Burlington Reports Progress on Second Quarter Results

Apr 24, 2001, 01:00 ET from Burlington Industries, Inc.

    GREENSBORO, N.C., April 24 /PRNewswire Interactive News Release/ --
 Burlington Industries, Inc. (NYSE:   BUR) today reported a net loss of
 $4.4 million or $0.08 per share for the March quarter, compared to net
 earnings of $0.6 million or $0.01 per share in the same quarter last year.
 The March 2001 figure includes after tax runout expenses of $4.0 million
 associated with the company's restructuring and a $3.1 million after tax gain
 on the sale of assets.  The year-ago period included after tax runout expenses
 of $1.6 million and a $0.6 million after tax gain on the sale of an asset.
 Excluding these items, the net loss from operations for the quarter ending
 March 2001 was $3.4 million or $0.06 per share, compared to net earnings of
 $2.2 million or $0.04 per share for the quarter last year.
     Net sales for the second quarter of fiscal 2001 were $361.4 million
 compared with $402.1 million in the second quarter of fiscal 2000.  The
 previously announced closure of two PerformanceWear facilities and the sale of
 the tufted area rug business were significant factors in the sales decline.
     For the first six months of fiscal 2001, there was a net loss of
 $15.9 million, or $0.30 per share, compared with a net loss of $4.8 million,
 or $0.09 per share in the first six months of fiscal 2000.  Included in first-
 half fiscal 2001 results is $5.1 million after tax or $0.10 per share of
 runout expenses from restructuring, partially offset by gains of $3.1 million
 after tax or $0.06 per share on asset sales.  The comparable period of 2000
 included $2.7 million after tax or $0.05 per share of runout expenses and
 $0.6 million after tax or $0.01 per share gain on an asset sale.
     Net sales for the first six months of fiscal 2001 were $725.7 million,
 compared with $773.2 million in the first six months of fiscal 2000.
     Douglas J. McGregor, President and Chief Operating Officer said, "Our
 accomplishments this quarter are evidence of our focus and our ability to
 drive improvement throughout the company.  We achieved significant working
 capital reductions, including reducing inventories by approximately
 $73 million from a year ago and generating approximately $20 million of cash
 in the quarter, which we used to reduce debt and fund capital improvements.
     "During the March quarter we completed the sale of our tufted area rug
 business and accelerated the closing of our Johnson City plant.  These actions
 shifted a larger portion of the anticipated runout expense into the March
 quarter, and thus will reduce the runout charges for the remainder of the
 year.
     "We continue to focus on cash flow first and are committed to keeping
 inventories in line, realizing the negative impact this has on profits in the
 short run.  We believe that our successful execution over the last two
 quarters positions us to meet the challenges of a slowing economy as we enter
 the second half of the year."
     Commenting further on the company's progress, George W. Henderson, III,
 Chairman and Chief Executive Officer, said, "As stated at the beginning of the
 year, our objectives for fiscal 2001 are two-fold: Generate cash to reduce
 debt by $100 million and successfully implement our restructuring plan
 announced in September.  We are pleased to have met expectations for the
 quarter and first six months of the year despite challenging economic and
 market conditions.  In light of these conditions, we expect second-half
 earnings to be slightly lower than current analysts' expectations; however, we
 still anticipate sequential profit improvement for the balance of the year and
 expect to achieve our debt reduction goal."
     Burlington Industries, Inc. is one of the world's largest and most
 diversified manufacturers of softgoods for apparel and interior furnishings.
     This press release contains statements that are forward-looking statements
 within the meaning of applicable federal securities laws and are based upon
 the company's current expectations and assumptions, which are subject to a
 number of risks and uncertainties that could cause actual results to differ
 materially from those anticipated.  Such risks and uncertainties include,
 among other things, global economic activity, the success of the company's
 overall business strategy, the company's relationships with its principal
 customers and suppliers, the success of the company's operations in other
 countries, the demand for textile products, the cost and availability of raw
 materials and labor, the company's ability to service its existing debt and to
 finance its capital expenditures and working capital needs, the level of the
 company's indebtedness and its exposure to interest rate fluctuations,
 governmental legislation and regulatory changes, and the long-term
 implications of regional trade blocs and the effect of quota phase-out and
 lowering of tariffs under the WTO trade regime and of the changes in U.S.
 apparel trade as a result of recently-enacted Caribbean Basin and Sub-Saharan
 African trade legislation.  Other risks and uncertainties may also be
 described from time to time in the company's other reports and filings with
 the Securities and Exchange Commission.
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                       Consolidated Statements of Operations
               (Amounts in thousands, except for per share amounts)
 
