Eagle Precision Technologies Inc. - First Quarter Results

    BRANTFORD, Ontario--July 30, 2002--Eagle Precision Technologies Inc. announces the financial results for the first quarter ended May 31, 2002. Sales for the quarter were $ 11.8 million compared to $ 16.5 million for the same period last year. The decline in revenues is mostly attributable to the impact of the assignment for the benefit of creditors of Eaton Leonard Inc. on October 26, 2001 and reduced shipments from the Systems Group. Net income for the quarter was $1.1 million or $ .24 per share compared to income of $25,000 or $ .01 per share for the same period last year. Strong margins from Brantford operations and the on-going benefits of cost reductions efforts were partially offset by underabsorption from the Systems Group.
    Eagle Precision Technologies Inc. through its operating subsidiaries, designs and manufactures machines used in metal tube forming to shape and manipulate metal tubes; it also provides services to automate and integrate these machines. The Company's principal products are tube bending machines, tube end forming machines and machine systems used in the manufacture of automotive exhaust systems, mufflers, catalytic converters, shock absorbers, suspension struts, automotive fluid handling tubes and structural components. The Company's machines are also used in the aerospace, furniture and refrigeration industries.

    Eagle Precision Technologies Inc. has facilities in Brantford, Ontario; Indianapolis, Indiana; and Nesselwang, Germany, Cheshire, England and Shanghai, China.

                                    Three months to  Three months to
                                       May 31, 2002     May 31, 2001

Revenue                                 $11,808,000      $16,505,000
Net income                               $1,115,000          $25,000

Basic earnings per share                      $0.24             $.01
Diluted earnings per share                     $.02             $.01