Tower Automotive Updates Guidance for Improved Operating Results, Impact of Stock Offering

    GRAND RAPIDS, Mich.--June 5, 2002--Tower Automotive, Inc. provided revised guidance for its second quarter today, reflecting the combined effects of better than expected operating results along with the interest expense savings and increased shares outstanding resulting from the recently completed stock offering of 17.25 million shares.
    The company expects net earnings for the second quarter ending June 30, 2002 to be in the range of $.36 to $.40 per diluted share, on estimated second quarter revenues of approximately $710 million to $725 million. Tower previously provided second quarter guidance of $.33 to $.38 per diluted share (adjusted for its recent stock offering and related interest expense savings and equivalent to $.37 to $.42 on a pre-offering basis) on sales of $695 million to $715 million.
    The company previously announced that it had completed a follow-on stock offering of 17.25 million shares (after exercise of the underwriters' overallotment option) on May 13, 2002. Net proceeds from the offering of approximately $222.5 million were used to repay borrowings under the company's senior credit facility.
    Tower Automotive, Inc., is a global designer and producer of structural components and assemblies used by every major automotive original equipment manufacturer, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Fiat, Hyundai/Kia, BMW, and Volkswagen Group. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company is based in Grand Rapids, Mich.
    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results as a consequence of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Tower Automotive operates, and other risks detailed from time to time in the company's Securities and Exchange Commission filings.