Consumers Packaging Reports First Quarter Financial Results.

TORONTO, Canada--(BUSINESS WIRE)--May 12, 1997-- Consumers Packaging Inc (Toronto Stock Exchange:CGC) today reported results for the first quarter ended March 31, 1997.

Consolidated gross revenues for the first quarter were $241.9 million as compared to $108.0 million reported in the same period last year. Consolidated net loss for the quarter was $2.6 million, or $0.08 per share, compared with net earnings of $827,000, or $0.03 per share for the first quarter of 1996. Consolidated results for 1997 include the results of operations for 55 days of Anchor Glass Container Corporation (New Anchor) which is the new U.S. corporation which commenced operations on February 5, 1997 to conduct the business resulting from the purchase of certain of the assets of the bankrupt company previously known as Anchor Glass Container Corporation.

Without New Anchor, Consumers recorded an operating income of $3.0 million on gross sales of $108.3 million in the first quarter of 1997 compared with operating income of $3.5 million on gross sales of $108.0 million for the first quarter of 1996.

Mr. John Ghaznavi, Chairman and Chief Executive Officer, stated, "The first quarter of 1997 was a significant positioning and strategic time for Consumers and New Anchor. The results of New Anchor do not reflect the progress of an aggressive business strategy which management believes will significantly improve the profitability of New Anchor and Consumers. This strategy includes a reduction in costs, improved production planning and product mix as well as a program to strengthen customer relations. A number of the steps to reduce costs and improve capacity utilization have already been taken with the closure of the Houston, Texas plant in February 1997, and the closing of the Dayville, Connecticut plant effective May 1997. In addition, New Anchor reduced 25% of corporate overhead effective March 1997. Following the Anchor acquisition, Consumers closed a glass manufacturing plant in Hamilton, Ontario effective May 1997, which will increase profitability and capacity utilization."

Mr. Ghaznavi continued, "In April of 1997, Consumers secured the private placement of U.S.$ 170 million principal amount of 10.25% Senior Secured Notes due 2005 to put in place permanent financing for the acquisition of Anchor and to improve working capital of the Canadian operations. Earlier, the Company closed an agreement to acquire a minority interest in a glass-container manufacturing company in Israel and entered into a joint venture to operate and expand a glass-container plant in the Ukraine. We are pleased that the Company's previously-announced plant in Italy is expected to commence production in mid-1997."

Mr. Ghaznavi concluded, "Consumers' strategic acquisition of Anchor Glass has benefited the industry greatly by reducing capacity which will eventually lead to better pricing stability and profit margins. As a result of the Company's strategic cost- cutting, improved efficiency, increased capacity utilization and foreign investments, Consumers looks forward to establishing a leading role in the glass container industry."

Consumers Packaging Inc., headquartered in Canada, is a leading international designer and producer of high quality glass containers, with manufacturing facilities and business interests in Canada, the U.S., Italy, Israel, and Belarus. Consumers is Canada's only glass packaging producer and with six manufacturing facilities, commands more than 80% of the glass packaging market, and distributes its products both domestically and abroad. Through its acquisition of Anchor Glass, Consumers is now recognized as the third largest producer of glass containers in North America.

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                    CONSUMERS PACKAGING INC.
              CONSOLIDATED STATEMENT OF OPERATIONS
      (In thousands of Cdn. dollars except per share data)


                                            Three Months
                                               Ended
                                              March 31,
                                           1997*      1996

Gross Sales                             $241,891    $107,984

Sales Deductions                          21,814       7,072

Net Sales                                220,077     100,912

Cost of Goods Sold                       171,002      72,283

Gross Margin                              49,075      28,629

Costs and Expenses
     Distribution                         13,453       7,247
     Selling and administration           14,180       7,919
     Depreciation and amortization        22,524       9,961
                                          50,157      25,127

Income (loss) from operations             (1,082)      3,502
Other expenses                               (90)       ---
Interest expense                          (8,395)     (2,675)
Minority Interest                          6,978        ---


Net Income (loss)                         (2,589)        827

Earnings Per Share                         (0.08)       0.03

T*


*  Note: These financial results reflect the consolidation of  the
operations of Anchor Glass Container Corporation from February  5,
1997 to March 31, 1997.

CONTACT: Consumers Packaging Inc.

William Lightner, 416/232-3150

or

Investor Relations: Morgen-Walke Associates, Inc.

Donna N. Stein, APR/Keil Decker

212/850-5600

or

Press Contact: Morgen-Walke Associates, Inc.

Stan Froelich, 212/850-5600