Barnes Group Reports First Quarter Results.

BRISTOL, Conn.--(BUSINESS WIRE)--April 14, 1999--

Barnes Group Inc. (NYSE:B) today reported its first quarter consolidated sales of $162.2 million for 1999, compared to $168.9 million in the first quarter for 1998. The Company further reported that diluted earnings per share were $ .50 for 1999, compared to $ .58 for 1998.

"While the first quarter sales and earnings for 1999 were lower than the prior year, I am pleased with the Company's 5% gain in sales and a 39% increase in earnings over 1998's fourth-quarter. This trend over the past six months provides us with a positive view of our business for the remainder of the year," said Edmund M. Carpenter, president and chief executive officer.

Barnes Group reported that net income for the first quarter declined to $10.0 million for 1999, compared to $11.8 million for the comparable period in 1998. The Company further reported that basic earnings per share, were $ .50 for 1999, compared to $ .59 for the same period a year ago.

"Barnes Aerospace delivered a solid year-over-year performance in the first quarter achieving double digit gains in earnings on 3 % higher sales," said Mr. Carpenter. Barnes Aerospace reported first quarter sales for 1999 of $39.0 million, compared to $37.7 million in 1998, as they continued to capitalize on the strength of the commercial jet engine market. In addition, Barnes Aerospace reported higher sales at its overhaul and repair unit that has developed new customers and repair work on complex engine cases for a variety of commercial jet engines.

Associated Spring sales for first quarter were $66.3 million in 1999, down from $68.5 million in 1998. Profits declined in line with the sales shortfall. "While Associated Spring reported lower first quarter sales overall, I'm pleased to report that a number of our domestic facilities reported solid gains in first quarter sales and profits," said Mr. Carpenter. The business unit reported that its lower first quarter sales resulted from several factors: the Asian economic slowdown which continues to affect Associated Spring's traditionally strong Singapore operation, the devaluation of the Brazilian real, and the overall softening of sales in certain industrial markets.

Bowman Distribution reported a reduction in first quarter sales to $60.0 million in 1999, from $66.5 million for 1998. Profits for the first quarter also declined. "Bowman's first quarter sales shortfall was due in large part to shipment delays caused by the planned warehouse shutdown to install a new warehouse management system at its Elizabethtown, Kentucky facility, which serves as Bowman's main distribution center in North America," said Mr. Carpenter. Also contributing to the first quarter sales shortfall was the loss of a key customer in the second quarter of 1998.

Barnes Group Inc. (http://www.barnesgroupinc.com), is a diversified international manufacturer and distributor, serving a wide range of industrial markets with precision metal parts and industrial supplies. Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group consists of three separate businesses employing 3,847 people at 42 locations worldwide.

This release may contain certain forward-looking statements including those that discuss strategies, goals, outlook or other non-historical matters, or project revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: changes in market demand for the types of products and services produced and sold by Barnes Group, changes in worldwide economic and political conditions, interest and foreign exchange rate fluctuations, regulatory changes, and technological changes including Y2K issues.

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                          Barnes Group Inc.
                     Income Statement Highlights
             (Dollars in millions, except per share data)
                              Unaudited

                              Three months ended March 31
                                    1999           1998

Net Sales                      $   162.2      $   168.9

Operating income                    14.8           19.4

Net income                          10.0           11.8

Income per share - basic       $     .50      $     .59
                 - diluted           .50            .58

Dividends per share                  .18            .17

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