Collins Industries Posts Third Quarter 2006 Results and Declares 4th Quarter Dividend

Share Name	Share Symbol	Market	Type
(MM)	NASDAQ:CNSI	NASDAQ	Ordinary Share

(MM) (NASDAQ:CNSI)
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HUTCHINSON, Kan., Aug. 28 /PRNewswire-FirstCall/ -- Collins Industries, Inc. (OTC:CNSI) today reported results for its Third Quarter of 2006. Sales for the quarter ended July 31, 2006 increased 11% to a record third quarter $89.2 million compared to $80.6 million for the same period last year. The Company's net income increased in the third quarter to $3.5 million ($0.56 per share - diluted) for the quarter ended July 31, 2006 compared to $1.6 million ($0.26 per share - diluted) for the same period last year. This income improvement was principally led by increased revenues and gross profits. Sales for the nine months ended July 31, 2006 increased 19% to $229.5 million compared to $193.4 million for the same period last year. The net income for the nine months ended July 31, 2006 increased to $7.6 million ($1.20 per share - diluted) from $0.90 million ($0.14 per share - diluted) in the same period last year. This income improvement was principally led by increased revenues and gross profits. The prior year period included nonrecurring expenses for severance costs associated with the retirement of two executives and the restatement of financial statements for fiscal years 2002 and 2003 and interim quarterly statements for 2004, along with substantially increased audit fees for fiscal 2004 financial statements. These nonrecurring expenses totaled $1.29 million after tax ($0.21 per share - diluted.) Donald Lynn Collins, President and CEO, said, "Results for the third quarter maintain us on track for a highly successful fiscal 2006 and support our belief that benefits continue to be realized from our investments in technology and engineering." He further stated, "As earlier announced, we are currently engaged in a process of exploring a sale of the company." The Company's sales backlog at July 31, 2006 was $109.9 million compared to $116.0 million at July 31, 2005. The backlog as of July 31, 2006 included $11.8 million of a previously reported $28 million order for terminal trucks from the United States Postal Service received in July 2005, which will be primarily produced and delivered by November of 2006. In addition, the company announced today that it had declared its thirty ninth consecutive regular quarterly cash dividend. The dividend will be $0.05 per share, paid to shareholders of record as of September 6, 2006 and will be payable on September 15, 2006. The ex-dividend date will be September 1, 2006. The Company has paid a quarterly cash dividend for the past 38 consecutive quarters, exclusive of special dividends paid in 1998, 2000 and 2001. The Company will release the 3rd Quarter 2006 financial statements and footnotes to its Company website ( http://www.collinsindustries.com/ ) and to the Pink Sheets website ( http://www.pinksheets.com/ ). Collins Industries, Inc. is a leading manufacturer of ambulances (including medical attack vehicles, rescue vehicles and fire emergency vehicles), North America's largest producer of Type "A" small school buses, the nation's second largest manufacturer of terminal trucks and a leader in the road construction and industrial sweeper markets. Since 1971, the Company has grown to approximately 1000 employees in six plants comprising over one million combined square feet of manufacturing space. The Company sells its products throughout the United States and abroad. This press release contains historical and forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements due to certain risks and uncertainties, including, but not limited to, the availability of key raw materials, components and chassis, changes in funds budgeted by Federal, state and local governments, changes in competition, various inventory risks due to changes in market conditions, changes in product demand, substantial dependence on third parties for product quality, interest rate fluctuations, adequate direct labor pools, development of new products, changes in tax and other governmental rules and regulations applicable to the Company, reliability and timely fulfillment of orders and other risks as indicated in the Company's prior filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date released or to reflect the occurrence of unanticipated events. Financial Summary (In thousands of dollars, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended July 31, July 31, 2006 2005 2006 2005 Sales $89,240 $80,618 $229,532 $193,459 Income before income taxes 5,542 2,709 12,071 1,403 Income tax expense 2,050 1,060 4,470 530 Net income $3,492 $1,649 $7,601 $873 Earnings per share: Basic $0.60 $0.27 $1.29 $0.15 Diluted $0.56 $0.26 $1.20 $0.14 Weighted average outstanding common and common equivalent shares: Basic 5,821,875 6.053,430 5,914,465 5,936,733 Diluted 6,265,846 6,289,658 6,335,267 6,257,081 DATASOURCE: Collins Industries, Inc. CONTACT: Cletus Glasener, CFO and Vice President of Finance of Collins Industries, +1-620-663-5551 Web site: http://www.collinsindustries.com/

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CNSI (MM)