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SHEFFIELD INDUSTRIES GRANTED EXTENSION OF NMS LISTING TO DEC. 31, 1992; RESUMES THREE SHIFT PRODUCTION AND RECEIVES INITIAL INSURANCE PAYMENT

SHEFFIELD INDUSTRIES GRANTED EXTENSION OF NMS LISTING TO DEC. 31, 1992;

RESUMES THREE SHIFT PRODUCTION AND RECEIVES INITIAL INSURANCE PAYMENT
 MIAMI, Fla., Nov. 12 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSEE), manufacturers and distributors of ladies sheer hosiery and other apparel products, will continue to be traded on the National Market System despite delay in filing financial reports due to unforeseen external events.
 Mitchell A. Hammer, president announced today that "NASDAQ has granted the company an extension to Dec. 31, 1992 and that we expect to file our Form 10-K for the fiscal year ended July 3, 1992 and Form 10-Q for the quarter ended Sept. 30, 1992 before that date. The fifth character "E" appended to the company's NASDAQ symbol, indicating the company's current "conditional" listing status on the NASDAQ Small-Cap Market, will be removed upon the filing of the Form 10-K and 10-Q within the extension period.
 "Positive progress is being made towards a return to normal operations following disruptions of production as well as financial reporting caused by Hurricane Andrew, the bankruptcy of a major customer and an electric power surge earlier this year. This includes the resumption of round-the-clock three shift operations, reduction of inventory, receipt of initial payment of insurance claims, and restructuring of debt.
 "During the last several weeks we returned to three shifts and are now producing approximately 100,000 dozen pairs of sheer hosiery per week and are fulfilling commitments to our major customers on a timely basis. Total shipments are currently at the rate of $750,000 per week. Within the last 30 days we have accomplished 30 percent of a planned six-month $2.5 million inventory reduction. Our senior lender has been cooperative in permitting temporary advances over our credit limit. We are in the process of restructuring some of our secured equipment debt which could result in a reduction of our scheduled payment obligations by up to 60 percent. Generally our creditors continue to work with us through this period.
 "In addition, we are continuing to reduce overhead wherever possible. Towards this end, two of the former owners of Beezil Dezign, acquired in June of this year, have left the company following the smooth transition of Beezil's customer base to Sheffield.
 "We recently received a payment of approximately $115,000 from our insurance carrier as reimbursement for property damage sustained from Hurricane Andrew and are awaiting action on additional claims of approximately $2 million.
 "Although we will be reporting a loss for the first half of fiscal 1993, we remain confident that revenues for the full fiscal year ending July 2, 1993, will be at record levels and that the second half of the year will be profitable. We are anticipating a strong second half with continued expansion of the production of sheer hosiery and other apparel products and the implementation of our new license agreement for the use of the Revlon label on hosiery and apparel."
 Sheffield Industries, Inc. manufactures and distributes ladies and children's hosiery products including pantyhose, knee-highs and tights under licensed labels including "Fruit of the Loom" and "Revlon" and private labels of its customers. Sheffield also manufactures and markets T-shirts, sweat shirts and pants and printed apparel under its "Beezil" label and under licenses from major colleges and universities; and manufactures and markets "LeRoi" children's pantyhose, tights and sleepwear.
 -0- 11/12/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield Industries, 305-624-8493/
 (HOSEE) CO: Sheffield Industries, Inc. ST: Florida IN: TEX SU:


PS -- NY024 -- 0098 11/12/92 10:20 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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