Buhler Industries Reports 2nd Quarter Earnings
Winnipeg, Manitoba
April 21, 2003

3 months to March 31, 2003 Previous year
Revenue $48,803,000
$67,904,000
Net profit $3,336,000
$3,831,000
Net profit / share $0.15 $0.16
6 months to March 31, 2003 Previous year
Revenue $87,456,000
$123,299,000
Net profit $5,321,000
$6,781,000
Net profit / share $0.23 $0.29

Net Earnings Return to Normal

Six-month earnings returned to a more normal level of $5.3 million or $0.23 per share compared to $0.29 per share last year. The number of shares outstanding is 23.0 million.Looking Forward

Revenue Returns to Normal

As forecast, Q2 revenue also returned to a more normal level of $48.8 million compared with $67.9 million last year. Year to date, the Company has increased its’ dealer direct sales by 50%. As anticipated, this gain has not fully offset the loss of revenue resulting from the wind-down of the OEM tractor supply contract with CNH Global.

Looking Forward

Management expects that Q3 will meet or exceed Q2 earnings. Q4 should show an improvement over last year. Our core products are maintaining steady increases in sales in spite of the continuing sluggish farm economy and our efforts to reduce cost and increase efficiency are evident in the improved gross margin and net earnings as a percentage of sales.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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