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FAR WEST INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS

 VANCOUVER, British Columbia, May 21 /PRNewswire/ -- Far West Industries Inc. (Vancouver: FWT) designs, manufactures and distributes Gore-Tex outerwear garments throughout Canada and parts of Europe. The company produces all of its products in Canada at its plant located at Vernon, British Columbia.
 Far West's sales decreased 18 percent from $9,698,237 in 1991 to $7,959,470 in 1992. The company reported a loss before write-down of goodwill and income taxes of $997,543 compared to $1,369,010 for 1991. The net loss for 1992 was $963,743 or $0.22 per share compared to a net loss of $839,010 or $0.19 per share for 1991.
 Company sales for the fourth quarter of 1992 were $2,750,000. This represents an increase of $55,000 over sales of $2,695,000 for the same period in 1991. The 1992 fourth quarter loss was $92,000 or $0.02 per share as compared to a loss of $477,000 or $0.11 per share in 1991.
 Sales for the first three months in 1993 were $1,586,000 compared to $1,413,000 for the same period in 1992. This represents a 12 percent increase. Gross margins increased from 18 percent for the first three months of 1992 to 24 percent for the first three months of 1993. Overhead expenses, including administration, sales and shipping were $371,000 for the first three months of 1993 compared to $512,000 for the first three months of 1992. This represents a reduction of $141,000 or 27 percent. Interest on both long-term debt and the current operating loan for the first three months was $56,000 compared to $77,000 for the same period in 1992. This represents a decrease of $21,000 or 27 percent. The loss for the first quarter of 1993 was $37,000 compared to $335,000 for the first quarter of 1992. In addition, the profit before depreciation was $66,000 for the first three months of 1993 compared to a loss before depreciation of $223,000 of the first three months of 1992. Current indications are that this trend toward improved results will continue throughout 1993.
 -0- 5/21/93
 /CONTACT: R.G. Robertson, president of Far West Industries, 604-542-0237/
 (FWT.)


CO: Far West Industries Inc. ST: British Columbia IN: TEX SU: ERN

LS-MS -- LA021 -- 1244 05/21/93 13:50 EDT
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Publication:PR Newswire
Date:May 21, 1993
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