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SPRINGS INDUSTRIES REPORTS HIGHER 1993 THIRD QUARTER SALES AND EARNINGS

 FORT MILL, S.C., Oct. 19 /PRNewswire/ -- Springs Industries (NYSE: SMI) today reported higher sales and earnings for the third quarter of 1993.
 Net sales in the third quarter were $514.5 million, up four percent from net sales of $494.9 million in the third quarter of 1992. Net income was $13.7 million, or $.77 per share, up three percent from net income of $13.3 million, or $.75 per share, in the third quarter a year ago.
 For the first nine months of 1993, net sales were $1.50 billion, up four percent from net sales of $1.44 billion in the first nine months of 1992. Before one-time charges relating to the first quarter adoption of two financial accounting standards, net income for the nine months was $31.8 million, or $1.78 per share, up six percent from 1992 first nine months net income of $29.9 million, or $1.68 per share. Including these charges, there was a loss for the first nine months of 1993 of $40.8 million or $2.29 per share.
 Walter Y. Elisha, chairman and chief executive officer, said: "Our third quarter operating profits increased by 12 percent over 1992, with improvement in both our home furnishings and specialty fabrics segments. Home furnishings recovered from a flat second quarter and experienced 10 percent sales growth over the third quarter of last year. This sales growth is more in line with our expectations and with our long term commitment to grow in consumer product areas.
 "Our specialty fabrics segment reported improved operating profits on third quarter sales which were nine percent below last year's. While the sales decrease reflects lower sales in two of our specialty fabrics markets and the exclusion of 1993 sales for European fiberglass, the improved earnings reflect better operating efficiencies. The operating results for our European fiberglass fabrics are now accounted for as an equity investment in CS-Interglas A.G."
 Elisha said: "We are encouraged with the performance of our business, especially in the home furnishings lines where demand for our products was somewhat stronger than in the second quarter. While the slow growth trend of this economic recovery remains uninspiring, we feel that the fourth quarter will show continued improvement in our sales and earnings if consumer spending holds. Congressional approval next month of the North American Free Trade Agreement will give us additional confidence that export growth will accelerate."
 Springs Industries is a major manufacturer and marketer of home furnishings and specialty fabrics with headquarters in Fort Mill, S.C. The company employs about 20,000 people and operates 40 manufacturing facilities in nine U.S. states, with minority investments in businesses in Japan and Europe.
 SPRINGS INDUSTRIES, INC.
 Consolidated Statements of Operations and Retained Earnings
 (In thousands except per share data)
 (Unaudited)
 Thirteen Weeks Ended Thirty-Nine Weeks Ended
 Oct. 2, Sept. 26, Oct. 2, Sept. 26,
 1993 1992 1993 1992
 Operations
 Net sales $514,464 $494,966 $1,500,090 $1,443,856
 Cost and expenses:
 Cost of goods sold 410,759 397,210 1,205,461 1,168,023
 Selling, general and
 administrative
 expenses 69,697 67,505 211,255 200,864
 Interest expense 7,530 7,633 23,080 23,186
 Other (income) expense 1,613 (864) 3,484 (1,726)
 Total 489,599 471,484 1,443,280 1,390,347
 Income before
 income taxes 24,865 23,482 56,810 53,509
 Income taxes 11,192 10,184 25,029 23,623
 Income before cumulative
 effects of changes in
 accounting principles 13,673 13,298 31,781 29,886
 Cumulative effects of
 changes in accounting
 principles -- -- (72,543) --
 Net income (loss) $13,673 $13,298 $(40,762) $29,886
 Per share:
 Income before cumulative
 effects of changes in
 accounting principles $.77 $.75 $1.78 $1.68
 Cumulative effects of
 changes in accounting
 principles -- -- (4.07) --
 Net income (loss) $.77 $.75 $(2.29) $1.68
 Cash dividends --
 Class A shares $.30 $.30 $.90 $.90
 Cash dividends --
 Class B shares $.27 $.27 $.81 $.81
 Weighted average shares
 of common stock 17,827 17,809
 Retained Earnings
 Retained earnings
 at beginning
 of period $507,357 $553,988 $571,864 $547,463
 Net income (loss) 13,673 13,298 (40,762) 29,886
 Cash dividends (5,037) (5,032) (15,109) (15,095)
 Retained earnings
 at end of period $515,993 $562,254 $515,993 $562,254
 Condensed Consolidated Balance Sheet
 (In thousands except share data)
 (Unaudited)
 Oct. 2, Sept. 26,
 1993 1992
 Assets
 Current assets:
 Cash and cash equivalents $3,291 $3,764
 Accounts receivable 336,135 321,764
 Inventories 293,556 265,290
 Other 39,716 47,925
 Total current assets 672,698 638,743
 Property, plant and equipment 1,175,345 1,173,902
 Accumulated depreciation (636,246) (607,758)
 Property, plant, and equipment, net 539,099 566,144
 Other assets and deferred charges 116,114 85,055
 Total $1,327,911 $1,289,942
 Liabilities and Shareholders' Equity
 Current liabilities:
 Short-term borrowings $104,500 $80,600
 Current maturities of long-term debt 20,920 20,163
 Accounts payable 71,864 82,066
 Accrued restructuring costs 8,161 20,636
 Other accrued liabilities 114,150 102,757
 Total current liabilities 319,595 306,222
 Noncurrent liabilities:
 Long-term debt 293,367 274,919
 Accrued restructuring costs 5,621 14,582
 Deferred compensation and benefit plans 137,861 61,989
 Deferred income taxes and other
 deferred credits 39,347 50,475
 Total noncurrent liabilities 476,196 401,965
 Shareholders' equity:
 Class A common stock - $.25 par value
 (9,806,635 and 9,732,585 shares issued
 in 1993 and 1992, respectively) 2,452 2,433
 Class B common stock - $.25 par value
 (7,904,962 and 7,971,180 shares issued
 in 1993 and 1992, respectively) 1,976 1,993
 Additional paid-in capital 11,132 10,679
 Retained earnings 515,993 562,254
 Cost of Class A shares in treasury
 (Oct. 2, 1993--130,086 shares;
 Sept. 26, 1992--138,664 shares) (2,794) (2,957)
 Currency translation adjustment 3,361 7,353
 Shareholders' equity 532,120 581,755
 Total $1,327,911 $1,289,942
 -0- 10/19/93
 /CONTACT: Robert E. Slough, director of Public Relations, of


Springs Industries, 803-547-3738 or (home) 803-366-6646/
 (SMI)


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

CM-MM -- CH001 -- 3777 10/19/93 09:09 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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