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CPAC REPORTS FIRST QUARTER RESULTS

 LEICESTER, N.Y., Aug. 6 /PRNewswire/ -- CPAC, Inc. (NASDAQ-NMS: CPAK) today reported sales of $9.8 million for the first quarter ended June 30, 1993, an increase of 11 percent over last year's first quarter sales of $8.8 million. Net income amounted to $409,088, or $0.13 per share, as compared to $618,508 or $0.20 per share last year, after adjusting for a 5 percent stock dividend issued on June 11, 1993.
 CPAC Chief Executive Officer, Thomas N. Hendrickson stated that the major reason for the decline in net income was the necessary increase in the provision for bad debts resulting from the sudden bankruptcy of a major dental customer. "Earnings were negatively impacted by $0.06 per share as a result of this bankruptcy," he said.
 According to Hendrickson, sales improvement over last year's first quarter were a result of CPAC Italia, the company's Italian chemical manufacturing subsidiary acquired in June, 1992. He commented that losses in foreign operations were about equal to last year's first quarter at $0.02 per share.
 Looking ahead Hendrickson said, "Although we are disappointed about our first quarter results, sales growth on the domestic front should allow us to achieve the budgeted increase in annual profits we projected. That will be reflected by earnings growth in the second half of this year."
 CPAC is a manufacturer of processing solutions and environmental compliance equipment for the imaging industries. Shares are traded over the NASDAQ National Market System under the ticker symbol "CPAK."
 -0- 8/6/93
 /CONTACT: Wendy F. Clay, VP-administration of CPAC, Inc., 716-382-3223/
 (CPAK)


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

BM -- CL009 -- 0226 08/06/93 09:50 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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