608		6,661

Cash and cash equivalents at beginning of period			4,914		10,169

Cash and cash equivalents at end of period		$	8,522		16,830


Free Cash Flow (1)		$	4,295		8,039



(1) Free Cash Flow reconciliation is as follows:			2nd Qtr		2nd Qtr
			FY 2009		FY 2008
A)	Net cash provided by operating activities	$	6,914		9,857
B)	Minus: Capital Expenditures		(1,333	)	(3,385	)
C)	Add: Proceeds from the sale of buildings and equipment		-		2,045
D)	Minus: Payments on vendor-financed capital expenditures		(874	)	(499	)
E)	Minus: Payments on capital lease obligation		(412	)	-
F)	Add: Excess tax benefit related to stock options exercised		-		21
		$	4,295		8,039

Page 4 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE THREE MONTHS ENDED NOVEMBER 2, 2008 AND OCTOBER 28, 2007

(Amounts in thousands)

		THREE MONTHS ENDED (UNAUDITED)

		Amounts											Percent of Total Sales
		November 2,				October 28,				% Over			November 2,			October 28,
Net Sales by Segment		2008				2007				(Under)			2008			2007

Mattress Fabrics	$	28,048				36,010				(22.1	)	%	53.7		%	56.0		%
Upholstery Fabrics		24,215				28,326				(14.5	)	%	46.3		%	44.0		%

Net Sales	$	52,263				64,336				(18.8	)	%	100.0		%	100.0		%


Gross Profit by Segment													Gross Profit Margin

Mattress Fabrics	$	5,084				6,038				(15.8	)	%	18.1		%	16.8		%
Upholstery Fabrics		1,277				2,975				(57.1	)	%	5.3		%	10.5		%
Subtotal		6,361				9,013				(29.4	)	%	12.2		%	14.0		%

Restructuring related charges		(3,213	)	(1	)	(591	)	(3	)	N.M.			(6.1	)	%	(0.9	)	%

Gross Profit	$	3,148				8,422				(62.6	)	%	6.0		%	13.1		%


Selling, General and Administrative expenses by Segment													Percent of Sales

Mattress Fabrics	$	1,833				2,166				(15.4	)	%	6.5		%	6.0		%
Upholstery Fabrics		2,081				2,774				(25.0	)	%	8.6		%	9.8		%
Unallocated Corporate expenses		523				873				(40.1	)	%	1.0		%	1.4		%
Subtotal		4,437				5,813				(23.7	)	%	8.5		%	9.0		%

Restructuring related charges		2		(1	)	25		(3	)	(92.0	)	%	0.0		%	0.0		%

Selling, General and Administrative expenses	$	4,439				5,838				(24.0	)	%	8.5		%	9.1		%


Operating Income (loss) by Segment													Operating Income (Loss) Margin

Mattress Fabrics	$	3,251				3,872				(16.0	)	%	11.6		%	10.8		%
Upholstery Fabrics		(804	)			201				N.M.			(3.3	)	%	0.7		%
Unallocated corporate expenses		(523	)			(873	)			(40.1	)	%	(1.0	)	%	(1.4	)	%
Subtotal		1,924				3,200				(39.9	)	%	3.7		%	5.0		%

Restructuring expense and restructuring related charges		(11,849	)	(2	)	(532	)	(4	)	N.M.			(22.7	)	%	(0.8	)	%

Operating (loss) income	$	(9,925	)			2,668				N.M.			(19.0	)	%	4.1		%


Depreciation by Segment

Mattress Fabrics	$	935				898				4.1		%
Upholstery Fabrics		439				547				(19.7	)	%
Subtotal		1,374				1,445				(4.9	)	%
Accelerated depreciation		2,090				-				100.0		%
Total Depreciation		3,464				1,445				139.7		%

Notes:

(1) The $3.2 million restructuring related charge represents $2.1 million for accelerated depreciation, $1.1 million for inventory markdowns, and $15 for other operating costs associated with closed plant facilities. The $2 restructuring related charge represents other operating costs associated with closed plant facilities.

