Standard Automotive Reports Revenues

    HILLSBOROUGH TOWNSHIP, N.J.--Feb. 16, 2001-- STANDARD AUTOMOTIVE CORPORATION announced revenues of $32,106,000 for the third quarter ended December 31, 2000, a decrease of 22% from the comparable 1999 period.
    The decrease was primarily attributable to the downturn in the industries served by our Truck Body/Trailer Division. The effects of a weakening economy, increased interest rates and higher fuel prices have resulted in reductions in trailer and truck body orders. The results reported by the Truck Body/Trailer Division overshadowed steady growth reported by the Aerospace Division of Critical Components.
    Operating Income of $925,000 for the quarter ended December 31, 2000 represents a decrease of 76% from the comparable 1999 quarter. Fully diluted loss per share for the quarter ended December 31, 2000 was $0.54 versus earnings per share of $0.27 for the comparable 1999 quarter.
    Steven Merker, Chairman and Chief Executive Officer of Standard Automotive Corporation commented, "While results were disappointing for the current quarter, economic factors affecting several industries we sell to appear to be stabilizing and protocols put in place to reduce inventories and create cost savings are having a positive effect on cash generation. We will continue to reduce our costs without compromising product quality."