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BURLINGTON REPORTS RESULTS FOR FOURTH QUARTER AND 1991 FISCAL YEAR

 BURLINGTON REPORTS RESULTS FOR FOURTH QUARTER AND 1991 FISCAL YEAR
 GREENSBORO, N.C., Dec. 27 /PRNewswire/ -- Burlington Industries Capital Inc. (the parent company of Burlington Industries, Inc.) today announced sales and results of operations for its fourth fiscal quarter and the 1991 fiscal year ended Sept. 28, 1991.
 For the fourth quarter of fiscal 1991, sales were $500.7 million, essentially unchanged compared to $497.1 million in the fourth quarter of fiscal 1990. However, operating income (defined as net sales minus cost of sales, selling, administrative and general expenses, and amortization of goodwill) in the fourth quarter of fiscal 1991 was $45.1 million, an increase of 93.5 percent over $23.3 million recorded in the fourth quarter of fiscal 1990. The company recorded a net profit of $8.3 million for the fourth quarter of fiscal 1991, compared to a net loss of $32.5 million for the fourth quarter of 1990. The fourth fiscal quarter of 1991 included tax credits of $12.9 million related to settlement of prior year federal and state examinations and gains of $14.2 million on debt repurchases.
 For the fiscal year 1991, sales were $1,925.8 million compared to $2,042.9 million for the prior year. Operating income for the 1991 fiscal year was $157.1 million, up 24.7 percent in comparison with $126.0 million for the 1990 fiscal year.
 The company recorded a net loss of $68.6 million for the fiscal year 1991 compared to a net loss of $96.5 million for the fiscal year 1990. The reported net loss in fiscal 1991 resulted principally from interest expense of $255.2 million and losses of $23.1 million related to sale of a discontinued operation, offset partly by gains on debt retirement of $27.5 million. The reported net loss in fiscal year 1990 also resulted primarily from interest expense of $262.7 million and was partly offset by gains on debt retirement of $17.7 million.
 Frank Greenberg, Chairman and Chief Executive Officer of Burlington Industries, said: "In the first half of the 1991 fiscal year, the combined effects of excess retail inventories, the recession and the Persian Gulf conflict contributed to a decline in Burlington's sales in comparison with the same period in fiscal 1990. However, by the second half of the fiscal year 1991, excess retail inventories of most textile products had been reduced significantly and retail demand also began to improve modestly. As a result of improvements in Burlington's sales, certain actions we have taken and other factors, our operating income for the second half of the 1991 fiscal year increased significantly to $98.3 million, compared with $58.8 million for the first half of the year, and $58.0 million for the second half of the 1990 fiscal year.
 "Burlington also continues to make progress in its ongoing efforts to reduce debt and interest expense," Greenberg said. Total consolidated long-term debt of Burlington Capital was $1,864.3 million at Sept. 28, 1991, compared to $1,935.2 million at the end of the fiscal year 1990. After the end of the 1991 fiscal year long-term debt was further reduced to $1,795.6 million primarily through repurchases of public debt securities.
 -0- 12/27/91
 /CONTACT: Dick Windham, Burlington Industries, Inc., 919-379-2303/ CO: Burlington Industries Capital, Inc.; Burlington Industries, Inc. ST: North Carolina IN: TEX SU: ERN


CM -- CH002 -- 5491 12/27/91 13:26 EST
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Publication:PR Newswire
Date:Dec 27, 1991
Words:580
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