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SPRINGS INDUSTRIES REPORTS INCREASED FOURTH QUARTER SALES AND EARNINGS

SPRINGS INDUSTRIES REPORTS INCREASED FOURTH QUARTER SALES AND EARNINGS
 FORT MILL, S.C., Jan. 28 /PRNewswire/ -- Springs Industries (NYSE: SMI) today reported increased sales and earnings for the fourth quarter of 1991.
 In the fourth quarter, sales increased four percent to $501.2 million, compared with $480.7 million a year ago. Net income increased eight percent to $11.9 million versus the prior year's $11 million, while earnings per share improved ten percent from last year's 61 cents to 67 cents in the fourth quarter of 1991.
 For the full year 1991, Springs' net sales were $1,890 million, up about one percent from net sales of $1,878 million in 1990. Net income for 1991 was $27.1 million or $1.53 per share, compared with a loss of $6.8 million or 39 cents per share in 1990. However, the loss for 1990 reflected a one-time pre-tax restructuring charge in the third quarter of $70.0 million, equivalent to $43.9 million after taxes or $2.46 per share. Excluding the 1990 restructuring charge, 1991 net earnings reflect a 27 percent decrease from the prior year.
 Walter Y. Elisha, Springs chairman and chief executive officer, said, "The home furnishings segment achieved excellent sales growth in the fourth quarter reflecting improving momentum. For the full year, home furnishings segment sales increased ten percent to $1,100.8 million from the 1990 level of $999.8 million. Our bedroom and bath businesses performed admirably in the face of a weak economy. That, along with sales from the April 19, 1991 acquisition of the C.S. Brooks bath business, contributed to strong revenue improvement. Window treatment sales continued below 1990 levels for both the fourth quarter and the full year.
 "The planned downsizing of the finished fabrics segment resulted in lower sales and significantly improved earnings for both the quarter and the full year. The segment's annual revenues were down nine percent to $435.4 million.
 "Industrial segment sales decreased in the fourth quarter. This decline is due in part to the fact that sales in the fourth quarter of 1990 included an unusually large volume of shipments to the defense industry. Full year sales decreased 11 percent to $354.2 million from the 1990 level of $398.6 million because of lower industry-wide demand for fiber glass fabric."
 Commenting on Springs' results, Elisha said, "Our results in the fourth quarter showed improvement despite the effects of weakness in the retail and industrial markets. While 1991 was disappointing overall because of the impact of the poor economic conditions, we are pleased with the strong performance of our domestics businesses and the excellent earnings improvement of our restructured finished fabrics group."
 Elisha said that "1992 should be a better year than 1991. In 1991, we realigned our marketing groups to sharpen our focus on serving our customers, while continuing our program of capital investment in plant modernization. The expected benefits from these efforts have led us to set aggressive goals for 1992 and strengthened our resolve to achieve these targets despite the uncertain environment."
 Springs Industries is a major manufacturer and marketer of home furnishings, finished fabrics, and industrial products with headquarters in
Fort Mill, S.C. The company employs about 21,000 people and operates 45 manufacturing facilities in 10 U.S. states, Belgium and England, with a minority interest in a joint venture in Japan.
 SPRINGS INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEET
 (In thousands except share data)
 December 28, 1991 and December 29, 1990
 1991 1990
 ASSETS
 Current Assets:
 Cash and cash equivalents $ 5,754 $ 4,734
 Accounts receivable 302,685 304,397
 Inventories 237,638 239,790
 Other 49,864 38,936
 Total current assets 595,941 587,857
 Property (at cost):
 Land and improvements 16,086 14,105
 Buildings 200,393 170,844
 Machinery, equipment, etc. 907,164 902,926
 Total 1,123,643 1,087,875
 Accumulated depreciation (551,515) (563,678)
 Property, net 572,128 524,197
 Other assets and deferred charges 83,229 89,074
 Total $1,251,298 $1,201,128
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Short-term borrowings $ 29,200 $ 11,175
 Current maturities of long-term
 debt 25,265 18,929
 Accounts payable 81,543 95,570
 Accrued retirement and incentive pay 21,925 8,325
 Accrued restructuring costs 26,480 22,605
 Other accrued liabilities 81,828 74,718
 Total current liabilities 266,241 231,322
 Noncurrent Liabilities:
 Long-term debt 287,837 260,423
 Accrued restructuring costs 20,505 46,422
 Deferred income taxes 44,952 43,455
 Deferred compensation 43,014 40,048
 Deferred credits and other
 liabilities 19,899 18,544
 Total noncurrent liabilities 416,207 408,892
 Shareholders' Equity:
 Class A common stock - $.25 par value
 (9,735,160 and 9,603,681 shares issued
 in 1991 and 1990, respectively) 2,434 2,401
 Class B common stock - $.25 par value
 (7,971,480 and 8,047,900 shares issued
 in 1991 and 1990, respectively) 1,993 2,012
 Additional paid-in capital 10,661 9,318
 Retained earnings 547,463 540,448
 Cost of Class A shares in treasury
 (1991-142,272 shares;
 1990-150,216 shares) (3,053) (3,148)
 Currency translation adjustment 9,352 9,883
 Total shareholders' equity 568,850 560,914
 Total $1,251,298 $1,201,128
 Springs Industries, Inc.
 Consolidated Statements of Income (Loss)
 and Retained Earnings
 (In thousands except per share data)
 Thirteen Weeks Ended Year Ended
 Dec. 28, Dec. 29, Dec. 28, Dec. 29,
 1991 1990 1991 1990
 INCOME (LOSS)
 Net sales $501,245 $480,683 $1,890,406 $1,877,978
 Cost and expenses:
 Cost of goods sold 399,663 389,013 1,540,267 1,522,256
 Selling, general and
 administrative expenses 68,928 62,699 270,701 262,892
 Provision for
 restructuring costs -- -- -- 70,000
 Interest expense 8,051 7,509 32,281 30,646
 Interest income (249) (133) (879) (1,143)
 Other (income) expense 1,542 439 (1,637) 461
 Total 477,935 459,527 1,840,733 1,885,112
 Income (loss) before
 income taxes 23,310 21,156 49,673 (7,134)
 Income tax provision
 (benefit) 11,442 10,195 22,576 (301)
 Net income (loss) $11,868 $10,961 $27,097 $(6,833)
 Per share:
 Net income (loss) $.67 $.61 $1.53 $(.39)
 Cash dividends - Class A $.30 $.30 $1.20 $1.20
 Cash dividends - Class B $.27 $.27 $1.08 $1.08
 Weighted average shares
 of common stock 17,710 17,672
 RETAINED EARNINGS
 Retained earnings at
 beginning of period $540,625 $538,731 $540,448 $571,739
 Net income (loss) 11,868 10,961 27,097 (6,833)
 Purchase and retirement
 of Class A Shares - (4,187) - (4,187)
 Cash dividends (5,030) (5,057) (20,082) (20,271)
 Retained earnings at
 end of period $547,463 $540,448 $547,463 $540,448
 -0- 1/28/92
 /CONTACT: Robert E. Slough, Director, Public Relations, Springs Industries, Inc., 803-547-3738/
 (SMI) CO: Springs Industries, Inc. ST: South Carolina IN: TEX SU: ERN


DF-JM -- CH002 -- 4053 01/28/92 08:47 EST
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Date:Jan 28, 1992
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