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Title:

For Immediate Release

Entities:

Minuteman International Inc.

Date:

2002

Size:

9KB total

Price:

$37

ID:

#344305

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President and Chief Executive Officer

Minuteman International, Inc.

630/627-6900

For Immediate Release

MINUTEMAN INTERNATIONAL THIRD QUARTER PROFIT DECLINES

ON FLAT SALES AND PRODUCT LAUNCH EXPENSES

Declares 57^th Consecutive Quarterly Dividend

ADDISON, IL, November 14, 2002 Minuteman International, Inc. (Nasdaq:MMAN), the floor-care equipment manufacturer, reported a 36.3 percent drop in the Companys net income for the third quarter ended September 30, 2002, as compared to the similar period in 2001 primarily due to higher marketing expenses in connection with the debut of several new products and higher professional fees. Sales for the three months were essentially unchanged from the same period in 2001.

Gregory J. Rau, president and CEO, said that increased demand for the Companys PowerBoss-brand industrial machinery was offset by reduced orders for Multi-Clean chemical cleaning products and its Parker outdoor sweeping equipment. This sales mix produced a modest increase in the Companys gross profit margin for the 2002 third quarter to 30.2 percent of sales from 30.0 percent for last years third quarter.

Selling, general and administrative expenses rose 2.3 percent for the third quarter 2002 compared to the prior year period, as additional marketing initiatives in support of the Companys dealer network both here and abroad were undertaken in all product lines. Additionally, professional fees increased for the third quarter and nine months of 2002, as compared to the similar 2001 periods, primarily due to the previously reported SEC investigation and other litigation. These expenses were favorably offset in part by decreased expense due to Minuteman no longer recording amortization of goodwill pursuant to provisions of SFAS No. 142 adopted earlier this year. This adoption resulted in an increase to net income by $.01 per share for the third quarter of 2002 and $.04 per share for the nine months ended September 30, 2002.

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