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adult contacts ukVALDESE, N.C., Nov. 16 /PRNewswire-FirstCall/ -- Burke Mills, Inc. (OTC Bulletin Board: BMLS) of Valdese, North Carolina, reports operating results for the thirteen weeks and thirty-nine weeks ended October 1, 2005. Net sales for the third quarter decreased by 6.4% to $5,769,000 compared to $6,162,000 for the third quarter of 2004. Pounds shipped decreased by 12.8%. Although pounds shipped declined by 12.8%, sales dollars were supported by price increases and a decline in commission sales (the dyeing of yarn owned by the customer). The company recorded a net loss of $611,000 for the thirteen week period compared to a net loss of $322,000 for the same period of 2004. This resulted in a net loss per share of $0.22 compared to a net loss per share of $0.12 in 2004. Net sales for the nine months were basically equal. Pounds shipped decreased by 2.6%. Although sales were about equal for the nine months, only the first quarter was a strong sales quarter. The second and third quarter sales were less than 2004. The Companys customers continue to experience strong competition in upholstery from imports. The company recorded a net loss for the three quarters of $1,567,000 compared to a net loss of $867,000 in 2004. This resulted in a net loss per share of $0.57 compared to a net loss per share of $0.32 in 2004. CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (Unaudited) Thirteen Weeks Ended Thirty-Nine Weeks Ended ---------------------- ----------------------- Restated Restated Oct. 1 Oct. 2 Oct. 1 Oct. 2 2005 2004 2005 2004 ----------- ---------- ----------- ----------- Net Sales $5,769,161 $6,162,105 $19,486,380 $19,472,684 Costs and Expenses Cost of Sales 5,810,051 6,118,987 19,397,540 18,815,596 ----------- ---------- ----------- ----------- Gross Profit (Loss) $(40,890) 43,118 88,840 657,088 Selling, General and Administrative Expenses 565,039 532,202 1,743,551 1,731,390 Gain on disposal of property 3,124 0 103,748 4,023 ----------- ---------- ----------- ----------- Operating Loss (612,805) (489,084) (1,550,963) (1,070,279) ----------- ---------- ----------- ----------- Other Income Interest Income 1,461 339 4,881 806 Other, net 305 30 791 28,772 ----------- ---------- ----------- ----------- Total Other Income 1,766 369 5,672 29,578 ----------- ---------- ----------- ----------- Other Expenses Interest Expense 0 303 244 1,046 Other Net 0 0 0 12,580 ----------- ---------- ----------- ----------- Total Other Expenses 0 303 244 13,626 Loss before Benefit of Income Taxes & Equity in Net Loss of Affiliate (611,039) (489,018) (1,545,535) (1,054,327) Income Tax Benefit 0 (76,000) 0 (394,000) ----------- ---------- ----------- ----------- Loss before Equity in Net Loss of Affiliate (611,039) (413,018) (1,545,535) (661,327) Equity in Net Earnings/ (Loss) of Affiliate 0 91,288 (21,314) (206,892) ----------- ---------- ----------- ----------- Net Loss (611,039) (321,730) (1,566,849) (867,219) Retained Earnings at Beginning of Period 3,909,886 6,037,350 4,875,696 6,582,839 ----------- ---------- ----------- ----------- Retained Earnings at End of Period $3,308,847 $5,715,620 $ 3,308,847 $5,715,620 =========== ========== =========== =========== Basic and Diluted Loss Per Share $(0.22) $(0.12) $(0.57) $(0.32) =========== ========== =========== =========== Dividends Per Share of Common Stock None None None None =========== ========== =========== =========== Weighted Average Common Shares Outstanding 2,741,168 2,741,168 2,741,168 2,741,168 =========== ========== =========== =========== CONDENSED BALANCE SHEETS October 1 January 1 (Unaudited) 2005 -------- -------- ASSETS Current Assets Cash and cash equivalents $297,284 $316,745 Accounts receivable 3,225,598 3,064,365 Inventories 1,785,388 1,640,983 Prepaid expenses and other current assets 103,490 112,580 ------------ ----------- Total Current Assets 5,411,761 5,134,673 ------------ ----------- Equity Investment in Affiliate 0 196,300 ------------ ----------- Property, plant & equipment - at cost 29,778,232 29,848,475 Less: accumulated depreciation 24,598,213 23,724,193 ------------ ----------- Property, Plant and Equipment- Net 5,180,019 6,124,282 ------------ ----------- Other Assets 16,575 16,575 ------------ ----------- Total Assets $10,618,354 $11,471,830 ============ =========== LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Accounts payable $ 2,051,650 1,465,630 Accrued salaries and wages 172,370 89,847 Other liabilities and accrued expenses 154,967 120,137 ---------- ----------- Total Current Liabilities 2,378,987 1,675,614 ----------- ----------- Total Liabilities $ 2,378,987 $ 1,675,614 ----------- ----------- Commitments and contingencies Shareholders Equity Common stock, no par value (stated value, $.66) Authorized - 5,000,000 shares Issued and outstanding - 2,741,168 shares 1,809,171 1,809,171 Paid-in capital 3,111,349 3,111,349 Retained earnings 3,308,847 4,875,696 ----------- ----------- Total Shareholders Equity 8,229,367 9,796,216 ----------- ----------- $10,618,354 $11,471,830 =========== =========== Burke Mills, Inc., is a processor of dyed, twisted, and textured yarns for the automotive, home and contract upholstery markets. The Company employs approximately 159 people. |
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