CTB International Corp. Announces First Quarter Results.

MILFORD, Ind.--(BUSINESS WIRE)--April 30, 1999--

CTB International Corp. (Nasdaq:CTBC) today reported 28 percent sales growth for the quarter ended March 31, 1999, to $59.9 million compared with $46.8 million in the prior year period.

Net income for the quarter totaled $0.3 million (3 cents per diluted share) compared with net income of $1.4 million, or 11 cents per diluted share, in the prior year period. Results for the quarter included the impact of a non-cash foreign exchange loss from U.S. dollar-denominated intercompany debt of $0.6 million net of tax (5 cents per diluted share). This charge was primarily a result of the devaluation of Brazilian currency versus the U.S. dollar, as referenced in the company's fourth quarter earnings release and Form 10-K.

"CTB's results for the quarter were slightly better than we anticipated, excluding the effects of the Brazilian currency devaluation," said Chris Chocola, CTB International Corp. chairman. "Our strong sales resulted primarily from the acquisitions of Roxell N.V. in early January and Sibley Industries, Inc. and STACO, Inc. in the second half of 1998. We also saw ongoing strength in the domestic poultry and egg production markets. These strengths helped to offset weakness in sales resulting from the Asian economy and the current situation in the swine industry. We are encouraged by the strong level of early-season grain bin orders as well as by the renewed quoting activity in the Asian region."

Operating income for the quarter totaled $3.0 million compared with 1998's first quarter operating income of $3.1 million. The 1999 quarter results reflect the addition of the referenced acquisitions as well as a one-time purchase accounting charge of $430,000 related to the Roxell acquisition.

Chocola continued, "We are pleased with the progress of internal initiatives which, excluding the one-time purchase accounting charge, led to gross margin percent improvement in the first quarter. We will continue efforts to improve not only the gross margin, but operating margin as well."

Although the company cannot accurately project the impact of future Brazilian foreign exchange changes, it now estimates the additional non-cash impact as approximately two cents per diluted share for every 10 percent of devaluation in the Brazilian currency per U.S. dollar from December 31, 1998.

CTB International Corp., based in Milford, Indiana, is a leading manufacturer and marketer of automated feeding, watering, heating, and ventilation systems; automated controls; commercial egg production systems; and feed and grain storage bins as well as grain handling equipment. The company also markets breeder nesting systems. Founded in 1952, CTB serves the poultry, swine, egg production and grain industries. It operates from facilities in the U.S.A., Europe and Latin America as well as through a worldwide network of more than 1,000 distributors.

This document contains certain statements regarding the future, including, without limitation, sales growth, earnings growth, margin improvement, cost savings initiatives, overall growth strategy, and impact of foreign currency fluctuations, and involves certain risks and uncertainties regarding CTB International Corp.'s business and operations and the agriculture industry. Please refer to the Company's Securities and Exchange Commission filings, including, but not limited to, the Company's Form 10-K filing, where specific risk factors that could cause actual results to differ materially from the forward-looking statements made in this news release are identified. -0-

               CTB International Corp. and Subsidiaries
               Condensed Consolidated Income Statements
                 (In thousands, except per share data)
                              (Unaudited)

                                For the Three Months Ended
                                        March 31,
                                ---------------------------
                                   1999            1998
                                   ----            ----

NET SALES                         $59,905        $46,778    28.1%
COST OF SALES                      45,987         35,733    28.7%
                               -----------    -----------
   Gross profit                    13,918         11,045    26.0%
                                    23.2%          23.6%
OTHER OPERATING EXPENSE:
   Selling, general, and           10,255          7,506    36.6%
    administrative expenses          17.1%          16.0%
   Amortization of goodwill           647            444    45.7%
                               -----------    -----------
OPERATING INCOME                    3,016          3,095    -2.6%
                                     5.0%           6.6%

INTEREST EXPENSE - Net            (1,460)          (875)    66.9%
OTHER (EXPENSE) INCOME - Net      (1,013)            30  -3476.7%
                               -----------    -----------
INCOME BEFORE INCOME TAXES           543          2,250    -75.9%

INCOME TAXES                         214            863    -75.2%
                               -----------    -----------
NET INCOME                          $329         $1,387    -76.3%
                               -----------    -----------
                               -----------    -----------
                                     0.5%           3.0%
DILUTED EARNINGS PER SHARE:
   Earnings per share              $0.03          $0.11    -74.6%
                               -----------    -----------
                               -----------    -----------
   Weighted average shares        12,330         13,208     -6.6%
                               -----------    -----------
                               -----------    -----------