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WORLDTEX, INC. REPORTS INCREASED YEAR-END SALES AND EARNINGS FOR 1992

 HICKORY, N.C., Feb. 25 /PRNewswire/ -- Worldtex, Inc. (NYSE: WTX) the world's largest specialty manufacturer of covered "elastic" yarns, primarily used in the manufacture of hosiery and active apparel, announced today that revenues for 1992 rose 12 percent, while earnings increased over 70 percent compared to 1991.
 For the year ended Dec. 31, 1992 sales rose to $174.9 million compared with $155.8 million a year earlier. Net income for the year was $7.3 million, or 50 cents per share, up from $4.3 million, or 29 cents per share in the prior year.
 Commenting on the year's results, Richard Mackey, chairman and chief executive officer of Worldtex, explained that "although domestically we are in an economic recovery, the European economy softened in the latter part of the year. This has impacted our France-based Filix Lastex division."
 Mackey noted, however, that "inventory build-ups by customers of the European subsidiary are expected to be eliminated during the second quarter of this year, which could set the tone for return to normal' sales increases over the balance of the year."
 "Given that our core product is used, in part, to manufacture hosiery, which could be considered a staple, and given that apparel manufacturers have been expanding the uses for covered yarns, we believe that the outlook for Worldtex continues to be very good."
 Worldtex was organized as a holding company in July 1992 by Willcox & Gibbs (NYSE: WG) and the stock of Worldtex was distributed to the shareholders of Willcox & Gibbs in November 1992. Worldtex is now comprised of three subsidiaries: Regal Manufacturing Company, Inc., based in Hickory, N.C.; Rubyco, Inc., based in Montreal, Canada; and Filix Lastex, S.A., headquartered in Troyes, France. The three subsidiaries have a total of approximately 1200 employees.
 In the U.S. and Canada, Worldtex's primary product is nylon-covered spandex used in the manufacture of women's "Silken Sheer" pantyhose, support hose and control-top pantyhose. Worldtex also provides customers with microfibre nylon covered spandex and cotton covered spandex, used to manufacture opaque pantyhose, and covered latex rubber yarns, used in the manufacture of men's, women's and children's hosiery.
 In Europe, Worldtex produces cotton covered spandex yarns and microfibre nylon covered spandex yarns used to manufacture ladies' sheer and opaque pantyhose as well as cotton covered and nylon covered spandex yarns used in athletic and casual wear, sweaters, swimwear and the stretch stirrup-pants, which have been popular among women in Europe and the U.S., due to their versatility and comfort.
 WORLDTEX, INC. AND SUBSIDIARIES
 Years Ended
 December 31
 1992 1991
 (000's Omitted)
 Net Sales $174,936 $155,838
 Net Income $ 7,299 $ 4,298
 Income per common and
 common equivalent share $ .50 $ .29
 Average number of common and
 common equivalent shares 14,720 14,720
 Note: Earnings per share have been calculated as if the average
 outstanding shares from November 12, 1992, the date of
 spin-off, to December 31, 1992, were outstanding for the
 periods presented.
 -0- 2/25/93
 /CONTACT: Richard Mackey, Chairman, Worldtex, Inc., 704-328-5381 or 212-869-1800/
 (WTX)


CO: Worldtex, Inc. ST: North Carolina IN: TEX SU: ERN

CM-JM -- CH014 -- 0468 02/25/93 14:46 EST
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Date:Feb 25, 1993
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