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ALBA-WALDENSIAN, INC. ANNOUNCES FOURTH QUARTER RESULTS

 VALDESE, N.C., March 19 /PRNewswire/ -- ALBA-WALDENSIAN, INC. (AMEX: AWS), a diversified manufacturer of consumer and medical specialty products, announced net earnings of $377,256 on sales of $10,529,158 for the fourth quarter ending Dec. 31, 1992. This compares to net earnings of $473,128 on sales of $10,296,054 in the same quarter a year ago. Year to date earnings for the twelve months of 1992 were $1,567,765, an 11.2 percent increase over prior year's earnings of $1,408,699. Sales increased 2.1 percent to $40,567,425 from a year ago $39,728,266. 1992 results include a $226,245 gain in net income that was a result of a change in the way the Company accounts for income taxes.
 "We are pleased with the profit performance of the Company in both the fourth quarter and the full year of 1992 particularly in view of the fact that 1991 included a $160,000 insurance gain along with reduced markdown expenses," said Thomas F. Schuster, president and CEO.
 "Nearly all of our products experienced improved gross margins in the fourth quarter and the full year of 1992. Our Health Products and our Telemarketing divisions both turned in particularly strong double digit sales increases."
 "During the fourth quarter of 1992, Alba struck a licensing deal with Leslie Fay(R) to allow us to use the Leslie Fay name for new lines of panties and panty hose that will be distributed primarily through the department store class of trade. Also during the quarter, Alba acquired the U.S. operations of Byford apparel, which markets men's socks and sweaters to fine department and specialty stores throughout the country. We are optimistic about the future of the Company as we begin to accomplish our primary corporate mission of profitably growing sales," said Schuster.
 ALBA-WALDENSIAN, INC. manufactures women's and men's hosiery, women's intimate apparel, and medical specialty products. The Company presently employs approximately 800 employees in four locations in Valdese, N.C.
 Three Months Ended
 December 31,
 1992 1991
 Net Sales $10,529,158 $10,296,054
 Income Before Taxes and
 cumulative effect of a
 change in accounting
 principal $607,355 $738,742
 Provision for Income Taxes 230,099 265,614
 Income before cumulative
 effect of a change in
 accounting principal $377,256 $473,128
 Cumulative effect on prior
 years of a change in
 accounting for income
 taxes --- ---
 Net Income $377,256 $473,128
 Net Income per share before
 cumulative effect of a
 change in accounting
 principal $.21 $.26
 Cumulative effect on prior
 years of a change in
 accounting for income taxes -- --
 Average Number of Shares
 Outstanding 1,826,789 1,818,278
 Twelve Months Ended
 December 31,
 1992 1991
 Net Sales $40,567,425 $39,728,266
 Income Before Taxes and
 cumulative effect of a
 change in accounting
 principal $2,068,358 $2,073,803
 Provision For Income Taxes 726,838 665,104
 Income before cumulative
 effect of a change in
 accounting principal $1,341,520 $1,408,699
 Cumulative effect on prior
 years of a change in
 accounting for income
 taxes $226,245 ---
 Net Income $1,567,765 $1,408,699
 Net Income per share before
 cumulative effect of a
 change in accounting
 principal $.74 $.77
 Cumulative effect on prior
 years of a change in
 accounting for income taxes $.12 $---
 Total net income per share $.86 $.77
 Average Number of Shares
 Outstanding 1,818,949 1,818,278
 -0- 3/19/93
 /CONTACT: Van C. Irwin, ALBA-WALDENSIAN, INC., 704-874-2191/
 (AWS)


CO: ALBA-WALDENSIAN, INC. ST: North Carolina IN: TEX MTC SU: ERN

SB-JM -- CH004 -- 7874 03/19/93 11:55 EST
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Date:Mar 19, 1993
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