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SHEFFIELD INDUSTRIES ATTRIBUTES PRESSURE ON ITS COMMON SHARES TO DEMISE OF ORIGINAL UNDERWRITING FIRM; REAFFIRMS RECORD PROJECTIONS

 SHEFFIELD INDUSTRIES ATTRIBUTES PRESSURE ON ITS COMMON SHARES TO
 DEMISE OF ORIGINAL UNDERWRITING FIRM; REAFFIRMS RECORD PROJECTIONS
 MIAMI, July 6 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSE), manufacturers and distributors of men's, women's and children's apparel products including ladies sheer hosiery, attributes the recent decline in the price of its common shares to the cessation of operations of its original underwriting firm, J.W. Gant & Associates, Inc., Mitchell Hammer, president and chief executive officer of Sheffield, said today.
 "As the underwriter of the company's initial public offering in August, 1991, J.W. Gant had been an active market maker in the shares of Sheffield. Our understanding is that Gant has liquidated various over- the-counter positions including its holdings in Sheffield, and that many Gant customers are establishing accounts with other firms and reviewing alternatives regarding Sheffield equity positions," stated Hammer.
 Hammer noted that "Sheffield continues to report record operating results quarter by quarter and is in the strongest financial position in its corporate history. For the nine months ended March 27, 1992, we reported record operating income of $1,056,408, or $.61 per share, on revenues of $25,011,187, versus operating income in the year ago nine month period of $895,859, or $.59 per share, on revenues of $21,731,517. We reaffirm our previously announced forecast for the fiscal year ended June 26, 1992, for revenues to be approximately $36 million compared with $29 million last year, with anticipated net profits of approximately $.75 per share on 2.6 million average shares outstanding, versus $.88 on 1.0 million shares outstanding in fiscal 1991. We expect excellent growth in fiscal 1993 as well."
 -0- 7/6/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield Industries, 305-624-8493/
 (HOSE) CO: Sheffield Industries Inc. ST: Florida IN: TEX SU:


TS-LR -- NY036 -- 6648 07/06/92 13:01 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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