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ANDOVER TOGS INC. (NASDAQ) FISCAL 1992 NET EARNINGS INCREASE TO $.34 PER SHARE FROM $.27

 NEW YORK, Feb. 18 /PRNewswire/ -- Andover Togs Inc. (NASDAQ: ATOG) announced today that net earnings for the fiscal year ended Nov. 30, 1992 increased 23 percent to $1,475,000, or $.34 per share, from $1,202,000, or $.27 per share, on a 5 percent increase in revenue to $96,323,000 from $92,089,000 for fiscal 1991.
 Results for fiscal 1991 include a pre-tax loss on the sale of an 80 percent-owned subsidiary of $268,000. Exclusive of this subsidiary, revenue for fiscal 1991 was $88,642,000. Accordingly, on a comparable basis, revenue grew 9 percent from fiscal 1991 to fiscal 1992.
 "The increase in net sales and earnings primarily reflects the success of our strategy of building long-term supply relationships with major chain store customers," said chairman and president William L. Cohen. "We are pleased by Andover's overall performance in a tough environment and are working to enhance the company's growth and profitability in the new fiscal year," he said.
 For the fourth quarter ended Nov. 30, 1992, net earnings were $274,000, or $.06 per share, compared to $649,000, or $.15 per share, for last year's fourth quarter. Revenue rose 13 percent to $29,122,000 from $25,761,000 for the same period last year.
 "In addition to the intense price competition that has characterized our market, gross margin for the fourth quarter was reduced by unusually large close-outs and reduced efficiency in changing seasonal production at our domestic manufacturing facilities," Cohen said. He added that all charges associated with the termination of Andover's ladies' division license agreement with Sasson were fully recorded in fiscal 1992.
 The company's financial condition grew stronger in fiscal 1992, as working capital increased to more than $16,000,000 while bank debt was reduced by approximately $2,000,000 since the end of fiscal 1991.
 Cohen added that at its meeting on Feb. 16, 1993, Andover's board of directors authorized the repurchase of up to $200,000 worth of the company's common stock during 1993. The company purchased $114,605 worth of its common stock during 1992. Purchases, if any, will be made at times and prices as management deems appropriate. At Feb. 16, 1993 there were 4,400,815 Andover common shares outstanding.
 Andover Togs Inc. manufactures children's and ladies' apparel. The company currently has a licensing agreement with Sasson for children's wear products and a boy's wear license for the Tonka trademark.
 ANDOVER TOGS INC. AND SUBSIDIARIES
 Summary Of Operations
 (In $000s except per share results)
 Year Ended Three Months Ended
 Nov. 30, Nov. 30,
 1992 1991 1992 1991
 Net Sales $ 96,323 $ 92,089 $ 29,122 $ 25,761
 Earnings before
 loss on sale of
 subsidiary and
 provision for
 income taxes 2,527 2,431 418 1,138
 Loss on sale
 of subsidiary --- 268 --- ---
 Earnings before
 provision for
 income taxes 2,527 2,163 418 1,138
 Net earnings 1,475 1,202 274 649
 Net earnings
 per common share $.34 $.27(a) $.06 $.15(a)
 Weighted average
 common shares
 outstanding 4,402,100 4,420,800(a) 4,416,000 4,401,300(a)
 (a) Restated for the 25 percent stock split distributed on May 4, 1992 to shareholders of record on April 21, 1992.
 -0- 2/18/93
 /CONTACT: Alan Kanis, treasurer of Andover Togs, 212-244-0700/
 (ATOG)


CO: Andover Togs Inc. ST: New York IN: LEI SU:

EH -- LA026 -- 7778 02/18/93 10:24 EST
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Date:Feb 18, 1993
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