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NUTMEG REPORTS RECORD SALES AND EARNINGS FOR FISCAL 1992

 NUTMEG REPORTS RECORD SALES AND EARNINGS FOR FISCAL 1992
 TAMPA, Fla., March 3 /PRNewswire/ -- Nutmeg Industries, Inc. (NYSE: NTM) today reported record sales of $122.4 million for the fiscal year ended Jan. 25, 1992, a 65 percent improvement over sales of $74.2 million the previous year.
 Earnings for fiscal 1992 of $6.8 million were up 237 percent over the $2.0 million earned in fiscal 1991. Earnings per share, reflecting the company's three-for-two stock split in January 1992, increased 250 percent to $.70 this year compared to $.20 last year.
 For the fourth quarter ended Jan. 25, 1992, earnings were a record-high $2.7 million or $.23 per share on sales of $36.6 million. For the fourth quarter a year ago earnings were $536,000 or six cents per share on sales of $18.2 million.
 Nutmeg Chairman Richard E. Jacobson said the company's improved results were due mainly to the continued popularity of Nutmeg's high-end licensed spectator sportswear. He said the company's "commitment to people and systems" has made it possible for the company to produce and promptly deliver "increasingly creative products" bearing the Nutmeg Mills label.
 Jacobson also said that McBriar Sportswear, a Philadelphia-based sweater manufacturer acquired by Nutmeg last year, has "generated excellent sales and earnings gains." He said Nutmeg's recent entry into the cap and jacket markets shows strong promise and that its aggressive pursuit of international business has met expectations. He added that the company's primary emphasis would remain on high-end products but that it would continue to "cautiously pursue" the mass-merchant and discount-store market.
 The company's current order backlog is about $45 million compared to approximately $22 million a year ago. Jacobson said the company's financial position is "excellent, with little debt and with cash at year end of over $25 million."
 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, Inc. and other licensors. The licenses authorize Nutmeg to use team names, logos and other graphic designs on a wide variety of apparel.
 NUTMEG INDUSTRIES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share data)
 Quarter Ended Year Ended
 Jan. 25, Jan.26, Jan.25, Jan.26,
 1992 1991 1992 1991
 Net sales $ 36,600 $ 18,245 $122,373 $ 74,211
 Costs and expenses:
 Cost of merchandise
 sold 25,372 12,910 84,325 52,573
 Selling, general and
 administrative 7,476 4,064 26,923 16,615
 Interest 226 277 1,417 1,419
 Minority interest and other
 (income) expense (805) 106 (1,283) 349
 Total costs and
 expenses 32,269 17,357 111,382 70,956
 Income before income
 taxes 4,331 888 10,991 3,255
 Income tax provision (1,657) (352) (4,192) (1,239)
 Net income $ 2,674 $ 536 $ 6,799 $ 2,016
 Net income per
 common share $ .23 $ .06 $ .70 $ .20
 Weighted average number of
 common shares used in
 the calculation 11,865 9,290 9,650 9,951
 -0- 3/3/92
 /CONTACT: George N. Derhofer, senior vice president and chief financial officer of Nutmeg Industries, Inc., 813-247-6044/
 (NTM) CO: Nutmeg Industries, Inc. ST: Florida IN: TEX SU: ERN


SS-XX -- FL001 -- 4331 03/03/92 08:59 EST
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Date:Mar 3, 1992
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