PAPOUTSANIS SA (former Plias SA) published on the 21st of May 2013 the interim financial statements for the first quarter of 2013.  On a consolidated basis, turnover in the first quarter of 2013 amounted to 3.4 million Euros vs. 3.3 million last year, increased by 4.4%.  Branded product sales account for 20% of the total, hotel amenities for 20%, and the remaining 60% involves third party manufacturing and private label. Of the total first quarter turnover export sales accounted for approximately 39%.

In the first quarter of 2013 gross profit was 0.86 million Euros versus 0.62 million in the corresponding 2012 period.  Gross profit margin was 25.1% versus 18.9% in Q1 last year.  Overall improvement in gross profit is due to increase of sales, continuing efforts to reduce overall production costs and product mix optimization.

Company's operating expenses (administrative and selling) increased from 0.67 million Euros, the first quarter of 2012, to 0.82 million Euros the current period, primarily due to increased marketing expenses and somewhat higher sales.

Pre-tax losses amounted to 0.063 million Euros versus 0.166 million loss in the first quarter of 2012. Company's Q1 2013 after tax profit was 0.036 million Euros versus a loss of 0.213 million in the corresponding 2012 period.

Earnings before interest, taxes, depreciation and amortization expenses (EBIDTA) amounted to 0.335 million Euros versus 0.264 million in 2012 increased by 27%.

Based on the information available to us today, and despite the continuing recession inGreecebut also the financial difficulties of many economies abroad, we believe that during the rest of 2013 Papoutsanis will continue increasing its sales and improving financial results.