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Burlington Industries Inc., Greensboro, N.C., reported that diluted earnings per share were $0.14 for the first quarter of fiscal year 1999, compared with $0.22 for the first quarter of fiscal year 1998.Net income was $8 million, compared with $13.2 million in the first quarter a year ago.Net sales for the first quarter of fiscal 1999 were $407.2 million, compared with $481.7 million for the first quarter of fiscal year 1998.After adjusting for businesses that have been closed or sold since last year's first quarter, sales were down 10.4 percent.Burlington also announced that its board of directors has authorized $25 million for the repurchase of shares of Burlington Industries Common Stock. This is expected to reduce shares outstanding by approximately 5 percent.Share repurchase will be funded from existing cash, internally generated funds of bank debt and will be in open market or privately negotiated transactions, the company said.CromptonandKnowles Corp., Stamford, Conn., reported that fourth-quarter earnings increased 68 percent before special items to $14.9 million, or $0.21 per share basic and diluted, compared with $8. million, or $0.12 per share basic and diluted, in the 1997 fourth quarter.Net earnings for the fourth quarter were $80.9 million, or $1.11 per share diluted ($1.13 basic), compared with $6.7 million, or $0.09 per share basic and diluted, in the fourth quarter of 1997. Net sales in the fourth quarter were $401.8 million, down 6 percent from 1997 fourth quarter sales of $428.1 million.The deconsolidation of the Gustafson seed treatment business in December accounted for about 2 percent of the decline.Springs Industries Inc., Fort Mill, S.C., reported that both fourth-quarter and full-year 1998 sales and earnings were lower than in 1997.Sales in the fourth quarter of 1998 were $508.4 million, down almost 12 percent from the fourth quarter of 1997. After the effect of several unusual items, net income for the quarter was $13.1 million, or $0.72 per diluted share, compared to $15.2 million, or $0.74 per diluted share a year ago.Excluding the effects of these unusual items, fourth-quarter 1998 earnings would have been $14.5 million, or $0.80 per diluted share, compared to $18.4 million, or $0.90 per diluted share in 1997.Russell Corp., Alexander City, Ala., reported results for the fourth quarter and full year 1998.Sales for the fourth quarter ended January 2, 1999, were down 17 percent, to $274.86 million. For the year, sales were down 4 percent; $1.18 billion in the current year compared with $1.23 billion in the period ended January 3, 1998.For the quarter, the company recorded a loss of $4.63 million or $0.13 per share, versus income of $11.8 million in the same period of 1997. Results for the full year reflect a loss of $10.38 million or $0.29 per share.These results include an after-tax charge of more than $8.59 million in the quarter, and $47.997 million for the year, related to severance and the write-down and sale of certain assets in the quarter and year included as part of a previously announced multi-year strategic plan.WestPoint Stevens Inc., West Point, Ga., reported results for the fourth quarter and year ended December 31, 1998. Net sales for the fourth quarter of 1998 increased $24.5 million, or 5.5 percent, to $470.1 million compared with $445.6 million for the fourth quarter of 1997. Excluding the sales of Liebhardt Mills, which was acquired during the fourth quarter of 1998, net sales increased 4.1 percent.Net income for the fourth quarter of 1998 increased to $29 million, or $0.49 per share diluted (a 29-percent earnings per share increase), compared with net income of $23.1 million, or $0.38 per share diluted, for the fourth quarter of 1997, the company said.Operating earnings for the fourth quarter of 1998 were $72 million, or 15.3 percent of sales, compared with operating earnings of $64.1 million, or 14.4 percent of sales, for the same period of 1997. Net sales for 1998 increased $121.5 million, or 7.3 percent, to $1.779 billion, compared with $1.657.5 billion for 1997, a new annual sales record for the company. Net income for 1998, before the extraordinary charge related to the refinancing, increased to $90.6 million, or $1.51 per diluted share (a 36-percent earnings-share increase), compared with income from continuing operations of $69.3 million, or $1.11 per diluted for 1997.Pillowtex Corp., Dallas, announced earnings results for the fourth quarter and fiscal year 1998.Net earnings for the fourth quarter ended January 2, 1999, increased to $15.1 million, or $0.89 per diluted share, from a loss of $3.3 million, or $0.30 per diluted share in the fourth quarter of 1997. Net sales for the fourth quarter increased 87.1 percent to $391.6 million from $209.4 million in the comparable quarter of 1997.Net earnings for the fiscal year ended January 2, 1999, increased 487.7 percent to $42.9 million, or $2.52 per diluted share, from $7.3 million, or $0.66 per diluted share for the fiscal year ended January 3, 1998, due primarily to the acquisition of Fieldcrest Cannon Inc. in December 1997.Fiscal year 1998 net earnings, before a $1.5 million pretax restructuring charge, are $4.3 million, $2.57 per diluted share. This compares to fiscal year 1997 net earnings, before a $6 million pretax restructuring charge of $10.9 million, or $0.98 per diluted share.Net sales for the fiscal year 1998 went up 160.3 percent to $1.5 billion from $580 million in fiscal year 1997.

March 1999




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