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WILLCOX & GIBBS REPORTS THIRD QUARTER RESULTS

 NEW YORK, Oct. 26 /PRNewswire/ -- John K. Ziegler, chairman of Willcox & Gibbs, Inc. (NYSE: WG), today announced that sales for the third quarter ended Sept. 30, 1993, were $157.0 million compared with $109.8 million for the same period a year ago. 1993 third quarter sales included a total of $44.1 million from Southern Electric Supply Inc. ("SES"), and Sacks Electrical Supply Co., which were acquired in November 1992 and April 1993, respectively.
 The company reported income from continuing operations of $2.3 million or $.11 per share for the third quarter of 1993 compared to $0.08 million or $.O1 per share for the third quarter of the prior year. The third quarter of 1992 included $1.7 million of restructuring charges related to the disposal of a business unit.
 Sales for the nine months ended Sept. 30, 1993, were $435.5 million, including combined sales of $109.3 million from SES and Sacks, compared with sales of $315.1 million for the same period in 1992.
 Income from continuing operations was $6.2 million or $.30 per share for the nine months ended Sept. 30, 1993, compared to $1.3 million or $.09 per share for the same period in 1992.
 As previously announced, the company distributed Worldtex, Inc., its covered yarn manufacturing segment, as a dividend to its stockholders during the fourth quarter of 1992. Results of the covered yarn operation are included as discontinued operations in 1992 for all periods presented. In addition, the company adopted Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" ("SFAS 109") in the first quarter of 1993. Adoption of this statement resulted in a credit to income in the first quarter of 1993 of $0.7 million or $.03 per share which is reflected in results of operations as the cumulative effect of a change in accounting principle.
 As a result, the company reported net income of $2.3 million, or $.11 per share for the third quarter of 1993 compared to net income of $2.2 million, or $.16 per share for the third quarter of the prior year. For the nine months ended Sept. 30, 1993, net income was $6.9 million or $.33 per share compared to $7.2 million or $.52 per share for the comparable period of the prior year.
 The average number of common and common equivalent shares outstanding was 20.9 million shares for the nine months ended Sept. 30, 1993, compared to 13.7 million shares for the same period of the prior year.
 Willcox & Gibbs, Inc., is engaged in the distribution of electrical parts and supplies and the distribution of parts, supplies and equipment to apparel manufacturers.
 WILLCOX & GIBBS, INC., AND SUBSIDIARIES
 (000's omitted)
 Nine months Three months
 Periods ended Sept. 30 1993 1992 1993 1992
 Net sales $435,497 $315,143 $156,966 $109,809
 Income from continuing
 operations 6,248 1,264 2,282 77
 Discontinued operations,
 net of taxes -- 5,939 -- 2,149
 Income before cumulative
 effect of change in
 accounting for income taxes 6,248 7,203 2,282 2,226
 Cumulative effect of change
 in accounting for income taxes 660 -- -- --
 Net income $ 6,908 $ 7,203 $ 2,282 $ 2,226
 Income per common share:
 Income from continuing opers. $.30 $.09 $.11 $.01
 Income from discontinued
 operations -- .43 -- .15
 Income before cumulative effect
 of change in accounting for
 income taxes .30 .52 .11 .16
 Cumulative effect of change
 in accounting for inc. taxes .03 -- -- --
 Net income $.33 $.52 $.11 $.16
 Average number of common and
 common equivalent shares 20,949 13,719 20,949 13,730
 -0- 10/26/93
 /CONTACT: John K. Ziegler, chairman and CEO of Willcox & Gibbs, 212-869-1800/
 (WG)


CO: Willcox & Gibbs, Inc. ST: New York IN: CPR SU: ERN

GK-WB -- NY042 -- 6889 10/26/93 12:06 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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