Concord Camera reports results for the first quarter of fiscal 1996.

AVENEL, N.J.--(BUSINESS WIRE)--Nov. 9, 1995--Concord Camera Corp. (NASDAQ:LENS) today announced financial results for the first fiscal quarter ended Sept. 30, 1995.

Net income for the three months ended Sept. 30, 1995 was $1.1 million, or 10 cents per share, an increase of 127% over last year's comparable period net income of $491,000, or 5 cents per share.

Net income for the Sept. 30, 1995 quarter gave effect to a $200,000 increase in the provision for doubtful accounts as a result of the financial instability of certain retailers.

Camera sales for the first quarter of fiscal 1996 exceeded camera sales for the same period of fiscal 1995 by $5.1 million, a 41% increase. Net sales for the September quarter was a record $17.5 million, an increase of 19% over net sales of $14.7 million in the comparable quarter of last year which included $2.3 million of discontinued non-camera sales.

In commenting on the company's increased sales and earnings, Ira B. Lampert, chairman and chief executive officer said, "The company's performance in the first quarter of fiscal 1996 evidences the effectivness of our business strategy and management's ability to implement it. We are particularly pleased with the strength of sales given the general weakness of the retail environment.

"The company's balance sheet reflects continued improvement in asset management as accounts receivable days outstanding decreased, inventory turnover improved and debt was reduced."

Concord Camera Corp. is principally engaged in the manufacture and sale of popularly-priced, easy-to-use, 35 millimeter, 110 cartridge, and single-use cameras which it manufactures and assembles in the PRC under the 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, Hungary and France and through independent sales agents. -0-

                          Concord Camera Corp.
                  Consolidated Statements of Operations

                                        (unaudited)
                                        Three Months
                                       Ended Sept. 30,
                                     1995         1994

Net sales                       $17,535,733  $14,716,848
Cost of products
 sold                            11,740,551    9,997,954
Gross profit                      5,795,182    4,718,894
Selling expenses                  1,873,075    1,676,475
General and
 administrative
 expenses                         2,320,989    1,919,127
Financial expenses                  335,209      362,523
Other expenses, net                  48,140       57,471
Legal expenses and
 settlement costs                   100,894      210,232
Income from
 operations before
 income taxes                     1,116,875      493,066
Provision for income
 taxes                                    0        1,645
Net income                      $ 1,116,875   $  491,421
Earnings per
 common and common
 equivalent share                     $0.10        $0.05
Weighted average number
 of common and common
 equivalent shares
 outstanding                     10,998,929    10,497,000

                           Concord Camera Corp.
                       Consolidated Balance Sheets

                                      Sept. 30,        June 30,
                                        1995             1995
                                     (Unaudited)
Current assets:
Cash                                 $ 3,284,397     $ 4,533,216
Accounts receivable, net              10,012,945       8,589,790
Inventories                           21,819,907      18,865,323
Prepaid expenses and other
 current assets                        2,755,981       2,494,558

Total current assets                  37,873,230      34,482,888

Plant and equipment, net              11,266,088      10,802,688
Goodwill, net                          1,636,576       1,678,829
Investment in joint ventures              82,819          91,984
Other assets                           3,116,769       3,132,566
Total assets                         $53,975,482     $50,188,755
Current liabilities:
Short-term debt                      $ 6,028,104     $ 5,742,063
Current portion of long-term debt         23,235          24,836
Current obligations under capital leases 669,662         788,165
Accounts payable                       8,835,218       6,993,857
Accrued expenses                       3,507,232       2,902,282
Income taxes payable                     229,705         294,584
Other current liabilities                  2,340         305,175

Total current liabilities             19,285,496      17,050,962

Deferred income taxes                    484,467         484,842
Long-term debt                           264,570         264,432
Obligations under capital leases         523,930         123,626
Other long term liabilities                  648             648

Total liabilities                     20,569,111      17,924,510

Stockholders' equity:
Common stock, no par value, 20,000,000
 authorized; 10,938,526 and 10,490,526
 issued as of Sept. 30, 1995
 and June 30, 1995                    39,346,930      36,935,174
Paid in capital                          850,786         850,786
Deficit                               (3,951,926)     (5,068,796)
Notes receivable arising from
 common stock purchase agreement      (2,386,500)          -
                                      -----------     -----------
                                      33,859,290      32,717,164

Less: treasury stock, at cost;
 63,553 shares                          (452,919)       (452,919)
Total stockholders' equity            33,406,371      32,264,245
Total liabilities and stockholders'
 equity                              $53,975,482     $50,188,755

CONTACT: Concord Camera Corp., Avenel

Gary M. Simon, 908/499-8280

or

KCSA, New York 

Adam I. Friedman/Joseph A. Mansi, 212/682-6300,

ext. 215/205