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CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR THE QUARTER ENDED MARCH 31, 1992

 CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR THE QUARTER
 ENDED MARCH 31, 1992
 TEL AVIV, Israel, May 29 /PRNewswire/ -- Carmel Container Systems Ltd. (AMEX: KML), a leading Israeli designer and manufacturer of containers, packaging materials and related products, reported today its consolidated financial results for the first quarter of 1992 which ended on March 31, 1992. Carmel's ordinary shares are traded on the American Stock Exchange.
 The company's business continued to show improvement during this quarter. The operations in this period resulted in net income of New Israeli Shekels ("NIS") 997,000 ($415,000) as compared to a loss of NIS 320,000 in the first quarter of 1991. Income per share for the first quarter of 1992 was NIS 0.4 ($0.17) as compared to a loss of NIS 0.13 per share in the first quarter of 1991. Revenues, gross profit, gross profit margin, operating income and operating income margin were also higher in the first quarter of 1992 than in the corresponding quarter of the previous year.
 The increases resulted primarily from the improved performance of Carmel's consumer packaging subsidiary; the inclusion in Carmel's financial statements of the results of Tri-Wall Containers (Israel) Ltd., which, following the acquisition of 50 percent of its shares by Carmel in April 1991, became a wholly-owned subsidiary of Carmel; the improved performance of Tri-Wall; and a decrease in financial expenses due, primarily, to the fact that the difference between the rate of devaluation of the NIS and the rate of inflation was substantially lower in this quarter than in the first quarter of 1991. These improved results were achieved despite the continuing erosion in the selling prices of corrugated board products.
 Consolidated revenues for the first quarter of 1992 amounted to NIS 50,691,000 ($21,086,000) as compared to NIS 43,404,000 for the first quarter of 1991. The reported revenues for the first quarter of 1992 include the sales of Tri-Wall amounting to NIS 8,778,000 ($3,651,000). Tri-Wall's sales in the first quarter of 1991 were not included in the company's consolidated sales for such quarter.
 Gross profit for the first quarter of 1992 amounted to NIS 10,575,000 ($4,399,000) as compared to NIS 8,500,000 for the first quarter of 1991. The gross profit margin increased to 20.9 percent of sales, as compared to 19.6 percent in the corresponding quarter of 1991 and to 18.2 percent of the 1991 annual sales.
 Operating income for the first quarter of 1992 amounted to NIS 5,495,000 ($2,286,000) as compared to NIS 3,960,000 in the first quarter of the previous year. The operating income margin increased to 10.8 percent of sales, as compared to 9.1 percent in the corresponding quarter of 1991 and to 8.3 percent of the 1991 annual sales.
 Financial expenses in the first quarter of 1992 amounted to NIS 2,471,000 ($1,028,000), as compared to NIS 5,044,000 in the first quarter of 1991. Such financial expenses were at a rate of 4.9 percent of sales, as compared to 11.6 percent in the first quarter of 1991 and to 4.4 percent for the whole of 1991. The decrease in financial expenses in the first quarter of 1992, as compared to the first quarter of 1991, resulted primarily from the decrease in the difference between the rate of devaluation of the NIS and the rate of inflation, which difference was 2.8 percent in the first quarter of 1992 and 6.8 percent in the first quarter of 1991. This decrease caused a decrease in the company's inflation-adjusted NIS financial expenses incurred in respect of the company's foreign currency liabilities. An additional reason for the decrease in financial expenses in the first quarter of 1992 was the significant decrease in the company's short-term liabilities in this quarter as compared to the first quarter of 1991 and to the end of 1991.
 Income before taxes for the first quarter of 1992 amounted to NIS 2,979,000 ($1,239,000) as compared to a loss of NIS 861,000 in the corresponding quarter of 1991. The pre-tax income margin was 5.9 percent of sales.
 Income after tax and after the company's share of the losses of its unconsolidated subsidiaries amounted to NIS 997,000 ($415,000) as compared to a loss of NIS 320,000 in the corresponding quarter of 1991.
 Income per share amounted to NIS 0.4 ($0.17) in the first quarter of 1992, as compared to a loss of NIS 0.13 per share in the first quarter of 1991 and to an annual income of NIS 1.22 per share in the 1991 fiscal year.
 Cash flows: In the first quarter of 1992, the company's activities generated cash in the amount of NIS 11,703,000 ($4,868,000) which was utilized to reduce the company's short- and long-term liabilities in the amount of NIS 8,759,000 ($3,644,000), and for investments in equipment and installations in the amount of NIS 1,364,000 ($567,000).
 All amounts set forth herein in NIS have been adjusted to reflect changes in the Israeli Consumer Price Index through March 31, 1992. The translation of NIS amounts into U.S. dollars is at the rate of exchange of NIS 2.404 to $1.
 -0- 5/29/92
 /CONTACT: Moshe Berson, in Tel Aviv, 011-972-3-491423, or David P. Stone, in New York, 212-310-8430, both for Carmel/
 (KML) CO: Carmel Container Systems Ltd. ST: IN: PAP SU: ERN


GK-LR -- NY003 -- 5056 05/29/92 08:31 EDT
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Publication:PR Newswire
Date:May 29, 1992
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