EXHIBIT 99.1
International Aluminum Corporation Announces Results For Third Quarter
MONTEREY PARK, CA, May 13, 2003 - - International Aluminum Corporation (NYSE: IAL) today announced results for the quarter and nine months ended March 31, 2003 as follows:
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| Quarter Ended |
| Nine Months Ended |
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| 2003 |
| 2002 |
| 2003 |
| 2002 |
| ||||
Net sales |
| $ | 48,012,000 |
| $ | 46,473,000 |
| $ | 143,969,000 |
| $ | 147,039,000 |
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Income from continuing operations |
| $ | 907,000 |
| $ | 392,000 |
| $ | 2,158,000 |
| $ | 778,000 |
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Income (loss) from discontinued operations |
| — |
| — |
| 110,000 |
| (1,065,000 | ) | ||||
Cumulative effect of accounting change |
| — |
| — |
| — |
| (7,935,000 | ) | ||||
Net income (loss) |
| $ | 907,000 |
| $ | 392,000 |
| $ | 2,268,000 |
| $ | (8,222,000 | ) |
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Basic and diluted EPS: |
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Continuing operations |
| $ | .21 |
| $ | .09 |
| $ | .50 |
| $ | .18 |
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Discontinued operations |
| — |
| — |
| .03 |
| (.25 | ) | ||||
Cumulative effect of accounting change |
| — |
| — |
| — |
| (1.87 | ) | ||||
Total |
| $ | .21 |
| $ | .09 |
| $ | .53 |
| $ | (1.94 | ) |
The discontinued operations relate to the closure of Maestro Products, the Company’s wood window and
door subsidiary, which was announced in December 2001.
Contact:
David C. Treinen, President (323) 264-1670
Mitchell K. Fogelman, Senior Vice President-Finance (323) 264-1670
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