FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 2, 1999
Commission file number 1-10984
BURLINGTON INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 56-1584586
(State or other juris- (I.R.S. Employer
diction of incorpora- Identification No.)
tion or organization)
3330 West Friendly Avenue, Greensboro, North Carolina 27410
(Address of principal executive offices)
(Zip Code)
(336) 379-2000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
As of February 1, 1999, there were outstanding 56,920,955 shares of Common
Stock, par value $.01 per share, and 704,301 shares of Nonvoting Common Stock,
par value $.01 per share, of the registrant.
<PAGE>
Part 1 - Financial Information
Item 1. Financial Statements
BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
Consolidated Statements of Operations
(Amounts in thousands, except for per share amounts)
Three Three
months months
ended ended
January 2, December 27,
1999 1997
--------- ---------
Net sales $ 407,182 $ 481,703
Cost of sales 342,362 402,803
--------- ---------
Gross profit 64,820 78,900
Selling, general and administrative
expenses 36,761 35,880
Provision for doubtful accounts 989 1,250
Amortization of goodwill 4,462 4,540
--------- ---------
Operating income before
interest and taxes 22,608 37,230
Interest expense 14,314 14,551
Equity in (income) loss of joint ventures (2,276) 1,000
Other expense (income) - net (3,589) (914)
--------- ---------
Income before income taxes 14,159 22,593
Income tax expense:
Current 5,762 9,834
Deferred 428 (465)
--------- ---------
Total income tax expense 6,190 9,369
--------- ---------
Net income $ 7,969 $ 13,224
========= =========
Basic and diluted earnings per
common share $ 0.14 $ 0.22
See notes to consolidated financial statements.
1
<PAGE>
BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets
(Amounts in thousands)
January 2, October 3,
1999 1998
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 19,704 $ 18,163
Short-term investments 25,175 27,253
Customer accounts receivable after deductions
of $19,845 and $20,864 for the
respective dates for doubtful accounts,
discounts, returns and allowances 246,601 288,806
Sundry notes and accounts receivable 16,479 15,810
Inventories 327,108 322,548
Prepaid expenses 3,641 3,198
----------- -----------
Total current assets 638,708 675,778
Fixed assets, at cost:
Land and land improvements 38,800 39,374
Buildings 443,462 442,828
Machinery, fixtures and equipment 626,612 636,439
----------- -----------
1,108,874 1,118,641
Less accumulated depreciation and amortization 467,792 475,885
----------- -----------
Fixed assets - net 641,082 642,756
Other assets:
Investments and receivables 51,102 44,990
Intangibles and deferred charges 32,517 35,211
Excess of purchase cost over net assets acquired 505,977 514,152
----------- -----------
Total other assets 589,596 594,353
----------- -----------
$ 1,869,386 $ 1,912,887
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 13,800 $ 14,200
Long-term debt due currently 470 470
Accounts payable - trade 63,119 87,999
Sundry payables and accrued expenses 64,671 73,995
Income taxes payable 11,764 6,440
Deferred income taxes 44,559 44,576
----------- -----------
Total current liabilities 198,383 227,680
Long-term liabilities:
Long-term debt 788,025 801,486
Other 57,170 59,052
----------- -----------
Total long-term liabilities 845,195 860,538
Deferred income taxes 124,893 124,448
Shareholders' equity:
Common stock issued 684 684
Capital in excess of par value 884,307 884,685
Accumulated deficit (45,880) (53,849)
Accumulated other comprehensive income (loss) (17,415) (17,357)
Cost of common stock held in treasury (120,781) (113,942)
----------- -----------
Total shareholders' equity 700,915 700,221
----------- -----------
$ 1,869,386 $ 1,912,887
=========== ===========
See notes to consolidated financial statements.
