Newspapers / The Fieldcrest Mill Whistle … / March 3, 1975, edition 1 / Page 6
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Wearing a Revolutionary era dress made from Fieldcrest’s “American T Collection, is Mrs. Thomas Harrington who gave a presentation on local histor and sixth graders during “Awareness Week.” Costumes Created From "American Treasures' Members of the Eden Junior Woman’s Club model cloth ing of the Revolutionary period made from Fieldcrest’s “American Treasures” Collection. From left are Mrs. A. W. Bowers, Mrs. Joseph Maddrey, Mrs. Ed Guest and Mrs. Robert Shelton. Costumes made from Field crest’s “American Treasures” Collection recreated from designs in the Smithsonian Institution were featured in the presentation of the musical “0, Penelope” presented on February 28 in the Eden city schools. Is Honored By College '74 Operating Results The musical was presented during “Awareness Week”, observed by fifth and sixth grade students, and focused on the importance of the American Revolution. Events during the week included skits and recitations by the various classes, slide presentations of Try on Palace, a film called “Porti Patriot,” and presei music of the Revi period. The musical “0,1 which climaxed the o' was based on the E( Party. The week-lo were sponsored by Junior Woman’s CM (Continued From Page One) KENNETH IVlcEARUNG Bluefield College at Bluefield, Va., recently saluted Kenneth McFarling of Eden for “high standards of achievement in honor and responsibility for involvement in student programs.” Mr. McFarland, who has been attending Bluefield for 2'v years is president of the student body there. He is a member of the Draper Christian Church and presently is serving as interim minister at the Morgan Ford Christian Church, Ridgewav Va. His parents are Houston McFarling of the Packaging Department at the Bedspread Finishing Mill and Margaret McFarling of the Yarn Prepara tion Department at the Blanket (ireige Mill. 6 detailed analysis of per formance for the fourth quarter and the year. “For the first three quarters it appeared as though Fieldcrest was headed for one of its best years in sales and profits. In the fourth quarter, sales and orders declined significantly as retailers curtailed their orders in an effort to reduce inven tories. “To keep our inventories in line, production was curtailed at all mills. In addition, stringent measures were undertaken to reduce expenses and minimize the effect of the economic slowdown. “Also, the Board of Directors decided to change the com pany’s accounting policy for Bed and Bath Division inventories from the FIFO method to the LIFO method. In the past, earn ings included the inflationary effect on inventories of continually increasing costs. Shifting to LIFO eliminates inflationary inventory profits and therefore reduces final earnings figures. ^ “It should be noted that under R IFO such inventory earnings, although representing only a paper profit, were taxable. The change to LIFO in 1974 reduced pre-tax earnings by $6,186,000, and the company achieved a cash flow savings of $3,155,000 by eliminating taxes attributable to earnings that would have resulted from the higher FIFO inventory values. Another significant adjustment included in the earn ings statement is the required write-down of our raw material commitment position. It should be noted that this is an ac counting procedure. “It is not recognized by the Internal Revenue Service as a charge against earnings and therefore is not deductible for tax purposes. Due to the drop in the market price of raw materials and the low fourth quarter activity, a pre-tax reserve of $7,365,000 was estab lished for raw material com mitments in conformance with accepted accounting principles. “This represented the difference between the price of Fieldcrest’s raw material com mitments and the approximate market value at the end of the year. Although there is no tax benefit resulting in 1974 from the establishment of this reserve, Fieldcrest will accrue a future tax benefit of $3,756,000. “After the accounting change and the reserve for raw material commitments, the 1974 fourth quarter results showed a loss of $2,092,000 ($.58 per share) and net earnings for the year of $1,403,000 ($.39 per share). Com parable 1973 earnings were $4,360,000 ($1.22 per share) for the fourth quarter and $9,354,000 ($2.62 per share) for the year “The change to LIFO reduced net earnings by $3,031,000 ($.85 per share) for the year of which $697,000 ($.19 per share) was applicable to the fourth quarter and $2,334,000 ($.66 per share) represents a restatement Lemons Children Steven Lemons, who was five years old on February 7, is shown with his sister, Wendy, who was three years old on February 13. They are the of earnings previously reported for the first nine months. The charge for write-down of raw material commitments reduced net earnings by $2,020,000 ($.56 per share) for the fourth quarter and by $3,609,000 ($1.01 share) for the year.” per children of Mr. Lemons of Maternal grandpa and Mrs. Junior Lumkins is emp > Cloth Room at Mill. Mrs. Lumk^ employed in the Spinning Depar ^ Blanket Greig® children’s Lewis Hammock. ■ employee of the D Mill, Weave Roof" the mill ~'tV ...■ A
The Fieldcrest Mill Whistle (Spray, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 3, 1975, edition 1
6
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