 
                                   Three      Three        Six         Six
                                   months     months      months      months
                                   ended      ended       ended       ended
                                 March 31,   April 1,    March 31,   April 1,
                                   2001        2000        2001        2000
 
     Net sales                $   361,412 $  402,147 $   725,726 $   773,195
     Cost of sales                322,812    348,331     658,344     675,668
     Gross profit                  38,600     53,816      67,382      97,527
     Selling, general and
      administrative expenses      30,771     35,072      62,329      67,780
     Provision for doubtful
      accounts                        920        237       2,627         506
     Provision for restructuring
      and impairments                 236          0         236           0
     Amortization of goodwill           0      4,450           0       8,899
     Operating income before
      interest and taxes            6,673     14,057       2,190      20,342
 
     Interest expense              19,377     16,512      37,248      32,139
     Equity in (income) loss
      of joint ventures               137     (2,040)     (2,363)     (3,839)
     Other expense (income) - net  (6,245)    (2,320)     (8,755)     (9,062)
     Income (loss) before
      income taxes                 (6,596)     1,905     (23,940)      1,104
 
     Income tax expense (benefit):
      Current                        (676)     2,620      (5,989)      8,261
      Deferred                     (1,556)    (1,269)     (2,064)     (2,391)
        Total income tax
         expense (benefit)         (2,232)     1,351      (8,053)      5,870
 
     Net income (loss)        $    (4,364)  $    554   $ (15,887)  $  (4,766)
 
     Basic and diluted earnings
     (loss) per common share  $     (0.08)  $   0.01   $   (0.30)  $   (0.09)
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                            Consolidated Balance Sheets
                              (Amounts in thousands)
 
                                                      March 31,   September 30,
                                                        2001          2000
     ASSETS
     Current assets:
     Cash and cash equivalents                      $    14,109 $    26,172
     Short-term investments                              14,501      13,167
     Customer accounts receivable after deductions
      of $14,571 and $16,866 for the
      respective dates for doubtful accounts,
      discounts, returns and allowances                 224,282     269,209
     Sundry notes and accounts receivable                37,280      31,792
     Inventories                                        249,489     287,969
     Prepaid expenses                                     3,222       3,476
       Total current assets                             542,883     631,785
     Fixed assets, at cost:
     Land and land improvements                          30,391      30,761
     Buildings                                          412,480     410,248
     Machinery, fixtures and equipment                  658,234     658,597
                                                      1,101,105   1,099,606
     Less accumulated depreciation and amortization     509,516     487,739
     Fixed assets - net                                 591,589     611,867
     Other assets:
      Investments and receivables                        61,829      60,217
      Intangibles and deferred charges                   57,164      47,731
        Total other assets                              118,993     107,948
                                                    $ 1,253,465 $ 1,351,600
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities:
     Short-term borrowings                          $         0 $     3,400
     Long-term debt due currently                            50      30,470
     Accounts payable - trade                            66,418      86,892
     Sundry payables and accrued expenses                79,457      97,552
     Income taxes payable                                 2,186       2,024
     Deferred income taxes                               19,665      22,560
       Total current liabilities                        167,776     242,898
     Long-term liabilities:
     Long-term debt                                     861,711     865,980
     Other                                               55,456      58,288
       Total long-term liabilities                      917,167     924,268
     Deferred income taxes                               90,071      89,659
     Shareholders' equity:
     Common stock issued                                    700         689
     Capital in excess of par value                     885,504     884,643
     Accumulated deficit                               (628,202)   (612,315)
     Accumulated other comprehensive income (loss)      (23,761)    (22,452)
     Cost of common stock held in treasury             (155,790)   (155,790)
       Total shareholders' equity                        78,451      94,775
                                                    $ 1,253,465 $ 1,351,600
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                       Consolidated Statements of Cash Flows
                 Increase (Decrease) in Cash and Cash Equivalents
                              (Amounts in thousands)
 
