First Quarter Results

ATLANTIS PLASTICS ANNOUNCES FIRST QUARTER RESULTS

ATLANTA, GA – (May 4, 2001) Atlantis Plastics, Inc. (ASE:AGH) today announced its operating results for the quarter ended March 31, 2001. Net sales for the first quarter of 2001 were $64.7 million, compared with $64.5 million for the first quarter of 2000. Net income for the first quarter of 2001 was $0.4 million, or $0.06 per diluted share, compared with $1.1 million, or $0.14 per diluted share in the first quarter of 2000.

In the Company’s plastic films segment, sales for the first quarter of 2001 increased 6% over the first quarter of 2000. Sales volume, (measured in pounds) in the plastic films segment increased 10% for the quarter as compared to the first quarter of 2000. Sales volume for the first quarter of 2001 in Atlantis’ molded products segment declined 12% from the first quarter of 2000 due primarily to continued weakness in the home building and durable goods sectors.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the first quarter of 2001 were $6.4 million, compared with $7.1 million for the first quarter of 2000. Atlantis’ gross margin and operating margin for the first quarter of 2001 were 16%, and 5% respectively, compared with 17% and 7% respectively, for 2000. Gross margin in the plastic films segment increased to 17% in the first quarter of 2001, compared with 15% in the first quarter of 2000 as a result of the increased volume and resulting improved asset utilization. In the molded products segment, the economic slowdown and resulting decline in volume caused gross margins to decline to 15% for the first quarter of 2001, as compared with 21% in the first quarter of 2000.

Selling, general and administrative expenses ("SG&A") were $6.9 million for the quarter ended March 31, 2001, compared with $6.6 million for the prior year comparable quarter. Net interest expense for the first quarter of 2001 was $2.6 million, compared with $2.5 million for the first quarter of 2000. Net debt (total debt less cash) at March 31, 2001 was $93.0 million, compared with $96.1 million at December 31, 2000.

Anthony F. Bova, President and Chief Executive Officer, said, "Overall, we are encouraged that the first quarter was a significant improvement over the results of the fourth quarter of 2000. EBITDA was up 33% over the last quarter as sales and margins both improved."

"The general economic slowdown and weakness in the automotive, appliance and home building sectors continued to adversely impact our molded products business in the first quarter of 2001. As a result of these conditions we have taken aggressive steps to reduce both fixed and variable costs throughout the business."

"Our plastic films business continues to make quarter over quarter improvements in pounds shipped, gross margins and operating income. We shipped 66.4 million pounds of film during the first quarter of 2001. This represents a 16% increase in volume over fourth quarter 2000 and a 10% increase over the prior year comparable quarter. We are pleased with the two successive quarterly increases in gross margins and operating income for our plastic films business. With the start up of our new stretch film facility in Fontana, California in March of 2001, we believe we are well positioned to increase our market share of stretch film in 2001."

Atlantis Plastics, Inc. is a leading U.S. manufacturer of polyethylene stretch and custom films and molded plastic products. Stretch films are used to wrap pallets of materials for shipping or storage, and custom films, which are made-to-order specialty film products, are used in the industrial and packaging markets. Atlantis’ molded plastic products are used primarily in the appliance, automotive, agricultural, building supply, and recreational vehicle industries.

This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations, and the company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, fluctuations in plastic resin prices, the company's high debt level, the risks inherent with predicting revenue and earnings outcomes as well as other "Factors That May Affect Future Results" set forth in the Company's Form 10-K for 2000.

Readers are cautioned not to place undue reliance on any forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Atlantis will hold its quarterly conference call to discuss operating results today at 11:00 a.m. To participate in the conference call, please call the following number at 10:55 a.m. eastern standard time: 1-800-289-0518.

Additional information is available on the Internet at http://www.atlantisstock.com.

ATLANTIS PLASTICS, INC. CONSOLIDATED STATEMENTS OF INCOME
	Three Months Ended		Three Months Ended		Three Months Ended
	March 31,		March 31,		March 31,
(dollars in thousands, except per share data)	2001	2000	2001	2000	2001	2000

Net sales	$64,702	$64,474	$64,702	$64,474	$0	$0

Cost of sales	54,302	53,482	54,302	53,482	0	0
Gross profit	10,400	10,992	10,400	10,992	0	0

Selling, general and administrative expenses	6,942	6,576	6,942	6,576	0	0
Operating income	3,458	4,416	3,458	4,416	0	0

Net interest expense	(2,569)	(2,506)	(2,569)	(2,506)	0	0
Income before provision for income taxes	889	1,910	889	1,910	0	0

