Quixote Corporation Declares Increased Semiannual Dividend

CHICAGO, May 18, 2006 -- Quixote Corporation today announced that the Company's Board of Directors has voted to increase its regular semiannual dividend by $0.01 per share to $0.19 per share. The dividend will be payable on July 6, 2006 to all shareholders of record on June 6, 2006. This represents the 28th consecutive semiannual cash dividend paid by the Company to holders of its common stock.

In addition, Quixote Corporation was recently selected for inclusion in Mergent's Dividend Achievers Index which is comprised of companies that have delivered dividend increases to their shareholders for 10 or more years. In 2006, just 3% of all U.S. publicly listed companies met the stringent criteria to be designated for this achievement.

The Company also announced today that Duane Tyler has been appointed Chairman of its Audit Committee. Mr. Tyler replaces William G. Fowler who recently passed away following a long struggle with cancer.

Mr. Tyler, 56, was elected to Quixote's Board of Directors and its Audit Committee in August 2005. Prior to joining the Board, Mr. Tyler was an audit partner at McGladrey & Pullen, LLP, a leading national CPA firm. During his 31-year career at McGladrey & Pullen, Mr. Tyler held a number of management positions, most recently as Senior Vice President of Growth and Partner-in- Charge of the Chicago office. Mr. Tyler holds a BS in Accounting from Ball State University and is a certified public accountant.

Leslie J. Jezuit, Chairman and Chief Executive Officer, stated, "The entire Quixote Corporation family is deeply saddened by Bill Fowler's death. Bill was a good friend and dedicated Board member for over 30 years and will be missed by all of us. Duane Tyler, who is a valuable member of our Board, is well-qualified to assume the chairmanship of the Audit Committee, and we will provide him with our continued support and cooperation."

Quixote Corporation, (www.quixotecorp.com), through its wholly-owned subsidiaries, Quixote Transportation Safety, Inc., Quixote Traffic Corporation and Quixote Transportation Technologies, Inc., is the world's leading manufacturer of energy-absorbing highway crash cushions, electronic wireless measuring and sensing devices, weather forecasting stations, computerized highway advisory radio transmitting systems, intelligent intersection control systems, automated red light enforcement systems, flexible post delineators and other transportation safety products.