UPDATE: Culp Announces Share Buyback of up to $5M

Culp, Inc. CFI announced that its Board of Directors has authorized the expenditure of up to $5.0 million for the repurchase of shares of the company's common stock. Based on the current market value of the common stock, this will allow the company to repurchase approximately five percent of the 13.3 million shares outstanding. Under the stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under Securities Exchange Act Rule 10b5-1, or otherwise. The amount of shares purchased and the timing of the purchases will be based on working capital requirements, market and general business conditions and other factors, including alternative investment opportunities.