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Cone Shows Lower Earnings Announces Restructuring

Cone Mills Corp., Greensboro, N.C., announced that fourth quarter 1998 results will be lower than analysts expectations as a result of reduced shipments of denim and yarn-dyed sportswear fabrics and costs associated with a restructuring program.Slower than planned shipments were the result of weaker retail sales associated with unseasonably warm weather and shifts from basic to fashion-styled jeans, the company said.John L. Bakane, president and CEO, also announced a comprehensive restructuring program to accelerate the earnings recovery of the company. Elements of the program include: streamlining the product offering of the companys sportswear division, including the closing of the Salisbury plant, which produces yarn-dyed shirting fabrics; reorganizing and downsizing the corporate administrative staff with a mid-first-quarter 1999 target implementation date; and reorganizing the apparel products group sales and administrative organizations in order to reduce costs and more effectively service the changing global marketplace.

February 1999