Release: Immediately
Contact (press): Dick Windham (336) 379-2303
(analysts): Lynn Lane (336) 379-2745
BURLINGTON REPORTS
RECORD SECOND QUARTER
EARNINGS PER SHARE
Burlington Industries, Inc. (NYSE:BUR) today reported record earnings per share of $0.41 for the second quarter of fiscal year 1998, up 20.6 percent compared with $0.34 per share (including a $0.01 per share net gain from non-recurring items) for the second quarter of fiscal year 1997. Net income was $24.6 million, compared with $21.1 million in the second quarter a year ago.
Net sales for the second quarter of fiscal 1998 were $518.0 million, down 3.6 percent compared with $537.2 million for the second quarter of fiscal 1997. Adjusting for closed and sold businesses, sales decreased 1.9 percent.
Net income for the first six months of fiscal 1998 was $37.8 million, or $0.63 per share. For the comparable six months in fiscal 1997, net income was $30.5 million, or $0.49 per share, including the net gain of $0.01 per share from non-recurring items in the second quarter.
Net sales for the first six months of fiscal 1998 were $999.7 million compared with $1,013.7 million reported in the first six months of fiscal 1997. Adjusting for closed and sold businesses, net sales were $998.3 million for the first six months of fiscal 1998 compared with $993.7 million for the comparable period a year ago.
George Henderson, Chairman and Chief Executive Officer of Burlington, said, "Our earnings set a new second quarter record, showing continued improvements in our operations. Although sales for the quarter decreased slightly, we are encouraged by the company's performance as we continue to strengthen our core businesses and explore global opportunities for growth."
Burlington Industries, Inc. is one of the world's largest and most diversified manufacturers of textile products for apparel and interior furnishings.
This press release contains statements which are forward-looking statements within the meaning of applicable federal securities laws and are based upon the company's current expectations and assumptions which are subject to a number of risks and uncertainties which could cause actual results to materially differ from those anticipated. Such risks and uncertainties include, among other things, global economic activity, the demand for textile products, the success of the company's value-added, fashion-driven product strategy, the company's relationships with its principal customers and suppliers, cost and availability of raw materials and labor, the success of the company's plans to expand in the United States and in India and Mexico, the company's ability to finance its capital expansion and modernization programs, the level of the company's indebtedness and the exposure to interest rate fluctuations, governmental legislation and regulatory changes, and the long-term implications of regional trade blocs and the effect of quota phase-out and lowering of tariffs under the GATT trade regime.
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