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MOHAWK INDUSTRIES FIRST QUARTER NET EARNINGS UP SIGNIFICANTLY FROM YEAR-AGO PERIOD

 MOHAWK INDUSTRIES FIRST QUARTER NET EARNINGS
 UP SIGNIFICANTLY FROM YEAR-AGO PERIOD
 ATLANTA, April 20 /PRNewswire/ -- Mohawk Industries, Inc. (NASDAQ: MOHK) today reported record net earnings for the first quarter of its current fiscal year, ended March 28, of $35,000 compared to a loss of $660,000 for the same period last year.
 Operating income improved from $1.3 million to $2.0 million, up approximately 47 percent. Net sales of $64.0 million were 13 percent ahead of the $56.7 million posted in the prior year's first quarter.
 Mohawk became a publicly traded company through an initial public offering in April 1992. Had the company been public during the first quarter, net earnings on a pro forma basis (giving effect to application of the proceeds from the offering to reduce debt and preferred stock as of Jan. 1, 1992, offset by anticipated costs associated with being a public company) would have been $780,000 or $.08 per share based on 10,417,500 shares currently outstanding on a fully diluted basis.
 The company is pleased with its results, given that the first quarter is traditionally its weakest due to seasonality.
 MOHAWK INDUSTRIES, INC.
 First Quarter Results
 (Unaudited and Amounts in Thousands, except earnings per share)
 3/29/91 3/28/92
 Actual Actual Pro Forma (a)
 Statement of Earnings Data:
 Net sales $56,704 $63,978 $63,978
 Costs and expenses 57,952 63,920 62,686
 Earnings (loss) before
 income taxes (1,248) 58 1,292
 Net earnings (loss) $ (660) $ 35 $ 780
 Earnings (loss) per share
 of common stock $ (0.09) $ 0.01 $ 0.08
 Weighted average common
 shares outstanding 7,500 7,313 10,417
 Balance Sheet Data:
 Total assets $121,844 $123,069 $120,703
 Liabilities 107,620 104,291 66,428
 Preferred stock 4,437 3,157 ---
 Stockholder's equity 9,787 15,621 54,275
 Total liabilities and
 stockholder's investment $121,844 $123,069 $120,703
 (a) First quarter 1992 data was adjusted to show the impact on a pro forma basis of the application of the proceeds from the offering to reduce debt and preferred stock as of Jan. 1, 1992, and to show the impact of additional anticipated costs associated with being a public company.
 -0- 4/20/92
 /CONTACT: John D. Swift of Mohawk Industries, 404-951-6221/
 (MOHK) CO: Mohawk Industries, Inc. ST: Georgia IN: SU: ERN


BN-JW -- AT001 -- 9828 04/20/92 07:34 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
Words:404
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