SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 3)
CULP INC.
(Name of Issuer)
COMMON STOCK
(TITLE OF CLASS OF SECURITIES)
230215105
(CUSIP NUMBER)
FOUNTAINHEAD PARTNERS L.P.
2201 E LAMAR SUITE 260
ARLINGTON, TX 76006
817-649-2100
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED
TO RECEIVE NOTICE AND COMMUNICATIONS)
July 6, 2007
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box.
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. SEE Rule 13d-7(b) for other
parties to whom copies are to be sent.
CUSIP No. 230215105 13D-A Page 2 of 9 Pages
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Fountainhead Partners L.P.
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2. CHECK THE APPROPRIATE BOX IF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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7. SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 547,100
OWNED BY -----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
547,100
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
547,100
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.36%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IA
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CUSIP No. 230215105 13D-A Page 3 of 9 Pages
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Durango Investments L.P.
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2. CHECK THE APPROPRIATE BOX IF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 547,100
OWNED BY -----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
547,100
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
547,100
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.36%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IV
--------------------------------------------------------------------------------
CUSIP No. 230215105 13D-A Page 4 of 9 Pages
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Rand Financial Inc.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 547,100
OWNED BY -----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
547,100
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
547,100
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.36%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
CUSIP No. 230215105 13D-A Page 5 of 9 Pages
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Scott Rand
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 547,100
OWNED BY -----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
547,100
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
547,100
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.36%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
CUSIP No. 230215105 13D-A Page 6 of 9 Pages
ITEM 1 SECURITY AND ISSUER
This filing is Amendment No. 3 ("Amendment No. 3") to the Schedule 13D
filed by Fountainhead Partners L.P. with the Securities and Exchange Commission
on October 13, 2005, as amended by Amendment No. 1 filed on December 15, 2006
and by Amendment No. 2 filed on June 29, 2007. This Amendment No. 3 relates to
the common stock, par value $0.05 per share ("Common Stock"), of Culp Inc., a
North Carolina corporation (the "Issuer"). The address of the principal
executive offices of the Issuer is 1823 Eastchester Drive, High Point, NC 27265.
Certain terms used but not defined in this Amendment No. 3 have the
meanings assigned thereto in the Schedule 13D. The Schedule 13D is hereby
amended and supplemented by this Amendment No. 3 as follows:
ITEM 2 IDENTITY AND BACKGROUND
(a) The name of the persons filing this Amendment No. 3 are Fountainhead
Partners L.P. ("Fountainhead"), Durango Investments LP (the "Fund"), Rand
Financial Inc. ("Rand"), and Scott Rand ("Mr. Rand", and together with
Fountainhead, the Fund, and Rand, the "Reporting Persons").
Fountainhead serves as the investment manager of the Fund, a private
investment fund which owns 547,100 shares of Common Stock.
Fountainhead, in its capacity as investment manager of the Fund, has shared
power with the Fund to vote and dispose of the shares of Common Stock owned by
the Fund. The General Partner of Fountainhead is Rand Financial Inc. ("Rand"), a
company incorporated in Texas. The sole shareholder of Rand is Scott Rand. Mr.
Rand is also a limited partner of Fountainhead. As the sole shareholder of the
General Partner of Fountainhead, Mr. Rand may be deemed to control Fountainhead.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a)-(b) The Fund is currently the beneficial owner of an aggregate of
547,100 shares of Common Stock, which represent 4.36% of the Issuer's
outstanding shares of Common Stock. As investment manager of the Fund,
Fountainhead shares voting and investment control with the Fund with respect to
the shares of Common Stock held by the Fund. As such, each of Fountainhead, Rand
and Mr. Rand may be deemed to beneficially own the Common Stock held by the
Fund. The percentage provided in this Item 5 are based on the number of
outstanding shares reported as outstanding by the Issuer in its Form 10-Q for
the period ended January 28, 2007, as filed with the Securities and Exchange
Commission. Other than as described in this Item 5, no shares of Common Stock
are beneficially owned by any of the Reporting Persons.
(c) Except as set forth below, there have been no transactions in the
Common Stock by the Reporting Persons since Amendment No. 2.
Since Amendment No. 2, Fountainhead, on behalf of the Fund, effected
the following sales of shares of Common Stock in open market transactions:
CUSIP No. 230215105 13D-A Page 7 of 9 Pages
Date Price per Share No. of Shares Sold
------- --------------- ------------------
7/02/07 $ 9.09 78,147
7/03/07 $ 9.04 42,200
7/06/07 $10.01 17,700
7/09/07 $10.15 85,200
(d) - (e): Not applicable.
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
A Joint Filing Agreement dated July 9, 2007.
CUSIP No. 230215105 13D-A Page 8 of 9 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
July 9, 2007
Dated
/S/ Scott Rand
----------------------------------------
Signature
Scott Rand
Name/Title
For himself and as authorized signatory
for each of:
Fountainhead Partners L.P., Durango
Investments L.P. and Rand Financial Inc.