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): May 18, 2007
BURKE MILLS, INC
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(Exact name of registrant as specified in its charter)
North Carolina
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(State or other jurisdiction of incorporation or organization)
0-5680 56-0506342
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(Commission File No.) (I.R.S. Employer Identification No.)
191 Sterling Street, N.W., Valdese, North Carolina 28690
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(Address of principal executive offices) (Zip Code)
828 874-6341
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(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 May 18, 2007 reporting its operating
results for the quarter ended March 31, 2007. The text of the press release is
included in this report as an exhibit.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits. See Exhibit No. 99.1, Press release issued May 18, 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: May 18, 2007 BURKE MILLS, INC
By: /s/Thomas I. Nail
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Thomas I. Nail
President and COO
Exhibit Index
Exhibit No. Description of Exhibit
99.1 Press Release issued May 18, 2007
EXHIBIT 99.1
[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
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CONTACT PERSON AT BURKE MILLS: TOM NAIL #828-874-6341
Page 1 of 2
FOR IMMEDIATE RELEASE: PRESS RELEASE
BURKE MILLS FIRST QUARTER 2007 RESULTS
Burke Mills, Inc. (OTC Bulletin Board) of Valdese, North Carolina, reports
operating results for the quarter ended March 31, 2007.
Net sales for the first quarter ended March 31, 2007, decreased by 17.3% to
$5,265,000 compared to $6,369,000 for the first quarter of 2006.
The Company recorded a net loss of $720,000 or $0.26 per share compared to a
loss of $475,000 or $0.17 per share in the first quarter of 2006.
BALANCE SHEETS
CONDENSED BALANCE SHEETS
March 31 December 30
2007 2006
(Unaudited)
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ASSETS
Current Assets
Cash and cash equivalents $ 17,353 $ 55,816
Accounts receivable 2,766,508 2,727,461
Inventories 2,014,089 1,543,272
Prepaid expenses and other current assets 87,445 30,371
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Total Current Assets 4,885,395 4,356,920
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Property, plant & equipment - at cost 28,077,572 28,041,676
Less: accumulated depreciation 25,127,635 24,741,391
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Property, plant and equipment- net 2,949,937 3,300,285
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Other Assets 16,575 16,575
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Total Assets $ 7,851,907 $ 7,673,780
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 1,558,366 $ 1,218,199
Line of Credit 705,175 258,274
Accrued salaries and wages 121,031 67,317
Other liabilities and accrued expenses 190,564 132,778
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Total Liabilities $ 2,575,136 $ 1,676,568
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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 356,251 1,076,692
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Total Shareholders' Equity 5,276,771 5,997,212
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Total Liabilities & Shareholders' Equity $ 7,851,907 $ 7,673,780
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OPERATIONS AND RETAINED EARNINGS
(Unaudited)
Thirteen Weeks Ended
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March 31 April 1
2007 2006
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Net sales $ 5,264,860 $ 6,368,746
Costs of sales 5,460,664 6,320,538
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Gross (loss)/profit (195,804) 48,208
Selling, general and
administrative expenses 518,036 518,183
Loss on disposal of property
assets - 5,868
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Operating loss (713,840) (475,843)
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Other Income
Interest income 695 1,592
Other, net 65 545
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Total other income 760 2,137
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Other Expenses
Interest expense 7,361 1,142
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Total other expenses 7,361 1,142
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Net loss (720,441) (474,848)
Retained earnings at beginning of period 1,076,692 2,953,495
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Retained earnings at end of period $ 356,251 $ 2,478,647
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Basic and Diluted net loss per share $ (0.26) $ (0.17)
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Weighted average common shares outstanding 2,741,168 2,741,168
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