(2) The $11.8 million represents $7.8 million for write-downs of a building and equipment, $2.1 million for accelerated depreciation, $1.1 million for inventory markdowns, $460 for lease termination and other exit costs, $362 for employee termination benefits, and $17 for other operating costs associated with closed plant facilities. Of this total charge, $3.2 million, $2, and $8.6 million was recorded in cost of sales, selling,general, and administrative expenses, and restructurintg expense, respectively.

(3) The $591 restructuring related charge represents $348 for inventory markdowns and $243 for other operating costs associated with closed plant facilities. The $25 restructuring related charge represents other operating costs associated with closed plant facilities.

(4) The $532 represents $348 for inventory markdowns, $268 for other operatings costs associated with closed plant facilities, $179 for lease termination and other exit costs, $73 for asset movement costs, $27 for write-downs of a building and equipment, a credit of $114 for proceeds received on equipment with no carrying value, and a credit of $249 for employee termination benefits. Of this total charge, $591 was recorded in cost of sales, $25 was recorded in selling, general, and administrative expenses, and a credit of $84 was recorded in restructuring expense.

Page 5 of 7

CULP, INC. FINANCIAL INFORMATION RELEASE
SALES, GROSS PROFIT AND OPERATING INCOME (LOSS) BY SEGMENT
FOR THE SIX MONTHS ENDED NOVEMBER 2, 2008 AND OCTOBER 28, 2007

(Amounts in thousands)

		SIX MONTHS ENDED (UNAUDITED)

		Amounts											Percent of Total Sales
		November 2,				October 28,				% Over			November 2,			October 28,
Net Sales by Segment		2008				2007				(Under)			2008			2007

Mattress Fabrics	$	63,610				72,546				(12.3	)	%	57.0		%	56.0		%
Upholstery Fabrics		47,975				57,020				(15.9	)	%	43.0		%	44.0		%

Net Sales	$	111,585				129,566				(13.9	)	%	100.0		%	100.0		%


Gross Profit by Segment													Gross Profit Margin

Mattress Fabrics	$	11,428				11,843				(3.5	)	%	18.0		%	16.3		%
Upholstery Fabrics		2,347				6,742				(65.2	)	%	4.9		%	11.8		%
Subtotal		13,775				18,585				(25.9	)	%	12.3		%	14.3		%

Restructuring related charges		(3,225	)	(1	)	(1,107	)	(3	)	191.3		%	(2.9	)	%	(0.9	)	%

Gross Profit	$	10,550				17,478				(39.6	)	%	9.5		%	13.5		%


Selling, General and Administrative expenses by Segment													Percent of Sales

Mattress Fabrics	$	3,961				4,208				(5.9	)	%	6.2		%	5.8		%
Upholstery Fabrics		4,565				6,092				(25.1	)	%	9.5		%	10.7		%
Unallocated Corporate expenses		1,293				1,808				(28.5	)	%	1.2		%	1.4		%
Subtotal		9,819				12,108				(18.9	)	%	8.8		%	9.3		%

Restructuring related charges		4		(1	)	51		(3	)	(92.2	)	%	0.0		%	0.0		%

Selling, General and Administrative expenses	$	9,823				12,159				(19.2	)	%	8.8		%	9.4		%


Operating Income (loss) by Segment													Operating Income (Loss) Margin

Mattress Fabrics	$	7,467				7,635				(2.2	)	%	11.7		%	10.5		%
Upholstery Fabrics		(2,218	)			650				(441.2	)	%	(4.6	)	%	1.1		%
Unallocated corporate expenses		(1,293	)			(1,808	)			(28.5	)	%	(1.2	)	%	(1.4	)	%
Subtotal		3,956				6,477				(38.9	)	%	3.5		%	5.0		%

Restructuring expense and restructuring related charges		(12,265	)	(2	)	(1,506	)	(4	)	N.M.			(11.0	)	%	(1.2	)	%

Operating (loss) income	$	(8,309	)			4,971				N.M.			(7.4	)	%	3.8		%


Depreciation by Segment

Mattress Fabrics	$	1,693				1,795				(5.7	)	%
Upholstery Fabrics		940				1,097				(14.3	)	%
Subtotal		2,633				2,892				(9.0	)	%
Accelerated depreciation		2,090				-				100.0		%
Total depreciation		4,723				2,892				63.3		%

Notes:

(1) The $3.2 million represents restructuring related charges of $2.1 million for accelerated depreciation, $1.1 million for inventory markdowns, and $27 for other operating costs associated with closed plant facilities. The $4 represents restructuring related charges for other operating costs associated with closed plant facilities.

