Gibraltar reported net income of $16.2 million on sales of $279 million for the third quarter, and net income of $41.0 million on sales of $748 million in the first nine months of 2004.

Third Quarter Results— Net income of $16.2 million increased by $8.2 million when compared to results from the third quarter of 2003. Earnings per diluted share were $.82, compared to $.49 in the third quarter of 2003. Sales were $279 million, compared to $208 million in the third quarter of 2003.

Nine Month Results—Net income of $41.0 million compares to $21.1 million in 2003. Earnings per diluted share were $2.08, compared to $1.31 in 2003. Sales were $748 million, compared to $573 million in the first nine months of 2003.

Comments—“During the third quarter, all three of our business segments once again generated double-digit sales increases from the comparable period in the prior year. The majority of these gains came from organic growth in our existing business units with higher unit volumes, as we won additional business with existing customers, gained new accounts, and continued to introduce a steady stream of new products and services. The balance of our sales increase was the result of recent acquisitions (Gibraltar has made four acquisitions thus far in 2004) and higher overall selling prices, driven primarily by increased costs for steel and other commodity raw materials, which we passed on,” said Brian J. Lipke, Gibraltar’s Chairman and CEO.

“As a result of moving more of our business into higher value-added, higher-margin products, processes, and services, as well as our continuous improvement and cost-reduction initiatives, we generated even stronger improvements in operating income. Our operating margin in the third quarter was 10.4% — the second straight quarter above our 10% goal,” said Mr. Lipke.

Outlook—Looking ahead to the fourth quarter, Mr. Lipke said that even though the fourth quarter is historically the slowest period for Gibraltar (as a result of holidays and automotive plant shutdowns and seasonal slowing in the building industry), the company expects to continue its positive revenue and earnings growth momentum. “Barring a significant change in business conditions, we expect our fourth quarter earnings per diluted share will be in the range of $.43 to $.47, compared to $.35 in the fourth quarter of 2003,” said Mr. Lipke.

Gibraltar Industries, Inc. is a leading manufacturer, processor, and distributor of metals and other engineered materials for the building products, vehicular, and other industrial markets. The company serves approximately 10,000 customers in a variety of industries in all 50 states, Canada, Mexico, Europe, Asia, and Central and South America, and is approaching $1 billion in annual sales. It has approximately 4,000 employees and operates 74 facilities in 26 states, Canada, and Mexico.