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CPAC PROFITS UP 83 PERCENT IN SECOND QUARTER

 CPAC PROFITS UP 83 PERCENT IN SECOND QUARTER
 LEICESTER, N.Y., Oct. 27 /PRNewswire/ -- Dramatic increases in


second quarter and six month profits resulted in record earnings for CPAC, Inc. (NASDAQ-NMS: CPAK), a manufacturer of processing solutions and pollution control equipment for the imaging industry.
 Net income rose 83 percent for the second quarter ended Sept. 30, 1992, to a record high of $727,000, compared to $397,000 in the same period last year. Sales for the quarter were up 19 percent, to $9.5 million, from $8.0 million last year. Based on an increase in the number of shares outstanding to 3.0 million, earnings per share for the quarter were up 33 percent to $0.24, compared to last year's second quarter figure of $0.18 on 2.3 million shares outstanding. The increase in shares outstanding was due primarily to CPAC's February 1992 private placement of 616,000 shares to raise capital for two acquisitions completed in the first six months of this year.
 Building on a strong first quarter, CPAC six-month results reflected a 53 percent increase in net income to $1,346,000, from $882,000, with earnings per share rising 15 percent over last year to $0.45 from $0.39. Sales for the first half of the fiscal year were up 17 percent to $18.4 million compared with $15.7 million for the same six-month period last year.
 According to CPAC President and Chief Executive Officer Thomas N. Hendrickson, expanded sales in CPAC's chemical divisions continue to account for the company's exceptional performance. "In the first six months of fiscal 1993, sales of our Autex(R) brand medical X-Ray chemistry rose 122 percent over last year."
 Trebla Chemical Company, the division of CPAC, Inc. responsible for manufacturing photoprocessing solutions in the United States, has also been successful in gaining market share in this soft economy, Mr. Hendrickson said. "Trebla continues to introduce new environmental products, and has expanded its private label distribution in recent months. We anticipate that accelerated dealer sales and international shipments, especially to Mexico, will provide future growth for this division."
 Robert C. Isaacs, chief operating officer of the company's international group, commented that CPAC companies in Belgium and Venezuela were on track for a turnaround in this fiscal year. "Our CPAC Europe division in Herentals, Belgium, reported solid profits for the first time in the second quarter, and should continue its strong turnaround during the last half of fiscal 1993. Our recent acquisition in Italy, Chimifoto Ornano, has not yet begun contributing significant profits, but we anticipate successful operations by the end of the year," he said.
 CPAC stock is traded on the NASDAQ National Market System under the ticker symbol "CPAK."
 -0- 10/27/92
 /CONTACT: Wendy F. Clay, corporate communications of CPAC, 716-382-3223/
 (CPAK) CO: CPAC, Inc. ST: New York IN: SU: ERN


GK-OS -- NY030 -- 5241 10/27/92 09:35 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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