Exhibit 99
FARREL NEWS
FARREL CORPORATION
25 Main Street For immediate release
Ansonia, CT 06401 CONTACT: WALTER C. LAZARCHECK
(203) 736-5500 TELEPHONE: (203) 736-5500
FARREL CORPORATION REPORTS FIRST QUARTER RESULTS
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ANSONIA, CONNECTICUT, May 13, 2003 - Farrel Corporation (OTC Bulletin Board:
FARL) reported a net loss of $1,249,000, equivalent to $0.24 per share, on sales
of $9.7 million for the quarter ended March 30, 2003, compared to a net loss of
$760,000, equivalent to $0.15 per share on sales of $7.8 million for the quarter
ended March 31, 2002.
Firm order backlog was $24.1 million at March 30, 2003, compared to $21.3
million at December 31, 2002, and $24.3 million at March 31, 2002. Firm backlog
was approximately $26.3 million at May 9, 2003.
For additional information on the Company's first quarter financial results,
refer to the Company's Form 10-Q filed today with the Securities and Exchange
Commission.
Farrel Corporation is a leading designer and manufacturer of machinery used to
process rubber and plastic materials. The Company's products include BANBURY(R)
and INTERMIX(R) mixers, continuous mixers, single and twin screw extruders,
plastic compounders, pelletizers, gear pumps and mills. Farrel also provides
repair, refurbishment and machinery upgrade services.
FARREL CORPORATION
FINANCIAL HIGHLIGHTS
Quarter Ended
March 30, 2003 March 31, 2002
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Net Sales $9,699,000 $7,845,000
Net Loss $(1,249,000) $(760,000)
Net Loss Per Share $(0.24) $(0.15)
As of
March 30, 2003 December 31, 2002
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Stockholders' Equity $13,036,000 $14,523,000
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