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CARMEL CONTAINER SYSTEMS REPORTS RESULTS FOR THE QUARTER ENDING JUNE 30, 1993

 TEL-AVIV, Israel, Aug. 12 /PRNewswire/ -- Carmel Container Systems Ltd., (AMEX: KML) a leading Israeli designer and manufacturer of containers, packaging materials and related products reported yesterday its unaudited consolidated financial results for the quarter ending June 30, 1993. Carmel's ordinary shares are traded on the American Stock Exchange.
 Revenues from sales for the six months ended June 30, 1993 were New Israeli Shekels (NIS) 106,851,000 ($38,093,000), as compared to NIS 107,267,000 for the corresponding period of 1992. Net income for the first half of 1993 amounted to NIS 3,280,000 ($1,169,000) as compared to NIS 1,144,000 for the first half of 1992. Income per share for the first half of 1993 was NIS 1.31 ($0.46) as compared to an income per share of NIS 0.46 in the first half of 1992. The financial results for the first six months of 1993 were affected primarily by the following factors: (i) operating income in respect of corrugated products for the first half of 1993 decreased; (ii) the company's subsidiaries continued to report an improvement in profitability during the first half of 1993; (iii) financial expenses for the first half of 1993 substantially decreased thereby significantly improving the net income for such period, as a result of the decrease in financial liabilities during 1992 and the first six months of 1993 together with the increase in the difference between the rate of inflation and the rate of devaluation of the NIS against the U.S. dollar during the first six months of 1993 (which difference was 4.4 percent in the first half of 1993 as compared to -3.0 percent in the corresponding period of 1992); and (iv) the company sold its holdings in Ofek Paper Products Ltd. and its subsidiaries.
 Gross profit for the first half of 1993 amounted to NIS 18,435,000 ($6,573,000) as compared to NIS 20,552,000 in the first half of 1992. Gross profit margin for the first half of 1993 was 17.3 percent of sales as compared to 19.2 percent in the first half 1992.
 Operating income for the first half of 1993 amounted to NIS 8,916,000 ($3,179,00) as compared to NIS 9,724,000 in the first half of 1992. Operating income margin for the first half of 1993 was 8.3 percent of sales as compared to 9.1 percent in the first half of 1992.
 Financial expenses during the first half of 1993 decreased significantly to NIS 2,084,000 ($743,000) as compared to NIS 5,090,000 in the first half of 1992. Financial expenses in the first half of 1993 were 1.9 percent of sales, as compared to 4.7 percent in the first half of 1992. This decrease was due primarily to the decrease in financial liabilities during 1992 and the first half of 1993 and the increase in the difference between the rate of inflation and the rate of devaluation of the NIS against the U.S. dollar. However, financial expenses during the second quarter of 1993 increased to NIS 1,728,000 ($616,000) as compared to NIS 356,000 in the first quarter of 1993, primarily due to the decrease on the difference between the rate of inflation and the rate of devaluation during the second quarter of 1993.
 Income before taxes in for the first half of 1993 was NIS 7,116,000 ($2,537,000) as compared to NIS 4,740,00 in the first half of 1992. The pre-tax income margin for the first half of 1993 amounted to 6.6 percent of sales as compared to 4.4 for the first half of 1992.
 Equity in net losses of unconsolidated subsidiaries in the first half of 1993 amounted to NIS 729,000 ($260,000) as compared to NIS 1,598,000 in the first half of 1992. Due to the sale of Ofek Ltd. in April 1993, losses from the subsidiaries decreased to NIS 123,000 ($43,850) in the second quarter of 1993 as compared to NIS 687,000 in the second quarter of 1992.
 Income after tax and after the company's share in losses of its non- consolidated subsidiaries for the first half of 1993, increased to NIS 3,280,000 ($1,169,000), which is 3.1 percent of sales, as compared to NIS 1,144,000, which is 1.1 percent of sales, for the first half of 1992.
 In the first half of 1993 the company's cash-flow from operations was NIS 5,678,000 ($2,024,000) and its cash flow from the sale of a subsidiary and equipment was NIS 6,556,000 ($2,337,000). Such cash flow was primarily utilized to pre-pay certain new equipment, in the amount of NIS 2,525,000 ($900,000) and to decrease the company's long-term and short-term financial indebtedness in the amount of NIS 2,838,000 ($1,012,000) and to increase cash and securities in the amount of NIS 6,841,000 ($2,439,000)
 All amounts set fourth herein in NIS have been adjusted to reflect changes in the Israeli Consumer Price Index through June 30, 1993. The translation of NIS amounts into U.S. dollars is at the rate of exchange of NIS 2.81 to $1.
 -0- 8/11/93
 /CONTACT: Yoram Shetrit, 011-972-3-491423, or David P. Stone, 212-310-8430, both for Carmel Container Systems/
 (KML)


CO: Carmel Container Systems Ltd. ST: IN: SU: ERN

MP-SM -- NYTH001 -- 1990 08/12/93 08:30 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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