Burke Mills, Inc.
191 Sterling Street, N.W.
Valdese, North Carolina 28690
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
Pursuant to the SEC letter dated November 30, 1999, RE: Burke Mills, Inc., File
No. 0-5680, and further to the requirements of the Securities Exchange Act of
1934, we are transmitting herewith an amendment to Form 10-Q for period ending
10/2/99.
Sincerely,
Burke Mills, Inc.
/s Thomas I. Nail
Thomas I. Nail, Vice President, Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED October 2, 1999
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
_________________ to _________________
Commission File No. 0-5680
BURKE MILLS, INC.
(Exact name of registrant as specified in its charter)
(I.R.S. Employer Identification No.) 56-0506342
State or other jurisdiction of incorporation or organization:
North Carolina
191 Sterling Street, N.W.
Valdese, North Carolina 28690
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
828 874-6341
<PAGE>
The undersigned registrant hereby amends Part I, Item 1 - Financial Statements,
of its Quarterly Report on Form 10-Q for the quarter ended October 2, 1999 as
set forth below, amending Note 13 of Notes to Condensed Financial Statements.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BURKE MILLS, INC.
(Registrant)
December 23, 1999 By: Charles P. McCamy /s
Date: ______________________ ________________________
Charles P. McCamy
(President)
December 23, 1999 By: Thomas I. Nail /s
Date: ______________________ _________________________
Thomas I. Nail
(Vice President Finance)
(Principal Accounting Officer)
(Principal Financial Officer)
<PAGE>
NOTE 13 - INVESTMENT IN AFFILIATE AND RELATED PARTY
TRANSACTIONS
- ----------------------------------------------------------------
The company owns 49.8% of Fytek, S.A. de C.V. (Fytek), a Mexican corporation.
The company accounts for the ownership using the equity method. During the
thirty-nine weeks, the Company had purchases from Fytek of $1,153,000 compared
to $1,235,000 in 1998. The Company has a receivable with Fytek of $48,000 for
equipment sold and leased to Fytek which will be paid in the first quarter of
2000. The Company owes Fytek $112,000 for the purchase of twisted yarns.
Financial information for Fytek is as follows:
STATEMENT OF INCOME
(In thousands of U.S. dollars)
(Unaudited)
3rd Quarter Nine Months
----------- -----------
1999 1998 1999 1998
---- ---- ---- ----
Net Sales $1,839 $1,673 $5,411 $5,480
Gross Profit 218 211 634 676
Income from continuing
operations 124 267 463 723
Income before taxes 124 267 463 723
Provision for income tax 295 263 462 403
------- ------ ------- -------
Net Income (Loss) $ (171) $ 4 $ 1 $ 320
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<PAGE>
BALANCE SHEETS
(In thousands of U.S. dollars)
September 30,
1999 December 31,
(Unaudited) 1998
----------- -----------
ASSETS
Current assets $3,377 $3,217
Non-current assets 130 55
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Total Assets $3,507 $3,272
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $2,660 $2,461
Non-current liabilities 0 0
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Total Liabilities $2,660 $2,461
Shareholders equity 847 811
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Total Liabilities & Shareholders' Equity $3,507 $3,272
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