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Standard Automotive Corporation Reports Record Sales and Earnings

19 June 2000

Sales Increase 111% Year to Year; Operating Income Increases 87% Year to Year

    HILLSBOROUGH TOWNSHIP, N.J. - STANDARD AUTOMOTIVE CORPORATION (AMEX:AJX, AJX.PR) ("Standard") announced record sales of $159,476,000 for the fiscal year ended March 31, 2000, an increase of 111% from last year's reported sales of $75,452,000 for the same period. Standard's record sales level is attributable to several factors including across-the-board growth and product line extension by each of the operating subsidiaries, full year ownership of R/S Truck Body, CPS Trailer and Ajax Mexico, and the acquisition of Ranor Inc. in June 1999.

    Operating Income also reached a record level of $14,647,000 for the fiscal year ended March 31, 2000, an increase of 87% from last year's reported operating income of $7,841,000.

    Net income for the fiscal year ended March 31, 2000 was a record $5,397,000, up 55% from $3,482,000 for the same period ended March 31, 1999. Diluted earnings per share for the fiscal year ended March 31, 2000 of $1.11 also reached a record level compared to $0.69 for the same period ended 1999, representing an increase of 61% for the year.

    Steven Merker, Chairman and Chief Executive Officer of Standard Automotive Corporation commented, "I am extremely pleased with the sales and earnings growth we have achieved over the past year. The increases were the result of our continued commitment to achieve growth through extension of profitable product lines and strategic acquisitions, which have directly contributed to market share gains. Furthermore, the additions of Arell Machining Ltd. and Airborne Gear and Machining Ltd. in April 2000, two profitable businesses which will be immediately accretive to earnings and have great potential for growth will significantly contribute to our continued earnings growth."

    STANDARD AUTOMOTIVE CORPORATION is a diversified company with production facilities strategically located throughout the United States, Canada and Mexico. Standard currently operates two divisions: the Truck Body/Trailer 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 and machining of 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.