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PRAB Reports 2000 Results

12 January 2001

PRAB Reports 2000 Results

    KALAMAZOO, Mich.--Jan. 12, 2001--PRAB, INC. reports sales of $15,687,000 and a net profit of $91,000 for the year ended Oct. 31, 2000. These results compare with sales of $15,317,000 and a net profit of $543,000 in the same period a year ago.
    The reduction in earnings per share for the year ended 2000 versus 1999 is partially due to the convertible preferred stock redemption completed on Dec. 28, 1999. In calculating earnings per share, net income for the year ended 2000 was reduced by the premium payed on the convertible preferred stock redeemed which totaled $322,667. The impact of this transaction was to reduce earnings per share by approximately $.18 for the year ended 2000.
    The order backlog of $3,984,000 at Oct. 31, 2000 compares with $2,940,000 at the end of the previous quarter ended July 31, 2000 and $2,084,000 at Oct. 31, 1999.
    Prab, Inc., operating under two divisions, Prab Conveyors and Hapman Conveyors designs and manufactures conveyors, metal scrap reclamation systems and bulk material handling equipment and systems for a wide variety of industrial markets throughout the world.

                              PRAB, INC.
                     Summary of Financial Results
           (in thousands of dollars except per share data)

                    Fourth Quarter Ended            Year Ended
                          Oct. 31,                   Oct. 31,
                     2000          1999        2000            1999
                     ----          ----        ----            ----
Sales               $3,921        $4,688     $15,687         $15,317
Net Income             (78)          348          91             543
Per Share           $(0.04)        $0.16     $ (0.13)        $  0.24