-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PXmlrdbndcXHA942hJ5dQtGhqDM9WjNvJaQOfOXyURROdIsvOxRLymyquJh7PB4K 0hqMn+LGwzMeZ7HS4RUu7g== 0000950144-96-002300.txt : 19960515 0000950144-96-002300.hdr.sgml : 19960515 ACCESSION NUMBER: 0000950144-96-002300 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPRINGS INDUSTRIES INC CENTRAL INDEX KEY: 0000093102 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 570252730 STATE OF INCORPORATION: SC FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05315 FILM NUMBER: 96563167 BUSINESS ADDRESS: STREET 1: 205 N WHITE ST CITY: FORT MILL STATE: SC ZIP: 29715 BUSINESS PHONE: 8035471500 MAIL ADDRESS: STREET 1: 205 NORTH WHITE STREET CITY: FORT MILL STATE: SC ZIP: 29715 FORMER COMPANY: FORMER CONFORMED NAME: SPRINGS MILLS INC DATE OF NAME CHANGE: 19820517 10-Q 1 SPRINGS INDUSTRIES FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________ F O R M 10-Q For the Quarter Ended March 30, 1996 Commission File Number 1-5315 ____________________________ S P R I N G S I N D U S T R I E S, I N C. (Exact name of registrant as specified in its charter) SOUTH CAROLINA 57-0252730 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 205 North White Street Fort Mill, South Carolina 29715 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (803) 547-1500 ____________________________ 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 at least the past 90 days. Yes X No ----- ----- ____________________________ As of May 8, 1996, there were 12,616,478 shares of Class A Common Stock and 7,529,579 shares of Class B Common Stock of Springs Industries, Inc. outstanding. ____________________________ There are 16 pages in the sequentially numbered, manually signed original of this report. - 1 - 2 TABLE OF CONTENTS TO FORM 10-Q
PART I - FINANCIAL INFORMATION - ------------------------------ ITEM PAGE - ---- ---- 1. FINANCIAL STATEMENTS 3 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8 PART II - OTHER INFORMATION - --------------------------- 4. SUBMISSION OF MATTERS TO A VOTE 10 OF SECURITY HOLDERS 6. EXHIBITS 11 SIGNATURES 12 EXHIBIT INDEX 13
- 2 - 3 PART I ITEM I - FINANCIAL STATEMENTS SPRINGS INDUSTRIES, INC. Condensed Consolidated Statement of Operations and Retained Earnings (In thousands except per share data) (Unaudited)
THIRTEEN WEEKS ENDED ---------------------------- MARCH 30, APRIL 1, ---------- ---------- OPERATIONS Net sales . . . . . . . . . . . . . . . . . . . $ 583,493 $ 483,136 Cost of goods sold . . . . . . . . . . . . . 477,755 396,028 Selling, general and administrative expenses . . . . . . . . . . 78,652 64,010 ---------- ---------- Operating income . . . . . . . . . . . . . 27,086 23,098 Interest expense . . . . . . . . . . . . . . 7,834 7,252 Other (income) expense . . . . . . . . . . . (939) (835) ---------- ---------- Income before income taxes . . . . . . . . . . 20,191 16,681 Income taxes . . . . . . . . . . . . . . . . . 7,885 6,813 ---------- ---------- Net income . . . . . . . . . . . . . . . . $ 12,306 $ 9,868 ========== ========== Per share: Net income . . . . . . . . . . . . . . . . $ .60 $ .55 ========== ========== Cash dividends declared: Class A shares . . . . . . . . . . . . . $ .33 $ .30 ========== ========== Class B shares . . . . . . . . . . . . . $ .30 $ .27 ========== ========== Weighted average shares of common stock . . . . . . . . . . . . . . . . 20,389 17,807 ========== ========== RETAINED EARNINGS Retained earnings at beginning of period . . . . . . . . . . . . . . . . . . $ 616,347 $ 568,403 Net income . . . . . . . . . . . . . . . . . . 12,306 9,868 Cash dividends declared . . . . . . . . . . . . (6,417) (5,046) ---------- ---------- Retained earnings at end of period . . . . . . $ 622,236 $ 573,225 ========== ==========
See Notes to Condensed Consolidated Financial Statements. - 3 - 4 SPRINGS INDUSTRIES, INC. Condensed Consolidated Balance Sheet (In thousands except share data) (Unaudited)
MARCH 30, DECEMBER 30, 1996 1995 ---------- ----------- ASSETS Current assets: Cash and cash equivalents . . . . . . . . . . . . . . . $ 2,152 $ 2,606 Accounts receivable . . . . . . . . . . . . . . . . . . 368,850 351,669 Inventories . . . . . . . . . . . . . . . . . . . . . . 393,874 384,730 Other . . . . . . . . . . . . . . . . . . . . . . . . . 28,156 30,300 ---------- ---------- Total current assets . . . . . . . . . . . . . . . . 793,032 769,305 ---------- ---------- Property, plant and equipment . . . . . . . . . . . . . . 1,392,834 1,380,659 Accumulated depreciation . . . . . . . . . . . . . . . (784,287) (766,700) ---------- ---------- Property, plant and equipment, net . . . . . . . . . 608,547 613,959 ---------- ---------- Other assets and deferred charges . . . . . . . . . . . . 141,909 144,280 ---------- ---------- Total . . . . . . . . . . . . . . . . . . . . . . . $1,543,488 $1,527,544 ========== ========== LIABILITIES AND SHAREOWNERS' EQUITY Current liabilities: Short-term borrowings . . . . . . . . . . . . . . . . . $ 55,500 $ 21,900 Current maturities of long-term debt . . . . . . . . . 