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GUILFORD MILLS ANNOUNCES INCOME UP 83 PERCENT FOR SECOND QUARTER AND 72 PERCENT FOR FIRST HALF BEFORE PRIOR YEAR EXTRA ITEM

 GUILFORD MILLS ANNOUNCES INCOME UP 83 PERCENT FOR SECOND QUARTER
 AND 72 PERCENT FOR FIRST HALF BEFORE PRIOR YEAR EXTRA ITEM
 GREENSBORO, N.C., Jan. 23 /PRNewswire/ -- Guilford Mills, Inc. (NYSE: GFD) today announced operating results for the second quarter and first half of fiscal 1992.
 Sales for the second quarter ended Dec. 29, 1991, amounted to $140,286,000, up from $124,967,000 for the same period of the prior year.
 Net income was $4,207,000 or $.31 per share for the current quarter versus $2,300,000 or $.17 per share for the comparable period before an extraordinary item increased net income for the prior quarter to $.25 per share.
 For the first half, sales were $283,784,000 compared with a year earlier $244,551,000.
 Net income was $9,089,000 or $.68 per share for the six months versus $5,280,000 or $.40 per share for the comparable period before an extraordinary item increased the prior period amount to $.58 per share.
 All per share amounts have been restated to reflect a three-for-two split of the company's common stock effected in the form of a 50 percent stock dividend paid Jan. 17, 1992.
 Charles A. Hayes, chairman and CEO, said, "The increases of 83 percent and 72 percent in income for the second quarter and first half, respectively, on sales increases of 12 percent and 16 percent for those periods reflect the investment Guilford Mills has made in world class manufacturing and the dedication of our employees in every section of the company."
 As previously announced, the company's board of directors declared a dividend of $.15 per share payable Feb. 20, 1992, to stockholders of record on Feb. 6, 1992. As adjusted to reflect the stock split, this dividend represents an increase of 12.5 percent per share for the dividend declared for the company's first quarter.
 Guilford Mills is the world's largest producer of warp knit fabrics and a leader in technological advances in textiles, including microdenier warp knits and wide width circular knits of cotton and cotton/lycra blends. On Nov. 13, 1991, the company announced its initial move into woven velour fabrics to expand its automotive business.
 GUILFORD MILLS, INC., AND SUBSIDIARIES
 Summary of Results
 Thirteen weeks ended 12/29/91 12/30/90
 Sales $140,286,000 $124,967,000
 Income before extraordinary item 4,207,000 2,300,000
 Extraordinary item (B) -- 995,000
 Net income $ 4,207,000 $ 3,295,000
 Primary income per share (A):
 Before extraordinary item $.31 $.17
 Net $.31 $.25
 Fully diluted income per share (A):
 Before extraordinary item $.30 $.17
 Net $.30 $.25
 Equivalent shares outstanding 13,447,000 13,085,000
 Twenty-six weeks ended 12/29/91 12/30/90
 Sales $283,784,000 $244,551,000
 Income before extraordinary item 9,089,000 5,280,000
 Extraordinary item (B) -- 2,360,000
 Net income $ 9,089,000 $ 7,640,000
 Primary income per share (A):
 Before extraordinary item $.68 $.40
 Net $.68 $.58
 Fully diluted income per share (A):
 Before extraordinary item $.65 $.40
 Net $.65 $.57
 Equivalent shares outstanding 13,384,000 13,190,000
 (A) -- All per share amounts restated to reflect 50 percent stock dividend paid Jan. 17, 1992.
 (B) -- Discount on the acquisition of convertible subordinated debentures (net of related income taxes).
 -0- 1/23/92
 /CONTACT: Donald Park of Guilford Mills, 919-316-4462; or Susan Sherman of Cameron Associates, 212-644-9560, for Guilford Mills/
 (GFD) CO: Guilford Mills, Inc. ST: North Carolina IN: TEX SU: ERN


GK-OS -- NY042 -- 2775 01/23/92 11:48 EST
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Date:Jan 23, 1992
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