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OPERATING INCOME DOUBLES AT MUNSINGWEAR

 MINNEAPOLIS, Feb. 18 /PRNewswire/ -- Munsingwear, Inc. (NYSE: MUN) today reported increased revenues and earnings for the year ended Jan. 2, 1993. Total revenues of $39,844,000 were 8 percent ahead of last year's $36,761,000 and net income was $1,241,000 ($.59 per share), compared to a net loss from continuing operations of $6,613,000 in fiscal 1991. In addition, fiscal 1991 results benefited from gains of $61,187,000 related to discontinued operations and the company's reorganization. For the quarter ended Jan. 2, 1993, total revenues were $8,779,000 and net income was $50,000 ($.02 per share). Results for the corresponding quarter the previous year are not comparable due to the company's reorganization on Oct. 29, 1991.
 Charles J. Campbell, president and chief executive officer, pointed out that "the company exceeded its financial objectives for fiscal 1992. Operating income more than doubled, to $2,414,000 this year versus $1,093,000 in fiscal 1991 and, even more important, we showed a profit in every quarter in fiscal 1992 and increased gross profit two full percentage points." Campbell emphasized that "revenue growth was highlighted by three new license agreements, a 15 percent increase in the company's core sportswear business, a 120 percent sales increase in the Golf Pro Shop Division, and expanded distribution. In addition, prudent inventory management led to fewer end-of-season markdowns, which contributed significantly to the gross profit improvement."
 During 1992, the company launched a national cable TV ad campaign featuring pro golfer Blaine McCallister, which Campbell said was very successful and is being expanded for 1993. In addition, the company has recently signed pro golfers J.C. Snead, Phil Blackmar and Larry Gilbert, expanding the ongoing promotion of its Grand Slam Golf Collection on the P.G.A. Tour. Campbell pointed out that the increase in selling, general and administrative expenses related primarily to costs in design, sales, advertising, marketing and licensing programs, all investments in building consumer awareness, brand stature, market presence and the licensing business.
 Munsingwear, Inc., a Minneapolis-based company, designs, manufactures, markets and licenses branded men's and boys' apparel under the Grand Slam(R), Grand Slam Tour(TM), Munsingwear(R), Penguin Sport(TM) and Penguin Club(TM) labels.
 MUNSINGWEAR, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amounts audited and in thousands except per share data)
 Reorganized Company Combined Companies(a)
 Three Months 12 Months 12 Months
 Ended 1/2/93 Ended 1/2/93 Ended 1/4/92
 Revenues:
 Net sales $8,365 $37,867 $35,599
 Royalties 414 1,977 1,162
 -- 8,779 39,844 36,761
 Expenses:
 Cost of goods sold 5,976 26,832 25,927
 Selling, general and
 administrative 2,621 10,598 9,741
 -- 8,597 37,430 35,668
 Operating income 182 2,414 1,093
 Interest expense, net (50) (350) (1,568)
 Gain on closing of
 facilities -- -- 1,987
 Other non operating items (10) 27 156
 -- (60) (323) 575
 Income from continuing
 operations before
 reorganization items,
 income taxes,
 discontinued operations
 and extraordinary gain
 on debt forgiveness 122 2,091 1,668
 Reorganization items -- -- (8,211)
 -- 122 2,091 (6,543)
 Provision for income taxes 72 850 70
 Income (loss) from
 continuing operations 50 1,241 (6,613)
 Fresh Start Reporting
 adjustments -- -- 8,021
 Gain from discontinued
 operations -- -- 1,927
 -- 50 1,241 3,335
 Extraordinary gain on
 debt forgiveness -- -- 51,239
 Net income $50 $1,241 $54,574
 Net income per
 common share $.02 $.59 (b)
 Weighted average number
 of shares of
 common stock 2,092 2,092 (b)
 (a) Due to the company's reorganization, which was effective Oct. 29, 1991, results for the three months ended Jan. 4, 1992, are not available. Results for the 12 months ended Jan. 4, 1992, represent combined results of the reorganized company for the two months ended Jan. 4, 1992, and of the Predecessor Company for the 10 months ended Oct. 29, 1991.
 (b) Per share data for the 12 months ended Jan. 4, 1992, is not meaningful.
 -0- 2/18/93
 /CONTACT: James S. Bury, vice president-controller for Munsingwear, 612-943-5034/
 (MUN)


CO: Munsingwear, Inc. ST: Minnesota IN: TEX SU: ERN

KH -- MN015 -- 8120 02/18/93 17:05 EST
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Date:Feb 18, 1993
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