Denison International Meets Q3 2001 Analysts' Earnings Expectations

    MARYSVILLE, Ohio--Oct. 23, 2001--Denison International plc today reported results for its third quarter ended September 30, 2001.
    For the current quarter ended September 30, 2001, the Company's net sales were $36.6 million, very similar to net sales recorded in the third quarter of 2000 of $36.7 million. Restated at 2000 foreign currency exchange rates, third quarter 2001 net sales increased to 2.4% to $37.6 million.
    Net income was $3.2 million, also very similar to net income of $3.3 million recorded for the comparable quarter a year ago. Diluted earnings per share for the third quarter of $0.30 were equal to third quarter 2000 results for the comparable quarter a year ago.
    Sales in North America declined 14.3% to $10.6 million for the current quarter. Sales in the Asia-Pacific region were up 4.7% to $5.4 million (sales adjusted for currency exchange rates were up 14.3% for the current quarter to $5.9 million), reflecting improving economic conditions in the region and increased penetration in the Asian marketplace. Sales in Europe increased by 6.8% in the current quarter versus 2000 to $20.7 million, and were favorable to third quarter 2000 by 9.0% after adjusting for the change in currency rates.
    North America reported operating income of $0.4 million for the current quarter, compared to operating income of $.5 million for the third quarter of 2000, resulting from increased R&D spending versus 2000. Operating income in the Asia-Pacific region was $0.5 million compared to operating income in the third quarter of 2000 of $0.2 million. European operating income decreased 1.4%, or $.1 million, to $3.3 million for the current quarter from $3.4 million recorded a year ago.

    NOTICE: For a full text version of the U.S. release, please visit www.denisonhydraulics.com. Denison will also hold a conference call on Wednesday, October 24, 2001 at 10 a.m., which can be accessed live via the Internet at the same website. The call will also be archived and available for four days via Denison's website or by telephonic replay from approximately 12:30 p.m. October 24, 2001 through 12:30 p.m. Eastern Standard Time on October 29, 2001. The phone number for the replay is (719) 457-0820). Enter number 426353 to access the replay.