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Minuteman Reports Second Quarter Results

August 20, 2001
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Results reflect economy

ADDISON, Ill. -- Minuteman International, Inc. (Nasdaq:MMAN) reported its operating results for the second quarter of 2001 mirrored the weakness prevalent throughout the economy in general and its peers in the floor-care industry in particular.

For the quarter ended June 30, 2001, net income was $712,000, or 20-cents per share, compared with $976,000, or 28-cents per share for the same period in 2000, as restated. Sales were $19.9 million compared to $21.7 million for the second quarter of 2000, as restated.

For the first six months of 2001, net income was down 42 cents a share to $1.5 million, down from $1.9 million, or 55-cents per share, for the first half of 2000, as restated. Sales were down 6.4 percent for the year to date, at $41.5 million, compared with last year's $44.4 million, as restated.

Minuteman said it has instituted an asset conservation program aimed at protecting its financial condition and preserving the company's position as the frontrunner in its industry. Gregory J. Rau, president and CEO, believes the expense-control program will enhance future results because the return to full production will be orchestrated gradually, carefully keeping pace with any rebound in industrial activity.

Minuteman's response to the reduced demand from its commercial and industrial customers is characterized by a reduction in employment equal to about 5 percent of its workforce; a freeze on wages and new hires; and selective plant shutdowns for temporary periods. The effect of these measures will be monitored closely in coming weeks.

Minuteman International, Inc., manufactures Minuteman and PowerBoss commercial and industrial vacuums, floor and carpet-care equipment, and chemical products for cleaning and coating. For more information, visit the company's Web site at www.minutemanintl.com.

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