7,852 13,078 Accounts payable . . . . . . . . . . . . . . . . . . . 86,577 103,737 Other accrued liabilities . . . . . . . . . . . . . . . 120,146 124,275 ---------- ---------- Total current liabilities . . . . . . . . . . . . . . 270,075 262,990 ---------- ---------- Noncurrent liabilities: Long-term debt . . . . . . . . . . . . . . . . . . . . 329,021 326,949 Deferred compensation and benefit plans . . . . . . . . 156,028 154,673 Deferred income taxes and other deferred credits . . . . . . . . . . . . . . . . . . . . . . . 47,728 48,410 ---------- ---------- Total noncurrent liabilities . . . . . . . . . . . . 532,777 530,032 ---------- ---------- Shareowners' equity: Class A common stock- $.25 par value (12,718,922 and 12,642,903 shares issued in 1996 and 1995, respectively) . . . . . . . 3,180 3,161 Class B common stock- $.25 par value (7,529,579 and 7,604,579 shares issued in 1996 and 1995, respectively) . . . . . . . . . . . 1,882 1,901 Additional paid-in capital . . . . . . . . . . . . . . 109,972 109,840 Retained earnings . . . . . . . . . . . . . . . . . . . 622,236 616,347 Cost of Class A shares in treasury (108,055 and 110,526 shares in 1996 and 1995, respectively) . . . . . . . . . . . (2,403) (2,449) Currency translation adjustment and other . . . . 5,769 5,722 ---------- ---------- Shareowners' equity . . . . . . . . . . . . . . . . . 740,636 734,522 ---------- ---------- Total . . . . . . . . . . . . . . . . . . . . . . . $1,543,488 $1,527,544 ========== ==========
See Notes to Condensed Consolidated Financial Statements. - 4 - 5 SPRINGS INDUSTRIES, INC. Condensed Consolidated Statement of Cash Flows (In thousands) (Unaudited)
THIRTEEN WEEKS ENDED ---------------------------------- MARCH 30, APRIL 1, 1996 1995 ---------- --------- Operating activities: Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,306 $ 9,868 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization . . . . . . . . . . . . . . . . . 26,568 23,304 Changes in operating assets and liabilities, . . . . . . . . . . net of effects of business acquisitions and sale of business . . . . . . . . . . . . . . . . . . . . . . . (35,658) (37,250) Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,251) (6,669) --------- --------- Net cash provided (used) by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . 965 (10,747) --------- --------- Investing activities: Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,549) (19,727) Business acquisitions . . . . . . . . . . . . . . . . . . . . . . . (1,900) - Proceeds from sales of business and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,648 43 --------- --------- Net cash (used) by investing activities . . . . . . . . . . . (18,801) (19,684) --------- --------- Financing activities: Proceeds from short-term borrowings, net . . . . . . . . . . . . 33,600 44,500 Proceeds from long-term borrowings . . . . . . . . . . . . . . . 2,261 9,959 Repayment of long-term debt . . . . . . . . . . . . . . . . . . . (5,645) (13,484) Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . (12,834) (10,171) --------- ---------- Net cash provided by financing activities . . . . . 17,382 30,804 --------- ---------- Increase (decrease) in cash and cash equivalents . . . . . . . . . $ (454) $ 373 ========= ==========
See Notes to Condensed Consolidated Financial Statements. - 5 - 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Significant Accounting Policies: These condensed consolidated financial statements should be read in conjunction with the financial statements presented in the Springs Industries, Inc. ("Springs" or "the Company") 1995 Annual Report on Form 10-K. In the opinion of the management of Springs, these unaudited condensed consolidated financial statements contain all adjustments of a normal recurring nature necessary for their fair presentation. The results for interim periods reflect estimates for certain items which can be definitively determined only on an annual basis. These items include the valuation of a substantial portion of inventories on a LIFO cost basis and the provision for income taxes. These interim financial statements reflect applicable portions of the estimated annual amounts for such items. The results of operations for interim periods are not necessarily indicative of operating results to be expected for the remainder of the year. The Company has an incentive stock plan ("The Plan") designed to achieve the objectives of the long-term component of the Company's compensation program. The Plan provides for the awards of stock options, stock appreciation rights, restricted stock, unrestricted stock, deferred stock, performance units, and other stock-based awards. The Company has elected to continue to account for such transactions under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees." As required by Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation," the Company will include in the notes to its 1996 annual financial statements pro forma net income and earnings per share information as if the Company had applied the fair value method of accounting. 2. Inventory: Inventories are summarized as follows (in thousands):
