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MUNSINGWEAR'S SECOND QUARTER REVENUES UP 40 PERCENT

 MUNSINGWEAR'S SECOND QUARTER REVENUES UP 40 PERCENT
 MINNEAPOLIS, July 16 /PRNewswire/ -- Munsingwear, Inc. (NYSE: MUN)


today reported total revenues of $10,558,000 and net income of $355,000 ($.17 per share) for the quarter ended July 4, 1992. Last year for the same period, total revenues were $7,553,000 and net income was $337,000, including an extraordinary gain of $1,927,000 related to discontinued operations and $1,685,000 of expenses related to the company's successful 1991 reorganization.
 For the six months ended July 4, 1992, total revenues were $22,355,000 and net income was $1,169,000 ($.56 per share). This compares to revenues of $21,306,000 and net income of $847,000 for the same period last year. A comparison of 1991 earnings per share is not meaningful because of the company's reorganization.
 Charles J. Campbell, president and chief executive officer, stated, "The 40 percent increase in revenues is the result of our strategy of building brand awareness, expanding channels of distribution and developing licensing opportunities." Campbell stated that he was extremely encouraged by the company's ability to achieve significant revenue growth while maintaining gross margins, improving its operating income ratio for the quarter from 3.6 percent of revenues last year to 6.6 percent this year and more than doubling operating income. Campbell pointed out that, "The increase in selling, general and administrative expenses versus the same period a year ago is the result of increased investment on advertising, product and marketing support programs, licensing expenses and planned new product launchings. We are constantly striving to enhance the value of our product lines and trademarks which we see as key factors in our long-term business strategy."
 Looking ahead, Campbell stated, "Although we have already exceeded our previously projected net income for the year, I must point out that we continue to be a seasonal company, with the greatest sales and earnings generally occurring during the first six months of the year. However, I am confident that we will continue to build on year-to-date results. We continue to experience very strict inventory control by our retailers in response to the continued difficult economic environment and, as a result, remain cautious in our growth plans."
 Munsingwear, Inc., a Minneapolis-based company, designs, manufactures, markets and licenses branded men's and boy's apparel under the Grand Slam(R), Munsingwear(R), Penguin Sport(TM) and Penguin Club(TM) labels.
 MUNSINGWEAR, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amounts unaudited and in thousands, except per-share data)
 Reorganized Predecessor Reorganized Predecessor
 Company Company Company Company
 Three Months Ended Six Months Ended
 7/4/92 7/6/91 7/4/92 7/6/91
 Revenues:
 Net sales $10,094 $7,292 $21,429 $20,797
 Royalties 464 261 926 509
 -- 10,558 7,553 22,355 21,306
 Expenses:
 Cost of goods sold 7,016 5,015 14,743 14,486
 Selling, general and
 administrative 2,846 2,264 5,553 5,202
 -- 9,862 7,279 20,296 19,688
 Operating income 696 274 2,059 1,618
 Interest expense, net (127) (700) (204) (1,514)
 Other 9 550 37 558
 Income from continuing
 operations before re-
 organization items, income
 taxes, discontinued
 operations and
 extraordinary item 578 124 1,892 662
 Reorganization items -- (1,685) -- (1,685)
 -- 578 (1,561) 1,892 (1,023)
 Income tax expense
 (benefit) 223 (186) 723 57
 Income from continuing
 operations before dis-
 continued operations and
 extraordinary item 355 (1,375) 1,169 (1,080)
 Discontinued operations -- 1,927 -- 1,927
 -- 355 552 1,169 847
 Extraordinary item --
 reversal of first quarter
 recognition of tax loss
 carryforward benefit -- (215) -- --
 Net income $355 $337 $1,169 $847
 Earnings per common
 share $.17 (a) $.56 (a)
 Weighted average number
 of shares of common
 stock 2,092 (a) 2,092 (a)
 (a) Earnings per common share and number of shares for the predecessor company are not meaningful.
 -0- 7/16/92
 /CONTACT: James S. Bury of Munsingwear, 612-943-5034/ CO: Munsingwear, Inc. ST: Minneapolis IN: TEX SU: ERN


KH -- MN004 -- 9919 07/16/92 10:02 EDT
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Date:Jul 16, 1992
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