Buhler Industries Reports Year End Earnings
Winnipeg, Manitoba
December 10, 2004

Buhler's Revenues Up, Gross Profits Down and Dividends Increase for the 12th Consecutive Year

Annual Revenue Up for Fiscal 2004

Buhler’s wide range of farm equipment continues to further expand and entrench itself in the marketplace with annual revenues up 14%. Q4 2004 marks the 5th consecutive increase in quarter over quarter sales. Buhler’s tractor products, as well as its long standing line of farm loaders, augers, mowers, snow blowers and hay and forage equipment continue to increase in sales in territories not affected by BSE (Mad Cow disease). Unprecedented steel price increases (Buhler’s main ingredient in most of its products) combined with the 20% weakening of the US dollar during Buhler’s 2004 fiscal year has reduced Buhler’s gross margin to 18.2% (compared with 22.8% last year). Due to the uncertainty of future steel prices, customer’s reactions to further price increases and the continuing movements in the US dollar, we are forecasting flat revenue and earnings for fiscal 2005. The Company has improved its cash position over the past year in order to continue purchasing new and modern equipment and consider acquisition opportunities.

Year ending September 30, 2004 Previous year
Revenue $206,130,000
$181,162,000
Net profit $12,049,000
$11,630,000
Net profit / share $0.50 $0.51
Shares issued (millions) 24.3 23

Fourth Quarter Revenue

Revenue for the 4th quarter was $43.5 million compared to $40.5 million last year.

Fourth Quarter Earnings

Earnings for the 4th quarter were $1.7 million compared with $2.5 million last year.

Year-end Revenue

Revenue for the year was $206.1 million compared to $181.2 million last year.

Year-end Earnings

Earnings for the year ending September 30th, 2004 were $12.0 million compared with $11.6 million last year, largely assisted by the $2 million gain on sale of assets. Gross profit was $37.6 million (18.2% of sales) for 2004 compared to $41.2 million (22.8% of sales) last year. The average number of shares outstanding at year-end was 24.3 million.

Dividend Increases

The Company increased its annual dividend from $0.13 to $0.14 per share. The dividend is payable January 14, 2005 to shareholders of record on December 3, 2004. This is the 12th 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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