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CPAC ENDS FOURTH QUARTER AND FISCAL YEAR WITH SALES AND PROFIT INCREASES

CPAC ENDS FOURTH QUARTER AND FISCAL YEAR WITH SALES AND PROFIT INCREASES
 LEICESTER, N.Y., June 3 /PRNewswire/ -- CPAC, Inc., (NASDAQ: CPAK) today reported strong fourth quarter sales and profits, and fiscal year earnings that were 7 percent higher than last year. The company also announced that a quarterly dividend of $0.065 per share had been declared on June 2, 1992, payable on Aug. 3, 1992 to shareholders of record at the close of business on June 26, 1992.
 In CPAC's fiscal year ended March 31, 1992, sales were up 11 percent to $32.3 million, compared to last year's annual sales of $28.9 million. Profits for the year also jumped 11 percent to $1.77 million, from $1.59 million a year ago. Earnings per share rose 7 percent to $0.75 per share from $0.70 per share last year. CPAC's private placement in January 1992, of 616,000 shares of unregistered stock reduced the per share earnings by $0.02 for the fiscal year, and in the fourth quarter.
 CPAC, Inc., also recorded significant gains in the fourth quarter compared to last year. Sales for the three month period increased 12 percent to $8.35 million, from $7.43 million over year ago. Profits for the quarter rose 7 percent to $455,578 from $424,459 last year. Due to the stock issuance in the fourth quarter, earnings per share were $0.17 versus $0.19 a year ago.
 In commenting on the fourth quarter and fiscal year results, CPAC President and Chief Executive Officer Thomas N. Hendrickson said that the company's domestic chemical divisions reported record sales and profits in fiscal 1992, despite strong competition in the imaging industries, intensified by a sluggish economy. He remarked that the trend toward environmental awareness increased sales of CPAC pollution control systems and contributed to a turnaround which started last year in the company's equipment group.
 Hendrickson also remarked that CPAC has been in a growth period since 1987, and is continuing to seek expansion opportunities in the international imaging chemical marketplace. "As previously announced, we are in the process of acquiring substantially all of the operating assets of an Italian chemical manufacturing company, and anticipate closing soon. Should this acquisition be completed, it will become CPAC's third international operating division, joining Belgium and Venezuela."
 CPAC, Inc. is a manufacturer of chemicals and pollution control equipment for the imaging industries.
 -0- 6/3/92
 /CONTACT: Wendy F. Clay of CPAC, 716-382-3223
 (CPAK) CO: CPAC Inc. ST: New York IN: SU: ERN


TQ-TS -- NY013 -- 6517 06/03/92 09:26 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
Words:433
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