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

 ATTLEBORO, Mass., Oct. 22 /PRNewswire/ -- Marshall Tulin, president of Swank, Inc. (NASDAQ: SNKI) today reported sales and earnings for the third quarter and nine months ended Sept. 30, 1993.
 Three Months Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 (In thousands) (In thousands)
 Net sales $32,666 $36,366 $77,574 $82,434
 Income before gain
 on sale of product
 line, income taxes,
 and cumulative
 effect of account-
 ing change 1,904 3,120 215 1,355
 Gain from sale of
 product line --- --- --- 1,741
 Income before
 cumulative effect
 of accounting change 1,809 2,195 204 2,159
 Cumulative effect of
 accounting change --- --- 477 ---
 Net income 1,809 2,195 681 2,159
 Share and per share
 information:
 Weighted average
 common shares and
 common share
 equivalents
 outstanding 17,538,965 16,774,441 17,305,904 16,955,437
 Income before
 cumulative
 effect of
 accounting
 change 10 cents 13 cents 1 cent 13 cents
 Cumulative effect
 of accounting
 change --- --- 3 cents ---
 Net income 10 cents 13 cents 4 cents 13 cents
 The gain recognized in 1992 from the sale of product line resulted from the disposition of the Royal Copenhagen fragrance line on May 1. During 1993, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" and expects to benefit during the remainder of the year by recognizing a lower effective tax rate than required under the previous accounting policy.
 Tulin indicated that, "the conservative buying patterns exhibited by the major retailers has resulted in lower than projected sales for the third quarter of 1993. However, during the first half of October incoming orders have improved in comparison to the prior period."
 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 the names "Swank," "Colours by Alexander Julian," "Pierre Cardin," "L'Aiglon," "Anne Klein" and "Anne Klein II," among others. Recently the company has acquired the rights to distribute certain gift items under various team logos of the NFL and NCAA. Swank, Inc. also manufactures jewelry and leather items for distribution under private labels.
 -0- 10/22/93
 /CONTACT: A.C. Corsini of Swank, 508-222-3400/
 (SNKI)


CO: Swank, Inc. ST: Massachusetts IN: TEX SU: ERN

DJ-CM -- NE005 -- 5771 10/22/93 13:36 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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