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WILLCOX & GIBBS POSTS 58 PERCENT GAIN IN FIRST QUARTER PROFITS

 WILLCOX & GIBBS POSTS 58 PERCENT GAIN IN FIRST QUARTER PROFITS
 NEW YORK, April 29 /PRNewswire/ -- John K. Ziegler, chairman of Willcox & Gibbs, Inc. (NYSE: WG), today announced that sales for the quarter ended March 31, 1992, were $143,987,000 and earnings were $2,280,000 compared with sales of $144,066,000 and earnings of $1,444,000 for the same period in 1991. Earnings per share were $.17 compared with $.11 in 1991. Excluding sales of divisions included in 1991 but subsequently either sold or in the process of being sold, sales increased by 5 percent during the quarter.
 Ziegler stated that both the distribution business and the covered yarn operations recorded profit increases in the quarter. Quarterly profits were at the highest level in the past two years as a result of the increases in sales of the continuing businesses, the elimination of losses of the operations in the process of disposal and the effect of cost containment programs instituted in the past year. The declining profitability of the electrical distribution business has been halted and Ziegler expects that the next few months should show increases in profits in that division when compared with prior years.
 On April 23, 1992, Willcox & Gibbs announced that it planned to spin-off its covered yarn manufacturing business to shareholders on a tax-free basis. The company also announced an agreement, subject to shareholder approval, with Compagnie de Distribution de Materiel Electrique (CDME), calling for the issuance of approximately 6,236,000 shares of W&G common stock in exchange for certain assets and cash. These two actions, the company stated in its release, were designed to enhance shareholder value.
 Willcox & Gibbs is a distributor of industrial parts and supplies and a specialty manufacturer of covered yarn.
 WILLCOX & GIBBS, INC., AND SUBSIDIARIES
 (000s omitted)
 Three months ended March 31 1992 1991
 Net sales $143,987 $144,066
 Net income $ 2,280 $ 1,444
 Income per common and
 common equivalent share $.17 $.11
 Average number of common
 and common equivalent shares 13,699 13,705
 -0- 4/29/92
 /CONTACT: Richard J. Mackey, president of Willcox & Gibbs, 212-869-1800/
 (WG) CO: Willcox & Gibbs, Inc. ST: New York IN: TEX SU: ERN


GK-OS -- NY071 -- 4501 04/29/92 15:03 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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