Carmel Container Systems reports results for 2002
Carmel Container Systems Ltd., an Israeli designer, manufacturer and marketer of containers, packaging materials and related products, reported its consolidated financial results for the quarter ended December 31, 2002. Carmel's Ordinary Shares are traded on the American Stock Exchange.
Revenues from sales for 2002 were NIS 344.1 million ($72.6 Million) as compared to NIS 356.7 million ($75.3 million) for 2001. Revenues from sales in the fourth quarter of 2002 were NIS 87.5 million ($18.5 million), as compared to NIS 85.8 million ($18.1 million) in the fourth quarter of 2001. The decrease in sales in 2002, as compared to 2001 reflected a quantitative increase, with significant eroded selling prices, resulting from continuing recession and competition in the local market.
Gross profit for 2002 was NIS 26.9 million ($5.7 million) representing 7.8 percent of sales, as compared to NIS 34.3 million ($7.2 million), representing 9.6 percent of sales for 2001. Gross profit in the fourth quarter of 2002 was NIS 7.2 million ($1.5 million) representing 8.2 percent of sales, as compared to NIS 7.8 million ($1.6 million), representing 9.1 percent of sales in the fourth quarter of 2001.
The decrease in gross profit resulted from the significant erosion of sale prices, with a quantitative increase and slight decrease in prices of raw materials, during 2002.
Operating loss before financial expenses was NIS 8.2 million ($1.7 million), representing 2.4 percent of sales, for 2002, as compared to operating loss before financial expenses of NIS 3.9 million ($0.8 million), representing 1.1 percent of sales, for 2001. Loss before financial expenses in the fourth quarter of 2002 was NIS 1.6 million ($0.3 million), representing 1.8 percent of sales, as compared to operating loss before financial expenses of NIS 1.2 million ($0.3 million), representing 1.4 percent of sales for the fourth quarter of 2001. — (menareport.com)
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