EXHIBIT 99.1
                                                                    ------------



                              FAB INDUSTRIES, INC.

200 MADISON AVENUE * NEW YORK, N.Y. 10016 * (212) 592-2700 * FAX (212) 689-6929


FOR IMMEDIATE RELEASE:                                      FAB INDUSTRIES, INC.
                                                            200 MADISON AVENUE
                                                            NEW YORK, N.Y. 10016


FAB INDUSTRIES, INC. (AMEX: FIT)
REPORTS FIRST QUARTER
                                                                  April 15, 2003


New York, N.Y., April 15, 2003. Sales and earnings for the first quarter ended
March 1, 2003 were reported today by Samson Bitensky, Chairman of the Board of
Fab Industries, Inc., a major manufacturer of knitted textile fabrics, laces,
related finished home products and laminated fabrics.

                  FAB INDUSTRIES, INC. AND SUBSIDIARIES
                  -------------------------------------

                           OPERATING RESULTS
                           -----------------


                           13 WEEKS ENDED                       13 WEEKS ENDED
                           --------------                       --------------
                           MARCH 1, 2003                        MARCH 2, 2002
                           -------------                        -------------


Net Sales                  $11,587,000                          $14,250,000

Net Loss                      (270,000)                            (677,000)

Loss-Per-Share
Of Common Stock

Basic                           $(0.05)                              $(0.13)

Diluted                         $(0.05)                              $(0.13)


         This press release contains forward-looking statements about Fab
Industries, Inc., including those statements regarding future operating results
and the timing and composition of revenues, among others. Except for historical
information, the matters discussed in this press release are forward-looking
statements that are subject to certain risks and uncertainties that could cause
the actual results to differ materially, including the following: our ability to
find qualified buyers for our assets; overall economic and business conditions;
our continuing ability to support the demand for our goods and services;
competitive factors in the industries in which we compete; changes in government
regulation; changes in tax requirements (including tax rate changes, new tax
laws and revised tax interpretations); interest rate fluctuations and other
capital market conditions, including foreign currency rate fluctuations;
material contingencies provided for in a sale of our assets; de-listing of our
common stock from the American Stock Exchange; our ability to retain key
employees during any wind down period; and any litigation arising as a result of





our plan to wind down our operations. Additional risks are discussed in the
company's filings with the Securities and Exchange Commission, including the
company?s annual report on form 10-K for the year ended November 30, 2002. These
risks and uncertainties should be considered in evaluating any forward-looking
statements contained in this press release.


                     WEBSITE: HTTP://WWW.FAB-INDUSTRIES.COM