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CARMEL CONTAINER SYSTEMS LTD. REPORTS RESULTS FOR THE QUARTER ENDING MARCH 31, 1993

 TEL-AVIV, May 25 /PRNewswire/ -- Carmel Container Systems Ltd. (AMEX: KML), a leading Israeli designer and manufacturer of containers, packaging materials and related products reported its consolidated financial results for the quarter ending March 31, 1993. Carmel's ordinary shares are traded on the American Stock Exchange.
 Revenues from sales for the first quarter ending March 31, 1993 were New Israeli Shekels ("NIS") 56,357,000 ($20,360,000), as compared to NIS 56,157,000 for the corresponding period of 1992. Net income for the first quarter of 1992 amounted to NIS 1,947,000 ($703,000) as compared to NIS 1,105,000 for the first quarter of 1992. Income per share for the first quarter of 1993 was NIS 0.77 ($0.278) as compared to an income per share of NIS 0.44 in the first quarter of 1992. The 1993 first quarter financial results were affected primarily by the following factors: (i) operating income in respect of corrugated products for the first quarter of 1993 decreased; (ii) the company's subsidiaries reported an improvement in profitability during the first quarter of 1993; (iii) financial expenses for the first quarter of 1993 substantially decreased, thereby significantly improving the net income for the first quarter of 1993, as a result of the decrease in financial liabilities during 1992 and the increase in the difference between the rate of inflation and the rate of devaluation of the NIS against the U.S. dollar (which difference was 3.7 percent in the first quarter of 1993 as compared to -2.8 percent in the corresponding period of 1992); and (iv) the company signed a contract for the sale of its holdings in Ofek Paper Products Ltd., and its subsidiaries.
 Gross profit for the first quarter of 1993 amounted to NIS 10,073,000 ($3,639,000) as compared to NIS 11,715,000 in the first quarter 1992. Gross profit margin for the first quarter of 1993 was 17.8 percent of sales as compared to 20.9 percent in the first quarter 1992.
 Operating income for the first quarter of 1993 amounted to NIS 4,925,000 ($1,779,000) as compared to NIS 6,088,000 in the first quarter of 1992. Operating income margin for the first quarter of 1993 was 8.7 percent of sales as compared to 10.8 percent in the first quarter of 1992.
 Financial expenses during the first quarter of 1993 decreased significantly to NIS 350,000 ($126,000) as compared to NIS 2,737,000 in the first quarter of 1992. Financial expenses in the first quarter of 1993 were 0.6 percent of sales, as compared to 4.9 percent in the first quarter of 1992. This decrease was due primarily to the decrease in financial liabilities during 1992 and the increase in the difference between the rate of inflation and the rate of devaluation of the NIS against the U.S. dollar.
 Income before taxes in for the first quarter of 1993 was NIS 4,616,000 ($1,668,000) as compared to NIS 3,300,000 in the first quarter of 1992. The pre-tax income margin for the first quarter of 1993 amounted to 8.2 percent of sales as compared to 5.9 percent for the first quarter of 1992. Income after tax and after the company's share in losses of its non-consolidated subsidiaries for the first quarter of 1993, amounted to NIS 1,947,000 ($703,000) as compared to NIS 1,105,000 for the first quarter of 1992. Income after tax margin for the first quarter of 1993 was 3.5 percent of sales as compared to 2 percent of sales for the first quarter of 1992.
 In the first of 1993 the company's cash flow was NIS 6,516,000 ($2,354,000) and was primarily utilized to decrease the company's long- term and short-term financial indebtedness in the amount of NIS 3,329,000 ($1,203,000) and to increase cash and securities in the amount of NIS 3,034,000 ($1,096,000).
 All amounts set forth herein in NIS have been adjusted to reflect changes in the Israeli Consumer Price Index through March 31, 1993. The translation of NIS amounts into U.S. dollars is at the rate of exchange of NIS 2.7680 to $1.
 -0- 5/25/93
 /CONTACT: Yoram Shetrit, 011-972-3-491423, or David P. Stone, 212-310-8430, both for Carmel Container Systems Ltd./
 (KML)


CO: Carmel Container Systems Ltd. ST: IN: SU: ERN

TM-LD -- NY006 -- 1990 05/25/93 08:30 EDT
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Publication:PR Newswire
Date:May 25, 1993
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