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GIBRALTAR STEEL CORPORATION REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER

 BUFFALO, N.Y., Nov. 18 /PRNewswire/ -- Gibraltar Steel Corporation (NASDAQ/NMS: ROCK), a Buffalo-based intermediate steel processor, announced today record sales and net income for the third quarter ended Sept. 30, 1993. Sales of $40,978,000 were up 9.5 percent over the $37,427,000 recorded in the third quarter of 1992, while net income of $2,661,000 was up 22.4 percent from $2,174,000 a year earlier.
 For the nine-month period, sales increased by 11.4 percent to $126,917,000 from $113,957,000 for the nine-month period ended Sept. 30, 1992. Net income increased by 28.9 percent to $9,208,000 from $7,142,000.
 Results for both the third quarter of 1992 and 1993 and the nine month periods of 1992 and 1993 reflect tax treatment as a Subchapter S Corporation. Subsequent to the third quarter of 1993, the company reorganized as a C Corporation.
 Brian J. Lipke, chairman and chief executive officer, said, "The achievements of the third quarter and nine-month period are the result of successfully implementing our strategic plan to gain market share in the high-margin cold rolled strip business. These gains came through deeper penetration of the auto and other industries and were enhanced by somewhat improved market conditions, compared to the same period in 1992."
 According to Lipke, Gibraltar was able to achieve improved operating results despite a fire at one of its facilities that shut down a production line at that location for approximately two weeks. All other operations surpassed results of the prior year period.
 "Importantly," Lipke added, "in reference to the fourth quarter and beyond, our recently completed capital expenditures to improve productivity and yield, as well as increase capacity, coupled with the groundbreaking for our new facility in Chattanooga, Tennessee and our recently established facility on the Mexican border in Brownsville, Texas, should position the company well for the future."
 Subsequent to its third quarter, Gibraltar Steel completed its initial public offering of 2,500,000 shares of common stock at $11.00 per share. All of the net proceeds from this offering were used to repay outstanding debt.
 Lipke also noted that the fourth quarter will reflect an accounting adjustment for the conversion from S Corporation status to C Corporation status resulting in a one-time, non-cash charge of approximately $5.1 million for the reinstatement of deferred taxes.
 Gibraltar Steel Corporation is a leading intermediate processor of value-added steel products consisting primarily of a broad range of fully-processed cold-rolled strip steel products. The company's products are sold to the automotive, automotive supply, steel, appliance, communications, electrical, leisure time, machinery and office equipment industries, among others.
 GIBRALTAR STEEL CORPORATION
 COMBINED STATEMENT OF INCOME
 (in thousands, except share and per share data)
 (unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net Sales $40,978 $37,427 $126,917 $113,957
 Cost of Sales 33,957 31,011 104,587 94,644
 Gross Profit 7,021 6,416 22,330 19,313
 Selling, General and
 Administrative 3,982 3,775 12,178 10,730
 Income from Operations 3,039 2,641 10,152 8,583
 Other Income (Expense):
 Interest expense (414) (484) (1,327) (1,530)
 Other income 162 138 816 443
 Total (252) (346) (511) (1,087)
 Income Before Taxes 2,787 2,295 9,641 7,496
 Income Taxes 126 121 433 354
 Net Income $ 2,661 $ 2,174 $ 9,208 $ 7,142
 Pro Forma Income Data
 (unaudited):
 Income Before Taxes $ 2,787 $ 2,295 $ 9,641 $ 7,496
 Pro Forma Adjustment:
 Income taxes(A) 1,115 880 3,856 2,880
 Pro Forma Net Income $ 1,672 $ 1,415 $ 5,785 $ 4,616
 Pro Forma Net Income
 Per Share $ .22 $ .19 $ .77 $ .62
 Pro Forma Weighted
 Average Shares
 Outstanding 7,500,000 7,500,000 7,500,000 7,500,000
 (A) -- Pro forma income taxes represents estimated taxes on income on a C Corporation basis.
 -0- 11/18/93
 /CONTACT: Walter T. Erazmus, chief financial officer, of Gibraltar Steel, 716-826-6500/
 (ROCK)


CO: Gibraltar Steel Corporation ST: New York IN: MNG SU: ERN

BM-KL -- CL016 -- 6103 11/18/93 14:13 EST
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Date:Nov 18, 1993
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