THE MILL WHISTLE
^ol. 33
P9-Million Paid In Eden
'or Payrolls, Taxes In 74
Fieldcrest Mills’ operation
Med nearly $39 million to the
;onomy of Eden and Rock-
gham County in 1974. A total of
!8,896,328 was paid in Eden and
le county for payrolls and taxes
one, company records show.
The largest contribution to the
conomy of Eden was the
ieldcrest payrolls of $35,804,443
aid to the approximately 4,500
mployees in the area.
Property taxes paid in
ockingham County totaled
194,032, of which $526,630 was
aid to the county and $367,402
aid to the City of Eden.
Fieldcrest in 1974 also paid
2,197,853 in Social Security
ixes and for unemployment
isurance on its Eden
mployees. This was what the
ompany paid in addition to the
mployees’ share of the Social
ecurity taxes.
By law, the Company pays
alf and the employee half of the
jxes to finance Social Security
enefits for employees; but the
company pays 100 percent of the
taxes to provide the state-
administered compensation for
eligible employees when out of
work.
In addition to the nearly $39
million pumped into the
economy by direct payments,
large sums were distributed in
the form of benefits for the
approximately 4,500 active
employees and their dependents
and for pensions to the com
pany’s 1,851 retired employees.
A majority of the retired
employees live in the Eden area.
The foregoing figures do not
include capital expenditures for
land, buildings, machinery or
equipment.
Money spent for purchases of
goods and services from local
firms and expenditures for raw
materials also are excluded.
The figures apply only to Eden
and Rockingham county and do
not include any money paid out
at other manufacturing
locations or in the sales
divisions.
’ieldcrest Mills, Inc. in its
ir-end operating report
iwed a net earnings loss of
992,000 or 58 cents per share
the fourth quarter of 1974.
1 change to the LIFO method
accounting for Bed and Bath
shions Division inventories
1 the reserve for raw material
nmitments accounted for the
irth quarter loss,
before these special items, the
Tetanus Shots
Free tetanus toxoid im
munizations are being
offered to Fieldcrest em
ployees at all locations,
according to Dr. Charles G.
Young, Fieldcrest medical
director.
Employees at the
Karastan Spinning and
Worsted Mills at Greenville
have already received the
immunizations. Dr. Young
said they will be offered to
employees at the other
locations in the coming
weeks. Employees are
urged to watch their bulletin
(Continued To Page Eight)
Eden, N. C„ March 3, 1975
No. 15
Company Announces
74 Operating Results
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Fieldcrest Ads To Be Seen Nationally
fourth quarter profit was
$625,000 or 17 cents per share.
This compares to a profit of $4.4
million in the comparable
quarter of the previous year.
For the year as a whole, the
company reported net earnings
of $1,403,000 or 39 cents per share
compared with earnings of
$9,354,000 in 1973 and $2.62 per
share.
The 1974 earnings before the
switch to LIFO and the raw
material commitment reserve
were $8,043,000 or $2.24 per
share. Net sales for the year
were $300,433,000, up 3 percent
from $290,813,000 in 1973.
William C. Battle, president of
Fieldcrest Mills, Inc. in com
menting February 21 on the
company’s 1974 , performance,
issued the following statement:
“In 1974 Fieldcrest
experienced the most extreme
fluctuations in raw material
costs and product demand in its
history. Because of the unique
circumstances occurring in 1974
and a decision pertaining to
company accounting policy,
management feels that it is
appropriate to provide a more
(Continued on Page Six)
Consumers throughout the
country will see the new national
advertisements for Fieldcrest’s
Missoni Free Style Directions
and Trousseau Lace, shown
above. The ads are part of the
national advertising campaign
for the Spring of 1975.
The ad for Missoni Free Style
Directions will appear in the
March 23rd issue of the New
York Times Sunday Magazine,
and in the April editions of
Harper’s Bazaar, House and
Garden, House Beautiful,
Mademoiselle, New Yorker and
Sunset.
The Trousseau Lace ad will
appear in the April editions of
Bride’s Magazine and Southern
Living, the May edition of
Mademoiselle, and the June
edition of House Beautiful.
In addition to the Trousseau
Lace and Missoni Free Style
Directions, national ads for the
Royal Velvet towel will appear
in the March issues of House and
Garden (back cover). House
Beautiful (inside front cover),
and Linens and Domestics (front
cover), in the spring issue of
House and Garden Decorating
Guide, the June issues of
American Home and Bride’s
Magazine, and in the F'ebruary,
March, April and May issues of
the New Yorker.
In commenting on the Spring
national advertising campaign,
D. A. Kraft, advertising
manager for the Fieldcrest
Marketing Division, said “We
think this is a well-balanced,
very aggressive advertising
campaign for the Spring of 1975.
We are confident that our new
format in national advertising
and this extensive media
schedule will be a real plus for
Fieldcrest this year.’’
Employees Are Urged To Drive Safely
Five Fieldcrest employees
died in automobile accidents
during 1974.
“These statistics are grim re
minders that everyone should
observe basic safety rules at all
times, particularly on the high
way,’’ said Kenneth R. Baggett,
Fieldcrest director of safety and
Workmen’s Compensation.
“They should drive
defensively and never gamble
with safety in any way. If you
lose your gamble, you could lose
your life,” Mr. Baggett said.
Nationally 9,600 fewer persons
were killed in traffic accidents in
1974 than in 1973 - an average
savings of 800 lives per months,
according to reports from the
National Safety Council,
The Council estimated 46,200
persons were killed in traffic
accidents in 1974. a decrease of
17 percent from the 1973 total of
55,800 fatalities. According to the
Council, the 1974 total was the
lowest since 1963 when 43,564
fatalities were recorded. In
addition, the Council said
disabling injuries from motor
vehicle accidents dropped 10
percent in 1974. The safety
organization said about 1.8 mil
lion persons were injured last
year, as compared with two mil
lion disabling injuries in 1973.
On a mile-for-mile basis, the
year was also the safest for
motor vehicle travel in the 42
(Continued on Page Three)
Fieldcrest Sponsors Youths In
'Economics In Action’ Program
P’ieldcrest is participating this
week in a program called
“Economics In Action” to
acquaint Rockingham County
high school juniors and seniors
with business and the free
enterprise system.
The company is sponsoring
two high school students in the
three-day conference which
begins Tuesday, March Nine
other area industries are
participating in the program
which is being co-sponsored by
the Eden and Reidsville
Chambers of Commerce under
the auspices of the N.C. State
University Department of
(Continued On Page Seven)