Mar. 30, Dec. 30, 1996 1995 --------- --------- Standard cost (which approximates average cost) or average cost: Finished goods . . . . . . . . . . . . . . . . . . . $ 263,247 $ 251,277 In process . . . . . . . . . . . . . . . . . . . . . 186,880 192,094 Raw materials and supplies . . . . . . . . . . . . . 77,753 74,195 --------- --------- 527,880 517,566 Less LIFO reserve . . . . . . . . . . . . . . . . . . . (134,006) (132,836) --------- --------- Total . . . . . . . . . . . . . . . . . . . . . . . . $ 393,874 $ 384,730 ========= =========
3. Commitments: The Company enters into forward delivery contracts and futures contracts for raw material purchases, consistent with the size of its business, to reduce the Company's exposure to price volatility. Management assesses these contracts on a continuous basis to determine if contract prices will - 6 - 7 be recovered through subsequent sales. At March 30, 1996, the aggregate market value of the contracts approximated the contract prices. 4. Acquisitions and Divestitures: On April 17, 1996, the Company sold all of the outstanding stock in Fort Mill A Inc. ("Fort Mill") to Clark-S Acquisition Corporation, a Delaware corporation ("Clark-S Acquisition"). Fort Mill's sole asset consisted of all the outstanding stock of Clark-Schwebel, Inc. ("Clark-Schwebel"), which owned minority interests in CS-Interglas AG and Asahi-Schwebel Co., Ltd., and a fifty percent (50%) interest in Clark-Schwebel Tech-Fab Company. Clark-S Acquisition is controlled by Vestar Equity Partners, L.P. Clark-S Acquisition elected to pay in cash the full purchase price of approximately $193 million. The Company expects to report a second quarter gain on the sale of Fort Mill of approximately $50 million, net of taxes. During the first quarter of 1996, Clark-Schwebel contributed about 10 percent of Springs' sales of $583.5 million and had record earnings representing about 35 percent of Springs' $28 million of earnings before interest expense and taxes. During the five years ended in 1995, Clark-Schwebel's average contribution was 13 percent of Springs' sales and 9 percent of its earnings before interest expense and taxes. The Company acquired three businesses during 1995. Effective May 27, 1995, the Company purchased all of the outstanding stock of Dundee Mills, Incorporated, a leading manufacturer of towels, infant and toddler bedding, knitted infant apparel, and health care products. The purchase price was $119.6 million, $21.2 million of which was paid in cash and the remainder through the issuance of approximately 2.5 million shares of Springs Class A common stock with a fair value of $98.4 million. Effective May 28, 1995, the Company purchased substantially all of the assets of Dawson Home Fashions, Inc., a leading manufacturer of shower curtains and bath fashions accessories. Springs paid $39 million in cash for the business. On July 28, 1995, the Company purchased from Apogee Enterprises, Inc., substantially all of the assets of its Nanik Window Coverings Group, a leading manufacturer of wood window blinds and interior shutters. The acquisitions were accounted for using the purchase method of accounting. The costs of the businesses acquired were allocated on the basis of the fair value of the assets acquired and liabilities assumed. The operating results of Dundee, Dawson and Nanik are included in the Company's consolidated results of operations from the dates of acquisition. 5. Legal and Environmental: As disclosed in the 1995 Annual Report on Form 10-K, Springs is involved in certain administrative proceedings alleging violations of environmental laws and regulations, including proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act. In connection with these proceedings, the Company has accrued an amount which represents management's best estimate of Springs' probable liability. Springs is also involved in various other legal proceedings and claims incidental to its business. Springs is defending its position in all such proceedings. In the opinion of management, based on the advice of counsel, the likelihood that the resolution of the above matters would have a material adverse impact on either the financial condition or the future results of operations of Springs is remote. - 7 - 8 ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS RESULTS OF OPERATIONS Sales Springs generated record first quarter net sales of $583.5 million, an increase of almost 21 percent from net sales of $483.1 million in