Newspapers / The Kings Mountain Herald … / Jan. 6, 1972, edition 1 / Page 8
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S' r IPage 2 THE kiNGi MOUKiTAiW HEliAllD, MbUNTAlH, N. C. ^ Thursday. January 6. 1972 Thurs MORE ABOUT BetteiYear ForBurUngfon SOCIETY COLUMN (Continued from Page One-> Miss Cathy Wilson, daughter of Mr. and Mrs. R. G. Wilson of 203 North Goforth street, is a dean’s list student at Western Carolina University in Greensboro, N. C. — Burlinsrton Industries, describing 1971 as a “dilfieult and disappointing year,” sees Improvement ahead in 1972. The Company’s annual report to shareholders, being mailed this week, notes actions taken to off set a decline in sales and earn ings and to “improve our compe titive position for 1972 and be yond." Burlington earlier reported sales 1971. Commenting on the growth of $1.7 billion (d(wn 5.2 percent Cullow,^ee. YPCU Sets A freshman majoring in music. Miss Wilson was placed on the dean's list for the recent semester. She has returned to Cullowhee after spending the Christmas holidays with her parents. Benefit Supper Yciitng People’s Christian Un ion will serve an OT South sup- iper January 18th from 5:30 un til 8:30 p. m. in Boyce Memorial ARP church Jellow^lp hall for ibenelit of a needy family. Plates will be $150 for adults and $1 for children and tickets are a\taUalble at Philfer Hard- vrare Company and Allen’s ■Flower Shop. ’Tlie menu will include chicken v/lth all the trimmdngs. from the prior year) and primary net earnings otf $40.1 million, or $1.52 cents per sliare (down 44 percent). The dividend rate was maintained at $1.40 per share, the same as in the prior year. Provisions of the Revenue Act of 1971 were not applied to Bur lington’s 1971 finaju-ial state ments, as enactment ol the legis lation Occurred after the annual report was prepared. Today, the Company reported that invest ment tax credit under the new Act, applicable to its 1971 fi.scal year, is equivalent to two cents per share. This amount will be pro-rated to earnings during the lour quarters of the 1972 fiscal year. , In addition, investment tax credit for Burlington’s 1972 fiscal year is estimated at approximate ly 20 cents per share. The Com pany also noted that additional depreciation for income tax pur poses, authorized by the Revenue Act, was not significant for fiscaj in knit fabrics, Burlingiton Ohair- man Charles 'F- Myers and Presi dent Hly R. Callaway state that “rapid progress has been made in developing and Increasing our knit business; sales increased a- bout 50 percent over the prior year. We expect 1972 knit fabric sale sto be approximateily $175 million, double the 1971 voluime.” The report added that increas ing industry knit capacity would bring more competitive conditions in many knit markets over the next .several years. Home furnishings was Burling ton’s largest single area of high er sales volume and profits. This area of business (carpets and rugs, sheets and pillowcases, drap eries and upholstery fabrics, blan kets, towels and furniture) ac counted for about 30 percent of Burlington’s total sales in 1971, “The outlook for this growing area of our business Is excellent and further expansion is under way." the report noted. Trade agreements negotiated by the United States with four Far East countri<'s will substantially reduce the rapid growth rate of textile and apparel imports, an$ “in the longer run our domeswe industries will have a more equi table opportunity to participate in growing U. S. consumer demand." 'Burlington spent $7.3 mUlixm for coroprate and divisional re search during 1971, with llame retards ncy of fabrics and wa.ste treatmeixt improvemcnls among special research prnjeot.-;. Water and air pollution control policies and procures were In force at all Burlington plants during 1971, with capital spend ing in this area reaching some $3,5 imilllon compared 'to $2 mill ion in 1970, and $4 million pro jected for 1972. during the year, with special cm phasis on respiratory re.scarch ami hearing conservation. Burlington continui*d its nation al television network advcrti.sing in 1971. .U'.erli.sing ami sales pramoiion expenditures tclaled $17 milUcn, tlie same as In 1970, wi ll $15 m llion projected for 1972. Con iimer advertising em pha.?l3 Is directed toward promo tlon of the “Burlington Hou.se, All Through Tlie House” concept of home furnishings, and also in .1972 will higlilight now apparel fabric developments — both knit and woven. FASHION CTOUES An economist who studied the life cycle nf fa.shions has suggpj^ c:l~ tiiat cycles in accessor® su.-li as scarfs, handbags, anff cc.siiimc jewelry, generally lasf about one season; fashions in color, design and fabrics usual ly are popular about a year, with certain exceptions. As Overall capital Inve.stmenl spAding for plant and equipment totaled $104 million for the year and Is expected to (re higher for 1972. ’The Company’s occuipational health program was eaepanded NOW HEAR THIS It has been estimated that in LOSE UGLY FAT Yow can Iter) losing weight to<loy. MONADCX is 0 tiny tablet and eosy To toke. MONADEX will help curb your desire for excess leed. Cot less- weigh less. Centoins no dangerous drugs end will not meke you nervous. No strenuous exercise. Chonge yeur li(a . . stort today. MOHADEX costs $3.00 for 0 20 day supply. Lost ualy fat or veur money will be refunded every l^l-hour period an average American is bombarded, know ingly or otherwise, with some 1,- 500 commercial messages. fat or yeur money will be refund*. _ with no quostiens esktd. MONADEX is sold with this guorentoo by: medical Mountain PHABMACY - Kintji . Mail Orders Filled 1:6-20) i mmm Pie-Inventory Sale '■'m REDUCTIONS Before you buy, before you sign anything, 7? |0tO irst-Citizens Bank for the low bank rate loans for financing new cars, used cars, boats and motors, color television sets and other major purchases. FIRST- CITIZENS BANK McGinnis Department Store 243 S. BATTLEGROUND PHONE 739"?U6 Wfe’reljereoiLj&ur account Wfe believe in C First-Citizens Bank & Triist Company 1965 Saving Here cS’ifijV Hr •S53 Will Earn You Many $$$$ •y yM ASK YOUB NEIGHBOR WHO IS RECEIVING HIS QUARTERLY DIVIDEND Home Savings & Loan Assn. IWEc :iin ,.v. 1
The Kings Mountain Herald (Kings Mountain, N.C.)
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Jan. 6, 1972, edition 1
8
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