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BURLINGTON REPORTS HIGHER SALES, OPERATING INCOME AND NET INCOME FOR FOURTH QUARTER OF FISCAL 1992

 BURLINGTON REPORTS HIGHER SALES, OPERATING INCOME
 AND NET INCOME FOR FOURTH QUARTER OF FISCAL 1992
 GREENSBORO, N.C., Nov. 3 /PRNewswire/ -- Burlington Industries Equity Inc. (NYSE: BUR) today reported net sales for the fourth quarter of the 1992 fiscal year (ended Oct. 3, 1992) of $542.1 million, 8.3 percent higher than the $500.7 million reported in the fourth quarter of fiscal 1991 (ended Sept. 28, 1991). Operating income before interest and taxes was $62.1 million (or 11.5 percent of sales) for the fourth quarter of fiscal 1992, an increase of 38.3 percent over the $44.9 million (9.0 percent of sales) recorded in the fourth quarter of fiscal 1991. The company reported net income applicable to common stock for the fourth quarter of fiscal 1992 of $28.8 million, or $.42 per share, compared with net income of $7.9 million, or $.99 per share, for the fourth quarter of the 1991 fiscal year. Included in net income for the fourth quarter of fiscal 1992 is a loss on debt retirement of $3.9 million. Included in net income for the fourth quarter of fiscal 1991 was a gain on debt retirement of $14.2 million.
 Very modest growth in retail sales for many textile products during the fourth quarter of fiscal 1992 maintained a trend that began to emerge during the latter part of the quarter ended March 30, 1991. The improvement in Burlington's operating performance in the fourth quarter of fiscal 1992 over the fourth quarter of fiscal 1991 was chiefly related to the company's stronger competitive position, largely achieved by focusing on specialty, higher value added products, and to a lesser extent, increased retail activity.
 All U.S. divisions in the apparel products segment recorded sales increases in the fourth quarter of fiscal 1992 in comparison with the fourth quarter of fiscal 1991 except the Knitted Fabrics division, in which volume was slightly below that of the fourth quarter of fiscal 1991. The operating profits in the apparel products segment were higher in the fourth quarter of fiscal 1992 than in the same quarter a year ago. All apparel products divisions recorded profit increases except the Knitted Fabrics division, in which profit was below its fourth quarter of fiscal 1991 level.
 Sales of the interior furnishings products segment for the fourth quarter of fiscal 1992 increased over the fourth quarter of fiscal 1991, with only the Residential Carpet division reporting a decline because of the planned downsizing of this product area and ongoing weakness in housing and renovation markets. Operating profits of the interior furnishings products segment were higher in the fourth quarter of fiscal 1992 than in the fourth quarter of fiscal 1991. All divisions improved their performance and were profitable except the Residential Carpet division, in which the operating loss declined from its fourth quarter of fiscal 1991 level.
 For the 1992 fiscal year, net sales were $2,065.9 million, 7.3 percent higher than the $1,925.8 million reported in the 1991 fiscal year. Operating income (before interest, taxes and a $29.6 million provision in the second quarter for restructuring the Residential Carpet division) was $241.2 million, an increase of 53.8 percent over fiscal 1991. After the provision for 1992 Residential Carpet restructuring, operating income (before interest and taxes) totaled $211.6 million, in comparison with $156.8 million for the comparable period of fiscal 1991.
 Chiefly because of previously reported charges for the 1992 Recapitalization Plan and the 1992 Residential Carpet restructuring, the company recorded a net loss applicable to common stock of $187.1 million, or $4.83 per share, for the 1992 fiscal year, compared with a net loss of $47.6 million, or $5.82 per share, for fiscal year 1991, which included a loss of $22.5 million related to a discontinued operation and a gain on debt retirement of $53.2 million.
 Looking ahead, the company anticipates that the retail market for many textile products will likely remain lackluster in 1993. Despite this expected economic environment, the company is cautiously optimistic about its prospects for 1993 and currently expects its operating results for the 1993 fiscal year to improve modestly over the fiscal year 1992 level.
 Burlington Industries Equity Inc., is the parent company of Burlington Industries, Inc., one of the largest and most diversified manufacturers of textile products in the world.
 BURLINGTON INDUSTRIES EQUITY INC. AND SUBSIDIARY COMPANIES
 Consolidated Statements of Operations
 (Amounts in thousands, except for per share amounts)
 (Subject to Audit)
 14 weeks 13 weeks 53 weeks 52 weeks
 ended ended ended ended
 10/3/92 9/28/91 10/3/92 9/28/91
 Net sales $542,128 $500,672 $2,065,908 $1,925,752
 Cost of sales 440,834 414,940 1,670,848 1,610,968
 Gross profit 101,294 85,732 395,060 314,784
 Selling, admin.
 & general expenses 34,747 36,400 136,225 140,352
 Amortization of
 goodwill 4,398 4,398 17,592 17,592
 Provision for 1992
 Residential Carpet
 restructuring - - 29,600 -
 Operating income
 before interest
 & taxes 62,149 44,934 211,643 156,840
 Interest expense 25,119 61,801 160,217 251,737
 Loss & expenses
 on sale of
 receivables 3,621 - 20,092 -
 Other expense (inc.)
