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SANTIAGO, Chile, April 28 /PRNewswire-FirstCall/ -- Masisa S.A. (NYSE:MYS) ("Masisa" or the "Company"), a leading company in the Latin American forestry and wood products industries, announced its consolidated financial results for the first quarter ended March 31, 2006. HIGHLIGHTS -- Net sales for the first quarter of 2006 increased 9.5%, quarter-over-quarter, totaling US$212.6 million. -- Gross profit for the first quarter of 2006 increased 5.5%, quarter-over-quarter, totaling US$47.3 million. -- Operating income for the first quarter of 2006 increased 62.2%, quarter-over-quarter, totaling US$19.2 million, mainly driven by lower expenses and increased sales. -- Earnings per share for the first quarter of 2006 totaled US$0.0002. -- Working capital for the first quarter of 2006 decreased 6.8%, quarter-over-quarter, and 11.0% year-over-year. -- Cash and equivalents totaled -US$110.2 million, as of March 31, 2006. Quarter ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2005 2005 2005 2005 2006 (in million US$, except per share and percentages) Net Sales 178.1 175.9 195.9 194.1 212.6 Gross Profit 51.5 46.8 51.4 44.8 47.3 SG& A (23.2) (27.5) (29.0) (33.0) (28.1) Operating Income 28.4 19.3 22.4 11.8 19.2 Net Income 14.4 7.1 6.1 (1.3) 1.1 Earnings per Share (US$) 0.0029 0.0014 0.0012 -0.0002 0.0002 Earnings per ADS (US$) (1) 0.14 0.07 0.06 -0.01 0.01 Margins Over Sales (2) Gross Profit Margin 28.9% 26.6% 26.2% 23.1% 22.2% SG& A Margin -13.0% -15.6% -14.8% -17.0% -13.2% Operating Margin 15.9% 10.9% 11.5% 6.1% 9.0% Net Income Margin 8.1% 4.0% 3.1% -0.7% 0.5% Change (3) Net Income -- -1.3% 11.4% -1.0% 9.5% Gross Profit Margin -- -9.3% 10.0% -12.9% 5.5% Operating income -- -32.2% 16.5% -47.3% 62.2% Net Income -- -50.7% -13.7% -- -- Earnings per Share -- -50.7% -13.7% -- -- (1) One ADS is equal to 50 common shares. (2) As percentage of net income for the quarter. (3) Compared to the previous quarter. Due to rounding, numbers may not add up. DATASOURCE: Masisa S.A. CONTACT: Emilio Pellegrini of Masisa S.A., Investor Relations, +011-56-2-350-6038, ; or Melanie Carpenter, +1-212-406-3692, or Peter Majeski, +1-212-406-3694, both of i-advize Corporate Communications Inc. for Masisa S.A., Web site: http://www.masisa.com/

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