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BPI PACKAGING TECHNOLOGIES, INC. ANNOUNCES 12 MONTHS RESULTS

 NO. DIGHTON, Mass., May 10 /PRNewswire/ -- BPI Packaging Technologies, Inc. ("BPI") (NASDAQ-NMS: BPIE common stock; NASDAQ: BPIEP preferred, BPIEW A-warrants, BPIEZ B-warrants), today announced results for its fourth quarter and 12 months ended Feb. 27, 1993.
 Dennis N. Caulfield, president and chief executive officer, stated, "Revenues were $16,734,796 in fiscal 1993 compared to $13,843,870 in the previous year, an increase of 21 percent. Fresh-Sac(TM) produce bag revenues increased 148 percent to $3,837,981 in fiscal 1993 from $1,549,983 in fiscal 1992. Revenues for the fourth quarter were $4,314,344 compared to $2,678,298 in the previous year, an increase of 61 percent.
 "The net loss for fiscal 1993 was $6,681,672 including a previously announced restructuring charge of $5,059,618, which is included in the net loss, compared to a net loss of $2,499,572 in the previous year. The net loss resulted from operations at the Taunton plant which had a net loss of $2,020,200 before the restructuring charge caused by the sale of the Taunton plant in January 1993, while the new state-of-the- art Dighton plant, which became fully operational in February 1993, was profitable and had net income of $398,146.
 "The net loss for the fourth quarter of fiscal 1993 was $5,748,760, including the restructuring charge of $5,059,618 included in net loss, compared to a net loss of $1,002,539 in the previous year.
 "In November 1992, BPI made its first commercial shipment from the Integrated Bagging Systems Corporation (IBS) plant in Texas. Revenues from the plant for fiscal 1993 totaled $563,278. Since November 1992, the Texas plant has progressed along the learning curve and it is anticipated that revenues from the Texas plant will begin to accelerate in the second quarter of fiscal 1994. The Texas manufacturing facility, when fully operational, is expected to have the capacity to supply approximately 15 percent to 20 percent of the 1992 $998 million annual market for plastic grocery T-shirt sacks, produce bags on a roll, and merchandise bags."
 Mr. Caulfield concluded, "BPI began fiscal 1994 with the first phase of its new state-of-the-art Dighton plant fully operational and without the negative impact on earnings caused by the Taunton plant in fiscal 1993. BPI's film business received its first production order for the use of its Fresh-Sac clear film as an overwrap for baked goods in March 1993 from a baker that supplies McDonald's hamburger buns to approximately 2,000 of the 8,764 McDonald's restaurants in the United States. Management estimates that the 8,764 McDonald's restaurants represent a potential market of $6 to $10 million annually for its Fresh-Sac film.
 "The first Fresh-Sac film order represents an initial market entry into the $310 annual baked goods segment of the $938 million annual plastic film market. BPI has a fifth extruder scheduled for delivery in June 1993, which will provide additional capacity that management plans to dedicate to the baked goods market.
 "Management estimates that BPI's Dighton plant has the capacity to generate potential revenues of between $20 to $25 million annually. BPI plans to increase its capacity at this plant to generate potential revenues of $40 to $50 million annually. The capacity additions are planned over the next 18 months. Management estimates that this further expansion will require an investment of approximately $10 million, which funds BPI hopes to raise from the exercise of issued and outstanding warrants, potential cash flow from operations, conventional debt or leasing sources, or other debt or equity financing."
 BPI Packaging Technologies, Inc., is a leading manufacturer of recycled, source-reduction and traditional plastic grocery and shopping bags, referred to as T-shirt sacks and plastic film.
 BPI PACKAGING TECHNOLOGIES, INC.
 Statement of Income
 Three months ended 2/27/93 2/28/92
 Net revenues $ 4,314,344 $ 2,678,298
 Net loss $(5,748,760) $(1,002,539)
 Net loss per share $(.75) $(.22)
 Restructuring charge included in
 net loss (B) $(5,059,618) --
 Restructuring charge per share
 included in net loss per share (B) $(.66) --
 Shares outstanding (A) 7,699,689 4,600,005
 12 months ended 2/27/93 2/28/92
 Net revenues $16,734,796 $13,843,870
 Net loss (C) $(6,681,672) $(2,499,572)
 Net loss per share $(1.04) $(.57)
 Restructuring charge included in
 net loss (B) $(5,059,618) --
 Restructuring charge per share
 included in net loss per share (B) $(.79) --
 Shares outstanding (A) 6,414,020 4,385,901
 (A) -- Shares outstanding represents the weighted average shares of common stock outstanding.
 (B) -- The restructuring charge of $5,059,618 resulted from the sale of the Taunton plant on Jan. 15, 1993. The charge represents the difference between the book value of the assets in Taunton and the sale price of the assets.
 (C) -- In fiscal 1993, the Taunton plant experienced a net loss of $2,020,200 before a restructuring charge of $5,059,618 included in the net loss and caused by the sale of the Taunton plant on Jan. 15, 1993. The new state-of-the-art Dighton plant had net income of $398,146. All SG&A expenses were allocated to the Dighton plant, except for incremental SG&A expenses that were eliminated by the sale of the Taunton plant.
 -0- 5/10/93
 /CONTACT: Dennis N. Caulfield, president of BPI, 508-824-8636/
 (BPIE)


CO: BPI Packaging Technologies, Inc. ST: Massachusetts IN: SU: ERN

GK-TH -- NY068 -- 6534 05/10/93 14:01 EDT
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Date:May 10, 1993
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