Press Releases

Highlights - Fourth quarter 2002 earnings from North American operations rose to $1.9 million on revenues of $90 million. This compares to a loss from North American operations of $.5 million on revenues of $72 million in the third quarter of 2002. - Non-cash European writedowns and other restructuring charges drove fiscal year 2002 consolidated net loss to $26.1 million, or $1.85 per share, on revenues of $306 million. This compared to 2001 consolidated net earnings of $1.1 million, or $.08 per share, on revenues of $509 million. - Tax benefits of $21.5 million related to European operations recognized in 2002. - Plans announced to recapitalize European investment. For financial reporting purposes, Europe will be treated as discontinued operations. - The Company continues to maintain strong liquidity. Year-end cash balances were nearly $60 million; paydowns of debt were about $50 million; unused lines of credit exceeded $110 million in North America. - Production rates increased and margins improved in fourth quarter; upward trends anticipated to continue in fiscal 2003. - Backlog in North America and Europe more than doubled over third quarter ending May 31, 2002 to 5,500 cars valued at $305 million at September 30, 2002.