1 EXHIBIT 99.A MCCLAIN NEWS RELEASE EXHIBIT A FOR IMMEDIATE RELEASE NASDAQ CONTACT: MARK MIKELAIT Symbol MCCL TREASURER TEL: (419) 468-2120 FAX: (419) 468-4895 McCLAIN INDUSTRIES, INC. ANNOUNCES RECORD SALES AND EARNINGS FOR THE THIRD QUARTER AND NINE MONTHS ENDED JUNE 30, 1999 Sterling Heights, Michigan, July 28, 1999 - McClain Industries, Inc. NASDAQ Symbol (MCCL), today announced record sales and earnings for the third quarter and nine months ended June 30, 1999. Sales for the third quarter ended June 30, 1999 were a record $42,932,485 compared to $33,441,088 for the same quarter a year earlier. Net income was a record $1,561,339 or .33 a share compared to $1,060,453 or $.23 a share for the same quarter a year earlier. Sales for the nine months ended June 30, 1999 were a record $101,946,172 compared to $80,681,338 a year earlier. Net income was a record $3,064,476 or $.65 a share compared to $1,729,890 or $.37 a share during the prior year. "We are extremely pleased with our results for the three months and nine months ended June 30, 1999," said Kenneth D. McClain, President and Chief Executive Officer. "We continue to meet our Fiscal 1999 goals of improved gross profit margins, sales and earnings." 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. Condensed Consolidated Statements of Operations ----------------------------------------------- (Unaudited) ----------- Three Months Ended Nine Months Ended June 30, June 30, 1999 1998 1999 1998 ---- ---- ---- ---- Net Sales $42,932,485 $33,441,485 $101,946,172 $80,681,338 Cost of Sales 35,247,417 27,487,916 83,666,479 65,977,131 ----------- ----------- ------------ ----------- Gross Profit 7,685,068 5,953,172 18,279,693 14,704,207 Selling & Administrative 4,683,884 3,548,809 12,023,313 10,086,462 ----------- ----------- ------------ ----------- Operating Profit 3,001,184 2,404,363 6,256,380 4,617,745 Other Income (Expense) (635,845) (792,910) (1,612,904) (1,996,855) ----------- ----------- ------------ ----------- Income Before Income Taxes 2,365,339 1,611,453 4,643,476 2,620,890 Provision for Income Taxes 804,000 551,000 1,579,000 891,000 ----------- ----------- ------------ ----------- Net Income $ 1,561,339 $ 1,060,453 $ 3,064,476 $ 1,729,890 =========== =========== ============ =========== Earnings Per Share $ .33 $ .23 $ .65 $ .37 =========== =========== ============ =========== Shares Outstanding 4,669,552 4,684,439 4,669,552 4,684,439 =========== =========== ============ ===========