                                                         Six            Six
                                                        months        months
                                                        ended          ended
                                                      March 31,      April 1,
                                                         2001          2000
     Cash flows from operating activities:
      Net loss                                      $   (15,887) $   (4,766)
      Adjustments to reconcile net loss to
       net cash provided by operating activities:
        Depreciation and amortization of fixed assets    33,069      32,065
        Provision for doubtful accounts                   2,627         506
        Amortization of intangibles and
         deferred debt expense                            1,960       9,340
        Equity in loss of joint ventures                    337         861
        Deferred income taxes                            (2,064)     (2,391)
        Translation gain on liquidation of subsidiary         0      (5,507)
        Gain on disposal of assets                       (5,023)       (990)
        Provision for restructuring and impairments         236           0
      Changes in assets and liabilities:
       Customer accounts receivable - net                42,300      (5,363)
       Sundry notes and accounts receivable              (5,488)     (5,075)
       Inventories                                       34,666      (4,531)
       Prepaid expenses                                     254         297
       Accounts payable and accrued expenses            (36,019)    (10,018)
     Change in income taxes payable                         162       2,122
     Payment of financing fees                          (11,865)          0
     Other                                               (5,722)     (2,405)
         Total adjustments                               49,430       8,911
     Net cash provided by operating activities           33,543       4,145
 
     Cash flows from investing activities:
      Capital expenditures                              (18,033)    (39,240)
      Proceeds from sales of assets                      12,807       5,058
      Change in investments                              (3,162)      7,996
     Net cash used by investing activities               (8,388)    (26,186)
 
     Cash flows from financing activities:
      Changes in short-term borrowings                   (3,400)     14,600
      Repayments of long-term debt                     (145,218)    (11,445)
      Proceeds from issuance of long-term debt          111,400      19,198
     Net cash provided (used) by financing activities   (37,218)     22,353
 
     Net change in cash and cash equivalents            (12,063)        312
     Cash and cash equivalents at beginning of period    26,172      17,402
     Cash and cash equivalents at end of period       $  14,109   $  17,714
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                              Performance by Segment
                           (Dollar amounts in millions)
 
 
                                     Three       Three        Six         Six
                                    months      months      months      months
                                     ended       ended       ended       ended
                                   March 31,   April 1,    March 31,   April 1,
                                     2001        2000        2001        2000
     Net sales
      PerformanceWear             $   123.1   $  152.7    $  245.4    $  288.9
      CasualWear                       69.8       55.3       136.8       105.9
      Interior Furnishings             99.3      130.1       207.4       253.4
      Carpet                           70.8       65.9       138.1       128.4
      Other                             5.9        8.6        13.1        17.1
                                      368.9      412.6       740.8       793.7
     Less:
      Intersegment sales               (7.5)     (10.5)      (15.1)      (20.5)
                                   $  361.4   $  402.1    $  725.7    $  773.2
 
     Income (loss) before
      income taxes
      PerformanceWear              $    2.6   $    9.3    $   (0.1)   $   14.1
      CasualWear                       (1.1)      (3.8)       (6.0)       (9.2)
      Interior Furnishings             (1.5)       7.5        (4.3)       13.2
      Carpet                           10.3       11.5        22.5        21.6
      Other                            (0.2)      (0.6)       (0.9)       (0.9)
        Total reportable segments      10.1       23.9        11.2        38.8
      Corporate expenses               (3.3)      (3.3)       (6.5)       (5.7)
      Goodwill amortization             0.0       (4.5)        0.0        (8.9)
      Restructuring                    (0.2)       0.0        (0.2)        0.0
      Interest expense                (19.4)     (16.5)      (37.2)      (32.1)
      Other income (expense) - net      6.2        2.3         8.8         9.0
                                    $  (6.6)  $    1.9    $  (23.9)   $    1.1
 
