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LIDA ANNOUNCES REDUCED THIRD-QUARTER RESULTS, AS PREVIOUSLY INDICATED; SEES IMPROVEMENT IN FOURTH QUARTER

 LIDA ANNOUNCES REDUCED THIRD-QUARTER RESULTS,
 AS PREVIOUSLY INDICATED; SEES IMPROVEMENT IN FOURTH QUARTER
 NEW YORK, Oct. 27 /PRNewswire/ -- Lida Inc. (NASDAQ: LIDA) reported third-quarter net income of $190,000, or $.03 per share as compared with net income of $1 million, or $.14 per share, in the third quarter of 1991, assuming for comparative purposes that all 7.6 million shares currently outstanding had been outstanding for the prior period. Revenue was $19.7 million compared to $26.3 million for the third quarter 1991. before the effect of start-up costs at the company's new Gastonia, N.C. plant, net income would have been in line with the revenue shortfall, Isaac Kier, president and chief executive officer, announced.
 "The third-quarter results were as Lida had indicated last month, reflecting an overall decline in the company's printed fabrics business. That business has been adversely affected by generally slow conditions in the apparel industry, as well as continued start-up delays at the Gastonia plant," Kier said.
 "Our expectation is that the fourth quarter will begin a reversal in the trendline of the last two quarters," Kier said. "The previously discussed environmental problems and delays in the delivery, relocation and installation of equipment have been resolved. The Gastonia plant is operating at levels which reflect demand and we now have some flexibility to shift production schedules as necessary to meet changes in the demand for print and solid fabrics.
 Nine-month results
 Net income for the first nine-months of 1992 was $2.6 million, or $.34 per share, on revenues of $66.3 million, compared with $4.9 million, or $.64 per share, on revenues of $82.2 million in the first nine months of 1991, again assuming for comparative purposes that all 7.6 million shares had been outstanding for the prior period.
 Lida is a leader in the design, manufacture and marketing of "topweight" fabrics, particularly Lycra-spandex blends, primarily used by its over 650 apparel-industry customers in the production of women's sportswear, swimwear and activewear.
 LIDA, INC.
 Consolidated Statements of Income
 (In thousands, except per share data -- Unaudited)
 Third quarter Nine months
 Periods ended 10/4/92 9/29/91 10/4/92 9/29/91
 Net sales $19,737 $26,333 $66,349 $82,215
 Cost of goods sold 16,496 21,082 53,448 63,799
 Gross profit 3,241 5,251 12,901 18,416
 Selling, general, and
 administrative expenses 2,632 2,941 7,692 8,830
 Income from operations 609 2,310 5,209 9,586
 Other income (expense)
 Interest, net (304) (460) (1,098) (1,474)
 Other, net 6 (124) 182 (77)
 Total (298) (584) (916) (1,551)
 Income before taxes 311 1,726 4,293 8,035
 Provision for taxes 121 0 257 0
 Net income before pro
 forma income taxes 190 1,726 4,036 8,035
 Pro forma income taxes 0 682 1,433 3,174
 Pro forma net income 190 1,044 2,603 4,861
 Pro forma net income
 per share assuming
 7,593,700 shares
 outstanding $0.03 $0.14 $0.34 $0.64
 -0- 10/27/92
 /CONTACT: Isaac Kier, president and CEO of Lida, 212-391-0002/
 (LIDA) CO: Lida Inc. ST: New York IN: TEX SU: ERN


KD-SM -- NY120 -- 5648 10/27/92 16:59 EST
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Date:Oct 27, 1992
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