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TULTEX REPORTS INCREASED SALES, REDUCED LOSS FOR FIRST QUARTER OF 1992

TULTEX REPORTS INCREASED SALES, REDUCED LOSS FOR FIRST QUARTER OF 1992
 MARTINSVILLE, Va., April 16 /PRNewswire/ -- Tultex Corporation (NYSE: TTX), one of the nation's largest manufacturers and marketers of activewear apparel, today reported results for its first quarter.
 Sales for the three months ended March 28, 1992, were $60,394,000, compared with $29,404,000 for the first quarter of 1991. The net loss for the quarter was $3,355,000, or 13 cents per share, compared with a loss of $4,209,000, or 15 cents per share, for the same period last year, before the cumulative effect of a change in accounting principle.
 "Despite the first quarter loss," John Franck, chairman and chief executive officer, said, "we remain optimistic about our prospects this year. The increase in sales in all our activewear apparel markets, new customer relationships, plus a significantly improved order backlog indicate that our business will be strong in the remainder of 1992.
 "A first quarter loss at Tultex is not unusual due to the seasonality of our fleecewear products demand. As production builds and shipping volume increases in the second and third quarters, manufacturing and distribution costs per unit will decrease substantially, generating much improved profits over those experienced in 1991.
 "We are excited about the recent acquisition of Logo 7, and its higher-than-expected sales for the first quarter add to that excitement. The sports licenses that this new subsidiary has brought to our overall product offering adds a new and important dimension to our company for the future. Logo 7's results and the costs related to its acquisition have been included in the company's first quarter results. Like Tultex, Logo 7 records most of its profits in the second half of the year.
 "Everything is in place for greatly improved results for 1992. Orders are up and our customer relationships remain strong. New quick-response programs now allow us to provide immediate inventory replenishment to many customers. Enhanced consumer advertising programs are solidifying the positions of our Tultex and Discus brands at retail. And we continue to be highly competitive in value and service."
 Tultex, a vertically integrated manufacturer and marketer of activewear and licensed sports apparel, sells many of its products under the Tultex, Discus Athletic and Logo 7 brand names. The company operates manufacturing plants in Virginia, North Carolina, Indiana and Jamaica.
 TULTEX CORPORATION
 Consolidated Statement of Income
 (Thousands omitted, except for per share data)
 Three months ended 3/28/92 3/30/91
 Net sales and other income $60,394 $29,404
 Income (loss) before income
 taxes and cumulative effect of
 a change in accounting principle (5,321) (6,574)
 Income taxes (1,966) (2,365)
 Income (loss) before cumulative effect
 of a change in accounting principle (3,355) (4,209)
 Cumulative effect of a change
 in accounting principle -- 2,848
 Net income (loss) $(3,355) $(1,361)
 Earnings per common share:
 Income (loss) before cumulative effect
 of a change in accounting principle $(.13) $(.15)
 Net income (loss) $(.13) $(.05)
 Weighted average common shares outstanding 27,601 27,598
 -0- 4/16/92
 /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


GK-OS -- NY054 -- 9270 04/16/92 11:58 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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