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SWANK, INC. REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS

 SWANK, INC. REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS
 ATTLEBORO, Mass., Oct. 28 /PRNewswire/ -- Marshall Tulin, president of Swank, Inc. (NASDAQ: SNKI) today reported sales and earnings for the third quarter and nine months ended Sept. 30, 1992.
 SWANK, INC.
 Financial Results
 (In thousands)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Net Sales $36,366 $35,950 $82,434 $82,642
 Income from operations $4,210 $5,982 $4,522 $5,349
 Income before income
 taxes $3,120 $4,589 $3,096 $1,326
 Net income $2,195 $4,063 $2,159 $ 782
 Net income per share 13 cents 25 cents 13 cents 5 cents
 Weighted average
 common shares and
 common stock
 equivalents
 outstanding 16,774,441 16,321,526 16,955,437 16,310,489
 Tulin indicated that income before taxes for the nine months ended Sept. 30, 1992, included a gain on the sale of the Royal Copenhagen Fragrance Division of approximately $1.7 million. The decline in sales resulting from the sale of the Fragrance Division was offset principally from increases in jewelry sales. For the quarter ended Sept. 30, 1992, the increase in sales resulted from increases in all product categories offset in part by the absence of fragrance sales. The results of the third quarter were negatively impacted by increased manufacturing costs and loss of gross profit resulting from the sale of the Fragrance Division offset in part by lower selling and interest costs. In commenting on the remainder of the year, Tulin noted that current expectations are that earnings for the fourth quarter will be somewhat better than recorded in 1991.
 Swank manufactures and markets men's and women's jewelry, belts, personal leather goods and gift items. The company distributes its products to retail outlets throughout the United States and in 50 foreign countries. These products which are known throughout the world, are distributed under names "Swank," "Street Smart," "Colours by Alexander Julian," "Pierre Cardin," "L'Aiglon," "Anne Klein," "Anne Klein II," "Richard Scott" and "90 Park," among others. Swank, Inc. also manufactures jewelry and leather items for distribution under private label.
 -0- 10/28/92
 /CONTACT: A.C. Corsini of Swank, Inc., 508-222-3400/
 (SNKI) CO: Swank, Inc. ST: Massachusetts IN: REA HOU SU: ERN


CH -- NE006 -- 5899 10/28/92 10:36 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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