BB
THE MILL WHISTLE
Vol. 33
■ieldcrest Reports On
1st Quarter Performance
Fieldcrest Mills’ first quarter
ales were $54,239,000 compared
0 $70,494,000 in 1974. Net
arnings were $104,000 ($.03 per
hare) compared to $780,000
$.22 per share) last year. First
[uarter 1974 earnings have been
estated to reflect the LIFO
nethod of inventory valuation
idopted in the fourth quarter of
he year.
In announcing the operating
esults. President William C.
lattle said, “Although all
)hases of Fieldcrest business
ixperienced lower sales levels
or the first quarter of 1975, we
ake some encouragement from
he fact that both sales and
'arnings improved in each suc-
;essive month. Our unfilled
>rder backlog is now 25 percent
ibove year-end.
“Mill operating rates were
substantially below the levels of
last year but our action in taking
drastic measures to reduce
inventories early in the fourth
quarter of 1974 prevented an
even more significant cutback.
“We are continuing to exercise
stringent inventory and cost
controls. Inventories at March
31 were $18.3 million below the
same time last year. The cost
reduction efforts were responsi
ble for the small first quarter
profit in spite of the dramatic
falloff in sales.
“The economy is still
unsettled, but we believe we are
seeing positive signs that would
indicate an increase in business
activity for the balance of the
year,” Mr. Battle said.
FRANCIS X. LARKIN
MICHAEL A. PEARLMAN
ji.arkin, Pearlman Named
r© Corporate Positions
Election of Francis X. Larkin
is a vice president and of
Vlichael A. Pearlman as
issistant secretary of Fieldcrest
Mills, Inc., has been announced
)y William C. Battle, president
ind chief. executive officer of
Fieldcrest.
;> The new officers were elected
#t the regular monthly meeting
^)f the board of directors in New
jifork April 29.
Mr. Larkin recently became
(coresident of the Karastan and
{(uiaurelcrest carpet marketing
livisions of Fieldcrest Mills,
^jjinc., after serving as executive
vice president of the carpet
^jnarketing divisions since June
Mr.
1974.
Ill He previously was divisional
^i.nce president and merchandise
iianager of towels and bath
;ashions for the Fieldcrest
Eden, N. C., May 12, 1975
No. 20
Preparing for YMCA membership drive are from left, J. D. Huffman, R. L. Glasgow.
Bruce Parsons,
Y Membership Drive Under Way
The annual Eden YMCA
membership drive began on
May 6 and will continue until
May 17.
Chairman of this year’s
membership drive is Robert L.
Glasgow, superintendent-Cut
and Sew, Packaging and
Warehousing at the Blanket
Finishing Mill.
Chairman of the drive at
Fieldcrest is J. D. Huffman,
manager-supply purchasing.
Fieldcrest employees at Eden
will be given the opportunity to
join the YMCA or to make
donations through payroll
deductions. The payroll deduc
tions, for those wishing to either
join or to make a donation, will
begin the week ending July 18 for
weekly wage personnel and on
July 31 for salaried personnel.
For those who join the YMCA
during the membership drive.
membership will begin on July 1,
1975, and expire on June 30, 1976.
Those wishing to sign up for
payroll deductions can do so only
during the months of May and
June. No one may sign up for
payroll deductions after June 30,
Mr. Huffman said.
In addition to individual and
family memberships, donations
may be made in two ways, both
of which are tax deductible. The
“Friend of Youth” memberships
are contributions for deserving
youths who cannot afford to join
the YMCA. These donations are
made in units of $18 each. The
contributor may designate a
youth for the membership or
have the YMCA select one.
The Century Club members
are those who contribute $100 to
the Youth Program.
A single youth membership in
the YMCA is $18 per year. A
(Continued on Page Four)
Marketing Division. He has been
with Fieldcrest Mills, Inc., since
1956. He is a graduate of
Fordham University, where he
received a bachelor of science
degree in 1950. He also attended
the New York University School
of Retailing.
Fieldcrest Listed
Among 'Top 500’
mi. Pearlman joined
Fieldcrest Mills, Inc., in August,
1973, as assistant counsel. He is a
1968 graduate of Duke
University and a 1970 graduate
of Duke University Law School.
He was admitted to the North
Carolina Bar in 1970 and the
District of Columbia in 1971.
Before joining Fieldcrest
Mills, he served with the Federal
Trade Commission as a trial
attorney in the Bureau of
Consumer Protection,
Washington, D.C.
Fieldcrest Mills, Inc., is
ranked 481st in Fortune
Magazine’s annual listing of the
500 largest industrial
corporations in the U.S., based
on the company’s 1974 sales
amounting to $300,433,000.
Fieldcrest has been on the
“top 500” list each year since
1963, with a first-year ranking of
486th.
In categories other than sales,
Fieldcrest ranks 327th in the
number of employees, 11,700;
458th in assets, $188,617,000;
465th in net income as a percent
(Continued on Page Two)
Mill Whistle Gets Award
The Mill Whistle has received an award from the Ameri
can Textile Manufacturers Institute for excellence in
photography. Publications were recognized in four categor
ies; photography, writing, layout and overall excellence.
The outstanding publications were selected by faculty
members of the University of South Carolina College of
Journalism from among textile company publications which
were submitted for critical review at an employee com
munications workshop sponsored by the American Textile
Manufacturers Institute on April 15.
The plaque was presented to The Mill Whistle staff by
~ S. Holland, Jr., of Greensboro, public relations repre
sentative of ATMI.