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SWANK, INC. REPORTS SALES AND EARNINGS FOR THE FIRST QUARTER

 ATTLEBORO, Mass., April 21 /PRNewswire/ -- Marshall Tulin, president of Swank, Inc. (NASDAQ: SNKI), today reported sales and earnings for the first quarter ended March 31, 1993.
 The results of the first quarter 1993 were positively impacted by a change in the method of accounting for income taxes by implementing Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." The company expects to further benefit from this change by recognizing a lower effective tax rate than otherwise required.
 Tulin indicated, "although the retail environment is not robust at this time, we continue to remain optimistic regarding our outlook for the full year."
 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. Swank, Inc. also manufactures jewelry and leather items for distribution under private labels.
 SWANK, INC.
 FIRST QUARTER ENDED MARCH 31,
 (000 Omitted)
 1993 1992
 Net Sales $23,084 $22,342
 Loss before income taxes and
 cumulative effect of
 accounting changes (227) (232)
 Loss before cumulative effect
 of accounting changes (234) (240)
 Cumulative effect of accounting
 changes 477 ---
 Net income (loss) 243 (240)
 Share and per share information:
 Weighted average common shares
 and common share equivalents
 outstanding 17,026,648 16,378,028
 Loss before cumulative effect
 of accounting changes (1 cent) (1 cent)
 Cumulative effect of accounting
 changes 2 cents ---
 Net income (loss) 1 cent (1 cent)
 -0- 4/21/93
 /CONTACT: Andrew Corsini of Swank, 508-222-3400/
 (SNKI)


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

TM-CH -- NE019 -- 8922 04/21/93 16:07 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
Words:300
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