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ANDOVER TOGS ANNOUNCES FIRST QUARTER RESULTS AND FIVE-FOR-FOUR STOCK SPLIT

 ANDOVER TOGS ANNOUNCES FIRST QUARTER RESULTS
 AND FIVE-FOR-FOUR STOCK SPLIT
 NEW YORK, April 9 /PRNewswire/ -- Andover Togs, Inc. (NASDAQ: ATOG) today announced its results for the first quarter ended Feb. 29, 1992 and announced that its board of directors has declared a 5-for-4 stock split which will result in holders of record of Andover common stock on April 21, 1992 receiving one additional share of common stock for every four shares owned on that date. Andover anticipates that certificates representing the additional shares will be mailed to shareholders on or about May 4, 1992. On April 9, 1991, there were 3,518,371 shares of Andover common stock outstanding. Cash will be paid in lieu of fractional shares.
 For the quarter ended Feb. 29, 1992 Andover Togs, Inc. had a net loss of $195,000 or $.06 per share of common stock, compared with a net loss of $403,000 or $.11 per share in the quarter ended Feb. 28, 1991. Net sales in the 1992 quarter were $15,447,000 compared with $16,749,000 in the first quarter of fiscal 1991. The decrease in sales was due to the sale of the company's 80 percent owned subsidiary last year. If prior sales of that subsidiary are eliminated, net sales increased by $436,000 over the comparable 1991 period.
 "The significant reduction in the first quarter loss was the result of a number of factors including more efficient plant operations," William L. Cohen, president of Andover said in announcing the results.
 Cohen stated that he is optimistic that the company's performance will continue to improve in 1992. "Our business continues to be strong." In that connection, Cohen noted that the company's backlog of fall orders was ahead of last year at this time.
 Andover Togs manufactures children's and ladies' private label and branded apparel. The company currently has licensing agreements for Sasson (R) for certain products. In addition, the company has a boy's wear license for the Tonka (R) trademark.
 ANDOVER TOGS, INC. AND SUBSIDIARIES
 Summary of Operations
 (In thousands except per share)
 Three months ended 2/29/92 2/28/91
 Net sales $ 15,447 $ 16,749
 Loss before income tax benefit (321) (643)
 Net loss (195) (403)
 Net loss per common share (.06) (.11)(A)
 Weighted average common
 shares outstanding 3,517,200 3,546,000 (A)
 (A) Restated to reflect the 10 percent stock dividend distributed on Dec. 9, 1991 to shareholders of record on Nov. 25, 1991.
 -0- 4/9/92
 /CONTACT: Alan Kanis, treasurer and CFO of Andover Togs, 212-244-0700/
 (ATOG) CO: Andover Togs, Inc. ST: New York IN: TEX SU: ERN


AH-OS -- NY082 -- 6931 04/09/92 16:30 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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