 - net 740 (1,355) 2,070 (12,178)
 Special ESOP
 contribution &
 early vesting of
 other benefit plans - - 117,937 -
 Income (loss) from
 cont. operations
 before income taxes 32,669 (15,512) (88,673) (82,719)
 Income tax (exp.)
 benefit 34 12,338 (273) 13,103
 Income (loss) from
 continuing opers. 32,703 (3,174) (88,946) (69,616)
 Discontinued operation:
 Loss from opers., net
 of app. income taxes - - - (4,739)
 Provision for loss on
 disposal, including
 income tax of $465
 and $(527), respectively - (817) - (17,729)
 Loss from discontinued
 operations - (817) - (22,468)
 Income (loss) before
 extraord. item 32,703 (3,991) (88,946) (92,084)
 Extraord. item:
 Gain (loss) on
 debt retirement (3,902) 14,191 (93,559) 53,191
 Net income (loss) 28,801 10,200 (182,505) (38,893)
 Accrued preferred
 stock dividend - (1,912) (3,738) (7,157)
 Accretion of
 preferred stock - (412) (828) (1,540)
 Net inc. (loss)
 applicable
 to common stock $ 28,801 $ 7,876 $(187,071) $(47,590)
 Average common
 shares outstanding 68,047 7,958 30,769 8,177
 Net income (loss)
 per common share:
 Inc. (loss) from
 cont. opers. $ 0.48 $ (0.69) $ (2.42) $(9.58)
 Loss from disc.
 opers. - (0.10) - (2.74)
 Income (loss)
 before extraord.
 item 0.48 (0.79) (2.42) (12.32)
 Extraordinary
 item (0.06) 1.78 (2.41) 6.50
 $ 0.42 $ 0.99 $ (4.83) $(5.82)
 BURLINGTON INDUSTRIES EQUITY INC. AND SUBSIDIARY COMPANIES
 Consolidated Balance Sheets
 (Amounts in thousands)
 (Subject to Audit)
 October 3, September 28,
 1992 1991
 ASSETS
 Current assets:
 Cash and cash equivalents $ 24,632 $ 95,332
 Short-term investments, at cost,
 which approximates market 5,162 15,952
 Customer accounts receivable
 after deductions of $16,184
 and $14,522 for the respective
 dates for doubtful accounts,
 discounts, returns and allowances 127,018 294,249
 Sundry notes and accounts
 receivable 6,403 7,722
 Inventories 303,776 291,253
 Prepaid expenses 4,594 3,601
 Total current assets 471,585 708,109
 Fixed assets, at cost:
 Land and land improvements 29,538 29,348
 Buildings 301,932 289,979
 Machinery, fixtures and equipment 424,809 389,429
 756,279 708,756
 Less accumulated depr. and
 amortization 285,430 237,628
 Fixed assets - net 470,849 471,128
 Other assets:
 Investments and receivables 25,274 25,579
 Intangibles and deferred charges 84,497 67,021
 Net assets held for sale 8,713 12,750
 Excess of purchase cost over net
 assets acquired from
 Burlington Industries, Inc.-net 615,095 632,687
 Total other assets 733,579 738,037
 $1,676,013 $1,917,274
 LIABILITIES and SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY)
 Current liabilities:
 Short-term borrowings $ 2,120 $ 906
 Long-term debt due currently 95,200 59,773
 Accounts payable - trade 90,222 92,643
 Sundry payables and accrued expenses 86,402 140,393
 Income taxes payable 9,870 10,024
 Total current liabilities 283,814 303,739
 Long-term liabilities:
 Long-term debt, net of unamortized
 discount of $2,111 and $222,987
 for the respective dates 861,868 1,771,293
 Other 55,636 52,922
 Total long-term liabilities 917,504 1,824,215
 Redeemable preferred stock - 60,040
 Common stock subject to put rights - 42,798
 Shareholders' equity (capital
 deficiency):
 Common stock issued 682 80
 Capital in excess of par value 880,572 30,615
 Accumulated deficit (405,372) (222,867)
 Currency translation adjustments 7,049 7,306
 482,931 (184,866)
 Less note receivable from ESOP Trust - (99,500)
 Less notes receivable - sale of stock - (12,640)
 Less unearned compensation (7,891) (16,243)
 Less cost of common stock
 held in treasury (345) (269)
 Total shareholders'
 equity (cap.def.) 474,695 (313,518)
 $1,676,013 $1,917,274
 BURLINGTON INDUSTRIES EQUITY INC. AND SUBSIDIARY COMPANIES
 Consolidated Statements of Cash Flows
 Increase (Decrease) in Cash and Cash Equivalents
 (Amounts in thousands)
 (Subject to Audit)
 53 weeks 52 weeks
 ended ended
 10/3/92 9/28/91
 Cash flows from operating activities:
 Net loss $ (182,505) $ (38,893)
 Adjustments to reconcile net loss
