Burke Mills, Inc. (BULLETIN BOARD: BMLS) of Valdese, North Carolina, reports operating results for the first quarter ended March 30, 2002.
Net sales for the thirteen weeks ending March 30, 2002 decreased by 4.8% to $8,976,000 compared to $9,428,000 for the first quarter of 2001.
The Company recorded a net income of $288,000 for the thirteen week period compared to a net loss of ($113,000) for the same period in 2001. This resulted in a net income per share of $.11 compared to net loss of ($.04) in 2001.
The Company's polyester yarn suppliers have announced price increases beginning in May and June of 2002. The Company believes it will be difficult to pass along part or all of these price increases to its customers. The Company further believes these increases will have a negative impact on the second quarter results.
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