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SHEFFIELD INDUSTRIES REPORTS RECORD SALES AND EARNINGS FOR FISCAL THIRD QUARTER ENDED MARCH 27, 1992

 SHEFFIELD INDUSTRIES REPORTS RECORD SALES AND EARNINGS
 FOR FISCAL THIRD QUARTER ENDED MARCH 27, 1992
 MIAMI, May 12 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSE), announced record sales and earnings today with a 57 percent increase in net income, before extraordinary item, and a 29 percent increase in sales in the third quarter of fiscal 1992 ended March 27, 1992.
 Sales in the third quarter were $9,650,266 compared with $7,485,915 in the prior year's third quarter. Net income, before tax benefit from loss carryforward, was $602,532 in the quarter ended March 27, 1992, compared with $382,954 in the year earlier quarter. Net income was $752,289 in the current quarter compared with $614,529 in the prior year's quarter, an increase of 22 percent. Earnings per share, on 2,167,534 weighted average shares, in the third quarter of fiscal 1992 were $.28 before the loss carryforward tax benefit and $.35 after this extraordinary item. This compares with earnings per share of $.37 before and $.60 after tax benefit in the prior year's third quarter on 1,019,500 weighted average shares.
 Net sales in the first 39 weeks of fiscal 1992 were $25,011,187 compared with $21,731,517 in the first 39 weeks of fiscal 1991. Net income, before extraordinary item, was $1,056,408, or $.61 per share, in the current year compared with $605,215, or $.59 per share, in the first 39 weeks of fiscal 1991. Net income, after tax benefit, was $1,318,975, or $.76 per share, in the first 39 weeks of fiscal 1992 compared with $895,859, or $.88 per share, in fiscal 1991's first 39 weeks, an increase of 47 percent. Weighted average shares in the two periods were 1,726,795 in the first 39 weeks of fiscal 1992 and 1,019,500 in fiscal 1991.
 Sheffield Industries, Inc., manufactures and distributes ladies' hosiery products including pantyhose, knee-highs and tights under the private labels of its customers which include K-Mart, Wal-Mart, J.C. Penney, Rite-Aid, F.W. Woolworth, PharMor, Family Dollar, Payless Shoe Source and Sears. Sheffield also manufactures and markets "Fruit of the Loom" pantyhose, knee-highs and children's tights; "LeRoi" pantyhose, tights, socks and sleepwear for children, and fashion-oriented products in its "Chic" brand label program. Sheffield also distributes T-shirts, sweat shirts and pants bearing the logos of major colleges and universities.
 SHEFFIELD INDUSTRIES, INC.
 Statement of Income (Unaudited)
 Periods 13 Weeks 39 Weeks
 Ended 3/27/92 3/29/91 3/27/92 3/29/91
 Net sales $9,650,266 $7,485,915 $25,011,187 $21,731,517
 Income before
 extraordinary item 602,532 382,954 1,056,408 605,215
 Extraord. item - tax
 benefit from loss
 carryforward 149,767 231,575 262,567 290,644
 Net income $ 752,289 $ 614,529 $ 1,318,975 $ 895,859
 Income per share:
 Before extraord. item $.28 $.37 $.61 $.59
 Extraordinary item .07 .23 .15 .29
 Income per share $.35 $.60 $.76 $.88
 Weighted average
 shares outstg. 2,167,534 1,019,500 1,726,795 1,019,500
 -0- 5/12/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield Industries, 305-624-8493/
 (HOSE) CO: Sheffield Industries, Inc. ST: Florida IN: SU: ERN


GK-OS -- NY061 -- 9139 05/12/92 12:36 EDT
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Publication:PR Newswire
Date:May 12, 1992
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