Corrpro Announces Results for Its Fourth Quarter and Fiscal Year 2005

Corrpro Announces Results for Its Fourth Quarter and Fiscal Year
2005 


MEDINA, Ohio, June 29  /PRNewswire-FirstCall/ -- Corrpro Companies, Inc.
(AMEX:CO/PinkAMEX:Sheets), today announced results for its fourth quarter and
fiscal year ended March 31, 2005.

Corrpro's revenues from continuing operations of $30.5 million for the fourth
quarter were $2.2 million, or 7.8%, greater than the fourth quarter of fiscal
2004.  Its operating income from continuing operations was $1.1 million,
compared to an operating loss of $0.9 million in the previous fiscal year's
fourth quarter.

Net income for the quarter was $3.9 million compared to a net loss of $4.9
million in the year-earlier period.  Based on the difference in the price of
its common shares at March 31, 2005, as compared to December 31, 2004, the
Company recorded non-cash mark-to-market income of $4.5 million related to
certain of its warrants.  Fiscal 2004 results included approximately $3.7
million in expenses related to the Company's March 2004 refinancing and
recapitalization.  After taking into account mark-to-market warrant
adjustments, discontinued operations, and dividends attributable to preferred
stock, Corrpro's net income available to common shareholders was $3.4 million
for the fiscal 2005 fourth quarter, as compared to a loss of $4.9 million for
the fiscal 2004 fourth quarter.

For its fiscal 2005 year, Corrpro's revenues from continuing operations
increased $10.0 million, or 8.0%, to $134.6 million.  Operating income from
continuing operations rose by $1.1 million to $9.2 million compared to fiscal
2004.  Primarily due to increased revenues, non-cash mark-to-market income,
other income, lower interest and financing expenses, and discontinued
operations, reported net income improved by $14.0 million to $8.5 million in
fiscal 2005 over a fiscal 2004 net loss of $5.5 million.

Net of dividends attributable to preferred stock, net income available to
common shareholders was $6.6 million for fiscal 2005.  In fiscal 2005, the
Company accumulated $1.9 million for the preferred stock dividend as required.
The preferred stock dividends are not reflected as a liability or as a
reduction to shareholders equity until such time as they are declared.  To
date, none of the accumulated preferred stock dividends has been declared or
paid.  There were no dividends accumulated for fiscal 2004.

Commenting on fiscal 2005 results, Joseph P. Lahey, Chief Executive Officer and
President, said, "During the year we accomplished several objectives, primarily
because our employees performed well. We stabilized the company, implemented a
growth plan, and meaningfully increased our sales.  As a result, we have
returned to enhancing our shareholders' intrinsic value by improving cash flow
from continuing operations and paying down a portion of our debt."

As the Company also announced in a separate press release, in an effort to
significantly reduce expenses and to create greater value for its shareholders,
the Company submitted a notice of its intent to delist its common shares from
the American Stock Exchange (AMEX).  The Company has also filed a Form 15 with
the Securities and Exchange Commission to deregister its shares under the
Securities Exchange Act of 1934.  The Company does not believe that delisting
from the AMEX and deregistering under the Exchange Act will materially
adversely impact its current operations, current relationships with employees,
customers or suppliers or its existing financing arrangements.

Although its obligation to file periodic reports with the SEC is currently
suspended, Corrpro plans voluntarily to file with the SEC an Annual Report on
Form 10-K for the period ended March 31, 2005, which will contain additional
financial and other information with respect to the Company's quarter and year
ended March 31, 2005.

The Company's financial and other reports which have been filed with the
Securities and Exchange Commission are available upon request of the Company
and may also be found at the SEC's website, http://www.sec.gov/.  Free copies
of the Company's documents filed with the SEC may be obtained by sending a
written request to the Company at 1090 Enterprise Drive, Medina, Ohio 44256,
Attention: Investor Relations, by telephone at [phone], or by email at .

Corrpro, headquartered in Medina, Ohio, with over 30 offices worldwide, is the
leading provider of corrosion control engineering services, systems and
equipment to the infrastructure, environmental and energy markets around the
world.  Corrpro is the leading provider of cathodic protection systems and
engineering services, as well as of corrosion protection services relating to
coatings, pipeline integrity and reinforced concrete structures.

Except for historical information, the matters discussed in this press release
are forward-looking statements relating to the business of the Company. The
forward-looking statements are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates" "will" or
variations of such words and similar expressions are intended to identify such
forward-looking statements. The Company believes that the following factors,
among others, could affect its future performance and cause its actual results
to differ materially from those that are expressed or implied by
forward-looking statements, or diminish the liquidity of its Common Shares:
actual financial results of the Company; failure to have at least one market
maker continue to make a market in the Company's Common Shares on the Pink
Sheets following delisting; denial of the application to voluntarily delist
from AMEX; denial of the Form 15 to deregister under the Exchange Act; becoming
subject to the Exchange Act in the future; the actual amount of cost savings
and other benefits from being a non-reporting company; fluctuations in foreign
currency exchange rates; the impact of mark-to-market accounting treatment of
outstanding warrants; compliance with an SEC injunction related to accounting
irregularities; the Company's mix of products and services; the timing of
projects; the availability and value of larger projects; qualification
requirements and termination provisions relating to government projects; the
impact of inclement weather on the Company's operations; the impact of energy
prices on the Company's and its customers' businesses; adverse developments in
pending litigation or regulatory matters; the impact of existing, new or
changed regulatory initiatives; the impact of one entity holding a majority of
the voting power of the Company; and the impact of changing global political
and economic conditions. Further information concerning factors that may affect
the Company's business and performance are set forth in the Company's filings
with the Securities and Exchange Commission. The Company assumes no obligation
to update any of the information contained or referenced in this press release.

                           CORRPRO COMPANIES, INC.
                      Consolidated Income Statement Data
                                (In Thousands)

                                        For the Three      For the Twelve
                                         Months Ended       Months Ended
                                           March 31,          March 31,

                                         2005     2004      2005      2004

  Revenues                             $30,478  $28,271  $134,644  $124,630

  Cost of sales                         21,584   20,401    93,149    84,971
  Gross profit                           8,894    7,870    41,495    39,659

  Selling, general & administrative
   expenses                              7,817    8,810    32,281    31,498

  Operating income                       1,077     (940)    9,214     8,161

  Other income (expenses):
    Change in fair value of warrants     4,494      -       4,326       -
    Other income                          (135)     -         911       -
    Interest expense                    (1,372)  (4,499)   (5,095)   (9,001)

  Income (loss) from continuing
   operations before income taxes        4,064   (5,439)    9,356      (840)

  Provision for income taxes               (80)    (567)    1,200       790

  Income (loss) from continuing
   operations                            4,144   (4,872)    8,156    (1,630)

  Discontinued operations:
    Income (loss) from operations,
     net of income taxes                  (156)      (2)      468    (3,803)
    Loss on disposals, net of
     income taxes                         (124)     -        (124)      (46)

  Net income (loss)                      3,864   (4,874)    8,500    (5,479)

  Dividends attributable to
   preferred stock                         485      -       1,857       -

  Net income (loss) available to
   common stockholders                  $3,379  $(4,874)   $6,643   $(5,479)


DATASOURCE: Corrpro Companies, Inc.



CONTACT:  Joseph P. Lahey, President and CEO of Corrpro Companies, Inc.,

[phone]



Web site:  http://www.corrpro.com/

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