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GIBRALTAR PACKAGING GROUP REPORTS FOURTH QUARTER RESULTS

 CHARLOTTE, N.C., Aug. 25 /PRNewswire/ -- Gibraltar Packaging Group, Inc. (NASDAQ: PACK) today announced results for the fiscal fourth quarter and year end June 30, 1993.
 Net sales for the quarter were $18.8 million compared to $9.3 million for the fourth quarter ended June 30, 1992. Net income was $442,000 or $0.09 per share compared to $117,000 or $.03 per share for the fourth quarter of fiscal 1992. The results of Standard Packaging, acquired Jan. 28, 1993, and Niemand Industries, acquired April 28, 1993, are reflected in the fourth quarter results.
 Net sales for the twelve months ended June 30, 1993, were $51.1 million compared to $25.5 million for fiscal 1992. Net income for fiscal 1993, was $2.17 million or $0.48 per share compared to $630,000 or $.24 per share for fiscal 1992.
 The fourth quarter of 1993 results reflect an after-tax charge of $365,000 or $.08 per share for acquisition accounting adjustments and the relocation of the corporate headquarters to Charlotte, N.C. For the full year ended June 30, 1993, the after-tax charge for these items totalled $602,000 or $.14 per share.
 D.C. Abbott, chairman and chief executive officer, said: "Our strong fourth quarter performance was as anticipated and reflects Gibraltar's underlying growth momentum. We are on schedule with the integration of the recent Niemand acquisition, the closure of the Ohio plant and the $9 million expansion program at our other plants, all of which are expected to enhance Gibraltar's performance over the next several years. With our multiple product lines and facilities, we are committed to satisfying more of our customers' specialty packaging needs and are focused on expanding our `one stop shop' customer service while reducing manufacturing costs."
 Gibraltar Packaging Group, Inc. designs and manufactures high- quality packaging products, serving a variety of industries including pharmaceutical, food, cosmetic, textile, toy, automotive after market, specialty confectionery and other consumer markets. It operates facilities in Alabama, Indiana, Nebraska and North Carolina.
 GIBRALTAR PACKAGING GROUP, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (unaudited)
 (in thousands except per share data)
 Three Months Twelve Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 Net Sales 18,766 9,315 51,055 25,498
 Cost of Goods Sold 14,338(A) 7,838 39,554(C) 20,651(D)
 Gross Profit 4,428 1,477 11,501 4,847
 Operating Expenses:
 Selling 1,053 556 2,848 1,433
 Administrative 1,848(B) 719 3,471(C) 1,674
 Amortization of Excess of
 Purchase Price Over Net
 Assets Acquired 113 61 358 79
 Total Operating Expenses 3,014 1,336 6,678 3,186
 Income from Operations 1,414 141 4,823 1,661
 Other (Income) Expense, Net 531 12 759 302
 Income Before Income Taxes 883 129 4,064 1,359
 Provision for Income Taxes 441 12 1,898 729
 Net Income 442 117 2,166 630
 Net Income Per Share .09 .03 .48 .24
 Weighted Average Shares
 Outstanding 4,858 2,676 4,474 2,676
 (A) Includes a non-recurring expensing of $234m ($.03 EPS after tax) write-up of inventory in purchase accounting and related one time acquisition costs for Niemand Industries in April 1993.
 (B) Includes a $475m ($.05 EPS after tax) in one-time costs associated with relocating corporate office to Charlotte.
 (C) Includes a non-recurring expensing of $1,155m ($.14 EPS after tax) associated with corporate office relocation write-up of inventory in purchase accounting and related one time acquisition costs for Standard Packaging, acquired Jan. 28, 1993, and Niemand Industries, acquired April 28, 1993.
 (D) Includes a non-recurring expensing of $849m ($.19 EPS after tax) associated with write-up of inventory in purchase accounting and related one-time acquisition costs for Ridgepak in 1992.
 -0- 8/25/93
 /CONTACT: Jay F. Kilkenny, Chief Financial Officer of Gibraltar Packaging Group, 704-366-2929/
 (PACK)


CO: Gibraltar Packaging Group, Inc. ST: North Carolina IN: PAP SU: ERN

CM-MM -- CH002 -- 5721 08/25/93 09:07 EDT
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Date:Aug 25, 1993
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