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ULTRA PAC REPORTS 68 PERCENT INCREASE IN EARNINGS, 58 PERCENT INCREASE IN NET SALES FOR FISCAL 1992

 ULTRA PAC REPORTS 68 PERCENT INCREASE IN EARNINGS,
 58 PERCENT INCREASE IN NET SALES FOR FISCAL 1992
 MINNEAPOLIS, March 25 /PRNewswire/ -- Ultra Pac, Inc. (NASDAQ: UPAC) reported that net income increased 67.7 percent to $1,279,111, or $.41 per fully diluted share, for the year ended Jan. 31, 1992 from $762,680, or $.29 per fully diluted share, for fiscal 1991. Net sales for the year ended Jan. 31, 1992 increased 57.5 percent to $18,254,222 from $11,588,368 reported one year ago.
 The company noted that the increase in net income was due in part to the increase in sales and a reduction in cost of goods sold. Cost of goods sold as a percentage of net sales was 63.8 percent for fiscal 1992 compared to 69.9 percent for fiscal 1991. This decrease resulted primarily from three factors: the company began manufacturing plastic sheet with its new extrusion equipment in order to reduce purchases of higher priced plastic sheet; prices on purchased plastic sheet decreased; and manufacturing overhead costs increased more slowly than net sales. Management anticipates maintaining these reductions in cost of products sold during fiscal 1993.
 Sales growth during the fiscal year ended Jan. 31, 1992 resulted primarily from continued additions to the company's customer base and expansion of its line of containers for the food industry. Management anticipates continued sales growth during fiscal 1993 resulting from increasing sales to the food industry, as well as the company's entry into the floral industry.
 Ultra Pac, Inc., based in Rogers, Minn., designs, manufactures and markets plastic food packaging products made from polyethylene terephthalate (PETE). The company also designs and manufactures packaging products made from recycled PETE which it markets to distributors of fruit and produce and, beginning in May 1992, it will market to the floral industry.
 ULTRA PAC, INC.
 1992 1991
 Net sales $18,254,222 $11,588,368
 Cost of products sold 11,647,945 8,094,690
 Gross profit 6,606,277 3,493,678
 Operating expenses
 Marketing and sales expense 3,268,950 1,642,972
 Administrative expense 905,123 491,125
 -- 4,174,073 2,134,097
 Operating profit 2,432,204 1,359,581
 Interest expense 398,093 240,901
 Earnings before income taxes 2,034,111 1,118,680
 Income taxes 755,000 356,000
 NET EARNINGS $1,279,111 $762,680
 Earnings per common share
 Primary $0.42 $0.31
 Fully diluted $0.41 $0.29
 Common equivalent shares
 Primary 3,081,694 2,493,276
 Fully diluted 3,109,227 2,648,567
 -0- 3/25/92
 /CONTACT: Cal Krupa of Ultra Pac, 612-428-8340; or Tom de Petra or Christopher Sellwood of de Petra & Associates, 612-338-7630, for Ultra Pac/
 (UPAC) CO: Ultra Pac, Inc. ST: Minnesota IN: SU: ERN


AL -- MN005 -- 1525 03/25/92 12:47 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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