the first quarter of 1995. Without the acquisitions, sales for the first quarter would have grown by approximately four percent from first quarter 1995. In the home furnishings segment, first quarter sales increased by 25 percent over the prior year's first quarter, principally due to the three 1995 acquisitions. The specialty fabrics segment reported sales nine percent higher than last year's, as both industrial fabrics and finished fabrics achieved volume growth. Earnings Springs reported net income during the first quarter of $12.3 million, a 25 percent increase from last year's first quarter net income of $9.9 million. Earnings per share rose to $.60 from $.55 a year ago when 2.6 million fewer shares were outstanding. Consolidated operating income advanced to $27.1 million, up 17 percent from a year ago. The improvement came on the strength of specialty fabrics segment earnings as the home furnishings segment encountered a sluggish retail market at the onset of the quarter. The home furnishings segment's operating income declined somewhat from 1995 due primarily to the mix of sales in the first three months of 1996. Stronger demand for electronics fiberglass fabrics and for finished fabrics resulted in an improvement over last year's specialty fabrics segment operating income. CAPITAL RESOURCES AND LIQUIDITY On April 17, 1996, the Company sold all of the outstanding stock in Fort Mill A Inc. ("Fort Mill") to Clark-S Acquisition Corporation, a Delaware corporation ("Clark-S Acquisition"). Fort Mill's sole asset consisted of all the outstanding stock of Clark-Schwebel, Inc. ("Clark-Schwebel"), which owned minority interests in CS-Interglas AG and Asahi-Schwebel Co., Ltd., and a fifty percent (50%) interest in Clark-Schwebel Tech-Fab Company. Clark-S Acquisition is controlled by Vestar Equity Partners, L.P. Clark-S Acquisition elected to pay in cash the full purchase price of approximately $193 million. The Company expects to report a second quarter gain on the sale of Fort Mill of approximately $50 million, net of taxes. During the first quarter of 1996, Clark-Schwebel contributed about 10 percent of Springs' sales of $583.5 million and had record earnings representing about 35 percent of Springs' $28 million of earnings before interest expense and taxes. During the five years ended in 1995, Clark-Schwebel's average contribution was 13 percent of Springs' sales and 9 percent of its earnings before interest expense and taxes. The Company intends to use the proceeds from the sale to meet strategic objectives, which might include repurchase of stock, debt reduction, and further investments in the Company's home furnishings segment. A normal seasonal increase in accounts receivable and inventories since year-end resulted in increased short-term borrowings. Management expects to spend approximately $100 million on capital expenditures during 1996, and believes that cash from operations and borrowings from commercial paper and short-term loans will provide for the Company's 1996 operating cash needs. - 8 - 9 OTHER In October 1995, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 123, "Accounting for Stock-Based Compensation." The provisions of this statement encourage, but do not require, the Company to adopt the fair value method of accounting for employee stock-based compensation. The Company has elected to continue to account for employee stock-based compensation under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees." As required by SFAS No. 123, the Company will include in the notes to its 1996 annual financial statements pro forma net income and earnings per share information as if the Company had applied the fair value method of accounting. - 9 - 10 PART II - OTHER INFORMATION ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The annual meeting of the security holders of the Company was held on April 29, 1996. (b) During the annual meeting, the security holders of the Company elected the following directors to hold office until the next annual meeting of the security holders and until a successor is duly elected and qualified: John F. Akers John H. McArthur Crandall Close Bowles Aldo Papone John L. Clendenin Donald S. Perkins Leroy S. Close Robin B. Smith Charles W. Coker Sherwood H. Smith, Jr. Walter Y. Elisha Stewart Turley (c)
Description of Matter Against or Voted Upon For Withheld Abstentions (i) Annual election of directors: John F. Akers 38,088,835 55,671 Crandall Close Bowles 37,901,836 242,670 John L. Clendenin 38,092,265 52,211 Leroy S. Close 37,921,832 222,672 Charles W. Coker 38,092,965 51,541 Walter Y. Elisha 37,921,127 223,379 John H. McArthur 38,092,815 51,691 Aldo Papone 37,921,965 222,541 Donald S. Perkins 38,092,310 52,196 Robin B. Smith 38,093,011 51,495 Sherwood H. Smith, Jr. 38,092,702 51,804 Stewart Turley 38,092,657 51,849 (ii) Ratification of the appointment of Deloitte & Touche as the 38,092,321 14,406 37,779 Company's auditors (iii) Adoption of amendments to the Company's 1991 Incentive Stock 34,776,218 3,305,006 38,282 Plan
