Burke Mills net sales up 8.2 % for thirteen weeks ended April 2, 2005
17 May '05
2 min read
North Carolina based Burke Mills, Inc of Valdese, North Carolina, reports operating results for the thirteen weeks ended April 2, 2005.
Net sales for the thirteen weeks ended April 2, 2005 increased by 8.2% to $7,138,000 compared to $6,601,000 in 2004. The Company recorded a net loss of ($307,000) for the thirteen week period compared to a net loss of ($462,000) for the same period in 2004. This resulted in net loss per share of ($.11) compared to a net loss of ($.17) in 2004.
Net sales for the first quarter increased as a result of the Company continuing to expand its sales into other fibers and adding new customers. The increase in new customer sales, however, is partially offset by declines in sales to older existing customers, who continue to experience extreme competition from imports that has caused their requirements to decrease.
In addition, polyester yarn prices continue to spiral upward, with an approximate 17% increase in 2004 and another 9% increase in the first quarter of 2005.
Burke Mills was founded in 1948. When Frank Gaddy and Leon Guigou opened the first dyehouse in a 1200 square foot warehouse just outside Valdese, North Carolina. It began with eight employees and a capacity of 500 pounds per week. The business grew quickly and within two years Burke Mills was dyeing polyester, rayon and acetate wrap yarn.
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