Elamex Comments on Delay of Third Quarter 2003 Financial Results

Elamex Comments on Delay of Third Quarter 2003 Financial Results 


EL PASO, Texas, Nov. 19  /PRNewswire-FirstCall/ -- Elamex S.A. de C.V. , a
diversified manufacturing services company with food, plastics and metals
operations and real estate holdings in Mexico and the United States, today
commented on reasons for the delay of its third quarter 2003 financial results
press release and conference call, and the late filing of its Form 10Q report
with the Securities and Exchange Commission (SEC) for the period ended October
3, 2003.

The Company filed a Form 12b-25 report ("Notification of Late Filing") with the
SEC on November 18, 2003.  In that report, the Company noted that it was unable
to file Form 10-Q without unreasonable effort or expense due an unexpected
result in a physical inventory performed as of October 31, 2003, by the
Company's Metal Stamping segment subsidiary Precision Tool, Die and Machine
Company ("Precision").  Precision management believes that inventory adjustments
are required as of the October 3, 2003 reporting date, and that the adjustments
will reduce inventory balances and increase cost of goods sold by an amount in
the range of $1.5 million to $2.1 million.  Precision has not yet completed its
review, and no conclusive findings have yet been made available to corporate
management.  Inventory adjustments in this range of amounts would raise
questions about underlying systems and controls, could have an adverse impact on
Precision bank borrowing arrangements, and could adversely impact Precision's
ability to maintain liquidity.  The review of the inventory and the
reconciliation to recorded accounts, and concerns about liquidity and internal
controls, requires additional time for the determination of the effect these
issues may have on the period ended October 3, 2003.

Elamex will reschedule its reporting date as soon as the review of third quarter
results is complete.  The revised date and time of Elamex's third quarter 2003
press release and conference call will be addressed in a forthcoming
announcement.

About Elamex

Elamex is a Mexican company with manufacturing operations and real estate
holdings in Mexico and the United States.  The Company is involved in the
production of food items related to its candy manufacturing and nut packaging
operations, and metal and plastic parts for the appliance and automotive
industries.  Elamex's competitive advantage results from its demonstrated
capability to leverage low cost, highly productive labor, strategic North
American locations, recognized quality and proven ability to combine high
technology with labor-intensive manufacturing processes in world-class
facilities.  As a value added provider, Elamex's key business objectives include
superior customer satisfaction, long term supplier relationships and employee
growth and development, with the ultimate goal of continuously building
shareholder value.

This press release includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, risks associated with possible
inventory adjustments.  Information contained herein should be read in
conjunction with the Company's periodic filings with the Securities and Exchange
Commission.

For further information, please contact Sam Henry, Chief Financial Officer of
Elamex S.A. de C.V., [phone], ; or Kristen McNally, General Information,
[phone], , or Brandi Piacente, Investor Information, [phone], ,
both of Financial Relations Board. 

DATASOURCE: Elamex S.A. de C.V.



CONTACT:  Sam Henry, Chief Financial Officer of Elamex S.A. de C.V.,

[phone], ; or Kristen McNally, General

Information, [phone], , or Brandi

Piacente, Investor Information, [phone],

, both of Financial Relations Board

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