Drew Industries Presents Outlook at Deutsche Bank Securities Conference

WHITE PLAINS, N.Y., April 2 -- Recreational vehicle and manufactured housing products maker Drew Industries (AMEX:DW) is scheduled to present today at the Deutsche Bank Securities Basic Industries Conference in New York City.

Drew will report that its outlook for 2003 remains optimistic, and the Company forecasts sales and earnings growth for the entire year, despite an anticipated decline in first-quarter results. Drew recently reported record sales of $325 million for the year ended December 31, 2002, up 28 percent over 2001. Income from continuing operations was $15.8 million, or $1.57 per share, up 60 percent from the prior year.

The Company expects first-quarter earnings will be less than in the first quarter of 2002, due to increased softness in the manufactured housing (MH) market, and higher steel prices compared with the prior year first quarter. The Company also incurred expenses related to the settlement of a lawsuit on its RV slide-out system. This settlement creates greater long-term opportunity in this fast-growing segment. Drew posted income from continuing operations of $0.37 in the 2002 first quarter.

"While our short-term outlook is cautious, we remain optimistic that we will post strong full-year results," said Leigh J. Abrams, President and CEO. "The current economic uncertainty is causing consumers to delay purchases, but we believe this is only a temporary pull-back. Yet, even in these challenging market conditions, it is important to note that Drew remains profitable in both of our segments. We are well positioned for the eventual upturn in the MH market, and we also continue to look for growth opportunities."

About Drew

Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs and manufactured homes. Manufactured products include aluminum and vinyl windows and screens, doors, chassis, chassis parts, chassis slide-out systems, and bath and shower units. From 40 factories located throughout the United States and one factory in Canada, Drew serves most major national manufacturers of RVs and manufactured homes in an efficient and cost-effective manner. Additional information about Drew and its products can be found at www.drewindustries.com .

Forward Looking Statements

This press release contains certain statements, including the Company's plans and expectations regarding its operating strategy, products and costs, and its views of the prospects of the recreational vehicle and manufactured housing industries, which are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Act of 1995. These forward-looking statements reflect the Company's views, at the time such statements were made, with respect to the Company's future plans, objectives, events and financial results, such as revenues, expenses, income, earnings per share, capital expenditures, and other financial items. Forward-looking statements are not guarantees of future performance; they are subject to risks and uncertainties. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include pricing pressures due to competition, raw material costs (particularly aluminum, vinyl, steel, glass, and ABS resin), availability of retail and wholesale financing for manufactured homes, availability and costs of labor, inventory levels of retailers and manufacturers, the financial condition of our customers, interest rates, the outcome of pending litigation, and adverse weather conditions impacting retail sales. In addition, general economic conditions and consumer confidence may affect the retail sale of manufactured homes and RVs.