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NUTMEG REPORTS NINTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS

NUTMEG REPORTS NINTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS
 TAMPA, Fla., Aug. 24 /PRNewswire/ -- Nutmeg Industries, Inc. (NYSE: NTM) today reported its ninth consecutive quarter of record sales and earnings.
 Net earnings were $2,386,000 for the second quarter ended July 25, an 87 percent increase over the $1,276,000 earned in the comparable quarter a year ago. Net sales for the quarter were a record $33.2 million, up 26 percent over the $26.4 million reported in last year's second quarter.
 Earnings per share for this year's second quarter rose to $.13 compared to $.10 a year ago. Average shares in this year's second quarter were 18.7 million compared to 13.3 million last year.
 The current backlog is $58 million compared to $42 million a year ago, which included the now terminated Saturday's Hero Joint Venture.
 For the six months ended July 25, sales increased 36 percent to $59.1 million compared to $43.5 million for the first six months of last year. Net income for the first six months this year was $3,698,000 or $.20 per share compared to $1,431,000 or $.11 per share a year ago. All per-share amounts have been adjusted to reflect two three-for-two stock splits paid on Jan. 24, 1992, and June 1, 1992.
 Richard E. Jacobson, Nutmeg's chairman and chief executive officer, said: "We are pleased with our record-setting results, the current backlog and the pace of bookings, despite the lingering poor retail and economic environment. Our rapid growth and the added breadth and depth of our product line present continuing challenges, but substantial opportunity as well. We are significantly expanding our production base, investing heavily in new facilities and equipment, people and support systems. Our embroidery business, for example, has grown over ten-fold from levels two years ago and now represents a very significant portion of our total revenues. We remain firmly committed to establishing Nutmeg Mills as the premier supplier of upscale licensed spectator sportswear."
 Jacobson added, "We also continue to pursue new growth opportunities, including our Muhammad Ali collection which has received strong early reviews by our customers; our new Home Team Advantage line for sale to certain mass merchants of licensed apparel; our 'British Open' golf line, which will be introduced in September for shipment next year; and a greatly expanded role for McBriar Sportswear in the specialty advertising business."
 Nutmeg designs, manufactures and markets high-quality sportswear under licenses granted by Major League Baseball, the National Basketball Association, the National Football League, the National Hockey League, most major colleges and universities, ABC Sports and other licensors. The licenses authorize Nutmeg to use team names, logos and other graphics on a wide variety of apparel.
 NUTMEG INDUSTRIES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 (In thousands, except per-share data)
 Quarter Ended Six Months Ended
 July 25, July 27, July 25, July 27,
 1992 1991 1992 1991
 Net sales $33,154 $26,383 $59,140 $43,473
 Cost and expenses:
 Cost of merchandise
 sold 22,337 18,253 39,702 30,396
 Selling, gen. & admin. 7,167 5,891 13,771 10,123
 Interest (income)
 expense 89 383 (36) 713
 Minority interest (income)
 expense and other -- (202) 2 (67)
 Total costs
 and expenses 29,593 24,325 53,439 41,165
 Income before
 income taxes 3,561 2,058 5,701 2,308
 Income tax provision 1,175 782 2,003 877
 Net income $2,386 $1,276 $3,698 $1,431
 Net income per share $.13 $.10 $.20 $.11
 Weighted average number
 of common shares used
 in the calculation 18,712 13,349 18,682 13,340
 -0- 8/24/92
 /CONTACT: George N. Derhofer, senior vice president and chief financial officer of Nutmeg Industries, 813-247-6044/
 (NTM) CO: Nutmeg Industries, Inc. ST: Florida IN: TEX SU: ERN


BN-EA -- AT002 -- 2471 08/24/92 09:24 EDT
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Date:Aug 24, 1992
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