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Eden, N. C., May 3, 1971
No. 21
Fieldcrest Group Insurance Rated ‘Tops’
1 h'',*' ^ieldcrest Mills group insurance
than ever.
VvT^ you haven’t given much
1 to it, but you are protected by
Ij insurance plan that ranks at
ii.^ “P in the industry. The Fieldcrest
'vas further improved when some
benefits were increased Octo-
41 ’ ^^^0-
'ijj^°"'3nces for hospital room and
,fro,
"’ere increased from $25 to $30
i^aternity benefits were increas-
'hi $100 to $150 each for the hos-
!|((j ®Pd doctor—an overall increase of
th each maternity case.
increases in benefits were made
any additional cost to you.
’'*ta tsuch improvements are im-
’“s . these days of rising hospital
^nd the better benefits are help-
^ ^hy employeees and their depend-
',l)i ‘Pajor increases in benefits inev-
hiu Piust result in higher cost to the
^‘oyee.
increase in your cost
;?( i® the employee’s share of the
W ^Plained the same, insurance pay-
to employees and their families
Sh
1 P all-tiime high in 1970. A whop-
''167,338 was paid in benefits for
$3,:
emiployees and their dependents, rep
resenting a 10% increase over the pre
vious year. While the amount paid out
has been rising each year, there has
been no increase in the employee’s con
tribution to the cost since 1968.
The attractive, liberal plan of insur
ance available to Fieldcrest employees
is made possible by the mass buying
power of the large group. The insur
ance is bought as a “package” and the
bid to the insurance carrier negotiated
on a competitive basis. As a result,
very little is paid for insurance com
pany service or advice. Also, the fact
that the plan is self-administered helps
to provide insurance at the lowest pos
sible rates.
COMPANY PAYS PART
The cost of the insurance to the em
ployee is further reduced because Field
crest pays a part of the premiums. Dur
ing 1970, the company again paid over
25% of the cost. And while we’re talk
ing about the Company’s share of the
cost, let’s clear up one misunderstand
ing. You frequently hear it said that
some other company somewhere pays
a larger share of the cost. This can be
misleading because they may be talk-
^De Purcell Elected To State TB-RD Board
Eugene purcell
Eugene Purcell, superintendent of
piece dyeing at the Blanket Finishing
Mill, has been elected to the state board
of directors, North Carolina Tubercu
losis and Respiratory Disease Associa
tion.
He will represent the executive com
mittee, Piedmont TB-RD Association,
of which he is a member. The Pied
mont association serves Rockingham,
Guilford, Caswell and Stokes counties.
Mr. Purcell is also serving on a com
mittee to acquaint the public with res
piratory diseases in the “What’s RD?”
campaign being held in Eden and in
other areas of Rockingham county.
The Piedmont Tuberculosis and Res
piratory Disease Association received
over $86,000 in the 1970 Christm,as Seal
campaign. This generous response means
that Eden and Rockingham county will
have more services available for the
fight against pollution, TB and other
respiratory diseases.
ing about insurance for the EMPLOYEE
ONLY.
Some companies do pay all of the
cost for the employee but the EM
PLOYEE HAS TO PAY ALL OF THE
COST OF HIS COVERAGE FOR HIS
DEPENDENTS. Experience shows that
more benefits are paid out for depend
ents than for the employee, therefore
family coverage is considerably more
expensive than for the employee alone.
FEW PAY 100%
Another comment you hear is that
the insurance “doesn’t pay enough”,
that too rquch is left over for the em
ployee to pay. Very few plans pay 100%
of the bill and in order to do so they
would have to be very expensive. To
have benefits paying all of the bill
would result in considerable additional
cost to the employee. You can under
stand why insurance plans do not pay
100% when you realize that things like
(Continued on Page Four)
Sales And Earnings
Up In First Quarter
G. W. Moore, chairman of the board
of Fieldcrest Mills, Inc., announced
April 21, that Fieldcrest’s sales increas
ed 12.0% in the first quarter of 1971
to a level of $45,933,000.
Net earnings were $878,000, an in
crease of 43% from the level of $616,-
000 in 1970. Earnings per share for the
quarter were $.25 compared to $.17 last
year.
“The record level of sales was achiev
ed in both our Karastan-Laurelcrest
and Fieldcrest product lines, with carpet
sales being particularly strong,” Mr.
Moore said.
“More favorable activity levels and
continued emphasis on cost reductions
contributed to our earnings improve
ment. In addition, our factoring divi
sion, John P. Maguire, continues to
show improved profitability.
“The stance of the Administration on
national economic policy, low retail in
ventories, and signs of increased con
sumer buying activity lead us to be
optimistic for sales and earnings pros
pects during the remainder of 1971.”