 to net cash provided (used)
 by operating activities:
 Depreciation and amortization of
 fixed assets 55,595 67,865
 Amortization of intangibles 17,592 22,928
 Amortization of deferred debt
 expense 10,632 7,525
 Income tax benefit - (12,900)
 Deferred income taxes (219) (176)
 Non cash interest and compensation 31,639 82,406
 Undistributed equity losses of
 affiliates - 985
 Loss on disposal of assets - 13,424
 (Gain) loss on debt retirement 93,559 (53,191)
 Loss and expenses on sale of
 receivables 12,764 -
 Special ESOP contribution and early
 vesting of other benefit plans 117,833 -
 Provision for 1992 Residential
 Carpet restructuring 29,600 -
 Changes in assets and liabilities:
 Customer accounts receivable - net (32,769) 6,678
 Sundry notes and accounts receivable 1,319 5,489
 Inventories (16,578) 26,236
 Prepaid expenses (993) 2,179
 Accounts payable and accrued expenses (26,443) 9,145
 Payment of financing fees (55,576) (6,995)
 Change in interest payable (43,358) 5,687
 Change in income taxes payable (154) 309
 Payment of special ESOP contribution (97,500) -
 Other (2,109) (5,524)
 Total adjustments 94,834 172,070
 Net cash provided (used) by operating
 activities (87,671) 133,177
 Cash flows from investing activities:
 Capital expenditures (62,423) (51,375)
 Proceeds from sales of assets 4,852 44,517
 Proceeds from special ESOP contribution 97,500 -
 Other 10,955 8,090
 Net cash provided by investing activities 50,884 1,232
 Cash flows from financing activities:
 Changes in short-term borrowings 1,214 155
 Repayments of long-term debt (2,014,129) (125,304)
 Proceeds from issuance of long-term
 debt 1,036,250 61,500
 Net proceeds from issuance of common
 stock 752,278 2,173
 Proceeds from sale of accounts rec. 190,550 -
 Purchase of treasury stock (76) (269)
 Net cash used by financing activities (33,913) (61,745)
 Net change in cash and cash equivalents (70,700) 72,664
 Cash and cash equivalents at beginning
 of period 95,332 22,668
 Cash & cash equiv. at end of period $ 24,632 $ 95,332
 Supplemental disclosures of cash flows:
 Interest paid - net $ 159,489 $ 161,064
 Income taxes refunded - net $ 1,152 $ 11,239
 BURLINGTON INDUSTRIES EQUITY INC. AND SUBSIDIARY COMPANIES
 Performance by Segment
 (Amounts in millions)
 (Subject to Audit)
 14 weeks 13 weeks 53 weeks 52 weeks
 ended ended ended ended
 10/3/92 9/28/91 10/3/92 9/28/91
 Net sales
 Apparel products $340.5 $312.7 $1,331.7 $1,183.7
 Interior furnishings
 products 201.6 188.0 734.2 742.1
 Total $542.1 $500.7 $2,065.9 $1,925.8
 Operating income before
 interest and taxes
 Apparel products $ 48.1 $ 44.7 $ 221.0 $ 152.3
 Percent of net sales 14.1 14.3 16.6 12.9
 Interior furnishings
 products 14.0 0.2 20.2 4.5
 Percent of net sales 6.9 0.1 2.8 0.6
 Provision for 1992
 Residential Carpet
 restructuring - - (29.6) -
 Total $ 62.1 $ 44.9 $ 211.6 $ 156.8
 Percent of net
 sales 11.5 9.0 10.2 8.1
 Operating income before
 interest, taxes, depr.
 and amort. (EBITDA)
 Apparel products $ 60.1 $ 57.6 $ 265.6 $ 202.7
 Percent of net sales 17.7 18.4 19.9 17.1
 Interior furnishings
 products 22.1 8.8 50.6 38.1
 Percent of net sales 11.0 4.7 6.9 5.1
 EBITDA before
 provision for 1992
 Residential Carpet
 restructuring $ 82.2 $ 66.4 $ 316.2 $ 240.8
 Percent of net sales 15.2 13.3 15.3 12.5
 Provision for 1992
 Residential Carpet
 restructuring - - (29.6) -
 EBITDA after provision
 for 1992 Residential
 Carpet
 restructuring $ 82.2 $ 66.4 $ 286.6 $ 240.8
 Note:
 Interior furnishings
 products excluding
 the Residential
 Carpet business:
 Net sales $184.0 $162.0 $ 649.0 $ 612.0
 EBITDA $ 25.3 $ 16.1 $ 69.5 $ 60.7
 -0- 11/3/92
 /CONTACT: (Press) Tom Daly, Kekst & Co., 212-593-2655, or Bryant Haskins, Burlington Industries, Inc., 919-379-2512, or (Analysts) Park Davidson, Burlington Industries, Inc., 919-379-2515/
 (BUR) CO: Burlington Industries Equity Inc.; Burlington Industries, Inc. ST: North Carolina IN: TEX SU: ERN


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