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ONEITA INDUSTRIES REPORTS SECOND QUARTER AND SIX MONTHS RESULTS

 ANDREWS, S.C., May 5 /PRNewswire/ -- Oneita Industries, Inc. (NYSE: ONA), a manufacturer and marketer of activewear and infantswear, today reported results for the second quarter and six months ended March 31, 1993.
 Net income for the second quarter was $1,161,000 or 17 cents per share, compared with $1,942,000 or 33 cents per share for the comparable year-ago quarter. Second quarter revenues were $45,469,000 versus $48,199,000 for the like period last year.
 For the first half, net income was $2,190,000 or 31 cents per share compared to net income of $2,768,000 or 47 cents per share for the initial six months of last year. Sales were $89,760,000, up from $86,614,000 in the prior year's period.
 Earnings per share have been adjusted for the stock dividend declared in February 1993.
 Herbert J. Fleming, president, said, "The disappointing second quarter earnings are attributable primarily to lower than anticipated sales." Fleming said he continues to be concerned about the outlook for the full year, and concluded, "Cyclical and industrywide overcapacity in our activewear business has resulted in order cancellations, and price- cutting and rebates by all the leading manufacturers. In April, we instituted rebates to match our competition which will have a n?uing impact on our margins."
 ONEITA INDUSTRIES, INC.
 Operating Highlights (Unaudited)
 Period ended Three months Six months
 March 31 1993 1992 1993 1992
 Net sales $45,469,000 $48,199,000 $89,760,000 $86,614,000
 Income before
 income taxes 1,902,000 3,240,000 3,588,000 4,616,000
 Provision for
 income taxes (741,000) (1,298,000) (1,398,000) (1,848,000)
 Net income 1,161,000 1,942,000 2,190,000 2,768,000
 Net income per share(A) .17 .33 .31 .47
 Weighted average number of
 shares used in the
 calculation of per share
 results(A) 7,024,000 5,922,000 7,000,000 5,841,000
 (A) After giving retroactive effect to a five percent stock dividend declared in February 1993.
 -0- 5/5/93
 /CONTACT: Herbert J. Fleming, president of Oneita Industries, Inc., 803-264-5225/
 (ONA)


CO: Oneita Industries, Inc. ST: South Carolina IN: TEX SU: ERN

AH-OS -- NY034 -- 4791 05/05/93 10:28 EDT
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Publication:PR Newswire
Date:May 5, 1993
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