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TULTEX CORPORATION REPORTS DECLINE IN SALES AND EARNINGS FOR 1991; BACKLOG UP 47 PERCENT FROM YEAR EARLIER

 TULTEX CORPORATION REPORTS DECLINE IN SALES AND EARNINGS FOR 1991;
 BACKLOG UP 47 PERCENT FROM YEAR EARLIER
 MARTINSVILLE, Va., Feb. 4 /PRNewswire/ -- Tultex Corporation (NYSE: TTX), one of the nation's largest manufacturers and marketers of activewear apparel, today reported a decline in profits for the fiscal year ended Dec. 28, 1991.
 For the 12 months, sales were $315,234,000, compared with $355,117,000 in 1990, and net income was $9,915,000, or 36 cents per share, compared with $23,470,000, or 85 cents per share, for the previous year. The 1991 earnings include $2,848,000, or 10 cents per share, representing a change in accounting principle due to accounting for income taxes.
 Fourth quarter sales were $121,320,000, compared with $107,770,000 in 1990, and earnings were $7,055,000, or 26 cents per share, compared with $10,713,000, or 39 cents per share, for the prior year.
 John M. Franck, chairman and chief executive officer, stated that, "The 1991 financial results were disappointing. Retailers, wholesalers and screenprinters began 1991 with heavy inventories of fleece carried over from the previous year. The resulting scramble on the part of the industry to correct inventory levels severely affected our first-half sales and production. While sales returned to more traditional levels for the second half, annual profits decreased due to lower production volume and the related unabsorbed fixed costs.
 "While the fixed asset investments made over the last few years have greatly improved our quality and service, their true cost-benefits are dependent upon production volume," said Franck. "Our order backlog at year-end 1991 was 47 percent higher than at the same time in 1990. Inventory pipelines are quite clean and, despite the slow economy, we expect business to be strong for 1992. The recent acquisition of Logo 7, a major player in the fast-growing licensed sports apparel business, adds great dimension to our company and is a natural fit with our activewear production capabilities. The Customer Service Center is now fully utilized and will support quick response to our customers' inventory replenishment requirements in 1992."
 Tultex, a vertically integrated manufacturer and marketer of activewear and licensed sports apparel, sells many of its products under the brand names of Tultex and Discus Athletic. The company operates manufacturing plants in Virginia, North Carolina, Indiana and Jamaica.
 TULTEX CORPORATION
 Consolidated Statement of Income
 ($000s omitted except for per share data)
 Periods Three months 12 months
 ended 12/28/91 12/29/90 12/28/91 12/29/90
 Net sales and other income $121,320 $107,770 $315,234 $355,117
 Income before income taxes and
 cumulative effect of a change in
 accounting principle 10,408 16,744 10,427 36,677
 Income taxes 3,353 6,031 3,360 13,207
 Income before cumulative effect of a
 change in accounting principle 7,055 10,713 7,067 23,470
 Cumulative effect of a change in
 accounting principle --- --- 2,848 ---
 Net income 7,055 10,713 9,915 23,470
 Earnings per share:
 Income before cumulative effect of
 a change in accounting principle $.26 $.39 $.26 $.85
 Net income .26 .39 .36 .85
 Weighted average common shares
 outstanding 27,599 27,623 27,599 27,637
 -0- 2/4/92
 /CONTACT: Don P. Shook, vice president-finance and administration of Tultex, 703-632-2961, ext. 2304, or fax, 703-632-9536/
 (TTX) CO: Tultex Corporation ST: Virginia IN: TEX SU: ERN


SM-KD -- NY052 -- 6687 02/04/92 12:22 EST
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Date:Feb 4, 1992
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