Buhler Industries Reports 1st Quarter Earnings
Winnipeg, Manitoba
January 20, 2003

3 months to December 31, 2002 Year ago
Revenue $38,653,000
$55,395,000
Net profit $1,985,000
$2,950,000
Net profit / share $0.09 $0.13

Revenues Return to Normal

As forecasted, the first quarter revenue decreased to $39 million compared with $55 million last year. The Company was able to increase its’ dealer direct sales by 70%. As anticipated, this gain did not fully offset the loss of revenue from the wind-down of the OEM tractor supply contract with CNH Global.

Net Earnings Return to Normal

As forecasted, first quarter earnings decreased to $2.0 million or $0.09 per share compared with $0.13 per share last year. The number of shares outstanding is 23.0 million.

Dividend

The Company increased its' annual dividend for the 10th consecutive year from $0.11 to $0.12 per share. The dividend will be paid on January 29th, 2003, to shareholders of record on December 30th, 2002.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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