Exhibit 99.1


SOVEREIGN SPECIALTY CHEMICALS UPDATES FIRST QUARTER OPERATING RESULTS

Chicago, IL May 1, 2002 -- Sovereign Specialty Chemicals, Inc. updated its
outlook for operating results for the quarter ended March 31, 2002.

 Commenting on the results for the first quarter, Robert Covalt, Sovereign's
Chairman and CEO, said: "During our last earnings call, we indicated that we
expected first quarter operating results to be improved over the fourth quarter
of 2001, but not as good as the first quarter of 2001. Our sales for the first
quarter of 2002 will be between $86.5 and $87.0 million, and EBITDA will be
between $8.4 and $8.9 million excluding $.4 million of one-time costs
associated with hiring a senior executive."

     Mr. Covalt added: "Our first quarter results were encouraging given the
mixed economic environment we experienced during the quarter. Compared to the
fourth quarter, revenues were up almost 4%, and EBITDA was up sharply
reflecting lower raw material costs, better operating performance and lower
one-time expenses. Compared to the first quarter of 2001, sales were down about
2.5% from last year, but our profitability held up as a result of our earlier
actions to reduce costs. Our Construction segment continued to perform well
with sales and EBITDA up year-to-year reflecting the benefit of a stable
housing market and lower raw material costs. The Commercial segment showed
solid improvement over the fourth quarter with higher sales, lower raw
material costs and lower operating expenses.

     We continue to expect our operating income and EBITDA to show solid
year-to-year improvement during the remaining quarters of 2002. Order and
shipment actively in April strengthened in line with our normal seasonal pattern
of the June and September quarters being our strongest periods."


     At March 31, 2002 Sovereign had $3.6 million of cash, $245.2 million of
total debt and $28.5 million utilized under our revolving credit facility.

     Any forward-looking statements made in this release involve potential
risks and uncertainties and are based on management's beliefs, information
currently available to management and a number of management assumptions
concerning future events. Actual results may vary materially due to changes in
sales volumes, raw material and energy costs, foreign currency exchange rates,
global economic demand, selling prices, competitive pressures, and changes in
technology. Additional factors that may cause our actual results to vary are
detailed in Sovereign's filings with the SEC, including the Form 10-K for the
year ended December 31, 2001 and exhibit 99.1 to that report.

     Sovereign Specialty Chemicals, Inc. is a leading developer and supplier of
high-performance specialty adhesives, coatings and sealants serving three
markets: Packaging and Converting, Industrial, and Construction. Since 1996,
Sovereign has grown rapidly-through the strategic acquisition of established
niche leaders -- to become the largest privately owned adhesives manufacturer in
the United States and one of the largest adhesives manufacturers in the world,
public or private. Headquartered in Chicago, Illinois, USA, Sovereign comprises
over 1,000 employees working in 20 manufacturing and sales facilities worldwide
to support thousands of customers. In 2001, Sovereign's revenues were $357
million.

Sovereign's controlling Investor is AEA Investors Inc., one of the most
experienced private equity investment firms in the world. AEA's group of
investors includes a global network of important business leaders, family
groups, endowment funds, and select institutions.