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CPC-REXCEL CONTINUES PROFITABILITY TREND IN THIRD QUARTER

     CPC-REXCEL CONTINUES PROFITABILITY TREND IN THIRD QUARTER
    ST. LOUIS, Nov. 5 /PRNewswire/ -- CPC-Rexcel Inc. (NASDAQ: CPST) today reported sales of $13,169,000 and net earnings of $114,000 or 3 cents per share for the third quarter ended Sept. 30, 1991.  This compares to sales of $13,892,000 and a net loss of $44,000 or 1 cent per share for the third quarter of 1990.  The third quarter sales decline reflects the completion of a cold drink cup contract in the fourth quarter of 1990, partially offset by increased sales to other customers.
    Sales for the nine months ended Sept. 30, 1991 and 1990 were $38,571,000 and $42,308,000 respectively.  The company generated a net loss of $1.24 per share for the nine months ended Sept. 30, 1991, versus a profit of 6 cents per share for the comparable period in 1990.  The 1991 results include a one-time charge for restructuring and consolidation of operations that was recorded in the first quarter.
    "The continued profitability in the third quarter is a direct result of on-going cost reductions," said Mitchell P. Rales, chairman of the board.  "The company's restructuring is progressing on schedule, and the consolidation from three manufacturing facilities to two will be completed in the fourth quarter."
    CPC-Rexcel Inc. designs, manufactures and markets plastic containers for cultured dairy, yogurt and other food products.  The company's stock is traded over-the-counter under NASDAQ symbol CPST.
                         CPC-REXCEL INC.
                Condensed Statement of Earnings


(in thousands, except per share and shares outstanding information)
                             Quarter Ended    Nine Months Ended
                      Sept. 30,   Sept. 30,   Sept. 30,   Sept. 30,
                        1991        1990        1991        1990
                     (unaudited) (unaudited) (unaudited) (unaudited)
    Net Earnings
      (Loss) per
      Common Share   $    .03    $   (.01)   $  (1.24)   $    .06
    Net Sales        $ 13,169    $ 13,892    $ 38,571    $ 42,308
    Provision for
      Restructuring  $    --     $     --    $  7,990    $     --
    Earnings (Loss)
      Before Income
      Taxes          $    296    $     13    $ (8,811)   $    685
    Income Tax
      Provision
      (Benefit)      $    182    $     57    $ (3,344)   $    430
    Net Earnings
      (Loss)         $    114    $    (44)   $ (5,467)   $    255
    Average Shares
      of Common Stock
      Outstanding   4,400,000   4,400,000   4,400,000   4,400,000
    -0-                      11/05/91
    /CONTACT:  John Taff of Edelman Public Relations Worldwide for CPC-Rexcel Inc., 314-421-6460/
    (CPST) CO:  CPC-Edelman ST:  Missouri IN: SU:  ERN DB -- DV005 -- 1290 11/05/91 13:50 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 5, 1991
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