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TULTEX CORPORATION ANNOUNCES SIGNIFICANT IMPROVEMENT IN SECOND QUARTER EARNINGS; COMPANY CONTINUES TO SEE DOUBLE-DIGIT REVENUE GROWTH

 MARTINSVILLE, Va., July 22 /PRNewswire/ -- Tultex Corporation (NYSE: TTX), one of the nation's largest manufacturers and marketers of activewear and licensed sports apparel, today announced its sixth consecutive quarter of improved earnings, while continuing to see strong sales growth.
 Sales were up 13 percent for the second quarter at $100,238,000, compared to $88,603,000 for the second quarter of 1992. Net income for the quarter was $435,000, or 1 cent per share, vs. a loss of $1,414,000, or 6 cents per share, for the same period last year.
 For the first six months of 1993, sales were $191,260,000 vs. $159,365,000 for the first half of last year, a 20 percent improvement over the first six months of 1992. The net loss for the first half of 1993 was $1,008,000, or 5 cents per share, compared to a loss of $4,472,000, or 17 cents per share, in the first half of 1992.
 "We are extremely pleased with the progress we have seen for the first six months of 1993," said John Franck, chairman and chief executive officer. "Tultex is no longer a traditional, nondecorated apparel manufacturer. With Logo 7 and Universal Industries, we are the second largest licensed sports apparel marketer in the U.S. today, which gives us a considerable advantage over most of our competitors.
 "Our licensed sportswear business remains strong, and we are also seeing continued growth in our traditional activewear business, and we are being more aggressive in marketing these brands," continued Franck. "Through promotional campaigns and powerful partnerships in the sports world, we expect to see increased brand recognition of both the Logo Athletic and Discus Athletic names."
 Last week, Tultex announced that its Logo 7 subsidiary had been granted a license to produce NFL Pro Line sportswear under the Logo Athletic brand name. Pro Line is the NFL's premier program which provides authentic NFL merchandise to retailers and fans.
 "The Pro Line contract gives our Logo Athletic brand tremendous credibility in the sports world," said Franck. "We expect that, combined with a national television and print advertising campaign featuring Dallas quarterback Troy Aikman, the NFL Pro Line contract will have a dramatic impact on the brand recognition of Logo Athletic."
 Also, Tultex recently announced that Discus Athletic has signed an agreement with Raycom, Inc., to sponsor Men's Atlantic Coast Conference (ACC) Basketball for the three upcoming seasons. Discus Athletic will also be the exclusive supplier of uniforms and activewear for the Clemson University men's basketball team for the 1993-94 basketball season.
 "Sponsoring a major collegiate sports conference is a big step for Discus Athletic and will give us significant promotional capabilities. This type of partnership with the ACC should send a strong message to our customers and competitors that we intend to be a major player in this market," said Franck.
 "We remain optimistic about the remainder of the year. We have a strong order position and expect to maintain full operating schedules for the next six months," concluded Franck. "However, retail performance during the back to school season and consumer confidence will be important factors in the coming months."
 Tultex, a vertically integrated manufacturer and marketer of activewear and licensed sports apparel, sells many of its products under the brand names of Tultex, Discus Athletic, Logo 7 and Logo Athletic brand names. The company operates manufacturing plants in Virginia, North Carolina, Indiana, Massachusetts and Jamaica.
 TULTEX CORPORATION
 Consolidated Statement of Income
 (000's omitted except in per share data)
 Three Months Ended Six Months Ended
 7-3-93 6-27-92 7-3-93 6-27-92
 Net Sales & Other Income $100,238 $88,603 $191,260 $159,365
 Income (Loss) Before Taxes $ 681 $(2,816) $ (1,614) $ (7,665)
 Income Taxes 246 (1,402) (606) (3,193)
 Net Income (Loss) $ 435 $(1,414) $ (1,008) $ (4,472)
 Earnings Per Share $ 0.01 $ (0.06) $ (0.05) $ (0.17)
 Weighted Average Common
 Shares Outstanding 28,921 28,871 28,900 28,868
 -0- 7/22/93
 /NOTE: Tultex, Discus Athletic, Logo 7 and Logo Athletic are registered trademarks./
 /CONTACT: Ann Arendall, senior coordinator-corporate communications, Tultex, 703-632-2961, ext. 3831, or fax, 703-632-8000/
 (TTX)


CO: Tultex Corporation ST: Virginia IN: TEX SU: ERN

TW-PB -- DC008 -- 4449 07/22/93 10:46 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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