Buhler Industries Reports 3rd Quarter Earnings
Winnipeg, Manitoba
July 17, 2003

3 months to June 30, 2003 Previous year
Revenue $53,250,000
$70,976,000
Net profit $3,782,000
$5,059,000
Net profit / share $0.16 $0.22
9 months to June 30, 2003 Previous year
Revenues $140,706,000
$194,275,000
Net profit $9,103,000
$11,840,000
Net profit / share $0.40 $0.51

Revenue Returns to Normal

As forecast, Q3 revenue returned to a more normal level of $53.3 million compared with $71.0 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.

Net Earnings Return to Normal

Nine-month earnings returned to a more normal level of $9.1 million or $0.40 per share compared to $0.51 per share last year. The number of shares outstanding is 23.0 million.

Looking Forward

Management expects that Q4 earnings will exceed last year’s. We are forecasting annual 2003 earnings of $0.50 per share compared with $0.58 last year. Our core products are maintaining steady sales increases in spite of the continuing sluggish farm economy.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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