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WORLDTEX, INC. REPORTS FIRST QUARTER RESULTS

 HICKORY, N.C., April 29 /PRNewswire/ -- Worldtex, Inc., (NYSE: WTX) the world's largest specialty manufacturer of covered elastic yarns, primarily used in the manufacture of hosiery and active apparel, announced today that earnings for the quarter ended March 31, 1993 increased by 6.5 percent, while revenues declined by 5.4 percent.
 For the quarter ended March 31, sales declined to $41.2 million, compared with $43.5 million in the same period a year ago. Net income for the quarter was $1.7 million, or 12 cents per share, based on 14.7 million shares outstanding, up from $1.6 million, or 11 cents per share in the prior year, based on the same number of shares outstanding.
 Commenting on the quarter's results, Richard Mackey, chairman and chief executive officer, explained that, "the company's North American business, which accounts for nearly 50 percent of revenues, posted sharp increases in both sales and profits, reflecting improved economies in the U.S. and Canada. However, Filix Lastex, S.A., the company's French based subsidiary, continued to feel the effects of a sluggish European economy and therefore, recorded sales and profit levels below those of the previous year's first quarter." Mackey stated that while total operating profits were down in the quarter, substantially reduced interest costs enabled the company to show an increase in net income compared with the prior year.
 Mackey noted, however, that "inventory build-ups by customers of the European subsidiary are expected to be eliminated in the very near future, which, in turn, should result in improved sales and profits."
 Worldtex, Inc. was organized in July 1992 as a holding company for the covered elastic yarn manufacturing operations of Willcox & Gibbs, Inc. (NYSE: WG). Worldtex is comprised of three subsidiaries, Regal Manufacturing Company, Inc., based in Hickory, N.C., Rubyco, Inc., based in Montreal, Canada and Filix Lastex, S.A., headquartered in Troyes, France. The three subsidiaries have a total of approximately 1,200 employees.
 In the U.S. and Canada, Worldtex supplies primarily nylon covered spandex used in the manufacture of ladies' sheer and opaque pantyhose, support hose and control-top pantyhose. The company also manufactures covered elastic yarns using "microfiber" nylon, in addition to cotton covered spandex used to produce opaque pantyhose, and provides its customers with covered latex rubber and spandex yarns, used in the manufacture of men's, women's and children's socks.
 In Europe, Worldtex supplies customers with covered elastic yarns using nylon, cotton and microfibers to manufacture ladies' sheer and opaque pantyhose and men's, women's and children's socks. The company also provides apparel manufacturers with covered elastic yarns used to produce sweaters, athletic and activewear, swimwear and high fashion apparel.
 WORLDTEX, INC. AND SUBSIDIARIES
 Quarter Ended
 March 31,
 1993 1992
 (000's Omitted)
 Net Sales $41,159 $43,525
 Net Income $ 1,740 $ 1,634
 Income per common and common
 equivalent share $ .12 $ .11
 Average number of common and
 common equivalent shares 14,701 14,720
 Note: Earnings per share for the 1992 quarter have been calculated as if the average outstanding shares from Nov. 12, 1992, the date of spin-off, to Dec. 31, 1992, were outstanding for the quarter.
 -0- 4/29/93
 /CONTACT: Richard J. Mackey, Chairman of Board, Worldtex, Inc., 704-328-5381/
 (WTX WG)


CO: Worldtex, Inc. ST: North Carolina IN: TEX SU: ERN

MM -- CH005 -- 2506 04/29/93 09:47 EDT
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Date:Apr 29, 1993
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