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EXHIBIT 99.A
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McCLAIN NEWS RELEASE
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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 FISCAL 1999
Sterling Heights, Michigan, December 13, 1999 - McClain Industries, Inc. NASDAQ
Symbol (MCCL), today announced record sales and earnings for the year ended
September 30, 1999.
Sales for the year ended September 30, 1999 increased 21% to a record
$140,604,885 compared to $116,554,031 in Fiscal 1998. Net income for the year
ended September 30, 1999 was a record $4,181,938 or $.90 per share compared to
$3,383,892 or $.72 per share in fiscal 1998.
Sales for the quarter ended September 30, 1999 were a record $38,658,713
compared to $35,872,693 for the same quarter a year earlier. Net income for the
fourth quarter in Fiscal 1999 was $1,117,462 or $.25 a share verses income of
$1,654,002 or $.35 a share for the same quarter in Fiscal 1998.
"We are extremely pleased with our results for the fiscal year ended September
30, 1999" said Kenneth D. McClain, President and Chief Executive Officer, "we
were able to meet our Fiscal 1999 goals of increased sales and earnings, as
well as improved gross profit margins on our manufacturing operations and
expect the improvements to continue in Fiscal 2000."
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.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Year Ended
September 30, September 30,
1999 1998 1999 1998
---- ---- ---- ----
Net Sales $38,658,713 $35,872,693 $140,604,885 $116,554,031
Cost of Sales 32,196,749 29,809,550 115,863,228 95,786,681
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Gross Profit 6,461,964 6,063,143 24,741,657 20,767,350
Selling, general and
administrative expenses 4,211,233 3,277,388 16,234,546 13,363,850
----------- ----------- ------------ ------------
Income from operations 2,250,731 2,785,755 8,507,111 7,403,500
Other expense, net (557,269) (592,753) (2,170,173) (2,589,608)
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Income before income taxes 1,693,462 2,193,002 6,336,938 4,813,892
Income taxes 576,000 539,000 2,155,000 1,430,000
----------- ----------- ------------ ------------
Net income $ 1,117,462 $ 1,654,002 $ 4,181,938 $ 3,383,892
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Net income per common share $ .25 $ .35 $ .90 $ .72
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Weight average common share 4,673,136 4,711,741 4,673,136 4,711,741
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