Buhler Industries Reports 2nd Quarter Earnings
Winnipeg, Manitoba
April 23, 2002

3 months to March 31, 2002 Previous year
Revenue $67,904,000
$34,427,000
Net profit $3,831,000
$1,258,000
Net profit / share $0.16 $0.05
6 months to March 31, 2002 Previous year
Revenue $123,299,000
$93,582,000
Net profit $6,781,000
$3,883,000
Net profit / share $0.29 $0.16

Second Quarter Earnings Up

Second quarter earnings increased to $3.8 million or $0.16 per share, compared with $1.3 million last year or $0.05 per share. Year to date earnings increased by 75% to $6.8 million compared with $3.9 million last year. The number of shares outstanding is 23.2 million compared to 24.5 million last year.

Second Quarter Revenue Up

Second quarter revenue increased to $67.9 million compared with $34.4 million last year. Year to date revenue is up 32% to $123 million compared with $94 million last year.

Earnings History

There was a rather significant departure from our traditionally stable earnings during the first three quarters. This departure is due primarily to a greater than anticipated overlap between the winding down of the CNH tractor supply agreement and the growing dealer direct sales in the tractor business.

With the recent extension of the CNH tractor supply agreement and with the early positive acceptance in the farm market of our Buhler brand tractor products, we expect the results of Q3 and possibly Q4 to be above normal. However, as the CNH tractor supply agreement ends, the Company will be relying only on dealer direct tractor sales. As a result, revenue and earnings are expected to return to a more normalized level.

Complete Financial Statement

Contact

Craig Engel - President
Phone: (204) 228-6206
E-mail: cengel@buhler.com

Trading symbol: BUI

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