Noble International Announces Increased First Quarter Net Income

WARREN, Mich., April 28 -- Noble International, Ltd. (the "Company") today announced net income from continuing operations of $2.0 million, an increase of 46% from the previous year, or $0.25 per diluted share for the three months ended March 31, 2002. Included in the net income for the first quarter of 2003 is a one-time restructuring charge of $0.4 million net of tax or $.05 per diluted share related to severance commitments for staff reductions from continuing operations.

Revenue from continuing operations for the three months ended March 31, 2003 increased 50% to $40.8 million from $27.3 million for the same period in 2002. The increase in revenue was primarily the result of higher production volumes on certain vehicles, higher steel sales and sales from new product launches. Net income from continuing operations for the three months ended March 31, 2003 increased 46% to $2.0 million from $1.4 million in the first quarter of 2002. The increase in net income was primarily the result of the increased production volumes, expanded production on additional platforms and increased production efficiencies.

Commenting on the Company's recent divestitures and restructuring, Jay J. Hansen, Vice President of Corporate Development, stated, "With the sale of the heavy equipment and logistics businesses within the last four months, our management team and resources are focused on our core automotive business. The restructuring charge in the first quarter reflects the success of our cost cutting effort which identified and eliminated more than $3.0 million in annual expenses. This cost cutting effectively 'right sizes' the remaining business and exemplifies our goal to improve our efficiencies while maintaining world class quality."

Commenting on the results of the quarter, Christopher L. Morin, President and Chief Operating Officer, stated, "We are pleased with the results from our continuing operations in the first quarter. We continue to grow our revenue base and profitability while enhancing our market position in a competitive automotive market. Our team has contracted to win new business with both domestic OEM and transplants again this year. This is a credit to our team, our quality and our innovative new applications."

The financial results for the Company's discontinued logistic business are currently being completed. The Company anticipates this will be completed by May 12, 2003, at which time the complete earnings for the quarter will be announced. The Company will then host its conference call with investors.