WestPoint Stevens Hosts Meeting for Investors at Showroom in New York

Apr 05, 2001, 01:00 ET from WestPoint Stevens Inc.

    WEST POINT, Ga., April 5 /PRNewswire/ -- WestPoint Stevens Inc.
 (NYSE:   WXS) (www.westpointstevens.com ) hosted meetings April 4 in New York
 for analysts and investors to provide an update on the strategy of the Eight-
 Point Plan and to tour the Company's showrooms, during the New York Home
 Textiles Market Week.  Present from management were Holcombe Green, Chairman
 and CEO; Chip Fontenot, President and COO; David Meek, Executive Vice
 President and CFO; Kathleen Cwirko, Senior Vice President - Creative Services;
 Linda Kinkler, Senior Vice President - Ralph Lauren Home and Lorraine Miller -
 Senior Vice President - Investor Relations.
     Members of WestPoint's senior management team discussed short-term
 priorities and long-term goals with respect to catalysts for top-line growth
 and increasing profitability.  Senior management again endorsed its sales
 guidance of a decline of 5%-7% for the first quarter of 2001 compared with a
 year ago.  Management also discussed its recently amended bank credit
 facility.  Under the terms of the amended agreement, certain financial
 covenants were modified effective March 29, 2001.  Availability under the
 $800 million Revolving Credit Facility will be reduced by $200 million in
 total during the next thirty-one months with a $25 million reduction starting
 August 1, 2001, with further reductions of $25 million every three months
 until November 1, 2003.  The amendment did not change the interest rate for
 the credit facility; however, the Company will pay an amendment fee.  David
 Meek, Executive Vice President and CFO, commented, "The recently amended bank
 agreement gives WestPoint Stevens added financial flexibility near-term, while
 providing for a meaningful reduction in debt levels in the next few years."
     A copy of the Company's presentation can be found by accessing the
 "Investor Relations" segment of its web site: www.westpointstevens.com .  The
 Company will report first-quarter earnings on Thursday, April 26, 2001, and
 will hold a conference call for analysts and investors at 11:00 AM (EDST) that
 day.  To access the simultaneous webcast or replay of the call, go to the
 "Investor Relations" segment of the website: www.westpointstevens.com.
     WestPoint Stevens Inc. is the nation's leading home fashions consumer
 products marketing company, with a wide range of bed linens, towels, blankets,
 comforters and accessories marketed under the well-known brand names of GRAND
 PATRICIAN, PATRICIAN, MARTEX, UTICA, STEVENS, LADY PEPPERELL and VELLUX, and
 under licensed brands including RALPH LAUREN HOME, DISNEY HOME, SANDERSON,
 DESIGNERS GUILD, JOE BOXER, GLYNDA TURLEY and SERTA PERFECT SLEEPER. WestPoint
 Stevens is also a manufacturer of the MARTHA STEWART bed and bath lines.
 WestPoint Stevens can be found on the World Wide Web at
 www.westpointstevens.com .
 
     Safe Harbor Statement:  Except for historical information contained
 herein, certain matters set forth in this press release are "forward- looking
 statements" within the meaning of the U.S. Private Securities Litigation
 Reform Act of 1995.  Such forward-looking statements involve certain risks and
 uncertainties that could cause actual results to differ materially from those
 in the forward-looking statements.  Such risks and uncertainties may be
 attributable to important factors that include but are not limited to the
 following: Product margins may vary from those projected; Raw material prices
 may vary from those assumed; Additional reserves may be required for bad
 debts, returns, allowances, governmental compliance costs, or litigation;
 There may be changes in the performance of financial markets or fluctuations
 in foreign currency exchange rates; Unanticipated natural disasters could have
 a material impact upon results of operations; There may  be changes  in the
 general economic  conditions  that  affect customer  practices or consumer
 spending; Competition for retail and wholesale customers, pricing and
 transportation of products may vary from time to time due to seasonal
 variations or otherwise;  Customer preferences for our products can be
 affected by competition, or general market demand for domestic or imported
 goods or the quantity, quality, price or delivery time of such goods; There
 could be an unanticipated loss of a material customer or a material license;
 The availability and price of raw materials could be affected by weather,
 disease, energy costs or other factors.  The Company assumes no obligation to
 update publicly any forward-looking statements, whether as a result of new
 information, future events or otherwise.
 
