Newspapers / The Fieldcrest Mill Whistle … / May 7, 1973, edition 1 / Page 3
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Foundation Awards Eleven Scholarships (Continued from Page One) a turbine operator at N. C. Finishing Company division at Salisbury. Joseph Paul Fergusom son of Mr. and Elba A. Ferguson, will graduate from J. D. Bassett High School. He has f’een accepted at Virginia Polytechnic fastitute and State University and plans fo major in forestry and wildlife. His father is a carpenter in the Plant Ser- ''ice Department at the Fieldale Towel 'Will in Fieldale, Va. Kimberly Ann Hicks, daughter of Mr. and Mrs. William Daniel Hicks, is a niember of the 1973 graduating class at Morehead High School. She will at- f®nd Meredith College and plans to ma- Hrst Quarter Sales, Earnings Reported Fieldcrest Mills, Inc., reported April 25 that its sales increased 13% in the ffrst quarter of 1973 to a level of $57,- ^40,000. Net earnings for the quarter '''ere $676,000 compared to $1,056,000 in f572 . Earnings per share were $.19 Compared to $.30 lor last year. William C. Battle, president and chief executive officer, said the earnings 5rop-off ‘ ‘was occasioned by a contin- tation of the trends of the fourth quart. 1972 through January and February of this year. “Earnings for March represented a ^'gnificant improvement over the first fwo months of this year and over the Corresponding month last year, reflect- price adjustments to partially off set escalating costs of raw material; Operating efficiencies, and substantially deduced production of off goods.” Mr. Battle said both the bed and bath fashion and carpet divisions recorded strong sales advances. The acquisition Of Swift Spinning Mills, Columbus. Georgia, was effective March 2, 1973 opd, accordingly, corporate sales for fhe first quarter included Swift sales for the month of March. First quarter ®ales excluding Swift showed a 10% in crease over last year. “Our capital program is progressing a rapid pace with total expenditures expected to reach $20,000,000 during 1973. These capital commitments will Oot have a major impact on 1973 earn- “rgs but should contribute signficantly fo the company’s long range profit po- tential.” Mr. Battle further stated that order I'Scklogs continue at record levels, re flecting the willingness of retailers to *'^9ke inventory commitments and strong Consumer purchasing activity. “While the costs of our basic raw Materials, cotton and wool, continue to ®scalate, it is hoped that the good eco- *'omic climate and operating efficien cies will enable the company to cope ®Pccessfully with this very serious prob lem,” he said. llfONDAY, MAY 7, 1973 jor in home economics. Her father is supervisor of quality control at the Karastan Rug Mill. Susan Y. Lail, daughter of Mr. and Mrs. Edney H. Lail, will graduate from Tunstall High School and will attend Virginia Polytechnic Institute and State University. She plans to major in Eng lish. Her father is a shift foreman at the Draper Sheeting Mill. Sandra Jean McClung. daughter of Mr. and Mrs. Garrett C. McClung, is a member of the 1973 graduating class at Morehead High School. She has been accepted at the University of North Carolina at Greensboro and plans to major in education. Her mother, Doris, is a payroll clerk at Karastan Rug Mill. Meryl W. Owen, daughter of Mr. and Mrs. William L. Owen, will graduate from Wentworth High School. She will attend Western Carolina University and plans to major in psychology. Her fath er is an electrician in the Plant Service Department at Blanket Finishing Mill. Hazel Irene Shepherd, daughter of Mr. and Mrs. E. M. Shepherd, is a mem ber of the 1973 graduating class at East Rowan High School. She will attend the University of North Carolina at Chapel Hill and plans to study nursing. Her father is an apprentice mechanic at the N. C. Finishing Company division at Salisbury. Sarah Nell Sizemore, daughter of Mr. and Mrs. Fred M. Sizemore, Jr., will graduate from Morehead High School. She has been accepted at Wake Forest University and plans to major in psy chology. Her father is a supervisor at the Blanket Greige Mill. Randy Bruce Snider, son of Mr. and Mrs. Sherman L. Snider, is a member of the 1973 graduating class at West Davidson High School. He will attend North Carolina State University at Ra leigh and plans to study mechanical en gineering. His father is a mechanic at the N. C. Finishing Company division at Salisbury. Deadline For Grant Applications Is July 15 Applications for educational grants- in-aid from the Fieldcrest Foundation must be received by July 15 to be con sidered for the fall semester. Although applications may be sub mitted at any time during the year, a cutoff period was established in order to allow the grant committee time to more effectively evaluate the requests. Fieldcrest employees’ children who plan to apply for a grant should apply as far in advance as possible. The ap plications must be received at least a month and a half prior to the date a course or program is to begin. The individual grants range upward to $1,000 a year and may be given at any stage of a student’s educational ca reer, beyond high school. The educational grants program, start ed in April, 1972, recognizes that many individuals may more profitably attend technical institutes or take trade courses rather than attend a four-year college or university. Therefore, it is designed to aid em ployees’ children who wish to attend technical schools, or take technical courses such as mechanics, secretarial work or paramedical courses (nursing, medical technicians, etc.) However, those attending four-year colleges or universities, or continuing their education beyond the undergrad uate degree may also receive grants. Educational grants-in-aid are distinct from Fieldcrest Scholarships in that the grants are designed to assist employees’ children primarily in line with their fi nancial need rather than being on a scholastically competitive basis as well as need basis, as in the case of Field crest Scholarships. Individuals who applied for but did not receive a Fieldcrest Scholarship are eligible to apply for a grant-in-aid. Also, Fieldcrest Scholarship recipients are eligible to apply for a grant-in-aid up to $500 a year above the scholarship if their financial need justifies a grant. Fieldcrest Credit Union Assets Reach $5-Million (Continued from Page One) ance makes the Credit Union the best place for the member to borrow money when he needs it for some special pur pose. L. E. Chewning, manager of general accounting and taxes, who is president of the Credit Union, said the purpose of the Credit Union is to encourage sys tematic savings, to make low-cost loans and to help members handle their fi nances in a more adequate manner. “The Credit Union has been perform ing a genuine service for employees for many years. We are proud of the Credit Union and its reputation,” Mr. Chewn ing said. “We invite those who are not mem bers to join the Credit Union and use its services. We would like to see more of the present members begin regular savings. We hope that those who are members will think of the Credit Union first when they need to borrow money.” In order to make Credit Union trans actions as convenient as possible, the Company cooperates by permitting both savings and loan repayments to be handled through payroll deductions. Eligible employees may join the Credit Union by paying a 25c fee and signing a card authorizing the company to de duct a specified amount of savings from each paycheck. Application cards may be obtained from, the supervisors or mill area personnel managers.
The Fieldcrest Mill Whistle (Spray, N.C.)
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May 7, 1973, edition 1
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