Edelbrock Revises the Number of Shares Outstanding and Resulting Earnings Per Share as Reported in Its August 28, 2002 Press Release

    TORRANCE, Calif.--Aug. 30, 2002--Edelbrock Corporation today reported that it has revised the weighted averaged number of shares outstanding and resulting earnings per share as reported in its August 28, 2002 press release.
    The weighted average number of shares used in the earnings per share ("EPS") calculation included in the August 28, 2002 press release did not retroactively include the effect of the Company's June 2002 ten percent (10%) stock dividend. The ten percent (10%) stock dividend increased the number of shares outstanding at June 30, 2002 by approximately 496,000 shares.
    The revision retroactively adjusts the weighted average number of outstanding shares and EPS amounts for all periods presented in the Company's August 28, 2002 press release. The change does not impact the Company's assets, liabilities, shareholders' equity, or net income for the fiscal 2002 fourth quarter and year ended June 30, 2002. The revisions reflect corrections of errors in the computation of the weighted average shares used to calculate basic and diluted EPS figures in accordance with Statement of Financial Accounting Standards No. 128, "Earnings Per Share."
    The effect on the weighted average number of shares and EPS is as follows:

                            Three months ended    Fiscal Year ended
                                 June 30,             June 30,
                             2002       2001      2002        2001
                         ---------- ---------- ---------- ----------  

Net income               $2,247,000 $2,123,000 $5,360,000 $4,792,000
Basic net income per share:
 As previously reported       $0.44      $0.42      $1.06      $0.94
 Revised                      $0.41      $0.38      $0.98      $0.86
Diluted net income per share:
 As previously reported       $0.43      $0.42      $1.06      $0.94
 Revised                      $0.41      $0.38      $0.98      $0.86

Basic weighted average
number of shares outstanding:
 As previously reported   5,129,000  5,077,000  5,039,000  5,077,000
 Revised                  5,451,000  5,585,000  5,492,000  5,585,000
Diluted weighted average
number of shares outstanding:
 As previously reported   5,176,000  5,077,000  5,040,000  5,077,000
 Revised                  5,497,000  5,585,000  5,493,000  5,585,000

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve known and unknown risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include such factors as the financial strength and competitive pricing environment of the automotive and motorcycle aftermarket industries; product demand; market acceptance; manufacturing efficiencies; new product development; the success of planned advertising, marketing and promotional campaigns; and other risks identified herein and other documents filed by the Company with the Securities and Exchange Commission.