Culp Executives See Small Raises During Fiscal 2017

8/20/17

By Chris Roush, NC BIZ News

Furniture fabric supplier Culp Inc. gave its top executives small raises in their total compensation during the 2017 fiscal year, according to a filing Friday with the Securities and Exchange Commission.

Chief Executive Officer Franklin Saxon received total compensation of $2.08 million during the year, up from the $2.04 million he received in the 2016 fiscal year.

His base salary was $416,904, up 3 percent from the $404,761 salary he received in 2016. His nonequity incentive plan compensation rose to $1.04 million from $1.01 million in 2016.

Chairman Robert G. Culp III, one of the founders of the company, received $1.6 million in total compensation in the 2017 fiscal year, up from $1.58 million in compensation he received in fiscal year 2016.

His base salary was $327,567, up 3 percent from $318,026.

Culp’s son, Robert G. Culp IV, is president of the company’s home furnishings division. His total compensation for 2017 rose to $1.03 million, up from $982,741 in 2016.

His base salary rose 3 percent to $277,550 from $269,467 in fiscal year 2016.

Culp is the largest producer of mattress fabrics in North America and one of the largest marketers of upholstery fabrics for furniture in North America. It reported revenues of $309.5 million in its 2017 fiscal year, which ended April 30. down from revenue of $312.9 million in 2016.

It reported net income of $22.3 million during 2017, up 31.9 percent from $16.9 million in net income in 2016.

Culp’s shares rose 15 cents to $27.75 in Friday afternoon trading.

The company’s annual meeting will be held Sept. 20 at 9 a.m. at its headquarters in High Point.

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