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J.B. Poindexter & Co., Inc. Announces Third Quarter 2008 Revised, Unaudited Earnings and Conference Call


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HOUSTON, TX. November 6, 2008: J.B. Poindexter & Co., Inc., which owns and operates primarily transportation related manufacturing businesses including Morgan Truck Body, LLC, Morgan Olson, LLC, Truck Accessories Group, LLC, and the Specialty Manufacturing Division, released unaudited revenues and earnings for the three and nine months ended September 30, 2008. The summarized unaudited results from operations were as follows (in thousands):

Our previously reported operating income of $8,376 and $25,755 for the three and nine months ended September 30, 2008, respectively was reduced by $750 as the result of an additional accrual for incentive payments to members of our management team. The additional amount was deemed necessary in light of our exceptional performance so far this year.

As previously stated our third quarter bondholder’s call will be held on Friday, November 7, 2008 at 9:30 am E.S.T. The conference call can be accessed from the United States or Canada by dialing (800) 303-0442 or for international callers (847) 413-3733 and the conference ID number: 23158924. A replay of the call will be available until December 7th and may be accessed by dialing (888) 843-8996 or for international callers (630) 652-3044, and using the access code 23158924.

The improvement in our operating results for the third quarter was primarily due to the reversal of the deficiencies at Morgan Olson and at two of Truck Accessories’ business units that we reported last year. The current economic downturn has reduced demand for our transportation related products and we are reacting to these conditions by reducing both direct and indirect costs through improved manufacturing and administrative processes. In contrast to the previous economic downturn during 2001 and 2002, oil and gas exploration activity has increased, which along with three strategic acquisitions in 2007, has provided significant additional net sales and operating income to our Specialty Manufacturing Division. There are no assurances that this will continue.

We currently have approximately $30 million of cash on hand and no borrowings under our revolving credit facility. Availability under the revolver is approximately $48 million with gross availability based on eligible accounts receivable and inventory of approximately $58 million. We remain in compliance with the terms of our Revolving Credit Agreement and Senior Note Indenture.