 
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SOURCE Burlington Industries, Inc.
    GREENSBORO, N.C., April 24 /PRNewswire Interactive News Release/ --
 Burlington Industries, Inc. (NYSE:   BUR) today reported a net loss of
 $4.4 million or $0.08 per share for the March quarter, compared to net
 earnings of $0.6 million or $0.01 per share in the same quarter last year.
 The March 2001 figure includes after tax runout expenses of $4.0 million
 associated with the company's restructuring and a $3.1 million after tax gain
 on the sale of assets.  The year-ago period included after tax runout expenses
 of $1.6 million and a $0.6 million after tax gain on the sale of an asset.
 Excluding these items, the net loss from operations for the quarter ending
 March 2001 was $3.4 million or $0.06 per share, compared to net earnings of
 $2.2 million or $0.04 per share for the quarter last year.
     Net sales for the second quarter of fiscal 2001 were $361.4 million
 compared with $402.1 million in the second quarter of fiscal 2000.  The
 previously announced closure of two PerformanceWear facilities and the sale of
 the tufted area rug business were significant factors in the sales decline.
     For the first six months of fiscal 2001, there was a net loss of
 $15.9 million, or $0.30 per share, compared with a net loss of $4.8 million,
 or $0.09 per share in the first six months of fiscal 2000.  Included in first-
 half fiscal 2001 results is $5.1 million after tax or $0.10 per share of
 runout expenses from restructuring, partially offset by gains of $3.1 million
 after tax or $0.06 per share on asset sales.  The comparable period of 2000
 included $2.7 million after tax or $0.05 per share of runout expenses and
 $0.6 million after tax or $0.01 per share gain on an asset sale.
     Net sales for the first six months of fiscal 2001 were $725.7 million,
 compared with $773.2 million in the first six months of fiscal 2000.
     Douglas J. McGregor, President and Chief Operating Officer said, "Our
 accomplishments this quarter are evidence of our focus and our ability to
 drive improvement throughout the company.  We achieved significant working
 capital reductions, including reducing inventories by approximately
 $73 million from a year ago and generating approximately $20 million of cash
 in the quarter, which we used to reduce debt and fund capital improvements.
     "During the March quarter we completed the sale of our tufted area rug
 business and accelerated the closing of our Johnson City plant.  These actions
 shifted a larger portion of the anticipated runout expense into the March
 quarter, and thus will reduce the runout charges for the remainder of the
 year.
     "We continue to focus on cash flow first and are committed to keeping
 inventories in line, realizing the negative impact this has on profits in the
 short run.  We believe that our successful execution over the last two
 quarters positions us to meet the challenges of a slowing economy as we enter
 the second half of the year."
     Commenting further on the company's progress, George W. Henderson, III,
 Chairman and Chief Executive Officer, said, "As stated at the beginning of the
 year, our objectives for fiscal 2001 are two-fold: Generate cash to reduce
 debt by $100 million and successfully implement our restructuring plan
 announced in September.  We are pleased to have met expectations for the
 quarter and first six months of the year despite challenging economic and
 market conditions.  In light of these conditions, we expect second-half
 earnings to be slightly lower than current analysts' expectations; however, we
 still anticipate sequential profit improvement for the balance of the year and
 expect to achieve our debt reduction goal."
     Burlington Industries, Inc. is one of the world's largest and most
 diversified manufacturers of softgoods for apparel and interior furnishings.
     This press release contains statements that are forward-looking statements
 within the meaning of applicable federal securities laws and are based upon
 the company's current expectations and assumptions, which are subject to a
 number of risks and uncertainties that could cause actual results to differ
 materially from those anticipated.  Such risks and uncertainties include,
 among other things, global economic activity, the success of the company's
 overall business strategy, the company's relationships with its principal
 customers and suppliers, the success of the company's operations in other
 countries, the demand for textile products, the cost and availability of raw
 materials and labor, the company's ability to service its existing debt and to
 finance its capital expenditures and working capital needs, the level of the
 company's indebtedness and its exposure to interest rate fluctuations,
 governmental legislation and regulatory changes, and the long-term
 implications of regional trade blocs and the effect of quota phase-out and
 lowering of tariffs under the WTO trade regime and of the changes in U.S.
 apparel trade as a result of recently-enacted Caribbean Basin and Sub-Saharan
 African trade legislation.  Other risks and uncertainties may also be
 described from time to time in the company's other reports and filings with
 the Securities and Exchange Commission.
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                       Consolidated Statements of Operations
               (Amounts in thousands, except for per share amounts)
 
