CULP INC — fact timeline

CULP INC reported third fiscal quarter ended February 1, 2026 results: revenue $48.0 million, net income $(3.4) million, EPS $(.27) per diluted share.

“to maintaining a disciplined approach to cash management, our balance sheet and fixed costs." Fiscal 2026 Third Quarter Financial Highlights ▪ Consolidated net sales of $48.0 million, a decline from prior-year period net sales of $52.3 million driven by -MORE- CULP Announces Results for Third Quarter Fiscal 2026 Page 2 March 11, 2026 continued industry-wide”

Mary Elizabeth Hunsberger was appointed as Chief Operating Officer at CULP INC.

“On April 22, 2025, Mary Elizabeth Hunsberger, 50, was appointed by the board of directors (the “Board”) of Culp, Inc. (the “Company”) to serve as Chief Operating Officer of the Company”

William L. Tyson was elected as Director at CULP INC.

“elected William L. Tyson as a director to fill the vacancy created by the expansion in the size of the Board, effective immediately.”

Mary Beth Hunsberger was appointed as President of the Culp Upholstery Fabrics division at CULP INC.

“the Board named Mary Beth Hunsberger to succeed Mr. Chumbley as President of the Culp Upholstery Fabrics division effective July 27, 2024”

Boyd B. Chumbley retired as President of the Culp Upholstery Fabrics division at CULP INC.

“the Board determined Mr. Chumbley's retirement would be effective July 26, 2024”

CULP INC updated its fourth quarter of fiscal 2024 ended April 28, 2024 guidance (lowered).

“On May 1, 2024, Culp, Inc. (the “Company”) issued a news release regarding revised expectations about its financial results for the fourth quarter of the Company’s fiscal 2024 ended April 28, 2024.”

CULP INC announced a restructuring with charges of restructuring and restructuring-related costs and charges of approximately $8.0 million, of which $2.6 million are anticipated to be incurred in the first quart affecting mattress fabrics segment; upholstery fabrics segment (approximately 240 people).

“completed during the first quarter of fiscal 2025. These actions are expected to result in estimated restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures. The costs include cash charges of approximately $1.1 million associated with expected ongoing operating”

CULP INC announced a restructuring with charges of restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures affecting mattress fabrics segment; mattress fabrics segment; upholstery fabrics segment (approximately 240 people).

“completed during the first quarter of fiscal 2025. These actions are expected to result in estimated restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures. The costs include cash charges of approximately $1.1 million associated with expected ongoing operating”

CULP INC reported financial results for third quarter ended January 28, 2024.

“On March 6, 2024, we issued a news release to announce our financial results for our third quarter ended January 28, 2024.”

Boyd B. Chumbley departed as President of the Culp Upholstery Fabrics division at CULP INC.

“On January 4, 2024, Boyd B. Chumbley, President of the Culp Upholstery Fabrics division, notified the company of his intention to retire from his position in the third quarter of the calendar 2024 year, with the definitive date of such retirement still to be determined.”

CULP INC reported financial results for second quarter ended October 29, 2023.

“On December 4, 2023, we issued a news release to announce our financial results for our second quarter ended October 29, 2023.”

CULP INC shareholders approved Approval of the Amended and Restated Equity Incentive Plan at the 2023-09-27 meeting.

“Proposal 5: To approve the Amended and Restated Equity Incentive Plan For Against Abstain Broker Non-Votes 7,271,006 2,225,409 96,180 1,267,968”

CULP INC shareholders approved Advisory vote on the frequency of future Say-on-Pay votes at the 2023-09-27 meeting.

“Proposal 4: Advisory vote on the frequency of future Say-on-Pay Votes 1 Year 2 Years 3 Years Abstain Broker Non-Votes 8,997,258 10,742 553,018 31,577 1,267,968”

CULP INC shareholders approved Advisory vote on the Company’s named executive officers’ compensation as disclosed in the 2023 Proxy Statement (Say-on-Pay) at the 2023-09-27 meeting.

“Proposal 3: Advisory vote on the Company’s named executive officers’ compensation as disclosed in the 2023 Proxy Statement (Say-on-Pay) For Against Abstain Broker Non-Votes 6,420,642 3,073,857 98,096 1,267,968”

CULP INC shareholders approved Ratification of Grant Thornton LLP as the Company’s independent auditors for fiscal 2024 at the 2023-09-27 meeting.

“Proposal 2: To ratify the appointment of Grant Thornton LLP as the Company’s independent auditors for fiscal 2024 For Against Abstain Broker Non-Votes 10,559,423 290,849 10,291 —”

CULP INC shareholders approved Election of eight directors to serve until the 2024 annual meeting of shareholders, or until their successors are elected and qualified at the 2023-09-27 meeting.

