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WILLCOX & GIBBS REPORTS SECOND QUARTER RESULTS

 NEW YORK, July 23 /PRNewswire/ -- John K. Ziegler, chairman of Willcox & Gibbs, Inc. (NYSE: WG), today announced that sales for the second quarter ended June 30, 1993, were $147.6 million compared with $104.9 million for the same period a year ago. 1993 second quarter sales included a combined total of $40.3 million from Southern Electric Supply, Inc. (SES), a distributor of electrical parts and supplies acquired in November 1992 as part of the transaction with Compagnie de Distribution de Materiel Electrique (CDME) and Sacks Electrical Supply Co. (Sacks), also a distributor of electrical parts and supplies, acquired in April 1993.
 The company reported income from continuing operations of $2.1 million or 10 cents per share for the second quarter of 1993 compared to $0.8 million or 6 cents per share for the second quarter of the prior year.
 Sales for the first six months ended June 30, 1993, were $278.5 million, including combined sales of $65.2 million from SES and Sacks, compared with sales of $205.3 million for the same period in 1992.
 Income from continuing operations was $4 million or 19 cents per share for the six months ended June 30, 1993, compared to $1.2 million or 9 cents per share for the same period in 1992.
 As previously announced, the company distributed Worldtex, Inc., its covered yarn manufacturing segment, as a dividend to its stockholders during the fourth quarter of 1992. Results of the covered yarn operation are included as discontinued operations in 1992 for all periods presented. In addition, the company adopted Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" (SFAS 109) in the first quarter of 1993. Adoption of this statement resulted in a credit to income in the first quarter of 1993 of $0.7 million or 3 cents per share which is reflected in results of operations as the cumulative effect of a change in accounting principle.
 As a result, the company reported net income of $2.1 million, or 10 cents per share for the second quarter of 1993 compared to net income of $2.7 million, or 19 cents per share for the second quarter of the prior year. For the six months ended June 30, 1993, net income was $4.6 million or 22 cents per share compared to $5.0 million or 36 cents per share for the comparable period of the prior year.
 The average number of common and common equivalent shares has increased from 13.7 million to 20.9 million shares outstanding as a result of the issuance of shares in connection with the CDME transaction.
 Willcox & Gibbs, Inc. is engaged in the distribution of electrical parts and supplies and the distribution of parts, supplies and equipment to apparel manufacturers.
 WILLCOX & GIBBS, INC. AND SUBSIDIARIES
 (000S omitted)
 Periods ended Six months Three months
 June 30 1993 1992 1993 1992
 Net sales $278,531 $205,334 $147,649 $104,872
 Income from continuing
 operations 3,966 1,187 2,144 837
 Discontinued operations,
 net of taxes -- 3,790 -- 1,860
 Income before cumulative
 effect of change in
 accounting for
 income taxes 3,966 4,977 2,144 2,697
 Cumulative effect of change
 in accounting for income taxes 660 -- -- --
 Net income 4,626 4,977 2,144 2,697
 Income per common share:
 Income from continuing
 operations $.19 $.09 $.10 $.06
 Income from discontinued
 operations -- .27 -- .13
 Income before cumulative
 effect of change in
 accounting for
 income taxes .19 .36 .10 .19
 Cumulative effect of change
 in accounting for
 income taxes .03 -- -- --
 Net income $.22 $.36 $.10 $.19
 Average number of common
 and common equivalent
 shares 20,949 13,708 20,951 13,717
 -0- 7/23/93
 /CONTACT: John K. Ziegler, chairman and CEO of Willcox & Gibbs, Inc., 212-869-1800
 (WG)


CO: Willcox & Gibbs, Inc. ST: New York IN: CPR SU: ERN

CK-TS -- NY031 -- 5092 07/23/93 11:16 EDT
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Date:Jul 23, 1993
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