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MUNSINGWEAR REPORTS CONTINUED IMPROVEMENT

 MINNEAPOLIS, July 16 /PRNewswire/ -- Munsingwear, Inc. (NYSE: MUN) today reported total revenues of $11,455,000 and net income of $432,000 ($.21 per share) for the quarter ended July 3, 1993. Last year for the same period, total revenues were $10,558,000 and net income was $355,000 ($.17 per share).
 For the six months ended July 3, 1993, total revenues were $23,981,000 and net income was $1,290,000 ($.62 per share). This compares favorably to revenues of $22,355,000 and net income of $1,169,000 ($.56 per share) for the same period last year. Roger W. Meyer, executive vice president, stated "The increase in second quarter revenues was the result of the company's continued expansion into new channels of distribution and additional royalty income from license agreements. Results exceeded projections especially in light of the intense competition at retail." In addition, Meyer added "We are also pleased that our operating expenses remain in line with revenue growth, reversing a trend we encountered in prior reporting periods. We are now starting to see some payoff in the merchandising, marketing, advertising and product design investments that we have made during the past year."
 On July 15, 1993, the company reported that Charles J. Campbell had resigned as president and chief executive officer of the company. He will become chairman and chief executive officer of Crystal Brands, Inc., a competitor of Munsingwear. Regarding Campbell's departure, Meyer indicated that "Charlie's leadership was instrumental in the company's successful restructuring two years ago. His vision of brand positioning within channels of distribution was a cornerstone of that success. While Charlie will be missed by all of us, I can assure you that the company's management team has developed a sound strategic plan and is focusing all of its efforts on the implementation of that plan."
 Looking forward to the balance of the year, Meyer indicated that the company expects to encounter continuing sluggishness at retail, low consumer confidence, and general uneasiness in the retail environment. However, he feels that the company will continue to be successful as a result of the strategic positioning of its brands among ever-expanding channels of distribution, prudent inventory control and close scrutiny of operating expenses.
 Munsingwear, Inc., a Minneapolis-based company, designs, manufactures, markets and licenses branded men's and boys' apparel under the Grand Slam(R), Grand Slam Tour(TM) Munsingwear(R), Penguin Sport(TM) and Penguin Club(TM) labels.
 MUNSINGWEAR, INC., AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amounts unaudited and in thousands, except per share data)
 Three months ended Six months ended
 7/03/93 7/04/92 7/03/93 7/04/92
 Revenues:
 Net sales $10,501 $10,094 $22,145 $21,429
 Royalties 954 464 1,836 926
 -- 11,455 10,558 23,981 22,355
 Expenses:
 Costs of goods sold 7,578 7,016 15,667 14,743
 Selling, general and
 administrative 3,029 2,846 5,958 5,553
 -- 10,607 9,862 21,625 20,296
 Operating income 848 696 2,356 2,059
 Interest expense, net $(59) $(127) $(131) $(204)
 Other 1 9 9 37
 Income before taxes 790 578 2,234 1,892
 Provision for income taxes 358 223 944 723
 Net income $432 $355 $1,290 $1,169
 Net income per common share $0.21 $0.17 $0.62 $0.56
 Weighted average number of
 shares of common stock 2,095 2,092 2,093 2,092
 -0- 7/16/93


/CONTACT: James S. Bury, vice president, controller of Munsingwear, 612-943-5034/
 (MUN)


CO: Munsingwear, Inc. ST: Minnesota IN: TXT SU: ERN

DB -- MN016 -- 2649 07/16/93 16:51 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jul 16, 1993
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