 
                                   Three      Three        Six         Six
                                   months     months      months      months
                                   ended      ended       ended       ended
                                 March 31,   April 1,    March 31,   April 1,
                                   2001        2000        2001        2000
 
     Net sales                $   361,412 $  402,147 $   725,726 $   773,195
     Cost of sales                322,812    348,331     658,344     675,668
     Gross profit                  38,600     53,816      67,382      97,527
     Selling, general and
      administrative expenses      30,771     35,072      62,329      67,780
     Provision for doubtful
      accounts                        920        237       2,627         506
     Provision for restructuring
      and impairments                 236          0         236           0
     Amortization of goodwill           0      4,450           0       8,899
     Operating income before
      interest and taxes            6,673     14,057       2,190      20,342
 
     Interest expense              19,377     16,512      37,248      32,139
     Equity in (income) loss
      of joint ventures               137     (2,040)     (2,363)     (3,839)
     Other expense (income) - net  (6,245)    (2,320)     (8,755)     (9,062)
     Income (loss) before
      income taxes                 (6,596)     1,905     (23,940)      1,104
 
     Income tax expense (benefit):
      Current                        (676)     2,620      (5,989)      8,261
      Deferred                     (1,556)    (1,269)     (2,064)     (2,391)
        Total income tax
         expense (benefit)         (2,232)     1,351      (8,053)      5,870
 
     Net income (loss)        $    (4,364)  $    554   $ (15,887)  $  (4,766)
 
     Basic and diluted earnings
     (loss) per common share  $     (0.08)  $   0.01   $   (0.30)  $   (0.09)
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                            Consolidated Balance Sheets
                              (Amounts in thousands)
 
                                                      March 31,   September 30,
                                                        2001          2000
     ASSETS
     Current assets:
     Cash and cash equivalents                      $    14,109 $    26,172
     Short-term investments                              14,501      13,167
     Customer accounts receivable after deductions
      of $14,571 and $16,866 for the
      respective dates for doubtful accounts,
      discounts, returns and allowances                 224,282     269,209
     Sundry notes and accounts receivable                37,280      31,792
     Inventories                                        249,489     287,969
     Prepaid expenses                                     3,222       3,476
       Total current assets                             542,883     631,785
     Fixed assets, at cost:
     Land and land improvements                          30,391      30,761
     Buildings                                          412,480     410,248
     Machinery, fixtures and equipment                  658,234     658,597
                                                      1,101,105   1,099,606
     Less accumulated depreciation and amortization     509,516     487,739
     Fixed assets - net                                 591,589     611,867
     Other assets:
      Investments and receivables                        61,829      60,217
      Intangibles and deferred charges                   57,164      47,731
        Total other assets                              118,993     107,948
                                                    $ 1,253,465 $ 1,351,600
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities:
     Short-term borrowings                          $         0 $     3,400
     Long-term debt due currently                            50      30,470
     Accounts payable - trade                            66,418      86,892
     Sundry payables and accrued expenses                79,457      97,552
     Income taxes payable                                 2,186       2,024
     Deferred income taxes                               19,665      22,560
       Total current liabilities                        167,776     242,898
     Long-term liabilities:
     Long-term debt                                     861,711     865,980
     Other                                               55,456      58,288
       Total long-term liabilities                      917,167     924,268
     Deferred income taxes                               90,071      89,659
     Shareholders' equity:
     Common stock issued                                    700         689
     Capital in excess of par value                     885,504     884,643
     Accumulated deficit                               (628,202)   (612,315)
     Accumulated other comprehensive income (loss)      (23,761)    (22,452)
     Cost of common stock held in treasury             (155,790)   (155,790)
       Total shareholders' equity                        78,451      94,775
                                                    $ 1,253,465 $ 1,351,600
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                       Consolidated Statements of Cash Flows
                 Increase (Decrease) in Cash and Cash Equivalents
                              (Amounts in thousands)
 
