BELDING HEMINWAY COMPANY, INC. REPORTS RECORD FIRST QUARTER RESULTS.

NEW YORK--(BUSINESS WIRE)--May 3, 1995--Belding Heminway Company, Inc. (NYSE:BHY) today announced its financial results for the first quarter ended March 31, 1995. Sales in the quarter were $35.3 million, an increase of 23% compared to $28.7 million in the year ago first quarter. Net income available to common shares significantly increased to $895,000 or $0.12 per share after provision for preferred dividends compared to net income available to common shares of $150,000 or $0.03 per share after provision for preferred dividends in the year ago quarter. Net income increased 59% to $1,204,000 before provision for preferred stock dividends of $309,000 compared to net income of $757,000 before provision for preferred dividends of $607,000 in the year ago period.

Weighted average common shares outstanding increased 48% compared to 1994's first quarter due to the conversion of preferred stock into common shares in December 1994.

The Company attributed the significant increase in sales, net income, and earnings per share to the Company's 1994 cost reduction programs coupled with aggressive marketing programs for its core Thread, Buttons, and Home Furnishings divisions. Comparisons also were affected by the addition of Danfield Threads in July of 1994 as well as by a weak first quarter of 1994 due to winter weather conditions which adversely affected sales.

Gregory Cheskin, President and CEO said: "The Company has benefitted from the elimination of redundancies and the consolidation of its manufacturing, distribution and marketing operations, as well as from our new technology and computer systems. Belding is now positioned to profitably grow its businesses, and although the second quarter sales started slowly, we remain committed to our cost reduction programs and operating cost controls which are essential to the efficiency of our operations and overall profitability."

Mr. Cheskin added: "We have further strengthened our management team which continues to enhance our ability to generate greater opportunities in new markets through our domestic and international marketing programs. We are committed to increasing shareholder value while providing our customers with the highest quality products to serve their needs."

Belding Heminway manufactures and markets industrial threads, decorative home furnishing fabrics and consumer sewing and crafts products, principally buttons and cotton knit yarns. In addition to its headquarters in New York City, it has manufacturing or distribution facilities in Lansing, Iowa, Hendersonville, North Carolina, Watertown and Winsted, Connecticut, Emporia, Virginia, and Bronx, New York. -0-

                      BELDING HEMINWAY COMPANY, INC.
                            AND SUBSIDIARIES
                       CONSOLIDATED BALANCE SHEET
                         (Dollars in thousands)

ASSETS                           March 31, 1995    December 31, 1994
Current Assets:                   (Unaudited)        _________

     Cash and cash equivalents   $        - -          $ 1,089
     Accounts receivable trade
    (net of allowance
     of $2,831 and $3,346
     respectively)                     20,755           19,765
     Inventories                       27,341           26,317
     Other current assets               3,374            3,968
                                       51,470           51,139

Property, plant and equipment, at cost 39,332           38,709
Less: Accumulated depreciation
   and amortization                    (2,876)         (2,332)
                                       36,456           36,377

Other assets                           44,610           44,674
          Total Assets                132,536          132,190

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
     Accounts payable              $    6,974       $    6,159
     Current maturities of
 long-term debt                         4,119            4,123
     Other current liabilities         14,035           14,619
                                       25,128           24,901

Long-term debt                         40,018           40,365
Other liabilities                      19,127           19,865
          Total Liabilities            84,273           85,131

Stockholders' Equity:

Redeemable preferred stock             20,805           20,805
Accumulated dividends on
 preferred stock                          401               92
                                       21,206           20,897

Common stock                               74               74

Paid in capital                        19,863           19,863
Retained earnings                       7,120            6,225

 Total Common Stockholders' Equity     27,057           26,162
 Total Liabilities and
      Stockholders' Equity         $  132,536       $  132,190

                       BELDING HEMINWAY COMPANY, INC.
                            AND  SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
              (Dollars in thousands, except per share data)

                               Three Months Ended March 31,
                                    1995            1994

Net sales                    $    35,296     $    28,653
Cost of sales                     26,522          21,183
                                   8,774           7,470

Selling, general &
  administrative expenses          5,520           5,444
Interest expense                   1,105             754
                                   2,149           1,272

Other income (expense)
  -- net                              93             133
Income before income taxes         2,242           1,405
Provision for income taxes         1,038             648
Net income                         1,204             757
Less dividends on
  preferred stock                    309             607
Net income applicable to common
  stockholders               $       895     $       150

Earnings per common share    $      0.12     $      0.03

Weighted average common shares
outstanding (in thousands)         7,421           5,001

CONTACT: Belding Heminway Company, Inc., New York

Gary Silverman, [phone]

or

Morgen-Walke Associates, New York

June Filingeri, Robert Weiner

Media Contact: Lisa Bradlow

[phone]