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NUTMEG REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER

 NUTMEG REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER
 TAMPA, Fla., Nov. 25 /PRNewswire/-- Nutmeg Industries, Inc. (NYSE: NTM) today reported record net earnings of $2,694,000 for the third quarter ended Oct. 26, 1991, a 172 percent increase over the $989,000 earned in the comparable quarter a year ago. Net sales for the most recent quarter were a record $42,300,000, up 62 percent over sales of $26,106,000 a year ago.
 Earnings per share for this year's third quarter tripled to $.45 from $.15 a year ago.
 The current backlog is approximately $40 million compared to $16 million a year ago.
 For the nine months ended Oct. 26, 1991, sales increased 53 percent to $85,773,000 compared to $55,966,000 for the first nine months of last year. Net income for the first nine months this year was $4,125,000 or $.69 per share compared to $1,480,000 or $.22 per share a year ago.
 Richard E. Jacobson, Nutmeg chairman and chief executive officer, said, "Our record third-quarter performance is particularly encouraging given the continued poor economic climate and retailing environment. We continued to experience significantly increased demand for our higher-value-added products. For example, our embroidery capacity has been increased five-fold this year and we expect to add to our capacity in the coming months."
 Jacobson indicated that the improved results were driven by higher sales as well as improved gross profit margins. He said that the company's public offering of 2.3 million shares of common stock completed on Nov. 12, 1991, which generated approximately $39 million, was enthusiastically received and had positioned the company as one of the financially strongest in its industry.
 He said the company would move forward aggressively to explore opportunities to achieve greater vertical integration. He said Nutmeg would also continue to expand its business both domestically and in international markets through growth in its core business, expansion of its product line to caps and jackets, and through many new opportunities resulting from its excellent relationship with ABC Sports.
 Nutmeg designs, manufactures and markets high-quality sportswear. Nutmeg is licensed by the four major U.S. sports organizations -- Major League Baseball, the National Basketball Association, the National Football League and the National Hockey League -- most major colleges and universities, ABC Sports and other licensors to use team logos, names and other graphics on a wide variety of apparel.
 NUTMEG INDUSTRIES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 Oct. 26, Oct. 27, Oct. 26, Oct. 27,
 1991 1990 1991 1990
 Net sales $42,300 $26,106 $85,773 $55,966
 Cost and expenses:
 Cost of merchandise
 sold 28,557 18,730 58,953 39,663
 Selling, general and
 administrative 9,324 5,281 19,447 12,551
 Interest 478 432 1,191 1,142
 Minority interest and
 other (income)
 expense (411) 88 (478) 243
 Total costs and
 expenses 37,948 24,531 79,113 53,599
 Income before
 income taxes 4,352 1,575 6,660 2,367
 Income tax
 provision 1,658 586 2,535 887
 Net income $ 2,694 $ 989 $ 4,125 $ 1,480
 Net income per
 share $.45 $.15 $.69 $.22
 Weighted average number
 of common shares
 used in the
 calculation 5,999 6,790 5,939 6,782
 -0- 11/25/91
 /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


JJ-XX -- FL007 -- 6709 11/25/91 09:34 EST
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Date:Nov 25, 1991
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