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GUILFORD MILLS REPORTS RECORD SECOND QUARTER EARNINGS

 GREENSBORO,. N.C., Jan. 18 /PRNewswire/ -- Guilford Mills, Inc. (NYSE: GFD), today announced operating results for the company's second fiscal quarter ended Dec. 27, 1992.
 Sales for the quarter of $157,488,000 represents a 12.3 percent increase over the amount reported for the same quarter of the prior year and the highest sales level ever achieved by the company in its second fiscal quarter. Net income of $5,206,000 or 38 cents per primary share increased 23.7 percent over the $4,207,000 or 31 cents per primary share for the comparable period of the prior year and also represents a record level for the second fiscal quarter.
 Sales for the first half of the fiscal year of $309,210,000 improved 9.0 percent over the comparable prior-year amount. Net income for the first half of the fiscal year of $12,024,000 or 88 cents per primary share represents an increase of 32.3 percent over the $9,089,000 or 68 cents per primary share for the first half of the prior year.
 Charles A. Hayes, chairman and chief executive officer, stated, "Our second quarter continued to reflect first quarter trends resulting in the achievement of record first-half performance. Our diversified product base serving the apparel, home fashions, industrial, automotive and furniture upholstery sectors has enabled us to accelerate our growth in key markets. We continue to focus on our customers' needs for quality, product innovation and on-time delivery while continually improving our operating performance. This combined effort has enabled us to improve our gross margins to 18.2 percent from 17.6 percent in a very competitive environment. Additionally, through continuing emphasis on cost containment, first-half selling and administrative expenses have improved as a percentage of sales to 10.6 percent from 11.3 percent last year."
 The board of directors declared a dividend of 15 cents per share payable on Feb. 10, 1993, to stockholders of record on Jan. 29, 1993.
 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.
 GUILFORD MILLS, INC.
 Summary of Results
 Quarter ended 12/27/92 12/29/91
 Sales $157,488,000 $140,286,000
 Net income 5,206,000 4,207,000
 Net income per share:
 Primary $.38 $.31
 Fully diluted .36 .30
 Equivalent shares outstanding:
 Primary 13,639,000 13,447,000
 Fully diluted 15,934,000 15,739,000
 First half ended
 Sales $309,210,000 $283,784,000
 Net income 12,024,000 9,089,000
 Net income per share:
 Primary $.88 $.68
 Fully diluted .83 .65
 Equivalent shares outstanding:
 Primary 13,602,000 13,384,000
 Fully diluted 15,891,000 15,728,000
 -0- 1/18/93
 /CONTACT: Terence E. Geremski, chief financial officer of Guilford Mills, Inc., 919-316-4136, or Rod O'Connor of Cameron Associates, 212-644-9560, for Guilford Mills, Inc./
 (GFD)


CO: Guilford Mills, Inc. ST: North Carolina IN: TEX SU: ERN

CK-TS -- NY025 -- 5841 01/18/93 10:59 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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