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ULTRA PAC, INC. POSTS CONTINUED GROWTH DURING THIRD QUARTER

 ULTRA PAC, INC. POSTS CONTINUED GROWTH DURING THIRD QUARTER
 MINNEAPOLIS, Dec. 4 /PRNewswire/ -- Ultra Pac, Inc. (NASDAQ: UPAC) announced today continued growth in net sales and net income for the quarter ended Oct. 31, 1991. Net sales for the third quarter increased to $5,176,298 from $3,360,846 reported one year ago. Net income for the third quarter increased to $424,003, or $.14 per fully diluted share, compared to $242,933, or $.09 per fully diluted share, last year.
 For the nine months ended Oct. 31, 1991, Ultra Pac reported net sales of $13,684,432 compared to $8,305,207 for the same period last year. Net income for the period ended Oct. 31, 1991 increased to $940,084, or $.31 per fully diluted share, compared to $538,750, or $.22 per fully diluted share, reported one year ago.
 Management stated that the increased third quarter net sales reflect a broadened customer base and increased penetration of the bakery, deli and produce markets within the food industry. The company also noted that net income was positively affected by decreased cost of products sold, which as a percentage of sales, was 65.1 percent for the nine months ended Oct. 31, 1991 compared to 70.1 percent last year. The decrease resulted primarily from several factors. First, the company purchased less of the higher priced rolled plastic sheets used to make its containers in favor of sheets extruded internally. Second, the rolled sheets the company did purchase decreased in price. Third, finished goods production costs increased more slowly than net sales.
 Ultra Pac, Inc. based in Rogers, Minn., manufactures and markets packaging made from polyethylene terephthalate (PETE), the world's most widely recycled plastic material.
 ULTRA PAC, INC.
 STATEMENT OF EARNINGS
 (Unaudited)
 Three Months Ended Nine Months Ended
 10/31/91 10/31/90 10/31/91 10/31/90
 Net sales $5,176,298 $3,360,846 $13,684,432 $8,305,207
 Costs and expenses
 Costs of products sold 3,218,677 2,361,302 8,911,317 5,818,907
 Marketing and sales
 expense 916,564 485,802 2,373,867 1,135,510
 Administrative expense 258,875 131,904 627,566 360,318
 Interest expense 107,179 41,078 282,598 181,499
 -- 4,501,295 3,020,086 12,195,348 7,496,234
 Earnings before income
 taxes 675,003 340,760 1,489,084 808,973
 Income taxes 251,000 97,827 549,000 270,223
 Net earnings 424,003 242,933 940,084 538,750
 Earnings per common and
 common equivalent share $.14 $.09 $.32 $.24
 Weighted average number of
 common and common equivalent
 shares outstanding 2,981,122 2,730,860 2,902,801 2,252,548
 Earnings per share --
 assuming full dilution $.14 $.09 $.31 $.22
 Weighted average number of
 common shares outstanding --
 assuming full dilution 3,102,345 2,811,293 3,059,080 2,407,555
 -0- 12/04/91
 /CONTACT: Cal Krupa, president and CEO of Ultra Pac, Inc., 612-428-8340, or Tom de Petra or Christopher Sellwood of De Petra & Associates, Inc., 612-338-7630, for Ultra Pac, Inc./
 (UPAC) CO: Ultra Pac, Inc. ST: Minnesota IN: SU: ERN


AL -- MN005 -- 9158 12/04/91 11:29 EST
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Date:Dec 4, 1991
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