2
<PAGE>
BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
Consolidated Statements of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
(Amounts in thousands)
Three Three
months months
ended ended
January 2, December 27,
1999 1997
---------- ----------
Cash flows from operating activities:
Net income $ 7,969 $ 13,224
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization of fixed assets 16,164 15,937
Provision for doubtful accounts 989 1,250
Amortization of intangibles and
deferred debt expense 4,531 4,682
Equity in loss of joint ventures 944 1,000
Deferred income taxes 428 (465)
Gain on disposal of assets (2,713) (103)
Changes in assets and liabilities:
Customer accounts receivable - net 41,216 42,925
Sundry notes and accounts receivable (669) (624)
Inventories (15,114) (19,275)
Prepaid expenses (443) (631)
Accounts payable and accrued expenses (35,461) (35,844)
Change in income taxes payable 5,324 3,368
Other (6,920) (2,592)
---------- ----------
Total adjustments 8,276 9,628
---------- ----------
Net cash provided by operating activities 16,245 22,852
---------- ----------
Cash flows from investing activities:
Capital expenditures (26,804) (21,488)
Proceeds from sales of assets 35,684 3,381
Investment in joint ventures (6,766) (925)
Change in investments 1,788 (6,517)
---------- ----------
Net cash provided (used) by investing activities 3,902 (25,549)
---------- ----------
Cash flows from financing activities:
Changes in short-term borrowings (400) 0
Repayments of long-term debt (72,212) (205,039)
Proceeds from issuance of long-term debt 61,000 206,900
Proceeds from exercise of stock options 0 934
Purchase of treasury shares (6,994) 0
---------- ----------
Net cash provided (used) by financing activities (18,606) 2,795
---------- ----------
Net change in cash and cash equivalents 1,541 98
Cash and cash equivalents at beginning of period 18,163 17,863
---------- ----------
Cash and cash equivalents at end of period $ 19,704 $ 17,961
========== ==========
See notes to consolidated financial statements.
3
<PAGE>
BURLINGTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
Notes to Consolidated Financial Statements
As of and for the three months ended January 2, 1999
Note A.
With respect to interim quarterly financial data, which are unaudited, in
the opinion of Management, all adjustments necessary to a fair statement of the
results for such interim periods have been included. All adjustments were of a
normal recurring nature.
Note B.
Accounts of certain international subsidiaries are included as of dates
three months or less prior to that of the consolidated balance sheets.
Note C.
Use of Estimates: The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
Note D.
The following table sets forth the computation of basic and diluted
earnings per share (in thousands):
Three Months Ended
-----------------------
January 2, December 27,
1999 1997
-------- --------
Numerator:
Net income........................ $ 7,969 $ 13,224
Effect of dilutive securities:
Convertible note................. - 65
-------- --------
Numerator for diluted earnings
per share........................ $ 7,969 $ 13,289
======== ========
Denominator:
Denominator for basic earnings per
share............................ 57,830 59,636
Effect of dilutive securities:
Stock options.................... 16 712
Performance Unit awards.......... 21 -
Nonvested stock.................. 11 -
Convertible note................. - 407
-------- --------
Denominator for diluted earnings
per share........................ 57,878 60,755
======== ========
During the 1999 fiscal year, outstanding shares changed due to (i) the
issuance of 13,779 shares of treasury stock to settle Performance Unit awards
and (ii) the purchase of 779,979 shares of treasury stock.
<PAGE>
Note E.
Inventories are summarized as follows (dollar amounts in thousands):
January 2, December 27,
1999 1998
Inventories at average cost:
Raw materials............................. $ 50,485 $ 40,594
Stock in process.......................... 95,023 98,922
Produced goods............................ 200,900 204,169
Dyes, chemicals and supplies.............. 21,951 22,358
---------- ----------
368,359 366,043
Less excess of average cost over LIFO..... 41,251 43,495
---------- ----------
Total................................. $ 327,108 $ 322,548
========== ==========
Note F.
