Buhler Industries Reports 3rd Quarter Earnings
Winnipeg, Manitoba
July 21, 2004

3 months to June 30, 2004 Previous year
Revenue $57,742,000
$53,250,000
Net profit $4,361,000
$3,782,000
Net profit / share $0.17 $0.16
9 months to June 30, 2004 Previous year
Revenues $162,679,000
$140,706,000
Net profit $10,369,000
$9,103,000
Net profit / share $0.42 $0.40

Revenue Increased

Third quarter revenue increased by 0.9% to $58.3 million compared with $57.7 million last year. Revenue for nine months increased by 3.3% to $168.1 million compared with $162.7 million last year.

Net Earnings Decreased

Third quarter net earnings decreased by 38.8% to $2.7 million ($0.11 per share) compared with $4.4 million ($0.17 per share) last year. Net earnings for nine months decreased to $8.4 million ($0.34 per share) compared with $10.4 million ($0.42 per share) last year. Last year’s third quarter earnings were higher due to the $1.6 million gain on the sale of capital assets. As at June 30, 2005, the total number of shares outstanding remains at 25 million.

Looking Forward

Revenue for the next 5 quarters are expected to match the previous year’s levels, however, we do forecast that our slow and steady gross margin improvement will continue and margins in the range of 18% - 20% are anticipated through the end of F2006. We will continue to monitor GSA expenses and will continue with necessary R&D expenses, which are required to retain our long term competitiveness in the marketplace.

Complete Financial Statement

Contact

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

Trading symbol: BUI

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