In addition, the company announced that its Board of Directors has approved a new authorization for the company to acquire up to $5.0 million of its common stock. This action replaces a similar authorization to acquire up to $7.0 million of common stock, of which $5.4 million was used during fiscal 2012 to repurchase 624,459 shares. These purchases represented 4.7 percent of shares outstanding when the program began in June 2011.

Commenting on this announcement, Frank Saxon, president and chief executive officer of Culp, Inc., said, “The opportunity to initiate a quarterly dividend and to increase the share repurchase program reflects our solid and consistent financial performance and strong balance sheet, along with the leadership position we have achieved in each of our businesses. These actions reinforce our confidence in the company’s future and our commitment to generating value for our shareholders.”

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Culp Inc.