Gibraltar is raising its second-quarter earnings estimate. Gibraltar also said that it expects that its second-quarter sales, net income, and earnings per share will all be the highest of any quarter in the company's history.

As a result of its recent stock offering, Gibraltar had previously announced second-quarter earnings expectations of $.56 to $.61 per share on approximately 19.7 million weighted average shares outstanding — an approximately 21% increase over the 16.2 million weighted average shares outstanding in the second quarter of 2003, when the company reported earnings of $.51 per share. The company now expects that its earnings per share (EPS) in the second quarter of 2004 will be in the range of $.72 to $.75, which would result in Gibraltar's best-ever quarterly EPS and net income.

"The strong growth that emerged in March — which helped us generate first-quarter results that were the best in Gibraltar's history — has continued in both April and May. In each of the last three months, our sales rate, if annualized, is running at approximately $1 billion," said Brian J. Lipke, Gibraltar's Chairman and CEO.

"The strength we saw at the end of the first quarter has not moderated and the economy continues to be strong. We are also continuing to generate exceptionally strong results in a number of targeted high-growth areas, which have historically produced our highest margins and profitability. All of this has put us in a position where we are generating even better-than-expected results in the second quarter," said Mr. Lipke.

The second quarter is historically the strongest period for Gibraltar, with growth slowing in the third quarter as a result of model year changeovers in the auto industry and seasonal slowing in the building industry.

On June 4, Gibraltar announced the immediately accretive acquisition of SCM Metal Products, Inc., which manufactures, markets, and distributes non-ferrous metal powder products to hundreds of customers in a number of different industries, including the automotive, aerospace, electronics, and consumer products industries, among others. SCM had 2003 sales of approximately $45 million, with nearly one-third of its sales going to customers in Europe, Asia, and Central and South America. Gibraltar's second quarter will include one month of SCM's results.

Gibraltar manufactures and distributes more than 5,000 residential and commercial building products, and is one of North America's leading metal processors and North America's second-largest commercial heat treater. The company serves approximately 10,000 customers in a variety of industries in all 50 states, Canada, and Mexico. It has approximately 4,000 employees and operates 71 facilities in 26 states, Canada, and Mexico.