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UNIFLEX REPORTS RECORD THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS

 HICKSVILLE, N.Y., Dec. 13 /PRNewswire/ -- Uniflex, Inc. (NASDAQ Small Cap: UNIF), today announced that fiscal 1994 nine-month net income and net income per share exceeded the levels achieved in all of fiscal 1993. Quarterly sales for the three-month period ended Oct. 31, 1993, were the highest for any quarter in the company's history.
 Net sales in the fiscal 1994 third quarter increased 11 percent to $6,932,000 from $6,255,000 in the prior year. Net income in the fiscal 1994 third quarter was $253,000, or $0.19 per share. Quarterly net income was reduced by $98,000 pre-tax, or $0.05 per share after tax, because of a non-cash accounting charge. Last year's third-quarter net income was $243,000, or $0.19 per share. Per-share figures are presented on a pre-split basis prior to a two-for-one stock split that will be paid in the form of a 100 percent stock dividend on Dec. 17, 1993.
 "Sales momentum continued to build in the third quarter, with all major product lines contributing to the record sales," commented Herbert Barry, Uniflex's president. "Sales growth was achieved through increased sales to our existing base of valued customers, to newly developed markets for our expanded product line, and because of our reputation for providing the highest quality products and the best service in the industry. Increased sales and ongoing technical improvements in manufacturing have led to higher profit margins from operations. We are extremely pleased with the financial progress we have made this year."
 For the first nine months of fiscal 1994, net sales were $19,492,000, up 13 percent over $17,188,000 in the corresponding period a year ago. Nine-month income before the cumulative effect of a change in accounting principle was $824,000, or $0.61 per share, up 27 percent from last year's nine-month net income of $647,000, or $0.50 per share. Net income in the fiscal 1994 nine-month period was $787,000, or $0.59 per share.
 "Orders, shipments, backlog, and the overall level of business activity are strong in the fourth quarter," added Mr. Barry. "In addition to our established products, we are seeing significant interest in our newly developed TAPE-LOC(TM) line of security and courier products, which we recently introduced to mass merchandisers. The pace of business in our medical products has increased, as we have already signed supply contracts with several major health care companies to provide them with products beginning in fiscal 1995."
 Uniflex designs, manufactures, and markets a growing line of specialty plastic bags used for packaging, sales, and advertising promotions, including general retailing. The company also manufactures an expanding line of patented medical products for use in hospitals, medical laboratories, and emergency care centers. Medical products, which include specially designed bags for the safe handling of biohazardous specimens and for other uses, are an important source of growth to the company.
 UNIFLEX, INC., AND SUBSIDIARY
 Condensed Consolidated Statements Of Income (Unaudited)
 Three Months Ended:
 Oct. 31, Oct. 31,
 1993 1992
 Net sales $ 6,932,000 $ 6,255,000
 Cost of goods sold 4,321,000 4,009,000
 Gross profit 2,611,000 2,246,000
 Shipping, selling, general and
 administrative expenses 1,971,000 1,738,000
 Income from operations 640,000 508,000
 Other expenses:
 Deferred compensation 15,000 43,000
 Interest expense-net 96,000 65,000
 Compensation - stock options 98,000 --
 Income before income taxes
 and cumulative effect of
 a change in accounting principle 430,000 399,000
 Provision for income taxes 177,000 156,000
 Income before cumulative effect
 of a change in accounting principle 253,000 243,000
 Cumulative effect of a change
 in accounting principle -- --
 Net income $ 253,000 $ 243,000
 Per-share amounts (Note A):
 Income before extraordinary item $ 0.19 $ 0.19
 Cumulative effect of a change
 in accounting principle -- --
 Net income $ 0.19 $ 0.19
 Weighted average number of shares
 of common stock
 outstanding-Note (A) 1,361,000 1,302,000
 Nine Months Ended:
 Oct. 31, Oct. 31,
 1993 1992
 Net sales $19,492,000 $17,188,000
 Cost of goods sold 12,160,000 10,788,000
 Gross profit 7,332,000 6,400,000
 Shipping, selling, general and
 administrative expenses 5,481,000 4,922,000
 Income from operations 1,851,000 1,478,000
 Other expenses:
 Deferred compensation 46,000 178,000
 Interest expense-net 275,000 245,000
 Compensation - stock options 98,000 --
 Income before income taxes
 and cumulative effect of
 a change in accounting principle 1,432,000 1,055,000
 Provision for income taxes 608,000 408,000
 Income before cumulative effect
 of a change in accounting principle 824,000 647,000
 Cumulative effect of a change
 in accounting principle (37,000) --
 Net income $ 787,000 $ 647,000
 Per-share amounts(Note A):
 Income before extraordinary item $ 0.61 $ 0.50
 Cumulative effect of a change
 in accounting principle (0.02) --
 Net income $ 0.59 $ 0.50
 Weighted average number of shares
 of common stock
 outstanding-Note (A) 1,343,000 1,285,000
 Note (A): Earnings per share and the number of common shares outstanding are presented on a pre-split basis, prior to a two-for-one stock split payable on Dec. 17, 1993, in the form of a 100 percent stock dividend.
 -0- 12/13/93
 /CONTACT: Robert K. Semel, executive vice president of Uniflex, Inc., 516-997-7300/
 (UNIF)


CO: Uniflex, Inc. ST: New York IN: PAP HEA SU: ERN

TW -- NY026 -- 3034 12/13/93 09:10 EST
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Publication:PR Newswire
Date:Dec 13, 1993
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