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J.B. Poindexter & Co., Inc. Announces First Quarter 2004 Unaudited Earnings and Conference Call.

HOUSTON, May 3 /PRNewswire/ -- J.B. Poindexter & Co., Inc. which owns and operates manufacturing businesses including Morgan Trailer Mfg. Co., Morgan Olson Corporation, Truck Accessories Group, Inc., and the Specialty Manufacturing Group released unaudited revenues and earnings for the three months ended March 31, 2004. The summarized unaudited results from continuing operations were (in thousands):
 For the Three Months
 Ended March 31,
 (Unaudited)
 2004 2003

 Net Sales $134,015 $ 89,900
 Operating Income 4,551 4,199

 EBITDA Calculation:
 Operating income $ 4,551 $ 4,199
 Add depreciation and amortization 2,318 2,191
 Add non-cash financing charges 2,226 ---
 EBITDA $ 9,095 $ 6,390




J.B. Poindexter & Co., Inc. is a leading manufacturer of class 5-7 truck bodies and step vans through its Morgan Trailer Mfg., and Morgan Olson subsidiaries and a leading manufacturer of pick up truck accessories, principally caps and tonneaus through its Truck Accessory Group subsidiary. The Company also provides machining services and manufacturers plastics based packaging materials through its Specialty Manufacturing Group subsidiaries.

J.B. Poindexter & Co., Inc.'s net sales increased $44.1 million or 49% to $134.0 million for the first quarter of 2004 compared to 2003. Sales at Morgan Trailer Mfg. Co., increased $24.5 million or 52% on a 64% increase in units shipped. Sales for the current period included $16.2 million of net sales at Morgan Olson, acquired on July 15, 2003. Operating income, excluding non-cash financing costs of $2.2 million associated with the March 15, 2004 re-financing of the Company, was $6.8 million or 5% of net sales compared to $4.2 million or 5% of net sales during 2003. The retirement of the 2007 Senior Secured Notes was completed April 15, 2004 and the Company now has approximately $5 million of cash.

The outlook for the second quarter of 2004 compared to the 2003 second quarter is favorable based on the near term outlook for truck body sales and pick up truck accessory sales. Morgan Trailer Mfg., Co. has implemented a price increase that will become effective later in the second quarter; however, increasing raw material costs are expected to have a negative impact on earnings. Morgan expects raw material cost increases to reduce its operating income approximately $2 million during the second quarter of 2004.

J.B. Poindexter & Co., Inc., will conduct a conference call at 3:00 p.m. E.D.T. on Monday May 3, 2004 to discuss the operating performance for the

quarter ended March 31, 2004. The conference call will be open to the public and questions entertained at the conclusion of the Company's remarks.

The conference call can be accessed by dialing 1 888 273 9889. A replay of the call will be available for one week after the call and may be accessed by dialing 1-800-475-6701 with an access code: 730541.

Forward-looking statements in this press release, including without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the Company's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company.

The Company's World Wide Web site can be accessed at http://www.jbpoindexter.com/

CONTACT: Robert S. Whatley, Vice President Finance of J.B. Poindexter & Co., Inc., +1-713-655-9800

Web site: http://www.jbpoindexter.com/
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Publication:PR Newswire
Date:May 3, 2004
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