Ambulance Maker Collins Reports Fourth Quarter and Fiscal Year Results

HUTCHINSON, Kan., Nov. 22, 2002; Collins Industries, Inc.today reported its operating results for its fourth quarter and fiscal year 2002 which ended October 31. Net income increased 17% for the quarter ended October 31, 2002 to $1,232,593 ($.18 per share - diluted) compared to $1,054,515 ($.15 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, 2002 increased 2% to $58,169,663 compared to $57,009,423 for the same period in fiscal 2001. This sales increase principally resulted from higher sales of terminal truck/road construction products and was partially offset by lower school bus sales in the quarter.

Sales decreased 3% to $200,839,393 in fiscal 2002 compared to $207,653,284 in fiscal 2001. Net income for fiscal 2002 decreased 27% to $1,747,833 ($.26 per share - diluted) compared to $2,382,027 ($.33 per share - diluted) for fiscal 2001. Sales for the year ended October 31, 2002 decreased principally as a result of weaker terminal truck/road construction product sales. Net income for fiscal 2002 was lower principally due to decreases in the profit contributions from bus and terminal truck/road construction products. These decreases were partially offset by the favorable impact of higher profit contributions from ambulance products and lower interest rates.

The Company's sales backlog at October 31, 2002 increased by 9% over the same period last year to $42.2 million compared to $38.8 million at October 31, 2001.

Donald Lynn Collins, President and CEO said, "fiscal 2002 was certainly a challenging year as we posted a larger than expected loss in the first quarter and only marginal earnings in the second quarter. However, we were pleased with our recovery in the last half of the year, posting respective net earnings of $.15 and $.18 per share in our third and fourth fiscal quarter".

He continued, "the economy will continue to challenge us in 2003 as we expect a difficult first quarter. However, we believe we are poised to capitalize on the long term growth trends in our industries when buyers of our products return to our markets in greater numbers." He added, "we are preparing to meet these future demands as evidenced by our recent commitment to invest $4.0 million in new capital equipment that will be dedicated to automating certain ambulance operations".

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.