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Starcraft Corporation Reports Strong First Quarter

1 February 2000

Starcraft Corporation Reports Strong First Quarter; Solid Financial Growth Continues With Revenues Tripling

    GOSHEN, Ind.--Jan. 31, 2000--

    Net Income $1.05 Million Versus a ($1.82) Million Loss a Year Ago

    Starcraft Corporation (Nasdaq Small Cap:STCR) today announced first quarter results for fiscal year 2000.
    Sales were up sharply in the first quarter of fiscal 2000, ended January 2, 2000, at $36.2 million, up three-fold from first quarter fiscal 1999 sales of $12.1 million. Net income for the quarter was $1.05 million, or $0.25 per basic share, $0.22 per diluted share, compared to a loss of ($1.82) million, or a loss of ($0.44) per share for the same period last year.
    "Our strategy to diversify into higher margin businesses, coupled while consolidating operations reflect very positive results, not only for this quarter, but for the future. The significance of this quarter is an obvious dramatic increase as we continue to gain momentum in the segments of industry we serve," said Kelly L. Rose, Chairman of the Board and Chief Executive Officer. "The continued commitment of our Board of Directors, strong management team, and very valuable associates remains focused on diversification and profitability, as well as to enhance shareholder value."
    Michael H. Schoeffler, President and Chief Operating Officer states, "Our strong performance over the past several quarters has strengthened the balance sheet as indicated by the ratio of current assets to current liabilities of 1.7 to 1 versus 1.4 to 1 at year-end 1999. We expect to continue to achieve favorable results throughout fiscal 2000 as industry indicators show continued expansion."
    Starcraft Corporation is a leading manufacturer of second stage vehicle conversions through its Starcraft, Imperial, Bus, Tecstar and National Mobility divisions.
    For additional information, contact Michael H. Schoeffler, Starcraft Corporation at (219) 533-1105, ext. 257.

    This news release contains forward-looking statements regarding market demand, sales, profitability and other matters. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, level of customer demand, competitive pressures and other important factors detailed in the Company's annual report on Form 10-K for fiscal year 1999 filed with the Securities and Exchange Commission.