1
EXHIBIT 99.1
[McCLAIN NEWS RELEASE]
FOR IMMEDIATE RELEASE
---------------------
NASDAQ CONTACT: MARK MIKELAIT
Symbol MCCL TREASURER
TEL: (419)468-2120
FAX: (419)468-4895
MCCLAIN INDUSTRIES, INC.
ANNOUNCES RECORD EARNINGS FOR FIRST QUARTER IN FISCAL 1999
Sterling Heights, Michigan, February 9, 1999 - McClain Industries, Inc.
NASDAQ Symbol (MCCL), today announced record sales and earnings for the first
quarter ended December 31, 1998.
Sales for the first quarter in fiscal 1999 increased 14% to a record
$27,156,906 from $23,625,324 for the same quarter in fiscal 1998. Net income
for the first quarter of fiscal 1999 was a record $561,486 or $.12 a share,
compared to net income of $337,537 or $.07 a share during the same quarter in
fiscal 1998.
"The first quarter sales increase of 14% from the previous years first quarter
was within our projections," said Kenneth D. McClain, President and Chief
Executive officer. "Demand for our products continues to improve and shows our
sales and marketing efforts are producing positive results. We expect the
upward sales trend to continue during fiscal 1999, particularly in the solid
waste product lines."
McClain Industries is one of the nation's leading manufacturers of solid waste
handling and transportation equipment for the waste disposal and recycling
industry and of a diversified line of dump truck bodies.
THREE MONTHS ENDED
------------------
DECEMBER 31, 1998 DECEMBER 31, 1997
----------------- -----------------
Net Sales $27,156,906 $23,625,324
Net Income $ 561,486 $ 337,537
Earnings Per Share $ .12 $ .07
Average Shares Outstanding 4,682,160 4,762,953