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CANDIE'S, INC. ANNOUNCES RESULTS FOR THREE MONTHS ENDED APRIL 30, 1993

 NEW YORK, May 28 /PRNewswire/ -- Candie's Inc., (NASDAQ: CAND) announced today a loss of $913,000 for the period Feb. 24, 1993 through April 30, 1993 and $771,000 for the period Feb. 1 through Feb. 23, 1993. As a result of the quasi-reorganization that became effective with their successful public offering of Feb. 23, 1993, the loss incurred for the period Feb. 1 through Feb. 23, 1993 will be charged to additional paid in capital as opposed to retained earnings and will not be included in the Candie's profit and loss statements or earnings per share calculations. The loss for the period Feb. 24 through April 30, 1993 will be charged to retained earnings.
 Upon effectiveness of its recent public offering, Candie's stockholders approved a corporate readjustment of Candie's accounts in the form of a quasi-reorganization. A quasi-reorganization, often referred to as "Fresh Start Accounting," is an accounting procedure by which Candie's assets and liabilities were adjusted to reflect current conditions and its capital accounts were adjusted to eliminate the accumulated deficit. On completion of the readjustment, Candie's accounts and financial statements were substantially similar to those of a new company commencing business. Candie's believes the quasi- reorganization was appropriate because upon the completion of the offering and the simultaneous restructuring of the company's outstanding debt, it had substantially reduced its outstanding indebtedness, which to a great extent was incurred in connection with discontinued footwear products, and as a result Candie's will be able to devote its resources to its continuing operations and development of the Candie's trademark.
 Candie's, Inc. designs, markets, imports and distributes a variety of fashion and athletic footwear under the Candie's trademark, as well as several other trademarks.
 -0- 5/28/93
 /CONTACT: Michael Callahan, chief financial officer of Candie's, Inc., 212-869-8725, or Melissa Wilmoth of Cameron Associates, 212-644-9560, for Candie's, Inc./
 (CAND)


CO: Candie's, Inc. ST: New York IN: SU:

WB-OS -- NY030 -- 3413 05/28/93 13:13 EDT
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Publication:PR Newswire
Date:May 28, 1993
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