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Standard Automotive Corporation Announces Operating Results

30 June 1998

Standard Automotive Corporation Announces Operating Results for The Year Ended March 31, 1998

    HILLSBOROUGH TOWNSHIP, N.J.--June 30, 1998--

    Net Revenues Increased 48% to $33 Million For The Year

    Operating Income Increased 81%, Backlog Increased 176%

    Standard Automotive Corp. (AMEX:AJX, AJX.PR) announced today the combined operating results of Standard Automotive Corp. and its wholly owned subsidiary Ajax Manufacturing Company for the Fiscal year ended March 31, 1998.
    Revenues for the Fiscal year ended March 31, 1998 were $33,070,000 an increase of 48% from the revenues of $22,356,000 during Fiscal 1997. The increase in revenues reflects a general improvement in the trailer industry. The operating results also reflect certain cost economies which resulted in a 24% decrease in selling, general, and administrative expenses between 1997 and 1998. Operating Income increased 81% over Fiscal 1997. Backlog at March 31, 1998 was $27,212,000 compared to $9,877,000 at March 31, 1997.
    Steven Merker, Chairman and Chief Executive Officer of STANDARD AUTOMOTIVE CORPORATION, commented "We are pleased with the operating results for Fiscal 1998 which exceeded our expectations. We intend to continue our expansion in the trailer and truck manufacturing industry with the completion of two additional acquisitions expected during the next 30 days. Our excellent cash position combined with our recently announced $40,000,000 borrowing facility with PNC bank, N.A. will provide us with the capital to fully take advantage of the rapid consolidation being experienced by our industry and to fully drive our internal growth. All indications are that we are well on our way toward another very profitable year."