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ANDOVER TOGS SECOND QUARTER NET ADVANCES TO $.16 PER SHARE FROM $.09

 ANDOVER TOGS SECOND QUARTER NET ADVANCES TO $.16 PER SHARE FROM $.09
 NEW YORK, July 9 /PRNewswire/ -- Andover Togs, Inc. (NASDAQ: ATOG), announced today that net income for the second quarter of fiscal 1992 ended May 31, 1992, advanced to $707,000, or $.16 per share, from $409,000, or $.09 per share, for last year's second quarter. Net sales were $23,298,000 compared to $24,491,000 a year ago. Last year's net sales included $1,709,000 attributable to an 80 percent-owned subsidiary sold in April 1991.
 Pre-tax earnings for this year's second quarter were $1,245,000, 30 percent ahead of pre-tax earnings for the second quarter of fiscal 1991 of $960,000 before the loss on the sale of the 80 percent-owned subsidiary. The pre-tax loss on the sale of the subsidiary in last year's second quarter was $264,000.
 "The improvement in revenue and net income for the second quarter reflects the strength of Andover Togs' core business, the success of our aggressive marketing program to build long-term supply relationships with major retail customers, and management's continuing focus on cost reduction and enhanced plant efficiency," said President William L. Cohen.
 Noting that profitability has increased despite intense price competition in the industry, Cohen said, "Fall orders are ahead of last year, and we remain optimistic about the company's performance for the balance of fiscal 1992."
 For the six months ended May 31, 1992, net earnings advanced to $512,000, or $.12 per share, compared to $6,000, or less than $.01 per share, for the first half of fiscal 1991. Net sales were $38,745,000, compared to $41,240,000. Last year's net sales included $3,447,000 attributable to the 80 percent-owned subsidiary.
 Pre-tax earnings for this year's first half were $924,000, nearly triple the pre-tax earnings for the same period of fiscal 1991 of $321,000 before the loss on the sale of the 80 percent-owned subsidiary. The pre-tax loss on the sale of the subsidiary in last year's first half was $268,000.
 All per share results reflect a 25 percent stock split distributed on May 4, 1992, and a 10 percent stock dividend distributed on Dec. 9, 1991, which together increased the average number of Andover Togs common shares outstanding to approximately 4,400,000.
 Andover Togs, Inc., manufactures children's and ladies' private label and branded apparel. The company currently has licensing agreements with Sasson(R) for certain products and a boy's wear license for the Tonka(R) trademark.
 ANDOVER TOGS, INC., AND SUBSIDIARIES
 Summary of Operations
 (In $000s except per share)
 Periods ended Three Months Six Months
 May 31 1992 1991 1992 1991
 Net sales $23,298 $24,491 $38,745 $41,240
 Earnings before loss
 on sale of subsidiary
 and provision for
 income taxes 1,245 960 924 321
 Loss on sale of
 subsidiary -- 264 -- 268
 Earnings before
 provision for
 income taxes 1,245 696 924 53
 Net earnings $ 707 $ 409 $ 512 $ 6
 Net earnings per
 common share $.16 $.09(A) $.12 --(A)
 Weighted average
 common shares
 outstanding 4,397,800 4,430,900(A) 4,397,300 4,431,600
 (A) -- Restated for the 25 percent stock split distributed on May 4, 1992, to shareholders of record on April 21, 1992, and the 10 percent stock dividend distributed on Dec. 9, 1991, to shareholders of record on Nov. 25, 1991.
 -0- 7/9/92
 /CONTACT: Alan Kanis, treasurer of Andover Togs, 212-244-0700/
 (ATOG) CO: Andover Togs, Inc. ST: New York IN: TEX SU: ERN


GK-LD -- NY002 -- 7687 07/09/92 08:00 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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