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ULTRA PAC, INC. REPORTS CONTINUED SALES, EARNINGS GROWTH IN SECOND QUARTER

 ULTRA PAC, INC. REPORTS CONTINUED SALES, EARNINGS GROWTH
 IN SECOND QUARTER
 MINNEAPOLIS, Sept. 8 /PRNewswire/ -- Ultra Pac, Inc. (NASDAQ: UPAC) today announced net sales of $7,136,122, a 54.9 percent increase for the second quarter ended July 31, 1992, as compared to $4,606,696 for the second quarter last year. Net earnings increased 77.9 percent to $464,133, or $.13 per share, compared to $260,840, or $.08 per share, reported one year ago.
 Net sales for the six month period ended July 31, 1992 were $12,652,759 compared to net sales of $8,508,134 for the corresponding period last year. Net income for the current six month period was $799,481, or $.24 per share, compared to $516,081, or $.17 per share, for the six month period one year ago.
 The increase in net sales for the second quarter resulted primarily from the continued expansion of Ultra Pac's line of plastic containers for the food industry, as well as the introduction of a line of berry containers for the produce growers' market. This sales growth was offset by an anticipated decline in sales to the CD packaging industry.
 While gross profit margin performance, as a percentage of net sales, improved during the second quarter this year compared to last year, gross profit margin declined as a percentage of net sales when compared to the first quarter of the current fiscal year. The improvement in margin performance over the year-ago period resulted primarily from increased output from the company's in-house extrusion line as well as reduced raw material costs. The decline in second quarter gross margin performance compared to the first quarter this year, however, occurred in part because sales volume outstripped the company's extrusion capacity, forcing it to purchase larger quantities of extruded plastic from third parties. Ultra Pac installed its second extrusion line in July 1992 which will become fully operational during the third quarter of this year. Additionally, the company incurred an increase in resin prices of approximately 5 percent during the second quarter.
 Ultra Pac, Inc., based in Rogers, Minn., designs, manufactures, and markets plastic food packaging products made primarily from polyethylene terephthalate (PETE). The company also designs and manufactures packaging products made from recycled PETE which are marketed to distributors of fruit, produce and floral products.
 ULTRA PAC, INC.
 STATEMENTS OF EARNINGS
 (Unaudited)
 Three months ended
 July 31,
 1992 1991
 Net sales $7,136,122 $4,606,696
 Cost and expenses
 Costs of products sold 4,754,855 3,086,000
 Marketing and sales expense 1,329,209 803,099
 Administrative expense 270,593 199,181
 Interest expense 45,832 99,576
 -- 6,400,489 4,187,856
 Earnings before income tax expense 735,633 418,840
 Income tax expense 271,500 158,000
 NET EARNINGS $464,133 $260,840
 Earnings per common and
 common equivalent share $.13 $.08
 Weighted average number of common
 and common equivalent
 shares outstanding 3,629,220 3,072,659
 Earnings per share -
 assuming full dilution .13 .08
 Weighted average number of
 common shares outstanding
 - assuming full dilution 3,633,475 3,081,462
 Six months ended
 July 31,
 1992 1991
 Net Sales $12,652,759 $8,508,134
 Cost and expenses
 Cost of products sold 8,281,849 5,692,640
 Marketing and sales expense 2,403,223 1,457,303
 Administrative expense 544,468 368,691
 Interest expense 157,238 175,419
 -- 11,386,778 7,694,053
 Earnings before income tax expense 1,265,981 814,081
 Income tax expense 466,500 298,000
 NET EARNINGS $799,481 $516,081
 Earnings per common and
 common equivalent share $.24 $.17
 Weighted average number of
 common and common equivalent
 shares outstanding 3,389,872 3,061,454
 Earnings per share -
 assuming full dilution .24 .17
 Weighted average number of common
 shares outstanding - assuming
 full dilution 3,389,872 3,069,159
 -0- 09/08/92
 /CONTACT: Cal Krupa, president of Ultra Pac, 612-428-8340; or Tom de Petra or Adrienne Griffith of de Petra & Associates, 612-338-7630, for Ultra Pac/
 (UPAC) CO: Ultra Pac, Inc. ST: Minnesota IN: SU: ERN


AL -- MN003 -- 6968 09/08/92 11:25 EDT
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Date:Sep 8, 1992
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