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DRS INDUSTRIES RESULTS FOR GENERAL TEXTILES dba

 NEW YORK, May 13 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS) today announced quarterly results for its General Textiles dba Family Bargain Center subsidiary. For the three months ended May 1, 1993, General Textiles' sales were $25,084,000 compared to $27,404,000 for the three month period in the prior year; General Textiles operated 79 stores in the 1993 quarter versus 89 in the 1992 quarter. Operating income for the quarter was $79,000 compared to an operating loss of $197,000 in the 1992 quarter. Sales and operating income exceeded the plan submitted to creditors and included in the General Textiles Chapter 11 disclosure statement: sales were $878,000 greater than the plan and operating income was $156,000 above the plan.
 The company announced that the plan of reorganization for General Textiles was confirmed by the U.S. Bankruptcy Court on May 12, 1993. DRS intends to finance the $3.0 million equity requirement of the reorganization plan through a portion of the proceeds of a private placement consisting of up to $6.5 million of 15 percent secured exchangeable notes and warrants to purchase up to 4,875,000 shares of common stock exercisable for three years at the same price as the company's outstanding Class C warrants. DRS expects the reorganization to become effective by the end of May.
 -0- 5/13/93
 /CONTACT: John A. Selzer of DRS Industries, 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc. ST: New York IN: SU: ERN

TS-PS -- NY054 -- 8135 05/13/93 13:07 EDT
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Publication:PR Newswire
Date:May 13, 1993
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