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 JULY 3, 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
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The undersigned registrant hereby amends Part I, Item 1 - Financial Statements,
of its Quarterly Report on Form 10-Q for the quarter ended July 3, 1999 as set
forth below, amending Note 13 of Notes to Condensed Financial Statements.
SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) 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)
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NOTE 13 - INVESTMENT IN AFFILIATE AND RELATED PARTY TRANSACTIONS
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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
twenty-six weeks, the Company had purchases from Fytek of $832,000 compared to
$831,000 in 1998. The Company has a receivable with Fytek of $123,000 for
equipment sold and leased to Fytek of which $58,000 will be paid in July. The
Company owes Fytek $77,000 for the purchase of twisted yarns.
Financial information for Fytek is as follows:
STATEMENT OF INCOME
(In thousands of U.S. dollars)
(Unaudited)
2nd Quarter Six Months
----------- ----------
1999 1998 1999 1998
---- ---- ---- ----
Net Sales $2,076 $1,739 $3,572 $3,807
Gross Profit 286 234 416 465
Income from continuing
operations 253 223 339 456
Income before taxes 253 223 339 456
Provision for income tax 58 16 167 140
------- ------ ------- -------
Net Income $ 195 $ 208 $ 172 $ 316
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BALANCE SHEETS
(In thousands of U.S. dollars)
June 30,
1999 December 31,
(Unaudited) 1998
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ASSETS
Current assets $3,791 $3,217
Non-current assets 78 55
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Total Assets $3,869 $3,272
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $2,858 $2,461
Non-current liabilities 0 0
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Total Liabilities $2,858 $2,461
Shareholders equity $1,011 $ 811
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Total Liabilities & Shareholders' Equity $3,869 $3,272
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