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TAPISTRON INTERNATIONAL REPORTS FIRST QUARTER RESULTS

 CHATTANOOGA, Tenn., Dec. 15 /PRNewswire/ -- Tapistron International, Inc. (NASDAQ: TAPI TAPIW) today reported first quarter results for the period ended Oct. 31.
 Net sales for the quarter totaled $1,463,608 vs. no sales for the same quarter a year ago. The company reported a net loss of $25,928 or $0.00 per share, compared to a loss of $378,167 or $0.08 per share the first quarter last year.
 Lanier M. Davenport, chairman and chief executive officer, stated, "We are pleased with the operating results for the quarter and are particularly gratified with the reception of the CYP machines throughout the domestic and international markets." Further commenting, Davenport said, "During the quarter we increased the number of employees to prepare for additional manufacturing capacity we will have upon completion of our new facility in March 1993."
 Davenport briefly highlighted third quarter events including the recent appointment of Tapistron's new president, Aubrey Lancaster, the receipt of an order for two CYP machines from Habitat Industries Corporation in Thailand, and the ground-breaking for the company's new manufacturing facility.
 Tapistron International, Inc. is headquartered in the center of the country's carpet industry and has developed the CYP (computerized yarn placement) machine, a highly sophisticated patented innovation in tufting technology. The CYP technology is a proprietary, totally computerized process that is capable of manufacturing highly versatile patterned, colored and textured carpets and textile products for residential and commercial applications. Additionally, the company has the exclusive rights to the technology of a textile dyeing process developed by Ful-dye, Inc.
 TAPISTRON INTERNATIONAL, INC.
 Summary of Financial Data
 3 mos. ended 10/31/92 10/31/91
 Net sales $1,463,608 $ ---
 Cost of sales 731,301 ---
 Gross profit 732,307 ---
 Operating expenses
 Administrative expenses 673,479 268,620
 Research and development 127,462 81,740
 Total 800,941 350,360
 Operating loss (68,634) (350,360)
 Other expenses
 Interest expense 14,371 28,318
 Interest income 57,077 511
 Interest, net 42,706 (27,807)
 Net loss $ (25,928) $(378,167)
 Net earnings (loss) per share $ 0.00 $ (0.08)
 Weighted average number of
 shares outstanding 7,523,989 4,971,245
 Note: Results are unaudited and subject to adjustment.
 -0- 12/15/92
 /CONTACT: Lanier M. Davenport, chairman and chief executive officer, 615-265-1920, or John C. Thomas Jr., chief financial officer, 404-364-2040, both of Tapistron International/
 (TAPI)


CO: Tapistron International, Inc. ST: Tennessee IN: TEX SU: ERN

BR-BN -- AT007 -- 7183 12/15/92 12:08 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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