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GUILFORD MILLS ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

 GUILFORD MILLS ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
 GREENSBORO, N.C., Aug. 20 /PRNewswire/ -- Guilford Mills, Inc. (NYSE: GFD), today announced sales for the fourth quarter ended June 28, 1992, amounted to $181,816,000, up 16 percent from $157,395,000 for the same period of the prior year.
 Net income was up 74 percent to $11,007,000 or $.81 per share for the current quarter versus $6,314,000 or $.47 per share for the comparable period of the prior year.
 For fiscal 1992, sales were $614,905,000 compared with a year earlier $528,778,000. Net income was $24,858,000 or $1.85 per share versus $13,557,000 or $1.02 per share for the prior year when an extraordinary item increased the per share amount to $1.19.
 Charles A. Hayes, CEO, said, "Our excellent performance in a recessionary year is the direct result of our restructuring program over the last two years. Positive trends for our domestic apparel and automotive groups continued throughout fiscal 1992. Higher revenues and improved product mix contributed to increased after-tax profit margins which were 6.1 percent in the fourth quarter versus 4 percent for the comparable quarter last year. For the fiscal year, margins were 4 percent versus 2.6 percent." He added, "The near and long term outlook for our company is very good."
 The company's board of directors has declared a dividend of $.15 per share payable Sept. 16, 1992, to stockholders of record on Sept. 4, 1992.
 Guilford Mills is the world's largest producer of warp knit fabrics and a leader in technological advances in textiles, including microdenier warp knits and wide width circular knits of cotton and cotton/lycra blends. On Nov. 13, 1991, the company announced its initial move into woven velour fabrics to expand its automotive business.
 GUILFORD MILLS, INC., AND SUBSIDIARIES
 Fiscal Year Operating Results
 13 weeks ended 6/28/92 6/30/91
 Sales $181,816,000 $157,395,000
 Net income $ 11,007,000 $ 6,314,000
 Primary income per share $.81 $.47
 Fully diluted income per share $.74 $.45
 Equivalent shares outstanding 13,530,000 13,317,000
 Year ended 6/28/92 6/30/91
 Sales $614,905,000 $528,778,000
 Income before extraordinary item 24,858,000 13,557,000
 Extraordinary item (B) -- 2,360,000
 Net income $ 24,858,000 $ 15,917,000
 Primary income per share:
 Before extraordinary item $1.85 $1.02
 Net $1.85 $1.19
 Fully diluted income per share:
 Before extraordinary item $1.73 $1.01
 Net $1.73 $1.17
 Equivalent shares outstanding 13,465,000 13,321,000
 (A) -- All per share amounts restated to reflect 50 percent stock dividend paid Jan. 17, 1992.
 (B) -- Discount on purchase of convertible subordinated debentures (net of related income taxes).
 -0- 8/20/92
 /CONTACT: Terrence E. Geremski of Guilford Mills, 919-316-4136; or Susan Sherman of Cameron Associates, 212-644-9560, for Guilford Mills/
 (GFD) CO: Guilford Mills, Inc. ST: North Carolina IN: TEX SU: ERN


GK-OS -- NY037 -- 1704 08/20/92 12:15 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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