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Collins Posts Record Sales

22 November 2000

Collins Posts Record Sales

    HUTCHINSON, Kan., Nov. 21 Collins Industries, Inc.
today reported record sales for its fiscal year 2000 which
ended October 31, 2000.  Sales increased 12% to $220,911,785 in fiscal 2000
compared to $196,398,056 in fiscal 1999.  Net income for fiscal 2000 was
$4,158,430 ($.55 per share - diluted) compared to $5,409,501 ($.72 per share
- diluted) for fiscal 1999.
    Sales for the quarter ended October 31, 2000 increased 5% to $61,463,901
compared to $58,620,856 for the same period in fiscal 1999.  This sales
increase principally resulted from higher sales in ambulance and terminal
truck product lines in the quarter ended October 31, 2000.  Net income for the
quarter ended October 31, 2000 was $987,598 ($.13 per share - diluted)
compared to $1,303,155 ($.17 per share - diluted) in the same period last
year.  The decrease in net income for the quarter ended October 31, 2000 was
principally attributable to lower profit contributions from bus products.
    Sales for the year ended October 31, 2000 increased principally as a
result of higher sales of terminal truck and ambulance products and were
partially offset by weaker bus sales.  The sales increase in terminal truck
products principally resulted from improvements in its distribution network
and from higher sales across rail, trucking and port sectors of its domestic
and international markets.  Ambulance sales increased principally as a result
of higher sales to the fire service sector of the market.  Net income for
fiscal 2000 was lower principally due to decreases in profit contributions
from bus products.
    The Company's sales backlog at October 31, 2000 was $46.7 million compared
to $59.6 million at October 31, 1999.
    In September, the Company completed the acquisition of certain assets of
Waldon, Inc., a leading manufacturer of industrial and construction equipment,
with $16.5 million in sales last year.  Waldon is an industry leader in the
road construction and industrial rental sweeper markets with the Waldon and
Lay-Mor product lines.  The Company expects the cash acquisition to be
accretive to future earnings.
    Donald Lynn Collins, President and CEO said, "We are pleased with our top
line results in fiscal 2000, despite lower earnings."  He added, "The Type-A
school bus market in fiscal 2000 was softer than we anticipated."  He said,
"We are excited about the prospects of building and improving Waldon's and
Lay-Mor's market position.  Waldon has been in business for 43 years, building
on its reputation for quality, durability and innovation in the markets that
they serve.  Further, our plan is to continue growing the Company internally
and externally through strategic acquisitions in fiscal 2001 and beyond."

    Financial Summary
    (In thousands of dollars, except share and per share amounts)

                             Three Months Ended          Year Ended
                                October 31,              October 31,

                              2000         1999       2000          1999

    Sales                    $61,464     $58,621    $220,912     $196,398

    Income before
     income taxes             $1,484      $2,246      $5,948       $8,870

    Income tax expense          $496        $943      $1,790       $3,460

    Net income                  $988      $1,303      $4,158       $5,410


    Earnings per share:

    Basic                      $0.14       $0.18       $0.58        $0.74

    Diluted                    $0.13       $0.17       $0.55        $0.72

    Weighted average outstanding
      common and common
      equivalent shares:

    Basic                  7,217,975   7,212,406   7,213,825    7,305,310

    Diluted                7,342,207   7,572,202   7,574,915    7,551,247