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April 24, 1998
PrimeSource Corporation Reports Net Income of $0.17 Per Share for the
First Quarter of 1998
PENNSAUKEN, NEW JERSEY -- PrimeSource Corporation (Nasdaq NM: PSRC), today reported net income of $1.112 million, or $0.17 per share, for the first quarter, ended March 31, 1998, compared to net income for the comparable year-ago period of $1.105, or $0.17 per share. Net sales for the quarter were $101.528 million versus $103.388 million for the 1997 quarter. James F. Mullan, president and chief executive officer, commented: "Our first-quarter results reflect a general industry softness in traditional supplies as well as the normal business disruptions caused by our refocusing of the company during the fourth quarter of 1997. Overall supply sales were down 3%, while systems sales, including digital printing, were up 9%. We also had improved gross margins in our systems business that was the result of providing a better value matrix to ur customers." For details contract Bill DeMarco at 609-486-2985. Excerpt from PrimeSource Corporation press release.