On November 23, 1998, the Company established a new $110 million credit
facility with a group of banks. On that date, $57 million of proceeds from the
new agreement were used to repay loans under the Company's existing bank
credit agreement. Additional proceeds from this facility will be used to
finance the construction and working capital needs of the Company's Mexican
subsidiaries related to the expansion projects in Mexico. The facility
includes terms and covenants similar to the existing bank credit agreement,
except that the outstanding balance on the third anniversary of the facility
will convert to a two-year term loan payable semi-annually in four equal
installments. Loans under the new facility are made directly to a new Mexican
financing subsidiary of the Company and are guaranteed by the Company.
Note G.
On November 6, 1998, the Company sold the remaining assets of the
Burlington Madison Yarn division, including manufacturing facilities located
in Ranlo and St. Pauls, North Carolina, to Carolina Mills, Inc. The related
pre-tax gain of $2.7 million is included in the caption "Other expense
(income) - net" in the consolidated statements of operations.
Note H.
Comprehensive income consists of net income and foreign currency
translation adjustments and totaled $7,911,000 and $11,708,000 for the three
months ended January 2, 1999 and December 27, 1997, respectively.
Note I.
On January 26, 1999, the Company announced a comprehensive
reorganization of its apparel fabrics business. See "Management's Discussion
and Analysis of Results of Operations and Financial Condition, Restructuring
Plan", for a more detailed description of the plan.
<PAGE>
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition
Overview
Net sales for the first quarter of fiscal 1999 were $407.2 million,
compared with $481.7 million for the first quarter of fiscal year 1998. After
adjusting for businesses that have been closed or sold since last year's first
quarter, sales were down 10.4 percent. First quarter earnings were lower than
last year primarily due the difficult environment in the apparel business and
the impact of start-up costs related to the Company's new Mexican operations.
The interior furnishings segment had a solid performance. However, demand for
apparel fabrics slowed late in the quarter primarily as a result of continued
imports of low-priced garments from Asia.
The Company has been running its apparel fabrics operations at less
than full capacity over the last 9-12 months, anticipating that the surge of
low-priced garment imports from Asia might only be the temporary result of the
Asian financial crisis. The Company now believes that this situation is more
permanent in nature and plans to reduce its U.S. manufacturing capacity
accordingly and utilize only its most modern facilities to be competitive. The
Company has announced a comprehensive restructuring plan to reorganize its
apparel fabrics business (see "Restructuring Plan" below).
Performance by Segment
The Company conducts its operations in two principal industry segments:
products for apparel markets and products for interior furnishings markets.
Reference is made to the Company's 1998 Annual Report to Shareholders
concerning Statement of Financial Accounting Standards No. 131, "Disclosures
About Segments of an Enterprise and Related Information," that will be adopted
by the Company in its 1999 Annual Report to Shareholders. The following table
sets forth certain information about the segment results for the three months
ended January 2, 1999 and December 27, 1997, respectively.
Three Months Ended
----------------------------
January 2, December 27,
1999 1997
------------ ------------
(Dollar amounts in millions)
Net sales
Apparel products......................... $ 219.8 $ 282.8
Interior furnishings products............ 187.4 198.9
-------- --------
Total................................. $ 407.2 $ 481.7
======== ========
Operating income before interest and taxes
Apparel products......................... $ 8.5 $ 22.5
As a percentage of net sales........... 3.9% 8.0%
Interior furnishings products............ $ 14.1 $ 14.7
As a percentage of net sales........... 7.5% 7.4%
--------- --------
Total................................. $ 22.6 $ 37.2
As a percentage of net sales......... 5.6% 7.7%
========= ========
<PAGE>
Results Of Operations
Comparison of Three Months ended January 2, 1999 and December 27, 1997.
Net sales for the first quarter of the 1999 fiscal year were $407.2
million, 15.5% lower than the $481.7 million recorded for the first quarter of
the 1998 fiscal year. Net sales of products for apparel markets for the first
quarter of the 1999 fiscal year were $219.8 million, 22.3% lower than the
$282.8 million recorded in the first quarter of the 1998 fiscal year.
