Circo Craft Reports Results for First Quarter of 1996.

MONTREAL--(BUSINESS WIRE)--April 23, 1996--CIRCO CRAFT CO. INC.(ME, TSE: CCC.) Circo Craft reports consolidated revenues of $41,357,000 in the first quarter ended March 31, 1996, compared with $41,911,000 in the corresponding period in 1995. Consolidated net earnings were $1,409,000 ($0.09 per common share) on a fully-diluted basis, compared with $2,644,000 ($0.17 per common share) in 1995.

"These results reflect lower manufacturing volume in Puerto Rico which partly offset a very solid earnings performance by Canadian operations despite softer demand, "said Hans-K. Muhlegg, President and CEO. "Current bookings indicate an increased revenue trend in Canada and projected business levels are stronger for the second half of the year. In Puerto Rico, our significant recent efforts to increase business volume are expected to show improved results over the coming months."

Canadian operations posted a first-quarter record for revenues of $36,231,000, up from $35,376,000 in the first quarter of 1995. Net earnings increased to $2,766,000 from $2,641,000 in the similar period last year. Operating margin rose to 22.4 percent in the first quarter compared with 20.8 percent a year ago, reflecting continuing operational improvements. As well, higher inner layer manufacturing capacity installed late in 1995 eliminated the need for outsourcing, thereby enhancing margins.

As expected, sales and earnings in Puerto Rico were affected by the loss of business volume related to the discontinuation of the supply agreement with Intel during the quarter. Revenues totalled $5,126,000, down from $6,535,000 in the year-ago quarter and the Circo Caribe subsidiary posted a net loss of $1,357,000 compared with net earnings of $3,000 in the 1995 period.

"While several unforeseen developments held back our first quarter consolidated results, the underlying strength of Canadian earnings is very encouraging," said Mr. Muhlegg. "If market demand continues to improve as expected over the balance of the year, we should achieve a solid business performance for the year as a whole." Circo Craft is Canada's leading manufacturer of advanced printed circuit structures, serving major international corporations and large US based contract assemblers in telecommunications, computer, automotive and industrial electronics. The Company's shares are traded on the Montreal and Toronto stock exchanges. -0-

(FIRST QUARTER ENDED MARCH 31, 1996)

             Revenues                  Net earnings (loss)
____________________________________________________________
              1996          1995          1996         1995
____________________________________________________________
Canada
       $36,231,000   $35,376,000    $2,766,000   $2,641,000
Circo Caribe
        $5,126,000    $6,535,000   ($1,357,000)      $3,000
Consolidated
       $41,357,000   $41,911,000    $1,409,000   $2,644,000
                    Basic common    15,435,000   14,073,000
                    shares outstanding
                   _________________________________________
                    Fully diluted   16,067,000   15,890,000
                    common shares
                    outstanding
                   _________________________________________

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CONTACT: Circo Craft Co. Inc.

Madeline Gareau, 514/694-8400