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ELECTROCHEMICAL INDUSTRIES (FRUTAROM) REPORTS FIRST QUARTER RESULTS

ELECTROCHEMICAL INDUSTRIES (FRUTAROM) REPORTS FIRST QUARTER RESULTS
 ACRE, Israel, May 13 /PRNewswire/ -- Electrochemical Industries (Frutarom) Ltd. (AMEX: EIF) today reported results for the first quarter ended March 31, 1992.
 Consolidated sales for the first quarter of 1992 amounted to NIS 73.3 million ($30.6 million), compared with consolidated sales of NIS 83.4 million ($34.7 million) for the first quarter of last year, NIS 67.5 million ($28.1 million), and sales of NIS 279.8 million ($116.4 million) for all of 1991.
 Net income for the first three months of the year amounted to NIS 500,000 ($208,000), compared with net income of NIS 3.1 million ($1.3 million) in the same period a year ago, a loss of NIS 1.2 million ($0.5 million) for the last quarter 1991, and with net income of NIS 1.4 million ($602,000) for all of 1991.
 EIF's present investment program of some $24.5 million (which was approved in 1989) is expected to be completed during the current year. Additionally, the Israel Investment Center has approved the company's new program for further investments, amounting to some $50 million, to be made in the Acre facility over the next few years. The main objective of this program is to increase production of all grades of PVC by 25 percent.
 As of Dec. 31, 1991, Frutarom Ltd., a wholly owned subsidiary, undertook activities of the division for the manufacture and marketing of flavors, essences and spices for the food industry.
 Consolidated sales at Frutarom Ltd. rose by 35 percent during the first quarter of 1992 and amounted to NIS 15.9 million ($6.6 million), compared with sales of NIS 11.8 million ($4.9 million) in the same period last year, and with sales of NIS 43.8 million ($18.2 million) for all of 1991.
 On Feb. 20, 1991, the company raised approximately NIS 27 million (linked to the U.S. dollar at nominal value) in an issue of public debentures (Series 5). The debentures bear an annual floating interest rate of U.S. dollar libor, with additional interest of 3.1 percent. The debentures were offered to the public at a price of 100 percent of their nominal value, together with options for debentures (Series B) which can be exercised up until May 26, 1992.
 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 Consolidated Statement of Operations(A)
 (Unaudited)
 Period ended Adjusted NIS 000 US$ 000
 March 31 1992 1991 1992 1991
 Total Sales 73,495 83,469 30,572 34,721
 Income from opers.
 before financing 1,873 5,195 779 2,161
 Financing exp., net 700 1,111 291 462
 Income after financing 1,173 4,084 488 1,699
 Income before
 income taxes 897 4,058 373 1,688
 Total taxes on income 397 976 165 406
 Net income for
 the period 500 3,082 208 1,282
 Net income per NIS 1
 nominal value NIS 0.01 NIS 0.13 0.01 0.05
 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 Consolidated Balance Sheet(A)
 3/31/92 12/31/91
 US$ 000 NIS 000 NIS 000
 (Unaudited) (audited)
 Assets:
 Current assets 55,118 132,504 108,930
 Deposit and long
 term investment 16,549 39,784 31,651
 Fixes assets - net 59,607 143,295 144,064
 Deferred exp.- net 3,569 8,580 6,972
 Total assets 134,843 324,163 291,617
 Liabilities and
 Shareholders' Equity:
 Current liabilities 31,253 75,132 65,908
 Long term debt 33,299 80,051 56,057
 Provisions for def.
 taxes on inc. & other 12,120 29,137 29,033
 Convertible
 debentures 19,230 46,229 47,505
 Shareholders' equity 38,941 93,614 93,114
 Total 134,843 324,163 291,617
 (A) Adjusted for changes in the rate of exchange of the US dollar to the Israeli currency as at March 31, 1992 ($1 equals NIS 2.404).
 -0- 5/13/92
 /CONTACT: Sefi Donner of Electrochemical Industries (Frutarom), (in Israel) 04-851-1497/
 (EIF) CO: Electrochemical Industries (Frutarom) Ltd. ST: IN: CHM SU: ERN


SM-AH -- NY028 -- 9654 05/13/92 11:59 EDT
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Date:May 13, 1992
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