(2) The $12.3 million represents $7.8 million for write-downs of a building and equipment, $2.1 million for accelerated depreciation, $1.1 million for inventory markdowns, $776 for employee termination benefits, $447 for lease termination and other exit costs, and $31 for other operating costs associated with closed plant facilities. Of this total charge, $3.2 million, $4, and $9.0 million were recorded in cost of sales, selling, general, and administrative expenses, and restructuring expense, respectively.

(3) The $1.1 million represents restructuring related charges of $703 for other operating costs associated with closed plant facilities and $404 for inventory markdowns. The $51 restructuring related charge represents other operating costs associated with closed plant facilities.

(4) The $1.5 million represents $754 for other operating costs on closed plant facilities, $546 for lease termination and other exit costs, $404 for inventory markdowns, $388 for write-downs of buildings and equipment, $127 for asset movement costs, a credit of $315 for sales proceeds received on equipment with no carrying value, and a credit of $398 for employee termination benefits. Of this total charge, $1.1 million was recorded in cost of sales, $51 was recorded in selling, general, and administrative expenses, and $348 was recorded in restructuring expense.

Page 6 of 7

CULP, INC.
PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED NOVEMBER 2, 2008 AND OCTOBER 28, 2007
(Amounts in Thousands)

		THREE MONTHS ENDED

		As Reported										November 2, 2008				As Reported										October 28, 2007				Proforma
		November 2,		% of				% of				Proforma Net		% of		October 28,		% of				% of				Proforma Net		% of		% Over
		2008		Sales		Adjustments		Sales				of Adjustments		Sales		2007		Sales		Adjustments		Sales				of Adjustments		Sales		(Under)

Net sales	$	52,263		100.0	%	-						52,263		100.0	%	64,336		100.0	%	-						64,336		100.0	%	-18.8	%
Cost of sales		49,115		94.0	%	(3,213	)	-6.1	%	(1	)	45,902		87.8	%	55,914		86.9	%	(591	)	-0.9	%	(3	)	55,323		86.0	%	-17.0	%
Gross profit		3,148		6.0	%	(3,213	)	-6.1	%			6,361		12.2	%	8,422		13.1	%	(591	)	-0.9	%			9,013		14.0	%	-29.4	%

Selling, general and
administrative expenses		4,439		8.5	%	(2	)	0.0	%	(1	)	4,437		8.5	%	5,838		9.1	%	(25	)	0.0	%	(3	)	5,813		9.0	%	-23.7	%
Restructuring expense (credit)		8,634		16.5	%	(8,634	)	-16.5	%	(2	)	-		0.0	%	(84	)	-0.1	%	84		0.1	%	(4	)	-		0.0	%	0.0	%
(Loss) income from operations		(9,925	)	-19.0	%	(11,849	)	-22.7	%			1,924		3.7	%	2,668		4.1	%	(532	)	-0.8	%			3,200		5.0	%	-39.9	%

Interest expense		663		1.3	%	-		0.0	%			663		1.3	%	809		1.3	%	-		0.0	%			809		1.3	%	-18.0	%
Interest income		(21	)	0.0	%	-		0.0	%			(21	)	0.0	%	(63	)	-0.1	%	-		0.0	%			(63	)	-0.1	%	-66.7	%
Other (income) expense		(250	)	-0.5	%	-		0.0	%			(250	)	-0.5	%	463		0.7	%	-		0.0	%			463		0.7	%	154.0	%
(Loss) income before income taxes		(10,317	)	-19.7	%	(11,849	)	-22.7	%	(5	)	1,532		2.9	%	1,459		2.3	%	(532	)	-0.8	%	(6	)	1,991		3.1	%	-23.1	%

Notes:

(2)The $8.6 million represents $7.8 million for write-downs of a building and equipment, $460 for lease termination and other exit costs, and $362 for employee termination benefits.

