Buhler Industries Reports 1st Quarter Earnings
Winnipeg, Manitoba
January 15, 2004

3 months to December 31, 2003 Year ago
Revenue $42,303,000
$38,653,000
Net profit $2,093,000
$1,985,000
Net profit / share $0.091 $0.086

Revenue Increased

First quarter revenue increased 9.4% to $42.3 million compared with $38.7 million last year.

Net Earnings Increased

First quarter earnings increased 5.4% to $2.1 million or $0.091 per share, compared with $2.0 million last year or $0.086 per share. The number of shares outstanding is 23 million, unchanged from last year.

Dividend

The Company increased its annual dividend for the 11th consecutive year from $0.12 to $0.13 per share. The dividend was paid on January 14, 2004, to shareholders of record on December 5th, 2003.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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