“Item 5.07 Submission of Matters to a Vote of Security Holders. On September 27, 2023, Culp, Inc. (the “Company”) held its annual meeting of shareholders. At the meeting, the Company’s shareholders: (i) elected each of the eight persons listed below under Proposal 1 to serve as a director of the Company until the 2024 annual meeting, or until their successors are elected and qualified; (ii) ratified the appointment of Grant Thornton LLP as the independent auditors of the Company for fiscal 2024; (iii) voted for a resolution approving, on an advisory basis, the compensation paid to the Company’s named executive officers (a “Say-on-Pay” vote); (iv) voted to recommend holding future Say-on-Pay votes at a frequency of every one year; and (v) approved the Amended and Restated Equity Incentive Plan.”

CULP INC reported financial results for first quarter ended July 30, 2023.

“On August 30, 2023, we issued a news release to announce our financial results for our first quarter ended July 30, 2023.”

CULP INC reported financial results for fourth quarter and fiscal year ended April 30, 2023.

“On June 28, 2023, we issued a news release to announce our financial results for our fourth quarter and fiscal year ended April 30, 2023.”

Thomas B. Gallagher, Jr. departed as Vice President of Finance and principal accounting officer at CULP INC.

“On May 11, 2023, Thomas B. Gallagher, Jr., Vice President of Finance and principal accounting officer of Culp, Inc. (the “Company”), informed the Company that he will accept a position with another company and resign his position with the Company, effective on or around the middle of July 2023.”

CULP INC incurred credit facility of $35.0 million with Wells Fargo Bank, National Association at daily simple SOFR plus 150 basis points maturing January 19, 2026.

“provided in the Existing Agreement. The ABL Facility may be used for revolving credit loans and letters of credit from time to time up to a maximum principal amount of $35.0 million, subject to the limitations described below. Like the Existing Agreement, the ABL Facility contains a sub-facility that allows the Company to issue letters of credit in an”

CULP INC entered into Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association valued at $35.0 million asset-based revolving credit facility, maturing January 19, 2026, with interest at dai (effective 2023-01-19).

“On January 19, 2023, Culp, Inc., as borrower (the “Company”), and Read Window Products, LLC, a wholly owned domestic subsidiary of the Company, as guarantor (the “Guarantor”), entered into a Second Amended and Restated Credit Agreement (the “ABL Credit Agreement”), by and among the Company, the Guarantor and Wells Fargo Bank, National Association, as lender (the “Lender”), to establish an asset-based revolving credit facility (the “ABL Facility”), the proceeds of which may be used to pay fees and expenses related to the ABL Facility and to provide funding for ongoing working capital and general corporate purposes.”

CULP INC reported financial results for second quarter ended October 30, 2022.

“On December 7, 2022, we issued a news release to announce our financial results for our second quarter ended October 30, 2022, as well as our entry into a non-binding term sheet for a secured credit facility.”

CULP INC reported second quarter of fiscal 2023 results: revenue approximately $58 million. Guidance lowered.

“CULP ANNOUNCES REVISED EXPECTATIONS, INCLUDING IMPAIRMENT AND MARKDOWNS OF INVENTORY, AND IMPROVED CASH POSITION FOR SECOND QUARTER FISCAL 2023 HIGH POINT, N.C. (November 22, 2022) ─ Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today announced that, based on unaudited preliminary results and current estimates, the company expects net sales of approximately $58 million for the second quarter of fiscal 2023, and expects to report a consolidated operating loss (loss from operations) to be in the range of $(11.7) to $(12.2) million for the second quarter.”

Cassandra J. Brown departed as President of the Culp Home Fashions division at CULP INC.

“On August 30, 2022, Cassandra J. Brown, President of the Culp Home Fashions division, notified the company of her intention to retire from her position effective December 31, 2022.”

Franklin N. Saxon changed role as Executive Chairman (transitioning to non-executive Chairman) at CULP INC.

“Effective September 1, 2022, Mr. Saxon’s duties will change such that he is less involved in day to day management, as he will no longer be a full time employee or an executive officer of the Company.”

Franklin N. Saxon changed role as Chairman of the Board at CULP INC.

“Effective September 1, 2022, Mr. Saxon’s duties will change such that he is less involved in day to day management, as he will no longer be a full time employee or an executive officer of the Company.”

Robert G. Culp, IV changed role as President and Chief Executive Officer at CULP INC.

“Mr. Robert G. Culp, IV, President and Chief Executive Officer and formerly co-principal executive officer for such purposes, will serve as the sole principal executive officer of the Company”

Franklin N. Saxon changed role as Executive Chairman at CULP INC.

“Mr. Franklin N. Saxon, Executive Chairman, will no longer serve as co-principal executive officer of the Company”