Excluding the Burlington Madison Yarn division, which has been sold or
transferred to a joint venture, net sales of products for apparel markets were
16.4% lower than in the prior year period. This decrease was due primarily to
lower volume in the Tailored Fashions, Klopman and Denim divisions. Net sales
of products for interior furnishings markets for the first quarter of the 1999
fiscal year were $187.4 million in comparison with the $198.9 million recorded
in the first quarter of the 1998 fiscal year. This reduction was due primarily
to lower volume in the Lees, Burlington House and Bacova divisions, partially
offset by higher volume in the Area Rugs division. Total export sales were
unchanged from the comparable quarter of the prior year and represented 13.8%
of net sales for the current period.
Operating income before interest and taxes for the first quarter of the
1999 fiscal year was $22.6 million, a decrease of 39.2% from the $37.2 million
recorded in the first quarter of the 1998 fiscal year. Amortization of
goodwill was $4.5 million in the first quarter of the 1999 and 1998 fiscal
years. Operating income before interest and taxes for the apparel products
segment for the first quarter of the 1999 fiscal year was $8.5 million
compared to $22.5 million recorded for the first quarter of the 1998 fiscal
year. This decrease was due primarily to lower margins resulting from lower
volume and inefficiencies associated with production levels in the Tailored
Fashions, Klopman and Denim divisions, and start-up costs related to the
Company's new Mexican operations, partially offset by better product mix in
the Denim division and lower raw material costs in the Klopman and Denim
divisions. Operating income before interest and taxes for the interior
furnishings products segment for the first quarter of the 1999 fiscal year was
$14.1 million compared to $14.7 million recorded for the first quarter of the
1998 fiscal year. This decrease was due primarily to product mix in the
Burlington House division and lower profits in the Bacova division, partially
offset by improved results in the Area Rugs division.
Interest expense for the first quarter of the 1999 fiscal year was $14.3
million, or 3.5% of net sales, compared with $14.6 million, or 3.0% of net
sales, in the first quarter of the 1998 fiscal year.
During the first quarter of the 1999 fiscal year, the Company recorded
equity in income of joint ventures of $2.3 million related to its textured
yarn joint venture operations with Unifi, Inc., its Mexican yarn joint venture
with Parkdale Mills, and its denim fabric joint venture with Mafatlal
Industries Limited in India, compared to equity in loss of joint ventures of
$1.0 million in the first quarter of the 1998 fiscal year related to the joint
venture in India.
Other income for the first quarter of the 1999 fiscal year was $3.6
million consisting principally of a $2.7 million gain on the disposal of the
Burlington Madison Yarn division and interest income. Other income for the
first quarter of the 1998 fiscal year was $0.9 million consisting principally
of interest income.
<PAGE>
Total income tax expense is different from the amounts obtained by
applying statutory rates to the income before income taxes primarily as a
result of amortization of nondeductible goodwill, which is partially offset by
the favorable tax treatment of export sales through a foreign sales
corporation.
Liquidity and Capital Resources
During the first three months of the 1999 fiscal year, the Company
generated $16.2 million of cash from operating activities, $35.7 million from
sales of assets, and $1.8 million from other investing activities. Cash was
primarily used for capital expenditures and investment in joint ventures
totaling $33.6 million, $11.2 million for net repayments of long-term debt,
and $7.0 million for the purchase of treasury shares. At January 2, 1999,
total debt of the Company (consisting of current and non-current portions of
long-term debt and short-term borrowings) was $802.3 million compared with
$816.2 million at October 3, 1998 and $808.4 million at December 27, 1997.
The Company's principal uses of funds during the next several years will
be for capital investments (including the funding of acquisitions and
participations in joint ventures), repayment and servicing of indebtedness,
working capital needs and the repurchase of shares of Company common stock. On
February 4, 1999, the Company announced Board approval of $25.0 million for
the repurchase of Company common stock.
