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Standard Automotive Announces Sales and Earnings for Q2

8 November 1999

Standard Automotive Corporation Announces Sales and Earnings for the Quarter Ended September 30, 1999; Sales Increase 160% Year to Year; Earnings Increase 95% Year to Year

    HILLSBOROUGH, N.J.--Nov. 5, 1999--STANDARD AUTOMOTIVE CORPORATION (AMEX:AJX, AJXPR) (the "Company") today announced sales and earnings for the second quarter ended September 30, 1999. Sales for the quarter were $44,820,000 representing an increase of 160% compared to sales of $17,245,000 that the Company reported for the comparable quarter ended September 30, 1998. The sales for the quarter ended September 30, 1999 also represent a sequential increase of 28% over sales of $35,044,000 for the quarter ended June 30, 1999. Operating income increased to $3,773,000, a 111% increase over the $1,792,000 reported for the comparable quarter ended September 30, 1998.
    For the quarter ended September 30, 1999, the Company reported earnings of $.26 per diluted common share, as compared to earnings of $.12 reported for the quarter ended September 30, 1998.
    The increase in sales is predominantly the result of continued strong performance by R/S and CPS, together with sales generated by the Company's recently established chassis manufacturing facility in Sonora, Mexico, and the acquisition of Ranor.
    STANDARD AUTOMOTIVE CORPORATION is a diversified company with production facilities strategically located throughout the United States and Mexico. Standard currently operates two divisions: the Truck/Trailer Body Division which designs, manufactures and distributes trailer chassis for transporting maritime and railroad shipping containers and a broad line of specialized dump truck bodies, dump trailers, truck suspensions and other related assemblies, and the Critical Components Division, which specializes in the fabrication of large precision assemblies for the aerospace, nuclear, industrial and military markets.

    This release contains certain forward-looking statements which involve known and unknown risks, uncertainties, and other factors not under the Company's control which may cause actual results, performance, and achievements of the Company to be materially different from the results, performance or expectations of the Company. These factors may include, but are not limited to those detailed in the Company's periodic filings with the Securities and Exchange Commission.