Barnes (B) 8-K Regulation FD Disclosure

Exhibit 99.1

BARNES GROUP INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATION
(Dollars in thousands)
Unaudited

Following is a reconciliation of free cash flow to the Company's reported change in cash and cash equivalents⁽¹⁾:

	Years ended December 31,
	2004			2003			2002			2001		2000			1999
Cash and cash equivalents:
Beginning of the period	$	49,788		$	28,355		$	48,868		$	23,303	$	43,632		$	40,206
End of the period		36,335			49,788			28,355			48,868		23,303			43,632
Increase (decrease) in cash and cash     equivalents		(13,453	)		21,433			(20,513	)		25,565		(20,329	)		3,426
Add back (subtract):
Business acquisitions, net of cash		17,720			61,142			31,189			1,036		104,935			92,239
Revenue sharing program payments		32,000			17,500			---			---		---			---
Dividends paid		18,509			17,564			15,018			14,806		14,677			14,564
Common stock repurchases		3,498			206			1,147			8,798		9,197			22,351
Net proceeds from public equity     offerings		---			(42,212	)		---			---		---			---
Decrease (increase) in debt		(25,220	)		(20,869	)		15,939			5,752		(84,799	)		(94,249	)
Financing activities - other		1,504			1,917			752			584		---			---
Free cash flow	$	34,558		$	56,681		$	43,532		$	56,541	$	23,681		$	38,331

Footnote:

(1) Free cash flow ("FCF") is not a measurement in accordance with generally accepted accounting principles ("GAAP"). The Company defines FCF as the increase or decrease in cash and cash equivalents (cash available) before dividends, business acquisitions, revenue sharing program payments, common stock repurchases, net proceeds from public equity offerings, net changes in debt and other financing activities. The Company does not intend FCF to represent cash flows from operations as defined by GAAP, and the reader should not consider it as an alternative to net income, net cash provided by operating activities or any other items calculated in accordance with GAAP, or as an indicator of the Company's operating performance. The Company's definition of FCF may not be comparable with FCF as defined by other companies. The Company believes that FCF provides a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, revenue sharing programs, debt service, repurchases of the Company's stock and distribution of earnings to shareholders. Furthermore, FCF is commonly used by financial analysts and others in the industries in which the Company operates and, thus, provides useful information to investors. The Company's non-GAAP measure of FCF has limitations depending on its use.