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AUTHENTIC FITNESS REPORTS A 24 PERCENT GAIN IN OPERATING INCOME ON A 19 PERCENT INCREASE IN SALES IN FISCAL 1992

 AUTHENTIC FITNESS REPORTS A 24 PERCENT GAIN IN OPERATING INCOME
 ON A 19 PERCENT INCREASE IN SALES IN FISCAL 1992
 VAN NUYS, Calif., Aug. 20 /PRNewswire/ -- Authentic Fitness Corporation (NYSE: ASM) today reported record net revenues and operating income for its fiscal year ended June 28, 1992.
 Net revenues for the 1992 fiscal year were $101.5 million, a 19 percent increase over the $85.5 million recorded for the comparable period in 1991. The 1992 results marked the first time in the company's history that net revenues exceeded the $100 million level. Operating income before non-recurring items increased 24 percent to $17.1 million, from $13.8 million last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) before non-recurring items increased 19 percent to $19.9 million, from $16.7 million last year. EBITDA represented 19.6 percent of sales for the most recent fiscal year, versus 19.5 percent for the comparable period last year.
 Included in the results were non-recurring charges of $7.2 million and a $3.9 million non-cash extraordinary charge associated with the consummation of the company's initial public offering in June 1992. The net loss for fiscal year 1992 after these one-time charges was $4.4 million or a loss of $0.76 per share, on a weighted average of 5.7 million shares outstanding. On a pro-forma basis, assuming the initial public offering and the application of the net proceeds therefrom occurred just prior to the beginning of fiscal 1992, current interest rates, the exclusion of the one-time charges associated with the offering and fully taxed earnings, net income would have been $7.4 million or $0.85 per share on a weighted average of 8.7 million shares outstanding.
 Linda Wachner, chairman and chief executive officer, said, "Authentic Fitness' strong performance reflected a 28 percent increase in revenues at its Speedo division, the company's largest operation. This growth resulted from Speedo's successful expansion of its well- recognized competition swimwear into other markets and such new sports as volleyball, aerobics and recreational water activities, and the new Speedo(R)/Authentic Fitness(TM) land-based fitness wear apparel and accessories."
 Wachner also noted that during 1992, the company made a strategic decision to capitalize on the awareness and potential mass appeal of the White Stag(R) brand name by repositioning it into a line of activewear, outerwear, swimwear and goggles for the mass merchandise market. Initial orders for the refocused line are strong. Seven hundred Wal-Mart stores will market White Stag men's and women's outerwear and activewear beginning in August 1992, and the company expects to introduce non-competition swimwear and goggles for distribution to the mass merchandise market in 1993.
 Authentic Fitness Corporation, headquartered in Van Nuys, designs and markets swimwear, swim accessories and fitness apparel under the Speedo(R) brand name, skiwear and activewear under the White Stag(R) brand name, and skiwear under the Edelweiss(R), Mountain Goat(R) and Skiing Passport(TM) brand names.
 AUTHENTIC FITNESS CORPORATION
 Consolidated Statements of Operations
 Years ended 6/18/92 6/30/91 Pct. Inc.
 Net revenues $101,497 $ 85,548 18.6
 Cost of goods sold 63,095 53,346
 Gross profit 38,402 32,202 19.3
 Gross profit pct. of sales 37.8 pct 37.6 pct
 S,G&A 21,254 18,397
 Operating income 17,148 13,805 24.2
 Operating income pct. of sales 16.9 pct 16.1 pct
 Amortization and depreciation 2,735 2,839
 EBITDA 19,883 16,644 19.5
 EBITDA pct. of sales 19.6 pct 19.5 pct
 Non-recurring (income)/expense 7,220 2,638
 Adjusted operating income 9,928 11,167
 Interest expense 9,624 9,817
 Income (loss) from operations
 before income taxes &
 extraordinary item 304 1,350
 Provision for income taxes 769 264
 Income (loss) before
 extraordinary item (465) 1,086
 Extraordinary item (3,892) --
 Net income (loss) $ (4,357) $ 1,086
 Net income (loss) applicable
 to common stock:
 Before extraordinary item $ (465) $ 1,086
 Total operations (4,357) 1,086
 Pro-forma net income (A) $ 7,422 --
 Earnings per share:
 Before extraordinary item $(0.08) $0.19
 Total operations (0.76) 0.19
 Pro-forma net income (A) $ 0.85 --
 Weighted average number of
 common shares outstanding 5,747 5,714
 Pro-forma for initial
 public offering (A) 8,714 --
 (A) -- Pro-forma, assuming the initial public offering occurred just prior to the beginning of fiscal 1992, assuming current interest rate and the exclusion of one-time charges associated with the consummation of the offering and fully taxed earnings.
 -0- 8/20/92
 /CONTACT: Linda Wachner, chairman and CEO, 212-370-8204, or William S. Finkelstein, 212-370-8287, both of Authentic Fitness/
 (ASM) CO: Authentic Fitness Corporation ST: California IN: LEI SU: ERN


GK-SM -- NY007 -- 1641 08/20/92 10:40 EDT
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Date:Aug 20, 1992
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