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LIDA REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 NEW YORK, Feb. 4 /PRNewswire/ -- Lida Inc. (NASDAQ: LIDA) today reported preliminary net income of $.26 per share for 1992 and a net loss of $.08 per share for the fourth quarter, as compared with $.87 per share for the prior year and $.23 per share in the 1991 fourth quarter, assuming for comparative purposes that the 7.6 million shares that are currently outstanding had been outstanding for 1991 and throughout 1992.
 Preliminary net income was $1,966,000 for 1992 versus $6,585,000 last year. In the fourth quarter, the net loss was $637,000 for 1992 as compared with net income of $1,724,000 for the comparable period of 1991. Revenue was $87.4 million in 1992 as compared with $107.9 million for last year, while the fourth quarter revenue was $21.1 million in 1992 as compared to $25.7 million in the 1991 fourth quarter.
 "As previously indicated, strong October bookings failed to carry through into November and December," Isaac Kier, president and chief executive officer, said. "While we are disappointed in the results for the fourth quarter, on a more positive note, I'm pleased to state that equipment installations are now substantially complete at our new Gastonia, N.C. dyeing facility and it is currently operating well. In addition, we have moved aggressively during the past months to bring our operating expenses in line with current bookings."
 "As a result, we are ideally positioned to take advantage of an upturn in the apparel industry. In fact, we are encouraged that printed fabric demand, although weaker than forecast for the fourth quarter, has recently begun to show improved momentum," Kier said.
 Lida is a leader in the design, manufacture and marketing of "topweight" fabrics, particularly Lycra(R) spandex blends, primarily used by its apparel-industry customers in the production of women's sportswear, swimwear and activewear.
 LIDA INC
 Condensed Consolidated Statements of Income
 (In thousands, except per share data)
 (Preliminary and Unaudited)
 Periods ended Fourth quarter Twelve months
 Dec. 31 1992 1991 1992 1991
 Net sales $21,100 $25,700 $87,400 $107,900
 Net income (637) 1,724 1,966 6,585
 Earnings per share (.08) .23 .26 .87
 Average shares
 outstanding 7,600 7,600 7,600 7,600
 -0- 2/4/93
 /CONTACT: Isaac Kier, chief executive officer of Lida, 212-391-0002/
 (LIDA)


CO: Lida Inc. ST: New York IN: TEX SU: ERN

AH-WB -- NY115 -- 3175 02/04/93 16:34 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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