Westerbeke Reports First Quarter Results

    TAUNTON, Mass.--Feb. 19, 2003--Westerbeke Corporation announced today the results of its operations for the first fiscal quarter ended January 25, 2003.
    Net sales for the quarter ended January 25, 2003 were $4,495,800 compared to $4,674,500 for the quarter ended January 26, 2002, a decrease of 4%. The Company reported a net loss of $177,500, or $0.09 per share, for the quarter ended January 25, 2003, compared to a net loss of $328,700, or $0.17 per share, for the quarter ended January 26, 2002. Included in the net loss for the quarter ended January 25, 2003, as a credit to the Company's tax provision, is $108,500 of research and development credits.

    Westerbeke Corporation designs, manufactures and markets marine engine and air conditioning products intended principally for recreational marine applications.

                        WESTERBEKE CORPORATION
                     COMPARATIVE INCOME HIGHLIGHTS

                                                 Three Months Ended
                                               January 25, January 26,
                                                  2003        2002

Net sales                                      $4,495,800  $4,674,500

Net loss                                         (177,500)   (328,700)

Loss per common share, diluted                       (.09)       (.17)

Weighted average common shares, diluted         1,954,809   1,935,477