Printer Friendly

CARMEL CONTAINER SYSTEMS LTD. REPORTS RESULTS FOR THE FIRST SIX MONTHS OF 1992

 CARMEL CONTAINER SYSTEMS LTD. REPORTS RESULTS
 FOR THE FIRST SIX MONTHS OF 1992
 TEL AVIV, Israel, Sept. 1 /PRNewswire/ -- Carmel Container Systems Ltd., a leading Israeli designer and manufacturer of containers, packaging materials and related products, reported today its unaudited consolidated financial results for the six months ended June 30, 1992. Carmel's ordinary shares are traded on the American Stock Exchange (AMEX: KML).
 Gross profits, profit margins, operating income and operating income margins were all higher in the first six months of 1992, as compared to the first six months of 1991. In addition, financial expenses decreased in the first six months of 1992 as compared to the first six months of 1991.
 Revenues for the six months ended June 30, 1992, were NIS 96,447,000 ($39,463,000), as compared to New Israeli Shekel ("NIS") 89,531,000 for the corresponding period of 1991. The comparative 1991, semi-annual results do not include Triwall revenues up to May 1, 1991, in the sum of NIS 12,030,000.
 Gross profit for the six months ended June 30, 1992 amounted to NIS 18,479,000 ($7,561,000), as compared to NIS 16,913,000 for the six months ended June 30, 1991. Gross profit margins for the six months ended June 30, 1992, increased to 19.2 percent of sales, from 18.9 percent for the corresponding period of 1991.
 Operating income for the six months ended June 30, 1992, was NIS 8,743,000 ($3,577,000), as compared to NIS 6,664,000 for the corresponding period of 1991. Operating income margins for the six months ended June 30, 1992, were 9.1 percent of sales, as compared to 7.4 percent of sales for the corresponding period of 1991 and 8.3 percent for all of 1991.
 Financial costs for the six months ended June 30, 1992, amounted to NIS 4,576,000 ($1,872,000), as compared to NIS 7,518,000 for the corresponding period of 1991. The decrease in financial expenses was primarily due to (i) the significant decrease in the difference between the rate of devaluation of the New Israeli Shekel against the U.S. dollar, and the rate of inflation in the first quarter of 1992 as compared to this rate in the first quarter of 1991, and (ii) the decrease in the company's liabilities in the second quarter of 1992.
 The company's operations during the six-month period ended June 30, 1992, resulted in pre-tax income of NIS 4,262,000 ($1,744,000), as compared to a pre-tax loss of NIS 574,000 for the corresponding six- month period of 1991. The company's pre-tax income in the second quarter of 1992 was NIS 1,237,000, as compared to its pre-tax income of NIS 303,000 for the second quarter of 1991.
 Income after tax and the company's share in the losses of its unconsolidated subsidiaries amounted to NIS 1,029,000 ($421,000) as compared to a loss of NIS 218,000 in the first half of 1991.
 The income after tax per share in the six months ended June 30, 1992, was NIS 0.41 ($0.17), as compared to a loss per share of NIS 0.09 in the corresponding period of 1991. The income per share in the second quarter of 1992 was NIS 0.006, as compared to income per share of NIS 0.04 for the second quarter of 1991.
 All amounts set forth herein in NIS have been adjusted to reflect changes in the Israeli Consumer Price Index through June 30, 1992. The translation of NIS amounts into U.S. dollars is at the rate of exchange of NIS 2.444 to $1.
 -0- 9/1/92
 /CONTACT: Moshe Berson of Carmel, 011-972-3-491423; or David P. Stone, 212-310-8430, for Carmel/
 (KML) CO: Carmel Container Systems Ltd. ST: IN: PAP SU: ERN


GK-OS -- NY002 -- 5261 09/01/92 08:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 1, 1992
Words:657
Previous Article:MARVEL ENTERTAINMENT GROUP, INC. COMPLETES TENDER OFFER FOR FLEER CORP.
Next Article:ZOVIRAX(R) BENEFITS OTHERWISE HEALTHY ADULTS WITH CHICKENPOX
Topics:


Related Articles
CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR 1991
CARMEL CONTAINER SYSTEMS LTD. REPORTS RESULTS FOR THE YEAR ENDING DEC. 31, 1992
CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR THE QUARTER ENDING JUNE 30, 1993
CARMEL CONTAINER SYSTEMS, LTD. REPORTS RESULTS FOR THE QUARTER ENDING SEPT. 30, 1993
CARMEL CONTAINER SYSTEMS LTD. REPORTS RESULTS FOR THE QUARTER ENDED MARCH 31, 1994
CARMEL CONTAINER SYSTEMS LTD. REPORTS INCREASED EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 1994
CARMEL CONTAINER SYSTEMS LTD. REPORTS INCREASED EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 1995
CARMEL CONTAINER SYSTEMS LTD. REPORTS POSITIVE RESULTS FOR THE FIRST QUARTER OF 1996
Carmel Container Systems Ltd. Reports Results for the Nine Months Ended September 30, 1996
Carmel Container Systems Ltd. Reports Results for the Six Months Ended June 30, 1998

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters