CONCORD CAMERA CORP. ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS.

AVENEL, N.J.--(BUSINESS WIRE)--Sept. 16, 1996--Concord Camera Corp. ("Concord") (NASDAQ National Market: LENS) today reported financial results for the fourth quarter and year ended June 30, 1996. (See attached tables).

For the quarter ended June 30, 1996, net sales increased 5.1% to a record of $15,847,926, from $15,084,530 in the June 30, 1995 quarter. Concord reported a net (loss) for the June 30, 1996 quarter of ($4,238,185), or ($0.39) per share, based upon 10,882,973 weighted average number of shares outstanding as compared to a (loss) of ($954,897), or ($0.09) per share, based upon 10,426,973 weighted average number of shares outstanding for the June 30, 1995 quarter. The loss for the quarter was primarily caused by provisions for inventory and related items of approximately $3,035,000 on certain 35mm camera products and related inventory, in addition to legal and other costs of approximately $702,000 related to the settlement of litigation and other legal matters. Other negative factors included $130,000 of expenses relative to termination of joint ventures in Hungary and Russia and consolidation of the American and European facilities, a $250,000 increase in the provision for doubtful accounts as a result of a bankruptcy filing by one of the largest retailers in Canada and lower than anticipated sales for more expensive conventional camera products which resulted in operating gross margins decreasing to 29.6% from 33.3% in the comparable 1995 quarter.

For the Fiscal Year ended June 30, 1996, net camera sales increased to $66,781,851, a 12.3% increase over Fiscal 1995 net camera sales of $59,467,346. Concord's improved sales were powered by growth in sales of its single-use cameras, which more than offset the decline in the last half of Fiscal 1996 of conventional camera sales. Conventional camera sales declined in part because retailers were anticipating arrival of the new Advanced Photo System cameras and the aging conventional product line of the Company, which is being replaced by new product offerings in Fiscal 1997. The loss for the year of ($1,734,196), or $(0.16) per share, based upon 10,813,224 weighted average shares outstanding, was due primarily to a provision for inventory and related items of approximately $3,035,000 on certain 35mm camera products and related inventory, legal and other costs of approximately $1,310,000 related to the settlement of litigation and other legal matters. Concord also terminated joint ventures in Hungary and Russia and incurred certain other costs and charges relating to consolidation of the American and European facilities which resulted in a charge of approximately $265,000 for the year and increased its provision for doubtful accounts by $585,000 as a result of the bankruptcy filings of major retailers in the Americas and the financial instability of certain customers in Europe. Net income for the Fiscal Year ended June 30, 1995 was $1,209,021 and earnings per share were $0.12, based upon 10,426,973 weighted average shares outstanding.

Commenting on the financial results, Ira B. Lampert, Concord's Chairman and Chief Executive Officer, said, "While costly and distracting, we have resolved lawsuits with Fuji, Haking, Kohl, Argus and a purported shareholder class action suit. New product development costs, while significant, should enable Concord to be a meaningful participant in the most important new photographic technology of the decade, the Advanced Photo System. At the same time, we reduced overhead by closing administrative offices in Hungary, writing off the joint venture in Russia and by beginning the consolidation of our American and European facilities. We have also substantially completed the consolidation of our manufacturing facilities to one location which will result in production efficiencies, increased capacity and a reduction in costs.We are taking important steps to further reduce our cost structure by the further consolidation of activities into our American and British facilities during Fiscal 1997."

Key Product and Capital Investments

During Fiscal 1996, Concord spent approximately $1.6 million in new product development compared with $400,000 in the prior year. Most of this investment was directed toward developing our New Advanced Photo System cameras. Mr. Lampert noted, "Certain of our Advanced Photo System products have unique features that distinguish them from those of our competitors. In particular, our single-use cameras have two formats, high definition and panoramic. Initial reaction to our Advanced Photo System cameras from customers has been very enthusiastic. The company has begun delivery of certain Advanced Photo System single-use cameras to one of its OEM customers and expects to roll-out its own conventional and single-use, both branded and non-branded, Advanced Photo System cameras in the spring and summer of 1997 in addition to a new line of 35mm single-use cameras. Over the 1995 and 1996 fiscal years, Concord has made very substantial capital investments to provide for future growth and increased production capacity and efficiency. In addition to the fiscal 1995 investment of approximately $2,400,000 in equipment and new factory facilities, Concord increased this investment in Fiscal 1996 by approximately $3,100,000 for a total of approximately $5,500,000 in the last two fiscal years. Concord's capital investments over the last two fiscal years have put the Company in a position to effectively compete in the marketplace while at the same time meeting ever increasing demand."

Concord Boasts Strong Balance Sheet

Mr. Lampert continued, "Concord enters the new fiscal year in a strong financial position. Shareholders' equity is almost $30.5 million, or approximately $2.80 per share, and we have only $2.4 million in long- term debt. In addition, our current ratio rose to 2.05 from 2.02 and we have $16,696,196 in working capital. The investments we have made in plant and equipment over the last two years will enable the Company to grow substantially from its existing manufacturing base. Also, we are generating positive cash flow from operations in part because we have improved accounts receivable turnover to 44 days as of June 30, 1996 from 50 days at June 30, 1995, while inventory turnover in 1996 improved to 2.71 times from 2.21 times in 1995."

