Niagara Corporation Announces First Quarter Results

Niagara Corporation Announces First Quarter Results 


NEW YORK, April 28  /PRNewswire-FirstCall/ -- Niagara Corporation  announced
today its results for the first quarter ended March 31, 2004.

Sales increased to $99.2 million from $79.7 million in the comparable quarter
in 2003.  Net income for the quarter increased to $2,808,000 from $1,424,000,
and net income per share (basic and diluted) was $.34 compared to $.17 for the
first quarter of 2003.

In commenting on these results, Michael Scharf, Chairman and CEO of Niagara,
stated:

   "Niagara Corporation's results for the first quarter of 2004 can only be
   described as excellent. Tons shipped, sales, profit margins, and net
   income for our U.S. operations increased markedly in the first quarter
   compared to the first quarter of 2003. The causal factors were an
   improving economy and resultant stronger demand, price increases, and our
   having sufficient inventory to meet the needs of our customers. It is
   also important to note that the excellent results of our U.S. operations
   give effect, because of rising inventory costs, to a LIFO charge of
   approximately $1.6 million compared to no charge in the first quarter of
   2003."

   "Niagara's U.K. operations returned to modest profitability because of
   price increases implemented during the first quarter of 2004. While
   business conditions were not as buoyant as in the U.S., they improved in
   the first quarter from the poor conditions experienced at the end of
   2003. We continue to examine cost reduction options in the U.K. in the
   context of improving our operating performance."



This release contains certain "forward-looking statements" made pursuant to the
"safe-harbor" provisions of the Private Securities Litigation Reform Act of
1995.  These statements involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of the Company, that may
cause the Company's actual results to be materially different from those
expressed or implied by such statements.  Such risks, uncertainties and other
factors include those described in the Company's filings with the Securities
and Exchange Commission.  The forward-looking statements made herein are only
made as of the date of this release, and the Company undertakes no obligation
to publicly update such forward-looking statements to reflect subsequent events
or circumstances.

                           NIAGARA CORPORATION

                         Selected Financial Data

                                 Quarter Ended        Quarter Ended
                                 March 31, 2003      March 31, 2004

  Revenues                         $79,748,000          $99,235,000
  Net Income                        $1,424,000           $2,808,000
  Net Income Per Share                    $.17                 $.34
   (basic and diluted)
  Average Shares
  Basic                              8,238,517            8,238,517
  Diluted                            8,238,517            8,331,603


DATASOURCE: Niagara Corporation



CONTACT:  Michael Scharf, CEO of Niagara Corporation, [phone]



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

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