On November 5, 1998, the Board of Directors of the Company approved the
adoption of the 1998 Equity Incentive Plan (the "1998 Plan") and reserved
2,700,000 shares of the Company's common stock for issuance under the 1998
Plan. The 1998 Plan and the awards of options and performance shares that have
been granted thereunder are subject to approval by the Company's shareholders,
which was obtained on February 4, 1999. A committee of two or more members of
the Board of Directors is responsible for administration and interpretation of
the 1998 Plan. The following types of awards may be made to key executives and
employees: (i) options to purchase shares of common stock, (ii) stock
appreciation rights payable in common stock, cash or a combination thereof,
(iii) restricted shares of common stock and (iv) performance shares that vest
only upon achievement of specified performance goals and are payable in common
stock, cash or a combination thereof. The vesting and payment of awards may be
accelerated in the event of a change of control of the Company (as defined in
the 1998 Plan).
The Company intends to fund its financial needs principally from net
cash provided by operating activities and, to the extent necessary, from funds
provided by the credit facilities described in this section. The Company
believes that these sources of funds will be adequate to meet the Company's
foregoing needs.
In August 1997, the Company issued $150.0 million principal amount of
7.25% notes due August 1, 2027 ("Notes Due 2027"). Proceeds from the sale were
used to prepay revolving loans under its bank credit agreement on the same
date. The Notes Due 2027 will be redeemable as a whole or in part at the
option of the Company at any time on or after August 2, 2007, and will also be
redeemable at the option of the holders thereof on August 1, 2007 in amounts
at 100% of their principal amount. In September 1995, the Company issued
$150.0 million principal amount of 7.25% notes due September 15, 2005 ("Notes
Due 2005"). The Notes Due 2005 are not redeemable prior to maturity. The Notes
Due 2027 and the Notes Due 2005 are unsecured and rank equally with all other
unsecured and unsubordinated indebtedness of the Company.
<PAGE>
The Company has a $750.0 million unsecured revolving credit facility that
expires in March, 2001. At February 1, 1999, the Company had approximately
$475.0 million in unused capacity under this facility. The Company also
maintains $42.0 million in additional overnight borrowing availability under
bank lines of credit.
Loans under the bank credit agreement bear interest at either (i)
floating rates generally payable quarterly based on an adjusted Eurodollar
rate plus 0.275% or (ii) Eurodollar rates or fixed rates that may be offered
from time to time by a Lender pursuant to a competitive bid request submitted
by the Company, payable up to 360 days. In addition, the Company pays an
annual facility fee of 0.15%. The interest rate and the facility fee are based
on the Company's current implied senior unsecured debt ratings of BBB minus
and Baa3. In the event that the Company's debt ratings improve, the interest
rate and facility fees would be reduced. Conversely, deterioration in the
Company's debt ratings would increase the interest rate and facility fees.
The bank credit agreement imposes various limitations on the liquidity
of the Company. The agreement requires the Company to maintain minimum
interest coverage and maximum leverage ratios and a specified level of net
worth. In addition, the Agreement limits dividend payments, stock repurchases,
leases, the incurrence of additional indebtedness by consolidated
subsidiaries, the creation of additional liens and the making of investments
in non-U.S. persons, and restricts the Company's ability to enter into certain
merger, liquidation or asset sale or purchase transactions.
In December 1997, the Company established a five-year, $225.0 million
Trade Receivables Financing Agreement ("Receivables Facility") with a bank.
The amount of borrowings allowable under the Receivables Facility at any time
is a function of the amount of then-outstanding eligible trade accounts
receivable up to $225.0 million. Loans under the Receivables Facility bear
interest, with terms up to 270 days, at the bank's commercial paper dealer
rate plus 0.1875%. A commitment fee of 0.125% is charged on the unused portion
of the Receivables Facility. At February 1, 1999, $150.8 million in borrowings
under this facility with original maturities of up to 266 days was
outstanding.