Focusing On The Future

Mr. Lampert concluded, "Concord continues to do the things that are necessary to insure long-term growth and profitability. The new products we are developing, such as motorized Advanced Photo System cameras, will give us entry into what many people believe is the most exciting product market our industry has seen in years, and provide us with another strong growth vehicle to go along with our growing single- use camera products. Single-use cameras accounted for 55% of Concord's sales in Fiscal 1996 and we estimate the market is growing at a rate of 25% a year. We remain most optimistic about our long-term business prospects, especially our participation in the Advanced Photo System marketplace."

This press release contains forward-looking statements which involve numerous risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities & Exchange Commission.

Concord Camera Corp. is principally engaged in the manufacture and sale of popularly-priced, easy-to-use, conventional and single-use 35 millimeter and Advanced Photo System cameras and 110 cartridge cameras which it manufactures and assembles in the Peoples Republic of China under the trade names CONCORD, KEYSTONE, LE CLIC and, for sales outside the United States and Mexico, ARGUS trade names, as well as private labels. The Company sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, Japan, Panama, United Kingdom, France and through independent sales agents.

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                             CONCORD CAMERA CORP.
                     Consolidated Statements of Operations
                                 (Unaudited)

                           For the Three Months         For the Year
                               Ended June 30,           Ended June 30,
                           1996            1995       1996       1995

Net sales              $15,847,926    $15,084,530  $66,781,851 $62,139,346
Cost of products sold   14,932,492     10,065,990   49,292,625  41,983,967

Gross profit               915,434      5,018,540   17,489,226  20,155,379

Selling expenses         1,755,703      1,959,452    7,570,658   7,298,036

General and administrative
 expenses                2,849,839      2,319,934    9,395,677   8,109,671
Financial expenses         360,056        310,527    1,488,672   1,412,947
Other (income) expense,
 net                         (256)        267,361     (29,764)     154,534
Legal expenses and
 settlement costs          109,084      1,153,942     718,359    1,864,179

Income (loss) from
 operations before
 income taxes           (4,158,992)     (992,676)   (1,654,376)  1,316,011

Provision (benefit) for
 income taxes               79,193       (37,779)       79,820     106,990

Net income (loss)      ($4,238,185)    $(954,897)   ($1,734,196) $1,209,021

Income (loss) per common
 and common equivalent
 share                     ($0.39)       ($0.09)        ($0.16)       $0.12

Weighted average number
 of common and
 common equivalent shares
 outstanding             10,882,973    10,426,973    10,813,224  10,426,973

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                                    CONCORD CAMERA CORP.
                                 Consolidated Balance Sheets

                                             June 30,

                                         1996       1995

Current assets:

Cash                                 $4,996,770   $4,533,216
Accounts receivable, net              7,550,408    8,589,790
Inventories                          17,491,615   18,865,323
Prepaid expenses and other
 current assets                       2,540,802    2,494,559
Total current assets                 32,579,595   34,482,888
Plant and equipment, net             11,708,736   10,802,688
Goodwill, net                         1,510,197    1,678,629
Investments in joint ventures                 -       91,984

Other assets                          4,051,268    3,132,566
Total assets                        $49,849,796  $50,188,755

Current liabilities:

Short-term debt                     $ 6,368,972  $ 5,742,063
Current portion of long-term debt        29,552       24,836
Current obligations under
 capital leases                         570,899      788,165
Accounts payable                      6,000,328    6,993,857
Accrued expenses                      2,172,863    2,902,282
Income taxes payable                     79,050      294,584
Other current liabilities               661,735      305,175
Total current liabilities            15,883,399   17,050,962
Deferred income taxes                   442,889      484,842
Long-term debt                          430,589      264,432
Obligations under capital leases      1,948,443      123,626
Other long-term liabilities             666,791          648
Total liabilities                    19,372,111   17,924,510

Stockholders' equity:

Common stock, no par value, 20,000,000
 authorized; 10,944,026 and 10,490,526
 issued as of June 30,1996
 and 1995                            39,361,893   36,935,174
Paid in capital                         850,786      850,786
Deficit                              (6,802,992)  (5,068,796)
Notes receivable arising from common
 stock purchase agreements           (2,479,083)          -

Less: treasury stock, at cost;
 63,553 shares                       30,930,604   32,717,164
                                       (452,919)    (452,919)
Total stockholders' equity           30,477,685    32,264,245
Total liabilities and stockholders'
 equity                             $49,849,796   $50,188,755

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CONTACT: Concord Camera Corp.

Barry Shereck, VP & CFO

[phone]

or

LENS' INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.

Jeff Siegel [phone]

Linda Latman [phone]