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GIBRALTAR PACKAGING GROUP REPORTS FIRST QUARTER RESULTS

 CHARLOTTE, N.C., Oct. 25 /PRNewswire/ -- Gibraltar Packaging Group, Inc. (NASDAQ: PACK) today announced results for the fiscal first quarter ended Sept. 30, 1993.
 Net sales were $19.8 million for the quarter ended Sept. 30, 1993, compared with $9.7 million for the first quarter of the prior fiscal year, an increase of 105 percent, primarily as a result of recent acquisitions. Net income was $883,000 for the quarter compared with $593,000 for the first quarter ended Sept. 30, 1992. This represents an increase of 49 percent. Net income was $.18 per share for the quarter, compared with $.14 per share for the comparable quarter last year.
 The weighted average number of shares of common stock outstanding increased from 4,314,055 in the quarter ended Sept. 30, 1992, to 5,032,499 for the current quarter, an increase of 17 percent reflecting shares issued in connection with the company's acquisition of Standard Packaging and Printing Corp. and Niemand Industries in January and April, respectively, of 1993.
 The company announced that it completed the planned closing of its Sandusky, Ohio, folding carton facility ahead of schedule. Production ceased at the facility on Sept. 14, 1993. The closing reduced redundant capacity and is expected to reduce overhead costs in the future. All significant customers have been transferred to the company's other manufacturing facilities.
 D.C. Abbott, chairman and chief executive officer, said, "Gibraltar's record quarterly earnings demonstrate the success of the company's two-pronged strategy to increase sales and improve profitability by growing the core business while selectively acquiring companies which complement the company's six product lines, diverse customer base and geographic presence."
 Gibraltar Packaging Group, Inc. designs and manufactures high- quality packaging products, serving a variety of industries including pharmaceutical, food, cosmetic, textile, toy, automotive after market, specialty confectionery and other consumer markets. Its products include folding cartons, tubular (spiral-wound) packaging, flexible film, pressure-sensitive labels, contract packaging and laminated boxes. It operates facilities in Alabama, Indiana, Nebraska and North Carolina.
 GIBRALTAR PACKAGING GROUP, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
 Sept. 30,
 1993 1992
 NET SALES $19,831 $ 9,683
 COST OF GOODS SOLD 15,248 7,528
 GROSS PROFIT 4,583 2,155
 OPERATING EXPENSES:
 Selling 925 526
 Administrative 1,397 478
 Amortization of excess
 of purchase price
 over net assets acquired 133 59
 Total operating expenses 2,455 1,063
 INCOME FROM OPERATIONS 2,128 1,092
 OTHER (INCOME) EXPENSE:
 Interest and deferred finance costs 578 22
 Other (income) expense (4) 4
 Other expense - net 574 26
 INCOME BEFORE INCOME TAXES 1,554 1,066
 PROVISION FOR INCOME TAXES 671 473
 NET INCOME $ 883 $ 593
 NET INCOME PER SHARE $ .18 $ .14
 WEIGHTED AVERAGE SHARES OUTSTANDING 5,032,499 4,314,055
 -0- 10/25/93
 /CONTACT: Jay F. Kilkenny, chief financial officer, of Gibraltar Packaging Group, 704-362-4923/
 (PACK)


CO: Gibraltar Packaging Group, Inc. ST: North Carolina, Alabama, Nebraska, Indiana IN: PAP SU: ERN

SB-CM -- CH006 -- 6227 10/25/93 10:49 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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