Collins Posts Higher Fourth Quarter Profit

HUTCHINSON, Kan., Nov. 20 -- Collins Industries, Inc. today reported its operating results for its fourth quarter and fiscal year 2001 which ended October 31. Net income increased 7% for the quarter ended October 31, 2001 to $1,054,515 ($.15 per share - diluted) compared to $987,598 ($.13 per share - diluted) in the same period last year. This increase was principally attributable to higher profit contributions from ambulance products.

Sales for the quarter ended October 31, 2001 decreased 7% to $57,009,423 compared to $61,463,901 for the same period in fiscal 2000. This sales decrease principally resulted from lower sales in terminal truck and school bus products in the quarter ended October 31, 2001. This sales decrease was partially offset by improved sales of ambulance products in the quarter.

Sales decreased 6% to $207,653,284 in fiscal 2001 compared to $220,911,785 in fiscal 2000. Net income for fiscal 2001 was $2,382,027 ($.33 per share - diluted) compared to $4,158,430 ($.55 per share - diluted) for fiscal 2000. Sales for the year ended October 31, 2001 decreased principally as a result of weaker terminal truck and bus sales. Net income for fiscal 2001 was lower principally due to decreases in the profit contributions from bus and terminal truck products. These decreases were partially offset by the favorable impact higher profit contributions from ambulance products, lower interest rates and lower corporate expenses.

The Company's sales backlog at October 31, 2001 was $38.8 million compared to $46.7 million at October 31, 2000.

Donald Lynn Collins, President and CEO said, ``Fiscal 2001 was not only a challenging year, but also saw a continuation of the slowdown in the industries in which we compete, which began in fiscal 2000.'' He added, ``We continued our authorized stock buyback program in 2001, increased our regular cash dividend and at the same time reduced our interest-bearing debt.''

He continued, ``The economy will continue to challenge our company in the foreseeable future. However, we believe we are poised to capitalize on the long term growth trends in our industries when buyers of our products return in greater numbers.''

Collins Industries, Inc. is a leading manufacturer of ambulances (including medical attack vehicles, rescue vehicles and fire emergency vehicles), North America's largest producer of Type ``A'' small school buses, the nation's second largest manufacturer of terminal trucks and a leader in the road construction and industrial sweeper markets. Since 1971, the Company has grown to over 1,000 employees in six plants comprising over one million combined square feet of manufacturing space. The Company sells its products throughout the United States and abroad.

    Collins Industries, Inc.

    Financial Summary
    (In thousands of dollars, except share and per share amounts)


                                  Three Months Ended       Year  Ended
                                      October 31,           October 31,
                                    2001       2000      2001       2000
                                     (Unaudited)

    Sales                         $57,009    $61,464   $207,653   $220,912

    Income before income taxes     $1,540     $1,484     $3,682     $5,948

    Income tax expense               $485       $496     $1,300     $1,790

    Net income                     $1,055       $988     $2,382     $4,158

    Earnings per share:

      Basic                         $0.15      $0.14      $0.35      $0.58

      Diluted                       $0.15      $0.13      $0.33      $0.55

    Weighted average outstanding
     common and common equivalent
     shares:

      Basic                     6,815,962  7,217,975  6,890,965  7,213,825

      Diluted                   7,087,619  7,342,207  7,131,734  7,574,915