Buhler Industries Reports Year End Earnings
Winnipeg, Manitoba
December 12, 2003

Buhler's 4th quarter growth seen as trend for 2004 - Company increases dividends for 11th consecutive year

Annual Revenue Meets Target for Fiscal 2003

The fourth quarter exceeded our target and marked the third consecutive increase in fourth quarter earnings. This proves that the adjustment following the wind-down of tractor sales to CNH is complete and we are back to a pattern of growth. As a result, we are forecasting increases in both revenue and earnings for fiscal 2004. All our farm products continue to experience growth in sales through our increasing dealer base in North America. We expect this growth to continue with our core products and also through acquisitions, as they become available and are deemed to be prudent.

Year ending September 30, 2003 Previous year
Revenue $181,162,000
$232,619,000
Net profit $11,630,000
$13,360,000
Net profit / share $0.51 $0.58

Fourth Quarter Revenue

Revenue for the 4th quarter was $40.5 million compared to $38.3 million last year.

Fourth Quarter Earnings

Earnings for the 4th quarter were $2.5 million compared with $1.5 million last year.

Year-end Revenue

Revenue for the year was $181.2 million compared to $232.6 million last year.

Year-end Earnings

Earnings for the year ending September 30th, 2003 were $11.6 million compared with $13.4 million last year. Gross profit was $41.2 million (22.8% of sales) for 2003 compared to $49.5 million (21.3% of sales) last year. The number of shares outstanding at year-end was 23.0 million.

Dividend Increases

The Company increased its annual dividend from $0.12 to $0.13 per share. The dividend is payable January 14, 2004 to shareholders of record on December 5, 2003. This is the 11th consecutive increase in dividends and the Company expects that dividend increases will continue.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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