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SPRINGS INDUSTRIES ANNOUNCES EARNINGS

 SPRINGS INDUSTRIES ANNOUNCES EARNINGS
 FORT MILL, S.C., April 13 /PRNewswire/ -- Springs Industries


(NYSE: SMI) today announced increased sales and earnings for the first quarter of 1992.
 Net sales in the first quarter were $462.9 million, up eight percent from net sales of $430.4 million in the first quarter of 1991. Net income was $5.3 million, or $.30 per share, up from net income of $1.4 million, or $.08 per share, in the first quarter a year ago.
 Walter Y. Elisha, Springs Chairman and Chief Executive Officer, said, "Our first quarter operating profits increased by $8.5 million, or 101 percent, primarily as a result of the home furnishings segment achieving sales growth of nearly 25 percent during the period. Excluding the acquisition of C.S. Brooks last April, the home furnishings segment sales showed an increase of 14 percent. While not strong in every product category, the segment benefited from both recovering retail markets and improved manufacturing efficiencies in our plants.
 "The company's finished fabrics segment, which has undergone a planned downsizing since 1988, reported 11 percent lower sales than a year ago, consistent with our plan, but continued to achieve improved profitability in the first quarter. Unfortunately, this improvement was more than offset by a 10 percent decline in sales as well as lower profits in the industrial segment
of our business. The industrial segment was particularly affected by lower profitability in the United States as a result of reduced industry-wide demand and continued weakness in the European electronic markets."
 Elisha said, "We are pleased that the first quarter was in line with our plan and we expect continued improvement in second quarter results. The realignment of our marketing groups in 1991 as well as the lower costs from our plant modernization are already beginning to show benefits in our operating results."
 Springs Industries is a major manufacturer and marketer of home furnishings, finished fabrics, and industrial products with headquarters in Fort Mill, S.C. The company employs about 21,000 people and operates 44 manufacturing facilities in 10 U.S. states, Belgium and England, with a minority interest in a joint venture in Japan.
 SPRINGS INDUSTRIES, INC.
 Consolidated Statements of Income and Retained Earnings
 (In thousands except per share data)
 (Unaudited)
 Thirteen Weeks Ended
 March 28, March 30,
 1992 1991
 INCOME
 Net sales $462,868 $ 430,393
 Cost and expenses:
 Cost of goods sold 376,248 356,538
 Selling, general and
 administrative expenses 69,648 65,414
 Interest expense 7,659 7,520
 Interest income (136) (264)
 Other (income) expense 98 (1,256)
 Total 453,517 427,952
 Income before income taxes 9,351 2,441
 Income taxes 4,005 1,013
 Net income $ 5,346 $ 1,428
 Per share:
 Net income $ .30 $ .08
 Cash dividends - Class A shares $ .30 $ .30
 Cash dividends - Class B shares $ .27 $ .27
 Weighted average shares of
 common stock 17,794 17,672
 RETAINED EARNINGS
 Retained earnings at
 beginning of period $547,463 $540,448
 Net income 5,346 1,428
 Cash dividends (5,031) (4,994)
 Retained earnings at end
 of period $547,778 $536,882
 Condensed Consolidated Balance Sheet
 (In thousands except share data)
 (Unaudited)
 March 28, March 30,
 1992 1991
 ASSETS
 Current Assets:
 Cash and cash equivalents $ 4,161 $ 4,496
 Accounts receivable 307,078 296,141
 Inventories 273,412 255,418
 Other 48,207 39,675
 Total current assets 632,858 595,730
 Property, plant and equipment 1,138,299 1,103,978
 Accumulated depreciation (569,113) (569,659)
 Property, plant, and
 equipment, net 569,186 534,319
 Other assets and deferred charges 81,391 86,375
 Total $1,283,435 $1,216,424
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Short-term borrowings $ 76,500 $ 65,600
 Current maturities of
 long-term debt 23,071 19,072
 Accounts payable 88,894 75,197
 Accrued restructuring costs 22,004 19,047
 Other accrued liabilities 89,848 75,961
 Total current liabilities 300,317 254,877
 Noncurrent liabilities:
 Long-term debt 286,510 256,461
 Accrued restructuring costs 20,218 46,407
 Deferred income taxes and other
 deferred credits 109,937 102,123
 Total noncurrent liabilities 416,665 404,991
 Shareholders equity:
 Class A common stock - $.25 par value
 (9,733,810 and 9,661,806 shares
 issued in 1992 and 1991,
 respectively) 2,433 2,415
 Class B common stock - $.25 par value
 (7,971,180 and 8,047,900 shares
 issued in 1992 and 1991,
 respectively) 1,993 2,012
 Additional paid-in capital 10,672 10,674
 Retained earnings 547,778 536,882
 Cost of Class A shares in treasury
 (March 28, 1992-139,314 shares;
 March 30, 1991-149,966 shares) (2,977) (3,143)
 Currency translation adjustment 6,554 7,716
 Shareholders' equity 566,453 556,556
 Total $1,283,435 $1,216,424
 -0- 4/13/92
 /CONTACT: Robert E. Slough, Director, Public Relations, Springs Industries, Inc., 803-547-3738 or (home) 803-366-6646/
 (SMI) CO: Springs Industries, Inc. ST: South Carolina IN: TEX SU: ERN


CM -- CH003 -- 7585 04/13/92 09:05 EDT
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