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DOMINION TEXTILE ANNOUNCES SPECIAL CHARGE

 DOMINION TEXTILE ANNOUNCES SPECIAL CHARGE
 MONTREAL, July 23 /PRNewswire/ -- Fourth quarter results of Dominion


Textile Inc. (MONTREAL,TORONTO: DTX) will reflect a non-recurring, after tax charge of approximately $65 million, or $1.88 per share, the corporation announced today. Final results for the year ended June 30, 1992 will be released on Aug. 11, 1992.
 The provision is related primarily to the sale of assets and the write-down of certain investments in associated companies. It is consistent with the strategic restructuring program undertaken by the corporation last year and reflects a final provision for a decline in realizable value of these specific non-strategic investments.
 The portion of the charge related to the sale of assets covers the expected book loss on the previously announced decision to sell Wayn-Tex Inc. The transaction is expected to be completed in the first quarter of fiscal 1993.
 The total provision will have only a minor impact on cash flow which remains strong. The corporation also expects that operating results for the fourth quarter will be profitable reflecting the improving trend over the past four quarters.
 -0- 7/23/92
 /CONTACT: Viviane Mattey, vice president-investor relations and corporate taxation, 514-989-6167/
 (DTX) CO: Dominion Textile Inc. ST: Quebec IN: TEX SU:


AH -- NY118 -- 2822 07/23/92 17:58 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 23, 1992
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