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CPAC CLOSES FOURTH QUARTER AND FISCAL YEAR WITH IMPRESSIVE GAINS

 LEICESTER, N.Y., June 11 /PRNewswire/ -- Significant fourth quarter and fiscal year end sales and profit increases were reported today by CPAC, Inc. (NASDAQ/NMS: CPAK), a manufacturer of processing solutions and environmental compliance equipment for the imaging industries.
 In the fiscal year ended March 31, 1993, CPAC sales increased 23 percent to $39.9 million from $32.3 million the previous year. Corporate profits rose 43 percent reaching a record $2.53 million, compared to $1.77 million last year. As previously announced, on April 21, 1993, CPAC's board of directors declared a special 5 percent stock dividend that was issued on June 11, 1993. The impact of this dividend has been reflected in the final earnings per share computations for the current year, and all prior year per share computations have been restated for comparative purposes. As a result, earnings per share for the year were up 16 percent to $0.81 from $0.70 per share last year. (Earnings per share would have been $0.85 versus $0.75 before the issuance of the stock dividend.)
 Continuing its trend of record performance, CPAC ended its fourth quarter with sales up 30 percent to $10.86 million compared to $8.34 million for the same three month period last year. Profits for the quarter were 17 percent higher than the previous year, rising to $531,237 from $455,578 last year. Quarterly earnings per share reflected a 6 percent increase, rising to $0.17 from $0.16 per share last year. (Earnings per share would have been $0.18 versus $0.17 before the impact of the stock dividend.)
 CPAC Chief Executive Officer Thomas N. Hendrickson said fourth quarter and fiscal year performance was highlighted by sales and profit increases in the domestic chemical subsidiaries. In addition, he indicated that CPAC Europe in Belgium reported profits for the first time. "In the United States, Allied Photo Products focused on marketing its primary product, autex(R) medical X-Ray chemistry, and effectively increased sales by 43 percent," Hendrickson said. He added that the company's Trebla Chemical subsidiary introduced five new color chemical formulations aimed solely at minimizing environmental impact. "The demand in the photo industry for these new products contributed to the successful results at this subsidiary," he said.
 Hendrickson cautioned, however, that results in the last fiscal year cannot be assumed to be indicative of current year results. "Pressures in the X-Ray chemical market have affected the margins generated by our Allied subsidiary, and by Allied customers as well," he said.
 In commenting on the company's foreign subsidiaries, Hendrickson stated that while Belgium was profitable, Italy and Venezuela struggled with the recession and political instability in their respective countries last year. He indicated that based on current economic forecasts, particularly in Italy and Venezuela, a break-even on consolidated results is anticipated from CPAC's international divisions in fiscal 1994.
 CPAC, Inc. is traded on the NASDAQ National Market System under the ticker symbol "CPAK."
 -0- 6/11/93
 /CONTACT: Wendy F. Clay, vice president, administration, CPAC, Inc., 716-382-3223/
 (CPAK)


CO: CPAC, Inc. ST: New York IN: ENV CPR CHM SU: ERN

BM -- CL012 -- 1119 06/11/93 14:11 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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