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WILLCOX & GIBBS POSTS 100 PERCENT GAIN IN SECOND QUARTER PROFITS

 WILLCOX & GIBBS POSTS 100 PERCENT GAIN IN SECOND QUARTER PROFITS
 NEW YORK, July 27 /PRNewswire/ -- John K. Ziegler, chairman of Willcox & Gibbs, Inc. (NYSE: WG) today announced that sales for the second quarter ended June 30, 1992, were $151,608,000 and earnings were $2,697,000 compared with sales of $147,908,000 and earnings of $1,351,000 for the same period in 1991.
 Earnings per share were $.20 compared with $.10 in 1991. Excluding sales of divisions included in 1991 but subsequently either sold or in the process of being sold, sales increased by 7.5 percent during the quarter. Ziegler stated that the profit increase over the prior year is a result of increases in sales of the continuing businesses, the elimination of losses of the operations sold, or in the process of disposal, and the effect of cost containment programs instituted in the past year.
 Sales for the six months ended June 30, 1992, were $295,595,000 and earnings were $4,977,000 compared with sales of $291,974,000 and earnings of $2,795,000 for the same period in 1991. Excluding sales of divisions included in 1991 but not in 1992, sales increased 6 percent. Earnings per share were $.36 compared with $.20 for the comparable 1991 period.
 On April 22, 1992, Willcox & Gibbs announced that it planned to spin-off its covered yarn manufacturing business to shareholders on a tax-free basis subject to certain conditions. The company also announced an agreement, with Compagnie de Distribution de Materiel Electrique (CDME), calling for the issuance of approximately 6,236,000 shares of W&G common stock in exchange for certain assets and cash. These two actions, the company stated in its release, were designed to enhance shareholder value. The company has submitted its proxy statement to the SEC and anticipates holding its annual shareholders' meeting in September of this year, at which time there will be a vote to approve the transactions with CDME.
 Willcox & Gibbs is a distributor of industrial parts and supplies and a specialty manufacturer of covered yarn.
 WILLCOX & GIBBS AND SUBSIDIARIES
 (000s omitted)
 Six months Three months
 Periods ended June 30 1992 1991 1992 1991
 Net sales $295,595 $291,974 $151,608 $147,908
 Net income 4,977 2,795 2,697 1,351
 Income per common and
 common equivalent share $.36 $.20 $.20 $.10
 Average number of common and
 common equivalent shares 13,708 13,724 13,717 13,742
 -0- 7/27/92
 /CONTACT: Richard J. Mackey, president of Willcox & Gibbs, 212-869-1800/
 (WG) CO: Willcox & Gibbs Inc. ST: New York IN: TEX SU: ERN


CK-LR -- NY060 -- 3487 07/27/92 11:41 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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