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HOWARD B. WOLF, INC. ANNOUNCES FINANCIAL RESULTS

 DALLAS, Dec. 16 /PRNewswire/ -- Howard B. Wolf, Inc. (AMEX: HBW), Dallas-based women's fashion manufacturer, today reported net sales of $3,258,663, income before federal income tax of $277,982, and net income of $178,311, or $.17 per share, for the second quarter ended Nov. 30, 1992. Net sales for the second quarter ended Nov. 30, 1991 were $2,662,785, income before federal income tax was $174,594, and net income was $110,133, or $.10 per share.
 For the six-month period ended Nov. 30, 1992, net sales were $6,325,073, income before federal income tax was $531,564, and net income totaled $344,546, or $.33 per share. Comparable results for the six-month period ended Nov. 30, 1991 were net sales of $5,323,182, income before federal income tax of $350,738, and net income of $199,277, or $.19 per share.
 The 1991 net income has been restated to reflect the cumulative effect of the adoption of FASB 109 "Accounting for Income Taxes." The effect of the adoption of FASB 109 increased net income in the second quarter $647 (no effect on income per share) and decreased net income in the six-month period $13,941, or $.01 per share.
 The board of directors declared a quarterly dividend of $.06 per share payable Jan. 29, 1993 to shareholders of record on Jan. 8, 1993.
 HOWARD B. WOLF, INC. FINANCIAL RESULTS
 Three Months Ended
 Nov. 30
 1992 1991
 Restated
 Net sales $3,258,663 $2,662,785
 Income before federal income tax $ 277,982 $ 174,594
 Net income $ 178,311 $ 110,133
 Net income per share $ .17 $ .10
 Average number of shares outstanding 1,056,191 1,056,191
 Six Months Ended
 Nov. 30
 1992 1991
 Restated
 Net sales $6,325,073 $5,323,182
 Income before federal income tax $ 531,564 $ 350,738
 Net income $ 344,546 $ 199,277
 Net income per share $ .33 $ .19
 Average number of shares outstanding 1,056,191 1,056,191
 -0- 12/16/92
 /CONTACT: Eugene K. Friesen of Howard B. Wolf, Inc., 214-823-9941/
 (HBW)


CO: Howard B. Wolfe, Inc. ST: Texas IN: TEX SU: ERN

WB -- NY077 -- 7853 12/16/92 16:01 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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