UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 16, 2007
BURKE MILLS, INC
-------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina
-------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
0-5680 56-0506342
- - ---- ----------------------------
(Commission File No.) (I.R.S. Employer Identification No.)
191 Sterling Street, N.W., Valdese, North Carolina 28690
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
828 874-6341
-----------------------------------------------------
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[___] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[___] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[___] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[___] Pre-commencement communications pursuant to Rule 13d-4(c) under the
Exchange Act (17 CFR 240.13e-4 (c))
Item 2.02 - Results of Operations and Financial Condition.
The Company issued a press release on April 16, 2007 reporting its operating
results for the year ended December 30, 2006. The text of the press release is
included in this report as an exhibit.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits. See Exhibit No. 99.1, press release issued April
16, 2007 attached hereto.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: April 16, 2007 BURKE MILLS, INC
By: /s/Thomas I. Nail
----------------------
Thomas I. Nail
President and COO
Exhibit Index
Exhibit No. Description of Exhibit
99.1 Press Release issued April 16, 2007
[GRAPHIC OMITTED]
Burke Mills, Inc.
FRANK GADDY YARN DIVISION
POST OFFICE BOX 190, VALDESE, NORTH CAROLINA 28690
Telephone (828) 874-6341 Fax (828) 879-7184
- --------------------------------------------------------------------------------
CONTACT PERSON AT BURKE MILLS: TOM NAIL #828-874-6341
Page 1 of 3
FOR IMMEDIATE RELEASE: PRESS RELEASE
BURKE MILLS YEAR END RESULTS
Burke Mills, Inc. (OTC Bulletin Board) of Valdese, North Carolina, reports
operating results for the year ended December 30, 2006.
Net sales for the fourth quarter ended December 30, 2006, decreased by 6.1% to
$5,415,000 compared to $5,766,000 for the fourth quarter of 2005.
The Company recorded a net loss of $477,000 or $0.17 per share compared to a
loss of $355,000 or $0.13 per share in the fourth quarter of 2005.
The full year sales for the Company were $23,844,000 compared to $25,253,000 for
the full year 2005. The Company recorded a loss for the year of $1,877,000 or
$0.68 per share compared to a loss of $1,922,000 for $0.70 per share in 2005.
BALANCE SHEETS
December 30 December 31
2006 2005
----------- -----------
ASSETS
Current Assets
Cash and cash equivalents $ 55,816 $ 425,812
Accounts receivable 2,727,461 2,568,838
Inventories 1,543,272 1,684,132
Prepaid expenses and other current assets 30,371 49,413
----------- -----------
Total Current Assets 4,356,920 4,728,195
----------- -----------
Property, plant & equipment - at cost 28,041,676 28,085,778
Less: accumulated depreciation 24,741,391 23,326,789
----------- -----------
Property, Plant and Equipment- Net 3,300,285 4,758,989
----------- -----------
Other Assets 16,575 16,575
----------- -----------
Total Assets $ 7,673,780 $ 9,503,759
=========== ===========
Balance Sheets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 1,218,19 $ 1,434,169
Line of Credit 258,274 -0-
Accrued salaries and wages 67,317 69,272
Other liabilities and accrued expenses 132,778 126,303
----------- -----------
Total Liabilities $ 1,676,568 $ 1,629,744
----------- -----------
Commitments and contingencies
Shareholders' Equity
Common stock, no par value
(stated value, $.66)
Authorized - 5,000,000 shares
Issued and outstanding -
2,741,168 shares 1,809,171 1,809,171
Paid-in capital 3,111,349 3,111,349
Retained earnings 1,076,692 2,953,495
----------- -----------
Total Shareholders' Equity 5,997,212 7,874,015
----------- -----------
Total Liabilities & Shareholders' Equity $ 7,673,780 $ 9,503,759
=========== ===========
STATEMENTS OF OPERATIONS
Years Ended
----------------------------------------
December 30 December 31 January 1
2006 2005 2005
----------- ----------- -----------
Net Sales $23,884,260 $25,252,600 $25,133,683
- ---------
Cost of sales 23,777,095 25,143,775 24,546,085
----------- ----------- -----------
Gross Profit 107,165 108,825 587,598
Selling, general and
administrative expenses 1,992,668 2,226,739 2,350,520
(Gain) loss on disposal of
property assets ( 2,974) (208,989) 154,353
----------- ----------- -----------
Operating Loss (1,882,529) (1,908,925) (1,917,275)
----------- ----------- -----------
Other Income
Interest income 4,559 6,100 2,788
Other, net 2,178 2,308 33,811
----------- ----------- -----------
Total Other Income 6,737 8,408 6,599
----------- ----------- -----------
Other Expenses
Interest expense 16,342 370 1,263
Other, net -0- -0- 17,790
----------- ----------- -----------
Total Other Expenses 16,342 370 19,053
----------- ----------- -----------
Loss Before Benefit of
Income Taxes and Equity
in Loss of Affiliate (1,892,134) (1,900,887) (1,899,729)
Income Tax Benefit -0- (-0-) (399,478)
----------- ----------- -----------
Statements of Operations
Loss before Equity in Net
Loss of Affiliate (1,892,134) (1,900,887) (1,500,251)
Equity in Net Earnings (Loss)
Of Affiliate 15,331 (21,314) (206,892)
------------ ------------ ------------
Net Loss $(1,876,803) $(1,922,201) $(1,707,143)
============ ============ ============
Basic and Diluted
Net Loss per share $ (.68) $ (.70) $ (.62)
============ ============ ============
Weighted Average Common
Shares Outstanding - 2,741,168 2,741,168 2,741,168
Basic and Diluted ============ ============ ============