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NUTMEG REPORTS TENTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS

    TAMPA, Fla., Nov. 16 ~PRNewswire~ -- Nutmeg Industries, Inc. (NYSE: NTM) today announced its 10th consecutive quarter of record sales and net income.  Net sales for the three months ended Oct. 24, 1992 were $59.8 million, a 41 percent increase over net sales of $42.3 million for the three months ended Oct. 26, 1991.
    Net income for this year's third fiscal quarter grew by 58 percent to $4,257,000 or 23 cents per share from net income of $2,694,000 or 20 cents per share in last year's third fiscal quarter.
    Average shares used in calculating earnings per share in this year's third quarter are 40 percent higher than the average shares used in the third quarter last year.  All per-share amounts reflect the three-for- two stock splits paid on Jan. 24, 1992 and June 1, 1992.
    For the nine months ended Oct. 24, 1992, net sales were $118.9 million, an increase of 39 percent over the $85.8 million reported in the comparable period a year ago.  Net income grew by 93 percent to $7,955,000 or 42 cents per share in this year's first nine months from $4,125,000 or 31 cents per share in the first nine months of last year.
    Richard E 1,600 associates. The company's net sales in this most recent quarter exceeded those for the entire year ended in January 1990.  We believe our rapid growth is the result of our intense commitment to creativity, quality and service.
    "This growth and commitment have resulted in operating costs that are higher than we anticipated.  We are taking steps, however, to turn our current challenges into long-term opportunities to increase our gross profit margins.  In the interim, despite a significant commitment to people and systems, we are maintaining appropriate controls over our selling, general and administrative expenses."
    Jacobson said, "Our fourth quarter is more dependent on reorder business and the success of the Christmas selling season.  Our current backlog stands at approximately $38 million, which is comparable to the backlog at this time last year, despite the inclusion last year of $10 million applicable to our Saturday's Hero Joint Venture.  Of this $10 million, approximately $5 million was shipped in last year's fourth quarter prior to the joint venture's termination effective January 1992. Our outstanding financial strength has enabled us to be aggressive in our sales and marketing efforts.  We believe our growth prospects are bright as the market for our products continues to grow; we seek market share from our competitors; we expand our recent entry into the large market for licensed sports caps and jackets; and we take advantage of the exciting opportunities internationally."
    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, Muhammad Ali 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    Nine Months Ended
                            Oct. 24, Oct. 26,  Oct. 24, Oct. 26,
                               1992     1991      1992     1991
    Net sales                    $59,805  $42,300  $118,945  $85,773
    Cost and expenses:
      Cost of merchandise sold    41,217   28,557    80,919   58,953
      Selling, general and
      administrative              11,849    9,324    25,620   19,447
      Interest                       114      478        78    1,191
      Minority and other
      (income) expense                30     (411)       32     (478)
    Total costs and expenses      53,210   37,948   106,649   79,113
    Income before income taxes     6,595    4,352    12,296    6,660
    Income tax provision           2,338    1,658     4,341    2,535
    Net income                  $  4,257  $ 2,694  $  7,955  $ 4,125
    Net income per share        $    .23  $   .20  $    .42     $.31
    Weighted average number
      of common shares used
      in the calculation          18,841   13,498    18,774   13,363
    SUBJECT TO YEAR-END AUDIT.
    -0-             11~16~92
    CONTACT:  George N. Derhofer, senior vice president and chief financial officer of Nutmeg Industries, Inc., 813-247-6044
    (NTM) CO:  NUTMEG INDUSTRIES, INC. IN:  TEX SU:  ERN ST:  FL


-- FL004 -- X116 11~16~92
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Date:Nov 16, 1992
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