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TAPISTRON INTERNATIONAL REPORTS SUBSTANTIAL INCREASE IN SECOND QUARTER RESULTS

 CHATTANOOGA, Tenn., March 16 /PRNewswire/ -- Tapistron International, Inc. (NASDAQ: TAPI TAPIW) today reported results for the second quarter and six month period ended Jan. 31.
 Sales for the quarter increased to $1,480,281 over sales of $620,000 reported the same period a year ago. Net income (before an extraordinary item relating to the prepayment of certain indebtedness) amounted to $91,275 or $.01 per share, compared with a net loss of $152,828 or a loss of $.02 per share reported for the second quarter last year.
 Sales for the six month period increased by 375 percent to $2,943,889 over sales of $620,000 reported for the six month period ended Jan. 31, 1991. Net income (before the extraordinary item) rose to $65,347 or $.01 per share, compared with a net loss of $530,995 or a loss of $.07 per share reported at the same time last year.
 Lanier M. Davenport, chairman and chief executive officer, said: "During the second quarter we sold two additional two-meter CYP (computerized yarn placement) machines. We continue to receive interest in the CYP machine both in the domestic and international markets." Davenport continued, "The substantial increase in net interest income, the sale of two more CYP machines, and the decreased cost to manufacture each machine contributed to the more positive results." Davenport noted that the company anticipates it will begin to utilize the assembly area in its new manufacturing facility in April for the assembly of the 4.4 meter CYP machines.
 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.
 TAPISTRON INTERNATIONAL, INC. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 3 mos. ended 12/31/93 12/31/92
 SALES $1,480,281 $ 620,000
 COST OF SALES 703,284 395,735
 Gross profit 776,997 224,265
 OPERATING EXPENSES
 Administrative expenses 652,201 248,830
 Research and development 147,267 100,043
 TOTAL 799,468 348,873
 OPERATING LOSS (22,471) (124,608)
 OTHER EXPENSE
 Interest expense 3,728 32,768
 Interest income 117,474 4,548
 Interest, net 113,746 (28,220)
 NET INCOME (LOSS)
 before provision for
 income taxes 91,275 (152,828)
 Provision for income taxes --- ---
 NET INCOME (LOSS)
 before extraordinary item 91,275 (152,828)
 Extraordinary item:
 Gain from extinguishment
 of debt 36,567 ---
 NET INCOME (LOSS) $ 127,842 $(152,828)
 EARNINGS PER SHARE
 Income before extraordinary
 item $ .01 $( .02)
 Extraordinary item --- ---
 Net Income $ .02 $( .02)
 Weighted average number of
 shares outstanding 7,532,989 7,532,989
 6 mos. ended 12/31/93 12/31/92
 SALES $2,943,889 $ 620,000
 COST OF SALES 1,434,585 395,735
 Gross profit 1,509,304 224,265
 OPERATING EXPENSES
 Administrative expenses 1,325,680 517,450
 Research and development 274,729 181,783
 TOTAL 1,600,409 699,233
 OPERATING LOSS (91,105) (474,968)
 OTHER EXPENSE
 Interest expense 18,099 61,086
 Interest income 174,551 5,059
 Interest, net 156,452 (56,027)
 NET INCOME (LOSS)
 before provision for
 income taxes 65,347 (530,995)
 Provision for income taxes --- ---
 NET INCOME (LOSS)
 before extraordinary item 65,347 (530,995)
 Extraordinary item:
 Gain from extinguishment
 of debt 36,567 ---
 NET INCOME (LOSS) $ 101,914 $(530,995)
 EARNINGS PER SHARE
 Income before extraordinary
 item $ .01 $( .07)
 Extraordinary item --- ---
 Net Income $ .01 $( .07)
 Weighted average number of
 shares outstanding 7,523,989 7,523,989
 -0- 3/16/93
 /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-RA -- AT006 -- 6688 03/16/93 15:53 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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