Concord Camera Corp. ("Concord" or "Company") (NASDAQ:LENSE) today reported (see attached tables) financial results for the third quarter and nine months of Fiscal 2005 which ended April 2, 2005 ("Third Quarter 2005" and "Fiscal 2005 YTD") and announced that it filed its Quarterly Report on Form 10-Q for the Third Quarter 2005 ("Third Quarter 10-Q") with the Securities and Exchange Commission.

As previously announced, Nasdaq notified the Company of its determination to delist the Company's securities as a result of its failure to timely file its Third Quarter 10-Q. The Company appealed the staff's determination and requested a hearing before a Nasdaq Listing Qualification Panel. A hearing has been scheduled for June 30, 2005. The Company's trading symbol for its common stock will remain "LENSE" pending a Nasdaq decision on the matter. The Company will not host a conference call to review the Third Quarter 2005 and Fiscal 2005 YTD operating results.

About Concord Camera Corp.

Concord Camera Corp., through its subsidiaries, is a global producer of popularly priced, digital, 35mm traditional and single use cameras. Concord markets its cameras under the trademarks POLAROID, CONCORD, CONCORD EYE Q and JENOPTIK. Concord sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, the Peoples Republic of China, the United Kingdom, Japan and France and through independent sales agents. The Polaroid trademark is owned by Polaroid Corporation and is used by Concord under license from Polaroid. CONCORD and CONCORD EYE Q are trademarks and/or registered trademarks of Concord Camera Corp. in the United States and/or other countries. The JENOPTIK trademark is owned by Jenoptik AG and is used by Concord under license from Jenoptik AG. Learn more about Concord Camera Corp. at www.concord-camera.com.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investors are cautioned that forward-looking statements, including the statements regarding our ability to meet expected filing dates for our periodic reports, the outcome of the review of our pending appeal with Nasdaq, our ability to meet customer demands and fulfill customer service obligations, anticipated or expected results of the implementation of our strategic plan, including the restructuring plan, additional cost-reductions initiatives and anticipated financial benefits of eliminating our reliance on internally designed and manufactured digital cameras and increasing the design, co-development and purchase of digital cameras from contract manufacturers, involve risks and uncertainties which may affect the Company's business and prospects, including the risks discussed under "Risk Factors" and disclosures in the Company's Annual Report on Form 10-K for the fiscal year ended July 3, 2004 and subsequently filed reports.

Any forward-looking statements contained in this press release represent our estimates only as of the date hereof, or as of such earlier dates as are indicated, and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Concord Camera Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

April 2, 2005 July 3,
(Unaudited) 2004
-------------- ------------
Assets
Current Assets:
Cash and cash equivalents $ 14,120 $ 18,323
Short-term investments 34,000 39,600
Accounts receivable, net 13,244 29,367
Inventories 41,558 52,418
Prepaid expenses and other
current assets 12,716 11,563
------------- -----------
Total current assets 115,638 151,271
Property, plant and equipment, net 18,300 20,597
Other assets 7,569 17,649
------------- -----------
Total assets $ 141,507 $ 189,517
============= ===========
Liabilities and Stockholders' Equity
Current Liabilities:
Short-term borrowings under credit
facilities $ 3,459 $ 9,170
Accounts payable 21,731 18,783
Accrued expenses 12,943 16,395
Other current liabilities 10,004 6,320
------------- -----------
Total current liabilities 48,137 50,668
Other long-term liabilities 3,345 11,724
------------- -----------
Total liabilities 51,482 62,392
Commitments and contingencies
Stockholders' equity:
Blank check preferred stock, no par
value, 1,000 shares authorized, none
issued -- --
Common stock, no par value, 100,000
shares authorized; 30,925 and 30,572
shares issued as of April 2, 2005 and
July 3, 2004, respectively 143,518 143,073
Additional paid-in capital 4,853 4,853
Deferred stock-based compensation -- (29)
Deferred share arrangement 624 413
Accumulated deficit (53,353) (16,152)
------------- -----------
95,642 132,158
Less: treasury stock, at cost, 1,735 and
1,599 shares as of April 2, 2005 and
July 3, 2004, respectively (4,993) (4,620)
Less: common stock held in trust, 509
and 331 shares as of April 2, 2005 and
July 3, 2004, respectively (624) (413)
------------- -----------
Total stockholders' equity 90,025 127,125
------------- -----------
Total liabilities and
stockholders' equity $ 141,507 $ 189,517
============= ===========

Concord Camera Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

For the For the nine
quarter ended months ended
------------------ ------------------
April March April March
2, 27, 2, 27,
2005 2004 2005 2004
-------- -------- -------- --------
Net sales $ 26,150 $ 28,280 $123,498 $150,744
Cost of products sold 31,857 33,952 132,137 139,214
-------- -------- -------- --------
Gross (deficit) profit (5,707) (5,672) (8,639) 11,530
Selling expenses 3,773 3,234 12,676 9,322
General and administrative
expenses 5,407 7,211 17,551 18,737
Variable stock-based
compensation income -- (3,700) -- (601)
Interest expense 235 124 767 494
Other income, net (360) (688) (2,682) (539)
-------- -------- -------- --------
Loss before income taxes (14,762) (11,853) (36,951) (15,883)
Provision for income taxes 110 5,743 250 5,239
-------- -------- -------- --------
Net loss $(14,872) $(17,596) $(37,201) $(21,122)
======== ======== ======== ========

Basic and diluted loss per
common share $ (0.51) $ (0.61) $ (1.28) $ (0.74)
======== ======== ======== ========

Weighted average common shares
outstanding -- basic and
diluted 29,190 28,774 29,146 28,642
======== ======== ======== ========

Contacts

Concord Camera Corp.
Harlan Press, 954-331-4200
or
Lense' Investor Relations Counsel:
The Equity Group Inc.
Robert Goldstein, 212-371-8660
Devin Sullivan, 212-836-9608

At A Glance

Concord Camera Corp.

Headquarters: Hollywood, Florida
Website: http://www.concordcam.com
CEO: Ira Lampert
Employees: Not disclosed
Ticker: LENS (NASDAQ)
Revenues: Not Disclosed (2005)
Net Income: Not Disclosed (2005)