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DOMINION TEXTILE REPORTS THIRD QUARTER RESULTS

& MONTREAL, April 30 /PRNewswire/ -- Dominion Textile Inc. (Montreal: DTX) continued its improved earnings performance during the


quarter ended March 31, 1993, with net income of $9.1 million or $0.22 per common share, compared to net income of $2.1 million or $0.03 per share a year earlier.
 Consolidated sales totalled $343.0 million for the quarter, compared to $338.0 million last year. On a comparative basis, after excluding operations that were sold or discontinued during the last fiscal year, sales increased 13.5 percent.
 Income from operations at $34.2 million exceeded last year's level of $24.2 million. The corporation's strong performance in the third quarter versus last year was led by the Denim Group, which continues to enjoy strong demand for its products.
 On a nine-month basis the corporation reported net income of $19.1 million or $0.43 per share, versus a loss of $17.0 million or $0.60 per share last year. Sales from continuing operations on a year to date basis were $973.9 million, versus $870.1 million for the corresponding period last year, representing an increase of 11.9 percent.
 Improved earnings contributed to strong cashflow, with resources from operations for the first nine months totalling $126.6 million or 43.2 percent ahead of last year's corresponding figure of $88.4 million.
 The outlook for denim for the balance of calendar 1993 is very positive. Improvements were also noted in Dominion's North American yarn and industrial divisions. In the Far East, the interlining business benefited from strong economic growth in the region, while in Europe, interlinings sales continued to suffer from the ongoing recession. Klopman's apparel business was also affected by a poor retail environment, but this was offset by increased sales in most workwear markets. Industrial nonwoven sales in Europe improved significantly with the successful penetration of new market segments.
 "Our sustained improvement in profitability stems from restructuring decisions taken over the past two years, combined with an improved business climate in North America," said Charles H. Hantho, chairman, president and CEO. "We anticipate the improving performance will continue through the balance of this fiscal year."
 DOMINION TEXTILE INC.
 Third Quarter Results
 (Cdn $ millions)
 Period ended 3 months 9 months
 March 31 1993 1992 1993 1992
 Sales $343.0 $338.0 $973.9 $989.8
 Income from
 operations $34.2 $24.2 $90.1 $52.2
 Net income/(loss) $9.1 $2.1 $19.1 ($17.0)
 Earnings/(Loss) per
 common share $0.22 $0.03 $0.43 ($0.60)
 Complete unaudited statements available upon request.
 -0- 4/30/93
 /CONTACT: Colleen Smith, director - investor relations, 514-989-6012/
 (DTX)


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

AH -- NY051 -- 3194 04/30/93 12:17 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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