(d) N/A - 10 - 11 ITEM 6 - EXHIBITS The following exhibits are filed as part of this report: (10) Material Contracts (a) Amendments to Springs Industries, Inc. 1991 Incentive Stock Plan approved by shareholders at annual meeting on April 29, 1996, is filed herewith (2 pages) (27) Financial Data Schedule (for SEC purposes) - 11 - 12 SIGNATURES Pursuant to the requirements of Securities Exchange Act of 1934, Springs Industries, Inc. has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. SPRINGS INDUSTRIES, INC. By: /s/ James F. Zahrn -------------------------------- James F. Zahrn Senior Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) DATED: May 14, 1996 - 12 - 13 EXHIBIT INDEX
Item Page Number ---- ----------- (10) Amendments to Springs Industries, Inc. 1991 Incentive Stock 14 Plan approved by shareholders at annual meeting on April 29, 1996, is filed herewith (2 pages) (27) Financial Data Schedule (for SEC purposes) 16
- 13 - EX-10 2 INCENTIVE STOCK PLAN 1 SPRINGS INDUSTRIES, INC. AMENDMENTS TO 1991 INCENTIVE STOCK PLAN APPROVED BY SHAREHOLDERS AT ANNUAL MEETING ON APRIL 29, 1996 Section 3 of the Plan is hereby amended by deleting paragraph (a) thereof in its entirety and substituting the following new paragraph (a) in lieu thereof: (a) SHARES ISSUABLE. The maximum number of shares of Stock reserved and available for distribution pursuant to Awards under the Plan shall be 2,100,000 shares. Such shares of Stock may consist, in whole or in part, of authorized and unissued shares or treasury shares. If (i) an Award expires or terminates for any reason without being exercised in full or is satisfied without the distribution of Stock or (ii) Stock distributed pursuant to an Award is forfeited or reacquired by the Company, or is surrendered upon exercise of an Award, the Stock subject to such Award or so forfeited, reacquired or surrendered shall again be available for distribution for purposes of the Plan. Section 4 of the Plan is hereby amended by adding the following new sentences after the existing sentence of Section 4: No participant shall be granted during any fiscal year the right to acquire pursuant to Awards granted under the Plan more than 250,000 shares of Stock. If, during any fiscal year, a Stock Option or Stock Appreciation Right is granted to a participant and, during the same fiscal year, such Option or Right is canceled, terminated, or repriced, either by the Company or by the participant, the shares of Stock issuable pursuant to such an Option or Right shall continue to be applied to reduce the maximum number of shares issuable to the participant for such fiscal year, and, solely for purposes of this Section 4 of the Plan, a repricing of Options or Rights during the fiscal year in which they were granted shall be treated as the granting of new Options or Rights. Section 5 of the Plan is hereby amended by: (a) deleting clause (iv) in its entirety and adding a new clause (iv) to read as follows: (iv) to establish the terms and conditions of any Award, including, but not limited to: (A) the share price; (B) any restriction or limitation on the grant, vesting or exercise of any Award (including, but not limited to, - 14 - 2 the attainment (and certification of the attainment) of one or more performance goals based on one or more (or any combination) of the following business criteria that may apply to the individual participant, a Company business unit, or the Company as a whole: (1) Stock price, (2) market share, (3) sales, (4) earnings, (5) earnings per share, (6) return on equity or assets, (7) costs, and (8) total shareholder return based on stock price and dividends paid assuming dividend reinvestment); and (C) any waiver of vesting, acceleration or forfeiture provisions regarding any Stock Option or other Award and the Stock relating thereto, based on such factors as the Committee shall determine; and To the extent permitted by applicable law, the Committee may delegate its authorities under this Section 5 only as they pertain to individuals or entities who are not subject to Section 16 of the Act, to the chief executive officer of the Company or its officers designated by him; provided, however, that the Committee will in all cases authorize the aggregate number of shares to be subject to awards granted during any period. - 15 - EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF SPRINGS INDUSTRIES, INC., FOR THE QUARTER ENDED MARCH 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-28-1996 DEC-31-1995 MAR-30-1996 2,152 0 368,850 0 393,874 793,032 1,392,834 784,287 1,543,488 270,075 329,021 5,062 0 0 735,574 1,543,488 583,493 583,493 477,755 477,755 0 0 7,834 20,191 7,885 12,306 0 0 0 12,306 0.60 0.60
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