36
THE MILL WHISTLE
Monday, February 20, 1978
No. 15
^'®ldcrest Mills, Inc. has reported all-time high fourth quarter and an-
®'®arnings for 1977.
®®''nings for the fourth quarter were $5,109,000 ($1.38 per primary
®)> Compared to $4,861,000 ($1.34 per primary share), in 1976. Sales
F^ieldcrest Earnings Highest Ever
Selling, administrative and warehousing expenses were again reduced
in 1977 as a percent of sales. Continued emphasis was placed on turns
of inventory and accounts receivable.’’
Battle made no prediction as to future results but did say that in spite
of the unsettled economic conditions management is optimistic and that
Fieldcrest’s unfilled order position is paHicularly strong at this time and
substantially ahead of last year.
Karastan Introduces
Spring Area Rugs
• -7 — — -7 — I f-- J —/T
.^'23,794,000, an increase of 20% over sales of $103,058,000 the
f®*''"'syear.
earnings for the year rose to $17,294,000 ($4.65 per primary
a 39% increase over the 1976 level of $12,439,000 ($3.39 per pri-
J share). Sales for 1977 of $416,860,000 were 21% over the 1976
$345,025,000.
,®crnmenting on the Company’s performance, William C.
' ®ht and Chief Executive Officer, said.
Battle,
, , This is the third consecu-
^1®that Fieldcrest has established earnings and sales records.
Ij), quarter performance of the Company was strong and in line
experience of the first nine months. However, fourth quarter
®9s Were affected by an increase in the LIFO inventory reserve of
) ll^’'^'’^etely $4.2 million. While this adjustment reduced net earnings
^^''iod by approximately $2.1 million, a corresponding cash in-
® '^as achieved.
"fL
I ® record earnings levels were a result of strong performance by
u®^ and Bath Division and the Carpet and Rug Division. Each
had sales gains significantly in excess of industry performance,
‘iiportant, however, each division’s earnings increase exceeded
®® increase on a percentage basis.
\ ^
■narketing and styling leadership in consumer products con-
®i9nificantly to the improved profitability, as did the high
^ standards and efficiency goals established by manufacturing.
Primitive native geometries in
spired by Morccan designs and a
new Caucasian pattern underscore
the continued importance of the
“ethnic” look in new area rugs being
introduced for Spring ‘78 by Karas
tan.
In addition to the Mameluke de
sign, Karastan’s 50th Anniversary
Commemorative Rug, other new
area rug fashions include the Be
douin Collection, a group of Moro
ccan-inspired designs; a Caucasian
Seichur pattern and a Persian hunt
ing design called the Royal Hunt
Rug, and a classic 18th century
GROUP of 50-Year Club members wel-
L, *he newest member, Payton Jeffries, front row
l|fl !; Pront row from left, are Allie Houchins, Betty
’ Josie Taylor, Mary Manuel. Second row from
D A Y , F E B R U A R Y 2 0, 1 9 7 8
left, Thomas K. Thompson, A. D. Weaver, Bunyan Lee
Thompson, Lonnie T. Hankins, Hugh T. Lee. Back row,
J. Thomas Patterson, T. Earl Bondurant and Glenn
Simpson. See story and photos on Page 8.
French style called the Golden Au-
busson.
“The ethnic influence is still quite
strong in contemporary interiors,
and the bold native geometries and
earthtone colorings of the Bedouin
and Seichur rugs are ideally match
ed to this look,” stated Robert V.
Dale, vice-president of styling and
design for Karastan.
The Bedouin Collection offers
three different patterns called
Algerie, Marrakech and Tunis. As
Dale explained, the designs were in
spired by Moroccan style rugs.
“Here again,” he noted, “we see
that primitive patterns have a seem
ing Universal similarity. The pat
terns in these Moroccan-style rugs
are quite reminiscent of some
American Indian and Caucasian de
signs.”
But, he added, the colors are es
pecially Moroccan in mood,
featuring such desert earthones as
sand beige, dark brown, copper, and
gold.
The rugs are made by Karas
tan’s exclusive Kara-Crest process
in a thick plush pile of all-acrylic
yarns.
The Seichur design is a striking
Caucasian style featuring rust tones
with a blue-gray color. It is com
posed of a series of intricate geo
metric motifs, which Dale pointed
out, go beautifully with both modern
and country interiors.
The Royal Hunt Rug is an historic
depiction of animals and 16th
century Persian hunters on horse
back. “It’s apparent that these
centuries-old action scenes have
widespread appeal as hunting de
sign rugs, which have great similar
ities with Persian miniature paint
ing, have proven quite popular in
this country,” Dale said.
(PHOTOS ON PAGE 4)