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HAGGAR CORP. REPORTS RECORD FIRST-QUARTER RESULTS

 DALLAS, Jan. 20 /PRNewswire/ -- Haggar Corp. (NASDAQ: HGGR) today reported record sales and earnings for the three months ended Dec. 31, 1992. Net income for the quarter was $0.5 million, or 8 cents per share, on sales of $82.0 million.
 "We are very pleased to report record results for our first quarter as a public company," said J. M. Haggar III, president and CEO. "The quarter ending in December has traditionally been the lowest sales period for the company and it is gratifying to produce a profit during this time."
 Financial Results
 Net sales for the first quarter were $82.0 million, compared to $75.2 million a year ago, a 9.1 percent increase. Net income of $0.5 million, or 8 cents per share compares with a net loss of $0.6 million, or 11 cents per share in the previous year.
 Gross margin improved from 26.6 percent to 26.8 percent while selling, general and administrative expenses declined from 26.1 percent to 26.0 percent of sales.
 The company also benefited from reduced interest expense as average debt levels for the period were substantially lower than the prior year.
 Financial Position
 Haggar's initial public offering, completed in December, provided funds to retire all bank debt and to increase cash and marketable securities to $11.5 million on Dec. 31, 1992. Comparable figures for Sept. 30, 1992, were $24.0 million in bank debt and $0.4 million in cash and marketable securities. In addition, stockholders' equity increased by $39.6 million during the quarter.
 Haggar is a leading designer, manufacturer and marketer of men's apparel. The company for many years has been the number one seller of men's dress slacks and is also the market leader in sales of men's custom-fit suits and sportcoats. In addition, the company's product lines include men's casual slacks, shorts and shirts.
 HAGGAR CORP.
 Summary Financial Information
 (Unaudited; all amounts in thousands, except per-share amounts)
 Quarter ended Dec. 31, 1992 1991 Pct. change
 Net sales $82,046 $75,231 9.1
 Gross profit 21,998 20,015
 Percent of sales 26.8 26.6 0.2 pts.
 S.G.& A. $21,291 $19,645
 Percent of sales 26.0 26.1 0.1 pts.
 Operating profit $707 $370
 Net income/(loss) 529 (324)
 Preferred stock dividends -- (279)
 Net income/(loss) to
 common shareholders 529 (603)
 Weighted average shares
 outstanding 6,364 5,651
 Net income/(loss) per
 common share $.08 ($.11)
 Pro forma EPS -- ($.05)
 -0- 1/20/93
 /CONTACT: Ralph A. Beattie, executive vice president-finance/CFO of Haggar Corp., 214-956-4600/
 (HGGR)


CO: Haggar Corp. ST: Texas IN: TEX SU: ERN

CK-LR -- NY043 -- 6944 01/20/93 13:45 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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