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OAK HILL SPORTSWEAR REPORTS RESULTS

 NEW YORK, March 11 /PRNewswire/ -- Oak Hill Sportswear Corporation (NASDAQ-NMS: OHSC) announced today that it incurred a loss for the year ended Dec. 31, 1992 of $1,347,000 or $.65 per share, compared to net income of $458,000 or $.22 per share in 1991. The company had a loss of $1,362,000 or $.66 per share in the fourth quarter ended Dec. 31, 1992, compared to net income of $69,000 or $.03 per share in the fourth quarter last year. Sales declined 5 percent for the year and 10 percent for the fourth quarter from the comparable periods of the prior year.
 Arthur L. Asch, chairman of the board of Oak Hill Sportswear Corporation, stated that "fourth quarter and full year results reflected the sluggish retail climate that persisted into the holiday season. As previously reported, the upturn in retail sales near the end of 1992 occurred too late to benefit the company's results. Retailers continued to buy very conservatively, restraining and delaying their purchases while waiting for a return of consumer confidence. In order to reduce inventories, the company sold significant quantities of merchandise at lower than normal prices, causing gross profit margins to erode from prior year levels, but reducing inventories at Dec. 31, 1992 to $13,600,000 from the prior year-end level of $15,200,000.
 "Despite the disappointing results for 1992, we are optimistic that our company will return to profitability for the year ending Dec. 31, 1993. We anticipate that the combination of an expected improvement in retail sales trends and adjustments to our operating strategies will enable us to increase our gross margins and lower our operating expenses more than enough to offset a planned reduction in sales."
 Oak Hill Sportswear Corporation is a manufacturer of women's apparel.
 OAK HILL SPORTSWEAR CORPORATION
 Operating Results
 (In thousands, except per share data)
 Periods ended Year Three months
 Dec. 31 1992 1991 1992 1991
 Net sales $86,410 $91,194 $18,440 $20,518
 Income (loss) before taxes (1,847) 739 (1,872) 111
 Net income (loss) (1,347) 458 (1,362) 69
 Net income (loss) per share ($.65) $.22 ($.66) $.03
 Weighted average number of
 shares outstanding --
 fully diluted 2,058 2,058 2,058 2,058
 -0- 3/11/93
 /CONTACT: Arthur L. Asch of Oak Hill Sportswear Corporation, 212-789-8811/
 (OHSC)


CO: Oak Hill Sportswear Corporation ST: New York IN: TEX SU: ERN

TM-TS -- NY078 -- 5260 03/11/93 16:44 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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