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GUILFORD MILLS REPORTS TRANSITION PERIOD EARNINGS

 GREENSBORO, N.C., Oct. 28 /PRNewswire/ -- Guilford Mills, Inc. (NYSE: GFD) today announced operating results for the Company's transition period from June 28, 1993 to September 26, 1993. The transition period resulted from a change in Guilford's year for financial reporting purposes from a fiscal year ending on the Sunday nearest to June 30 to the Sunday nearest to September 30. The change in the fiscal year reflects a natural movement of the manufacturing cycle closer to the needs and desires of our customers.
 Sales for the transition period of $141,450,000 represents a 6.8 percent decrease from the comparable amount for the fiscal quarter ended September 27, 1992. Net income for the transition period of $2,013,000, or $.15 per primary share, declined from the $6,818,000, or $.50 per primary share, for the comparable quarter ended September 27, 1992.
 The transition period net income includes restructuring and other costs of $5,377,000 ($3,177,000 after taxes) which were offset by income from the cumulative effect of adopting Statement of Accounting Standards No. 109, "Accounting for Income Taxes", of $3,100,000. Exclusive of these special items, income for the transition period was $2,090,000 or $.15 per primary share,
 Charles A. Hayes, Chairman and Chief Executive Officer, said, "The transition quarter was impacted by reduced sales in our apparel business unit, operating variances in our apparel and fibers business units due to new product introductions and start-up of our expanded yarn facilities as well as higher depreciation charges associated with our capital expenditure program last year. We also determined the need to restructure our print business and our European apparel operations as part of our re-engineering program to better position ourselves for the future."
 The Board of Directors declared a dividend of $.15 per share payable on November 23, 1993 to stockholders of record on November 11, 1993.
 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 serving diversified markets for apparel, home furnishings, automotive and furniture upholstery.
 GUILFORD MILLS, INC.
 Transition Period Earnings Summary
 Transition Period Comparable Quater
 Ended Ended
 9/26/93 9/27/92
 Sales $141,450,000 $151,722,000
 Income (Loss) Before Cumulative Effect
 of Change in Accounting Principle (1,087,000) 6,818,000
 Net Income 2,013,000 6,818,000
 Income Per Share Before Cumulative Effect
 of Change in Accounting Principle:
 Primary (.08) .50
 Fully Diluted (.08) .47
 Net Income Per Share:
 Primary .15 .50
 Fully Diluted .15 .47
 Equivalent Shares Outstanding:
 Primary 13,646,000 13,578,000
 Fully Diluted 13,650,000 15,825,000
 -0- 10/28/93
 /CONTACT: Terrence E. Geremski of Guilford, 919-316-4136; or Rod O'Connor of Cameron Associates, 212-644-9560/
 (GFD)


CO: Guilford Mills, Inc. ST: North Carolina IN: TEX SU: ERN

PS-WB -- NY059 -- 7890 10/28/93 11:57 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:498
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