                                                         Six            Six
                                                        months        months
                                                        ended          ended
                                                      March 31,      April 1,
                                                         2001          2000
     Cash flows from operating activities:
      Net loss                                      $   (15,887) $   (4,766)
      Adjustments to reconcile net loss to
       net cash provided by operating activities:
        Depreciation and amortization of fixed assets    33,069      32,065
        Provision for doubtful accounts                   2,627         506
        Amortization of intangibles and
         deferred debt expense                            1,960       9,340
        Equity in loss of joint ventures                    337         861
        Deferred income taxes                            (2,064)     (2,391)
        Translation gain on liquidation of subsidiary         0      (5,507)
        Gain on disposal of assets                       (5,023)       (990)
        Provision for restructuring and impairments         236           0
      Changes in assets and liabilities:
       Customer accounts receivable - net                42,300      (5,363)
       Sundry notes and accounts receivable              (5,488)     (5,075)
       Inventories                                       34,666      (4,531)
       Prepaid expenses                                     254         297
       Accounts payable and accrued expenses            (36,019)    (10,018)
     Change in income taxes payable                         162       2,122
     Payment of financing fees                          (11,865)          0
     Other                                               (5,722)     (2,405)
         Total adjustments                               49,430       8,911
     Net cash provided by operating activities           33,543       4,145
 
     Cash flows from investing activities:
      Capital expenditures                              (18,033)    (39,240)
      Proceeds from sales of assets                      12,807       5,058
      Change in investments                              (3,162)      7,996
     Net cash used by investing activities               (8,388)    (26,186)
 
     Cash flows from financing activities:
      Changes in short-term borrowings                   (3,400)     14,600
      Repayments of long-term debt                     (145,218)    (11,445)
      Proceeds from issuance of long-term debt          111,400      19,198
     Net cash provided (used) by financing activities   (37,218)     22,353
 
     Net change in cash and cash equivalents            (12,063)        312
     Cash and cash equivalents at beginning of period    26,172      17,402
     Cash and cash equivalents at end of period       $  14,109   $  17,714
 
 
               BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
                              Performance by Segment
                           (Dollar amounts in millions)
 
 
                                     Three       Three        Six         Six
                                    months      months      months      months
                                     ended       ended       ended       ended
                                   March 31,   April 1,    March 31,   April 1,
                                     2001        2000        2001        2000
     Net sales
      PerformanceWear             $   123.1   $  152.7    $  245.4    $  288.9
      CasualWear                       69.8       55.3       136.8       105.9
      Interior Furnishings             99.3      130.1       207.4       253.4
      Carpet                           70.8       65.9       138.1       128.4
      Other                             5.9        8.6        13.1        17.1
                                      368.9      412.6       740.8       793.7
     Less:
      Intersegment sales               (7.5)     (10.5)      (15.1)      (20.5)
                                   $  361.4   $  402.1    $  725.7    $  773.2
 
     Income (loss) before
      income taxes
      PerformanceWear              $    2.6   $    9.3    $   (0.1)   $   14.1
      CasualWear                       (1.1)      (3.8)       (6.0)       (9.2)
      Interior Furnishings             (1.5)       7.5        (4.3)       13.2
      Carpet                           10.3       11.5        22.5        21.6
      Other                            (0.2)      (0.6)       (0.9)       (0.9)
        Total reportable segments      10.1       23.9        11.2        38.8
      Corporate expenses               (3.3)      (3.3)       (6.5)       (5.7)
      Goodwill amortization             0.0       (4.5)        0.0        (8.9)
      Restructuring                    (0.2)       0.0        (0.2)        0.0
      Interest expense                (19.4)     (16.5)      (37.2)      (32.1)
      Other income (expense) - net      6.2        2.3         8.8         9.0
                                    $  (6.6)  $    1.9    $  (23.9)   $    1.1
 
 
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 SOURCE  Burlington Industries, Inc.