(4)The $84 restructuring credit represents $179 for lease termination and other exit costs, $73 for asset movement costs, $27 for write-downs of buildings and equipment, a credit of $114 for proceeds received on equipment with no carrying value, and a credit of $249 for employee termination benefits.

(5) Of this total charge, $839 and $11.0 million represent cash and non-cash charges, respectively.

(6) Of this total charge, $158 and $374 represent cash and non-cash charges, respectively.

Page 7 of 7

CULP, INC.
PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 2, 2008 AND OCTOBER 28, 2007
(Amounts in Thousands)

		SIX MONTHS ENDED

		As Reported November 2,		% of				% of				November 2, 2008 Proforma Net of		% of		As Reported October 28,		% of				% of				October 28, 2007 Proforma Net of		% of		Proforma % Over
		2008		Sales		Adjustments		Sales				Adjustments		Sales		2007		Sales		Adjustments		Sales				Adjustments		Sales		(Under)

Net sales	$	111,585		100.0	%	-						111,585		100.0	%	129,566		100.0	%	-						129,566		100.0	%	-13.9	%
Cost of sales		101,035		90.5	%	(3,225	)	-2.9	%	(1	)	97,810		87.7	%	112,088		86.5	%	(1,107	)	-0.9	%	(3	)	110,981		85.7	%	-11.9	%
Gross profit		10,550		9.5	%	(3,225	)	-2.9	%			13,775		12.3	%	17,478		13.5	%	(1,107	)	-0.9	%			18,585		14.3	%	-25.9	%

Selling, general and
administrative expenses		9,823		8.8	%	(4	)	0.0	%	(1	)	9,819		8.8	%	12,159		9.4	%	(51	)	0.0	%	(3	)	12,108		9.3	%	-18.9	%
Restructuring expense		9,036		8.1	%	(9,036	)	-8.1	%	(2	)	-		0.0	%	348		0.3	%	(348	)	-0.3	%	(4	)	-		0.0	%	0.0	%
(Loss) income from operations		(8,309	)	-7.4	%	(12,265	)	-11.0	%			3,956		3.5	%	4,971		3.8	%	(1,506	)	-1.2	%			6,477		5.0	%	-38.9	%

Interest expense		1,095		1.0	%	-		0.0	%			1,095		1.0	%	1,627		1.3	%	-		0.0	%			1,627		1.3	%	-32.7	%
Interest income		(55	)	0.0	%	-		0.0	%			(55	)	0.0	%	(121	)	-0.1	%	-		0.0	%			(121	)	-0.1	%	-54.5	%
Other (income) expense		(236	)	-0.2	%	-		0.0	%			(236	)	-0.2	%	695		0.5	%	-		0.0	%			695		0.5	%	134.0	%
(Loss) income before income taxes		(9,113	)	-8.2	%	(12,265	)	-11.0	%	(5	)	3,152		2.8	%	2,770		2.1	%	(1,506	)	-1.2	%	(6	)	4,276		3.3	%	-26.3	%

Notes:

(1)			The $3.2 million represents restructuring related charges of $2.1 million for accelerated depreciation, $1.1 million for inventory markdowns, and $27 for other operating costs associated with closed plant facilities. The $4 represents restructuring related charges for other operating costs associated with closed plant facilities.

(2)			The $9.0 million represents $7.8 million for write-downs of a building and equipment, $776 for employee termination benefits, and $447 for lease termination and other exit costs.

(3)			The $1.1 million represents restructuring related charges of $703 for other operating costs associated with the closed plant facilities and $404 for inventory markdowns. The $51 restructuring related charge represents for other operating costs associated with closed plant facilities.

(4)			The $348 represents restructuring charges of $546 for lease termination and other exit costs, $388 for write-downs of buildings and equipment, $127 for asset movement costs, a credit of $315 for sales proceeds received on equipment with no carrying value, and a credit of $398 for employee termination benefits.

(5)			Of this total charge, $1.3 million and $11.0 million represent cash and non-cash charges, respectively.

(6)			Of this total charge, $713 and $793 represent cash and non-cash charges, respectively.

Culp (CULP) 8-KEntry into a Material Definitive Agreement