Starcraft Corporation Introduces Its New President and COO; Reiterates Bullish Outlook for 2003

    GOSHEN, Ind.--Jan. 7, 2003--At its quarterly conference call held yesterday, Starcraft Corporation introduced Michael H. Schoeffler as its newly elected President and Chief Operating Officer. The Company also reviewed fiscal 2002 results and reiterated the earnings guidance for fiscal 2003.
    During the call, Mr. Schoeffler indicated the Company's outlook for fiscal 2003 remains very favorable. The growth in revenues and earnings experienced in fiscal 2002 is expected to continue in 2003.
    Revenues for the first fiscal quarter of 2003 are expected to be approximately $39 million, an $18.1 million increase (87%) over the first quarter of fiscal 2002. Basic and diluted earnings per share for the quarter are expected to be approximately $0.40 per share and $0.36 per share, respectively. This compares favorably with the year earlier results of $0.21 per share and $0.20 per share, respectively. For the full year ended September 28, 2003, revenues are expected to be approximately $180 million, 73% higher than fiscal 2002 revenues. Basic earnings per share for fiscal 2003 are projected to be in a range of $2.00 to $2.15 per share, compared to $0.68 per share in fiscal 2002. On a fully diluted basis, 2003 earnings should be in a range of $1.85 to $2.00 per share, compared to $0.58 per share in fiscal 2002. The fiscal 2002 results included a one-time charge of $2.1 million related to the redemption of certain warrants and options. Excluding the one-time charge, basic and diluted earnings per share for fiscal 2002 would have been $1.17 per share and $0.99 per share, respectively.
    A replay of the conference call is available at (800) 642-1687, ID number 6896544, through Monday, January 13, 2003.
    This news release contains forward-looking statements regarding Starcraft's business operations and outlook. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, level of customer demand, competitive pressures and other important factors detailed in the Company's recent filings with the Securities and Exchange Commission.