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LIDA REPORTS SECOND-QUARTER AND FIRST-HALF RESULTS

 NEW YORK, Aug. 3 /PRNewswire/ -- Lida, Inc. (NASDAQ-NMS: LIDA) today reported second-quarter revenues of $23.6 million, flat with $23.5 million in the same quarter of 1992. There was a net loss of $0.9 million, or $0.12 per share on 7.6 million shares outstanding, as compared with net income of $629,000, or $0.08 per share, assuming for comparative purposes that the 7.6 million shares currently outstanding had been outstanding in the second quarter of 1992, it was announced by the textile firm's Chairman and Chief Executive Officer Isaac Kier.
 "Significant production inefficiencies at our newest facility were the


primary contributor to our loss," Kier said. "We believe we have addressed the major problems and that some improvements will be evident by the end of the third quarter. Additionally, severe weakness in the printed fabrics segment led to lower gross margins. We expect that weakness to persist into the fourth quarter."
 "Second-quarter results also reflect higher selling, general and administrative expense as a percentage of sales due, in large part, to a special provision being taken to reflect unanticipated credit losses, which typically occur in sluggish retail periods such as we are in now," Kier added.
 For the six months ended June 30, 1993, Lida had a gain in revenues to $48.2 million, up from $46.6 million reported in the comparable period a year ago. The net loss was $0.6 million, or $0.08 per share, as compared with net income of $2.4 million, or $0.31 per share, in the first half of 1992.
 Lida is a leader in the design, manufacture and marketing of "topweight" fabrics, particularly Lycra(R) spandex blends and woven rayon fabrics, primarily used by its apparel-industry customers in the production of women's sportswear, swimwear and activewear.
 LIDA, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 ($ in thousands, except per-share amounts; unaudited)
 For the three months ended For the six months ended
 July 4, July 3, July 4, July 3,
 1993 1992 1993 1992
 Net sales $23,556 $23,520 $48,172 $46,612
 Cost of sales 21,224 19,400 41,716 36,952
 2,332 4,120 6,456 9,660
 Selling, general
 and administrative
 expenses 3,554 2,828 7,068 5,060
 Income from
 operations (1,222) 1,292 (612) 4,600
 Other income
 (expense):
 Interest, net (344) (379) (679) (794)
 Other, net 13 126 263 177
 (331) (253) (416) (617)
 Income before
 income taxes (1,553) 1,039 (1,028) 3,983
 Income tax
 provision
 (benefit) (612) 136 (405) 136
 Income before pro
 forma income
 taxes (941) 903 (623) 3,847
 Pro forma income
 taxes 0 $274 0 $1,433
 Pro forma net
 income ($941) $629 ($623) $2,414
 Pro forma net
 income per share
 assuming 7,593,700
 shares
 outstanding ($0.12) $0.08 ($0.08) $0.31
 -0- 8/3/93
 /CONTACT: Isaac Kier, chairman and CEO, Lida, Inc., 212-391-0002/
 (LIDA)


CO: Lida, Inc. ST: New York IN: TEX SU: ERN

ML -- DE003 -- 8758 08/03/93 09:17 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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