Buhler Industries Reports 2nd Quarter Earnings
Winnipeg, Manitoba
April 21, 2004

3 months to March 31, 2004 Previous year
Revenue $62,634,000
$48,803,000
Net profit $3,915,000
$3,336,000
Net profit / share $0.16 $0.15
6 months to March 31, 2004 Previous year
Revenue $104,937,000
$87,456,000
Net profit $6,008,000
$5,321,000
Net profit / share $0.25 $0.25

Revenue Increased

Second quarter revenue increased by 28% to $62.6 million compared with $48.8 million last year. Revenue for six months increased by 20% to $104.9 million compared with $87.5 million last year.

Net Earnings Increased

Second quarter net earnings increased by 17% to $3.9 million ($0.16 per share) compared with $3.3 million ($0.15 per share) last year. Net earnings for six months increased by 13% to $6.0 million ($0.25 per share) compared with $5.3 million ($0.23 per share) last year. There were 25 million shares outstanding on March 31, 2004 compared with 23 million last year.

Looking Forward

While the farm economy seems to be strengthening, we remain cautious in forecasting future increases in earnings due to the reduced gross margins resulting from the continuing effects of BSE (Mad Cow disease), the weakened US dollar and the recent unprecedented increases in the cost of steel. We are forecasting fiscal 2004 earnings to be $0.50 to $0.52 per share.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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