On November 23, 1998, the Company established a new $110 million credit
facility with a group of banks. On that date, $57 million of proceeds from the
facility were used to repay loans under the Company's existing bank credit
agreement. Additional proceeds from this facility will be used to finance the
construction and working capital needs of the Company's Mexican subsidiaries
related to the expansion projects in Mexico. The facility includes terms and
covenants similar to the existing bank credit agreement, except that the
outstanding balance on the third anniversary of the facility will convert to a
two-year term loan payable semi-annually in four equal installments. Loans
under the new facility are made directly to a new Mexican financing subsidiary
of the Company and are guaranteed by the Company. At February 1, 1999, the
Company had approximately $43.0 million in unused capacity under this
facility.
Because the Company's obligations under the bank credit facilities and the
Receivables Facility bear interest at floating rates, the Company is sensitive
to changes in prevailing interest rates. The Company uses derivative
instruments to manage its interest rate exposure, rather than for trading
purposes.
<PAGE>
Restructuring Plan
On January 26, 1999, the Company announced a comprehensive
reorganization of its apparel fabrics business, designed to position the
company for long-term success against growing worldwide competition.
Operations will be streamlined and U.S. capacity will be reduced by 25 percent
to compensate for the continuing surge of low-priced garment imports,
primarily from Asia. The plan will result in the loss of approximately 2,900
jobs and the closing of seven plants.
The major elements of the plan are:
(1) The Company will combine two businesses that have complementary
product lines and serve many of the same customers. The merger of the
two--Burlington Klopman Fabrics and Burlington Tailored Fashions--will create
a fast, responsive organization with an improved cost structure.
(2) The Company will reduce U.S. apparel fabrics capacity by 25 percent
and at the same time reorganize manufacturing assets to work together in a
fast, modern, versatile and cost-effective configuration. Seven plants will be
closed: Mooresville, Forest City, Oxford, Cramerton and Statesville, North
Carolina; Bishopville, South Carolina; and Hillsville, Virginia. The plan will
result in the loss of approximately 2,900 jobs as the result of the plant
closings, plus elimination of one department in Raeford, North Carolina and
overhead reductions throughout the Company.
(3) The cost of the reorganization will be reflected in a restructuring
charge, before taxes, of approximately $80-$90 million in the second fiscal
quarter, ending April 3, 1999, plus other expenses related to the
restructuring of approximately $25-$35 million, before taxes, that will be
charged to operations as incurred. Cash costs of the reorganization are
expected to be substantially offset by cash receipts from asset sales and
lower working capital needs.
By reducing overall capacity, utilizing only the most modern equipment,
and concentrating on a value-added product mix, the Company expects that it
will be able to run its U.S. operations on a much more efficient and
cost-effective basis. The combination of streamlined and modern U.S.
operations, together with the new state-of-the-art manufacturing facilities
coming on stream later this year in Mexico, should position the Company well
to compete on a global basis.
Year 2000
The Company recognizes the widespread impact of Year 2000 in its
systems and manufacturing facilities and is working toward compliance of all
software and office and manufacturing equipment, environmental systems,
telecommunications, utilities, safety and monitoring equipment and systems.
Total costs for addressing the Year 2000 issue are currently estimated to
reach approximately $14.0 million. These costs are expensed as incurred and
are being funded with cash from operations. As of January 2, 1999, the Company
had spent $11.8 million on the project since its inception. The Company views
Year 2000 as a company-wide business issue of the highest priority. The
Company is engaged in extensive efforts to provide a continuous, uninterrupted
flow of goods and services to customers.
<PAGE>
Forward-Looking Statements
With the exception of historical information, the statements contained in
Management's Discussion and Analysis of Results of Operations and Financial
Condition and in other parts of this report include 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 expansion in other countries, the demand for textile products, the
cost and availability of raw materials and labor, the company's ability to
finance its capital expansion and modernization programs, the level of the
company's indebtedness and the 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. 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.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits.
27. Financial Data Schedule.
b) Reports on Form 8-K.
The Company did not file any reports on Form 8-K during the
quarter for which this report is filed.
<PAGE>
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.
BURLINGTON INDUSTRIES, INC.
By /s/ CHARLES E. PETERS, JR.
Date: February 10, 1999 Charles E. Peters, Jr.
Senior Vice President and
Chief Financial Officer
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