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DOMINION TEXTILE REPORTS SECOND QUARTER RESULTS

 MONTREAL, Jan. 29 /PRNewswire/ -- Dominion Textile, Inc. today reported earnings per share of $0.14 for the second quarter of F'93 ended Dec. 31 1992, compared with a loss of $0.23 for the same period a year ago.
 Consolidated sales of $336.2 million for the quarter were slightly higher than last year's $331.7 million, but up 14 percent on a comparable basis excluding businesses closed or sold in F'92.
 Consolidated operating income of $28.5 million showed a 38 percent improvement on the prior year's $20.6 million. Net income was $6.4 million in contrast to a loss of $6.6 million in second quarter F'92.
 On a six month basis, the corporation reported net income of $10.0 million, or $0.21 per share, compared to a loss of $19.1 million, or $0.63 per share, for the corresponding period a year ago. Consolidated sales were $630.9 million, versus $651.8 million a last year. On a comparable basis, sales increased 11 percent.
 Resources generated from operations in the first half totalled $79.3 million, or 91 percent ahead of last year's corresponding total of $41.5 million.
 The strong performance was led by the Denim Group where outstanding results were achieved in the quarter and the outlook remains very positive. Demand eased in the quarter in some yarn markets but results were aided by lower raw material costs and a stronger second half is expected. There was an improving trend during the quarter in some of the industrial sectors served in North America, but European operations continued to be affected by the ongoing recession and the impact that exchange rate volatility is having.
 Said Charles H. Hantho, chairman, president and CEO: "We are pleased with the progress we made in profitability in our second quarter and the turnaround it represents from a year ago. We expect this upward trend to continue in the second half led by our Denim group and the impact a strengthening North American economy will have on our other businesses. We are also well positioned to take full advantage of any improvement in European business activity."
 DOMINION TEXTILE, INC.
 Second Quarter Results
 ($ millions)
 Period ended 3 months 6 months
 Dec. 31 1992 1991 1992 1991@
 Sales $336.2 $331.7 $630.9 $651.8
 Income from opers. $ 28.5 $ 20.6 $ 56.0 $ 28.0
 Net income/(loss $ 6.4 $ (6.6) $ 10.0 $(19.1)
 Earnings/(loss)
 per common share $ 0.14 $ (0.23) $ 0.21 $ (0.63)
 -0- 01/29/93
 /CONTACT: Lise Charron, director - corporate communications, 514-989-6468; or Yvonne Callaway, manager - investor relations, 514-989-6305, for Dominion Textile Inc./
 (DTX.)


CO: Dominion Textile Inc. ST: Quebec IN: TEX SU: ERN

AH -- NY041 -- 0742 01/29/93 12:11 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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