Prab Reports 2002 Results

    KALAMAZOO, Mich.--Jan. 29, 2003--Prab, Inc. (OTC:PRAB) reports sales of $12,942,000 and a net profit of $146,000 for the year ended October 31, 2002.
    These results compare with sales of $14,847,000 and a net profit of $542,000 in the same period a year ago.
    The order backlog of $2,899,000 at October 31, 2002 compares with $2,573,000 at the end of the previous quarter ended July 31, 2002 and $2,995,000 at October 31, 2001.
    Prab, Inc., operating under two divisions, Prab Conveyors and Hapman Conveyors, designs and manufactures conveyors, metal scrap reclamation systems, and bulk material handling equipment and systems for a wide variety of industrial markets throughout the world.

    PRAB, INC.
    Summary of Financial Results
    (in thousands of dollars except per share data)

                  Fourth Quarter Ended              Year Ended
                      October 31,                  October 31,
                2002            2001            2002         2001
            ----------------------------------------------------------
Sales              $3,323            $3,623      $12,942      $14,847
Net Income            (58)              320          146          542
Per Share          $(0.04)            $0.17        $0.08        $0.30

    Safe Harbor Statement

    As with any statements other than those reflecting historical facts, forward-looking statements contained in this announcement involve risk, and, as such, future financial performance may differ from current expectations due to a variety of marketplace factors. These factors include, without limitation, those disclosed in Prab Inc.'s 2002 Form 10-KSB filing with the Securities and Exchange Commission.