 Contact:  Lorraine D. Miller, CFA
           Senior Vice President - Investor Relations
           404.760.7180
 
 

SOURCE WestPoint Stevens Inc.
    WEST POINT, Ga., April 5 /PRNewswire/ -- WestPoint Stevens Inc.
 (NYSE:   WXS) (www.westpointstevens.com ) hosted meetings April 4 in New York
 for analysts and investors to provide an update on the strategy of the Eight-
 Point Plan and to tour the Company's showrooms, during the New York Home
 Textiles Market Week.  Present from management were Holcombe Green, Chairman
 and CEO; Chip Fontenot, President and COO; David Meek, Executive Vice
 President and CFO; Kathleen Cwirko, Senior Vice President - Creative Services;
 Linda Kinkler, Senior Vice President - Ralph Lauren Home and Lorraine Miller -
 Senior Vice President - Investor Relations.
     Members of WestPoint's senior management team discussed short-term
 priorities and long-term goals with respect to catalysts for top-line growth
 and increasing profitability.  Senior management again endorsed its sales
 guidance of a decline of 5%-7% for the first quarter of 2001 compared with a
 year ago.  Management also discussed its recently amended bank credit
 facility.  Under the terms of the amended agreement, certain financial
 covenants were modified effective March 29, 2001.  Availability under the
 $800 million Revolving Credit Facility will be reduced by $200 million in
 total during the next thirty-one months with a $25 million reduction starting
 August 1, 2001, with further reductions of $25 million every three months
 until November 1, 2003.  The amendment did not change the interest rate for
 the credit facility; however, the Company will pay an amendment fee.  David
 Meek, Executive Vice President and CFO, commented, "The recently amended bank
 agreement gives WestPoint Stevens added financial flexibility near-term, while
 providing for a meaningful reduction in debt levels in the next few years."
     A copy of the Company's presentation can be found by accessing the
 "Investor Relations" segment of its web site: www.westpointstevens.com .  The
 Company will report first-quarter earnings on Thursday, April 26, 2001, and
 will hold a conference call for analysts and investors at 11:00 AM (EDST) that
 day.  To access the simultaneous webcast or replay of the call, go to the
 "Investor Relations" segment of the website: www.westpointstevens.com.
     WestPoint Stevens Inc. is the nation's leading home fashions consumer
 products marketing company, with a wide range of bed linens, towels, blankets,
 comforters and accessories marketed under the well-known brand names of GRAND
 PATRICIAN, PATRICIAN, MARTEX, UTICA, STEVENS, LADY PEPPERELL and VELLUX, and
 under licensed brands including RALPH LAUREN HOME, DISNEY HOME, SANDERSON,
 DESIGNERS GUILD, JOE BOXER, GLYNDA TURLEY and SERTA PERFECT SLEEPER. WestPoint
 Stevens is also a manufacturer of the MARTHA STEWART bed and bath lines.
 WestPoint Stevens can be found on the World Wide Web at
 www.westpointstevens.com .
 
     Safe Harbor Statement:  Except for historical information contained
 herein, certain matters set forth in this press release are "forward- looking
 statements" within the meaning of the U.S. Private Securities Litigation
 Reform Act of 1995.  Such forward-looking statements involve certain risks and
 uncertainties that could cause actual results to differ materially from those
 in the forward-looking statements.  Such risks and uncertainties may be
 attributable to important factors that include but are not limited to the
 following: Product margins may vary from those projected; Raw material prices
 may vary from those assumed; Additional reserves may be required for bad
 debts, returns, allowances, governmental compliance costs, or litigation;
 There may be changes in the performance of financial markets or fluctuations
 in foreign currency exchange rates; Unanticipated natural disasters could have
 a material impact upon results of operations; There may  be changes  in the
 general economic  conditions  that  affect customer  practices or consumer
 spending; Competition for retail and wholesale customers, pricing and
 transportation of products may vary from time to time due to seasonal
 variations or otherwise;  Customer preferences for our products can be
 affected by competition, or general market demand for domestic or imported
 goods or the quantity, quality, price or delivery time of such goods; There
 could be an unanticipated loss of a material customer or a material license;
 The availability and price of raw materials could be affected by weather,
 disease, energy costs or other factors.  The Company assumes no obligation to
 update publicly any forward-looking statements, whether as a result of new
 information, future events or otherwise.
 
 Contact:  Lorraine D. Miller, CFA
           Senior Vice President - Investor Relations
           404.760.7180
 
 SOURCE  WestPoint Stevens Inc.