Provision for income taxes	(463)	(851)	(463)	(851)	0	0
Net Income	$426	$1,059	$426	$1,059	$0	$0

Earnings per share
Basic and Diluted:
Net income	$ 0.06	$ 0.14	$ 0.06	$ 0.14	$ -	$ -

Weighted average number of shares used in computing earnings per share (in thousands)

Basic	7,533	7,503	7,533	7,503	7,533	7,503
Diluted	7,543	7,760	7,543	7,760	7,543	7,760

ATLANTIS PLASTICS, INC.
CONSOLIDATED BALANCE SHEETS

	March 31,	December 31,
(dollars in thousands)	2001	2000
ASSETS
Cash and cash equivalents	$1,883	$2,445
Accounts receivable, less allowance for doubtful accounts	28,098	25,227
and returned items of $1,176 in 2001 and $1,472 in 2000
Inventories	17,591	18,346
Other current assets	5,542	9,099
Total current assets	53,114	55,117

Property and equipment, net	70,979	71,846
Goodwill, net of accumulated amortization	47,724	48,133
Other assets	357	511
Total assets	$172,174	$175,607
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses	$19,561	$19,329
Current portion of long-term debt	40,801	19,025
Total current liabilities	60,362	38,354

Long-term debt, less current portion	54,125	79,534
Deferred income taxes	10,849	11,355
Other liabilities	-	51
Total liabilities	125,336	129,294

Commitments and contingencies	-	-

Shareholders' equity:
Class A Common Stock, $.10 par value, 20,000,000 shares authorized, 4,854,906 and 4,856,846 shares issued and outstanding in 2001 and 2000
	485	486
Class B Common Stock, $.10 par value, 7,000,000 shares authorized, 2,676,947 shares issued and outstanding in 2001 and 2000
	268	268
Additional paid-in capital	10,677	10,679
Notes receivable from sale of Common Stock	(1,517)	(1,625)
Retained earnings	36,925	36,505
Total shareholders' equity	46,838	46,313
Total liabilities and shareholders' equity	$172,174	$175,607

ATLANTIS PLASTICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended
	March 31,
(dollars in thousands)	2001	2000

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$426	$1,059
Total Current assets
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation	2,447	2,237
Loss (gain) on disposal of assets	5	(13)
Amortization of goodwill	448	396
Loan fee and other amortization	116	112
Interest receivable from shareholder loans	(32)	(32)
Total Current liabilities	(506)	22
Change in assets and liabilities, net of acquisition of business	1,659	(1,649)
Total adjustments	4,137	1,073
Net cash provided by operating activities	4,563	2,132

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,586)	(2,880)
Purchase of business	(39)	-
Proceeds from asset dispositions	1	57
Net cash used in investing activities	(1,624)	(2,823)

CASH FLOWS FROM FINANCING ACTIVITIES
Net (repayments) borrowings under revolving credit agreements	(3,000)	900
Payments on long-term debt	(633)	(673)
Payments on notes receivable from shareholders	140	193
Purchase of common stock	(8)	(146)
Proceeds from exercise of stock options	-	191
Net cash (used in) provided by financing activities	(3,501)	465

Net decrease in cash and cash equivalents	(562)	(226)
Cash and cash equivalents at beginning of period	2,445	2,288
Cash and cash equivalents at end of period	$1,883	$2,062

ATLANTIS PLASTICS, INC.
SEGMENT/TREND INFORMATION

	2001	2000
($ in millions)	Q1	Q4	Q3	Q2	Q1

NET SALES
Plastic Films	$ 46.3	$ 40.9	$ 44.5	$ 45.9	$43.6
Molded Products	18.4	16.5	18.7	19.3	20.9
Total	$ 64.7	$ 57.4	$ 63.2	$ 65.2	$64.5
EBITDA*	$ 6.4	$ 4.8	$ 4.4	$ 6.0	$ 7.1

GROSS PROFIT
Plastic Films	17%	15%	11%	13%	15%
Molded Products	15%	15%	16%	18%	21%
Total	16%	15%	13%	15%	17%

OPERATING INCOME
Plastic Films	6%	4%	1%	4%	5%
Molded Products	4%	3%	6%	9%	10%
Total	5%	3%	3%	5%	7%


NET INTEREST EXPENSE	$ 2.6	$ 2.6	$ 2.6	$ 2.6	$ 2.5


*Earnings before interest, taxes,depreciation, and amortization CONTACT: Trivest, Miami Marcia Mendez-Rodriguez Communications Manager Telephone: 305/ 858-2200, ext. 44