Reinhold Industries Achieves Record Sales and Profitability in 2003

Reinhold Industries Achieves Record Sales and Profitability in 2003 


SANTA FE SPRINGS, Calif., Feb. 27  /PRNewswire-FirstCall/ -- Reinhold
Industries, Inc.  of Santa Fe Springs, California, today announced results for
the fourth quarter and full year 2003.

For the full year 2003, revenues were $67.0 million, up $8.0 million (13%)
compared to 2002.  Sales at NP Aerospace increased by 45% compared to 2002 due
to additional shipments of body armor and other personal protection products. 
Sales increased 16% in the Aerospace business unit due to additional shipments
of components related to the Minuteman III Propellant Replacement Program and
rocket nozzles related to the National Missile Defense program.  Sales for the
CompositAir business unit decreased 20% compared to 2002 due to continuing
economic problems in the commercial airline industry. Sales increased 21% from
2002 in the Commercial business unit due to additional shipments of in-ground
lighting and water filtration products. Sales at the Bingham business unit
decreased by 2% from 2002.

Net income for 2003 was $5.7 million, or $1.83 per share, compared to net income
of $4.2 million, or $1.41 per share in 2002.  Earnings per share computations
reflect a 10% stock dividend effective May29, 2003.

Fourth quarter 2003 revenues were $17.1 million, down $1.2 million (6%) from
fourth quarter 2002.  Sales at NP Aerospace decreased by 4% compared to 2002 due
to decreased shipments of body armor and other personal protection products.
Sales decreased 6% in the Aerospace business unit due primarily to decreased
shipments of composite structures for military helicopters. Sales for the
CompositAir business unit decreased 24% compared to 2002 due to soft demand from
their primary customer and continuing economic problems in the commercial
airline industry. Sales increased 7% from 2002 in the Commercial business unit
due to additional shipments of in-ground lighting and water filtration products.
 Sales decreased 5% at the Bingham business unit.

"The increase in 2003 profitability was due primarily to our U.K. subsidiary, NP
Aerospace," said Michael T. Furry, President and CEO of Reinhold.  "Increased
sales of personal protection products along with management control of labor and
other costs allowed NP Aerospace to achieve a pre-tax profit of approximately
20% of sales.  On a consolidated basis, our cash increased by $3.1 million over
2002 despite capital expenditures of approximately $3.0 million, contributions
to our pension plans of $1.1 million and the payoff of all bank debt totaling
$3.0 million. We expect to continue these favorable trends in 2004."

This news release contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995.  Such forward-looking statements
involve risks and uncertainties, and Reinhold's actual experience may differ
materially from that anticipated in such statements. Factors that might cause
such a difference include those discussed in Reinhold's filings with the
Securities and Exchange Commission, including but not limited to its most recent
proxy statement, Form 10-K and Form 10-Q.

Reinhold Industries, Inc. is a manufacturer of advanced custom composite
components, sheet molding compounds, and graphic arts and industrial rollers for
a variety of applications in the United States and Europe.

                Reinhold Industries, Inc. (NASDAQ:RNHDA)
              (Amounts in Thousands, Except Per Share Data)

            4th Quarter Ended    YTD  4th QuarterEnded     YTD
                  12/31/03     12/31/03     12/31/02      12/31/02

   Sales           $17,057      $67,001      $18,219      $59,042
   Net Income       $1,109       $5,724       $1,968       $4,152
   EPS               $0.34        $1.83        $0.67        $1.41


DATASOURCE: Reinhold Industries, Inc.



CONTACT:  Judy Sanson of Reinhold Industries, Inc. [phone]



Web site:  http://www.reinhold-ind.com/

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