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MUNSINGWEAR REPORTS FIRST QUARTER PROFITS

 MUNSINGWEAR REPORTS FIRST QUARTER PROFITS
 MINNEAPOLIS, April 16 /PRNewswire/ -- Munsingwear, Inc. (NYSE: MUN)


today reported total revenues of $11,797,000 and net income of $814,000 ($.39 per share) for the quarter ended April 4, 1992. Last year for the same period, revenues were $13,753,000 and net income was $510,000. A comparison of 1991 earnings per share is not meaningful because of the company's reorganization.
 Charles J. Campbell, president and chief executive officer, said, "First quarter results are attributable to continued product innovation, good manufacturing performance and improved inventory control. Operating income of $1,363,000, or 11.6 percent of revenues, exceeded our expectations, and the development of new licensing agreements is starting to pay off handsomely." Campbell pointed out that, "The decrease in sales from last year was the result of the early 1991 conversion of the underwear business to a licensing program. Sportswear sales increased 3 percent over the first quarter of 1991." In addition, Campbell said, "I consider the company's turnaround complete. First quarter results clearly indicate that we have developed a balanced business capable of profitable growth. That growth should accelerate as we continue to develop new and exciting product lines, increase licensing activity and rapidly expand our channels of distribution to include steady growth in department and specialty stores as well as increased market share in the golf pro-shop business.
 As part of its successful reorganization last year, the company had projected total fiscal 1992 revenues of $39,000,000 and net income of $1,061,000. Campbell stated, "We are confident that we will meet or exceed those earlier projections. Demand for the company's products continues to be strong, as evidenced by our order backlog of $17,600,000 at the end of the first quarter compared to $12,000,000 last year. However, we remain cautious in making inventory commitments due to the unsettled retail climate. Retailers are managing their inventories more closely than ever before and are waiting longer to release orders in response to the continued sluggish economic environment."
 Munsingwear, Inc., a Minneapolis-based company, designs, manufactures, markets and licenses branded men's and boys' apparel under the Grand Slam(R), Munsingwear(R), Penguin Sport(TM) and Penguin Club(TM) labels.
 MUNSINGEWEAR, INC.
 STATEMENT OF OPERATIONS
 (Amounts unaudited and in thousands, except per share data)
 Reorganized Company Predecessor Company
 Three Months Ended Three Months Ended
 4/4/92 4/6/91
 Revenues:
 Net sales $11,335 $13,505
 Royalties 462 248
 --- 11,797 13,753
 Expenses:
 Cost of goods sold 7,727 9,471
 Selling, general and
 administrative 2,707 2,938
 --- 10,434 12,409
 Operating income 1,363 1,344
 Interest expense, net (77) (814)
 Other 28 8
 Income before taxes and
 extraordinary item 1,314 538
 Provision for income taxes 500 243
 Net income before
 extraordinary item 814 295
 Extraordinary item -- recognition
 of tax loss carryforward
 benefit --- 215
 Net income $814 $510
 Earnings per common share $.39 (a)
 Weighted average number of
 shares of common stock 2,092 (a)
 (a) Earnings per common share and number of shares for the three months ended April 6, 1991 for the predecessor company are not meaningful.
 -0- 4/16/92
 /CONTACT: James S. Bury of Munsingwear, 612-943-5034/
 (MUN) CO: Munsingwear Inc. ST: Minnesota IN: REA SU: ERN


KH -- MN020 -- 9535 04/16/92 17:16 EDT
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