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CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR 1991

 CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR 1991
 TEL AVIV, Israel, March 26 /PRNewswire/ -- Carmel Container Systems


Ltd. (AMEX: KML), a leading Israeli designer and manufacturer of containers, packaging materials and related products reported today its consolidated financial results for the year ended Dec. 31, 1991.
 The 1991 operations resulted in net income of New Israeli Shekels ("NIS") 2,980,000 ($1,305,300) as compared to a loss of NIS 1,861,000 in 1990. Income per share for 1991 was NIS 1.19 ($0.52) as compared to a loss per share of NIS 0.74 in 1990. Revenues, gross profits, gross profit margin, operating income and operating income margin were also higher in 1991 than in 1990. The increases resulted primarily from improvement in the performance of Carmel's consumer packaging subsidiary (which became profitable for the first time in 1991); the inclusion of the results of Tri-Wall Containers (Israel) Ltd. ("Tri-Wall") which, following the acquisition of 50 percent of its shares by Carmel in April 1991, became a wholly-owned subsidiary of Carmel; and the improved performance of Tri-Wall. These improved results were achieved despite a decline in sales of corrugated board products during the first quarter of 1991 (as a result of the Gulf War and the low level of rain in Israel during the winter of 1990-1991), erosion in corrugated board selling prices throughout the year, and a substantial increase in financial expenses for 1991 (which resulted from the accelerated rate of devaluation of the NIS against the U.S. dollar.)
 Revenues for 1991 were NIS 184,443,000 ($80,790,000) as compared to NIS 164,566,000 for 1990. The consolidated revenue figures include the revenues of Tri-Wall beginning in May 1991, which amounted to NIS 22,223,000 ($9,734,000). Tri-Wall's revenues were not included in the 1990 results.
 Gross profits for 1991 amounted to NIS 33,626,000 ($14,729,000) as compared to NIS 25,468,000 in 1990. Gross profit margin for 1991 was 18.2 percent of sales as compared to 15.5 percent in 1990.
 Operating income in 1991 was NIS 15,304,000 ($6,703,000) as compared to NIS 8,900,000 in 1990. The operating income margin in 1991 was 8.3 percent of sales as compared to 5.4 percent in 1990.
 Financial expenses for 1991 amounted to NIS 8,169,000 ($3,578,000) as compared to NIS 4,561,000 for 1990. Financial expenses in 1991 were 4.4 percent of sales as compared to 2.8 percent in 1990. The increase in financial expenses resulted from an 11.5 percent devaluation of the NIS in relation to the U.S. dollar during 1991, as compared to a 4.3 percent devaluation during 1990. Inflation was at 18 percent and 17.6 percent during 1990. Inflation was at 18 percent and 17.6 percent during 1991 and 1990, respectively.
 All amounts set forth herein in NIS have been adjusted to reflect changes in the Israeli Consumer Price Index through Dec. 31, 1991. The translation of NIS amounts into U.S. dollars is at the rate of exchange of NIS 2.2830 to $1.
 -0- 3/26/92
 /CONTACT: Moshe Berson of Carmel Container, 011-972-3-491423, or David P. Stone, 212-310-8430, for Carmel Container/
 (KML) CO: Carmel Container Systems Ltd. ST: IN: PAP SU: ERN


TQ-SM -- NY013 -- 1797 03/26/92 08:30 EST
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Date:Mar 26, 1992
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