/C O R R E C T I O N -- Hawk Corporation/

In the news release, Hawk Announces 2009 Third Quarter Results, issued
09-Nov-2009 by Hawk Corporation over PR Newswire, we are advised by the
company that a paragraph was inadvertently omitted from the Business Outlook
section. The omitted paragraph has been inserted at the beginning of that
section. The complete, corrected release follows:
Hawk Announces 2009 Third Quarter ResultsNet sales increase 11.3% in third
quarter compared to second quarter 2009Company reports third quarter net
income of $3.8 million or $0.45 per diluted share

CLEVELAND, Nov. 9 /PRNewswire-FirstCall/ -- Hawk Corporation (NYSE Amex: HWK)
announced today that sales for the third quarter ended September 30, 2009 were
$43.5 million, a decrease of $30.7 million or 41.4%, from $74.2 million in the
comparable prior year quarter. Net sales for the nine months ended September
30, 2009 were $126.8 million, a decrease of 40.1%, from $211.8 million in the
comparable prior year period. The economic downturn was the principal driver
of the revenue decline. Despite this downturn, the Company has continued to
receive new business awards from new and existing customers, which the Company
expects will result in future sales gains as the economy recovers. Total
sales were up 11.3% in the third quarter of 2009 when compared to the second
quarter of 2009, as a result of sales increases at all of its global
facilities.

(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO)

Income from operations for the third quarter ended September 30, 2009 was $6.1
million, a decrease of $9.5 million, or 60.9%, from $15.6 million in the prior
year period. The decrease in income from operations during the quarter was
impacted primarily by the sales volume decrease and to a lesser extent,
foreign currency exchange rates. This decline was partially offset by
reductions in incentive compensation expense, stringent cost controls during
the quarter and product mix.

For the nine month period ended September 30, 2009, the Company reported
income from operations of $11.8 million, a decrease of $21.9 million, or
65.0%, from $33.7 million in the comparable prior year period primarily caused
by sales volumes declines and to a lesser extent, foreign currency exchange
rates. This decline was partially offset by reductions in incentive
compensation expense, stringent cost controls, pricing actions and product
mix. During the nine months ended September 30, 2009, the Company reduced its
global labor force by approximately 16% in addition to lesser reduction taken
in the last quarter of 2008.

For the third quarter 2009, the Company reported net income of $3.8 million,
or $0.45 per diluted share, a decrease of $6.5 million compared to net income
of $10.3 million, or $1.09 per diluted share, in the third quarter of 2008.
During the third quarter of 2009, the Company reported other income of $1.5
million ($0.9 million after tax), or $0.12 per diluted share related to its
decision to accept cash from its partner in lieu of its obligation to develop
a potential new product for the Company. The Company decided that the funds
could earn a higher return deployed on other projects. During the third
quarter of 2008, the Company reported other income of $1.3 million ($0.9
million after tax), or $0.09 per diluted share, as a result of a similar
decision. For the nine months ended September 30, 2009, the Company reported
net income of $4.8 million, or $0.55 per diluted share, compared to $18.4
million, or $1.95 per diluted share, during the comparable prior year period.

Ronald E. Weinberg, Hawk's Chairman and CEO, said, "Despite the softness
caused by the economic recession, I am pleased with our performance. We have
been awarded a steady stream of additional new business during the period and
have been successful in controlling costs without diminishing the competitive
momentum of our business. During the third quarter, we began to see the very
early stages of a recovery in a number of our end-markets. Our sales in the
third quarter were up 11.3% compared to the second quarter of 2009. We
reacted quickly to the downturn and enacted cost reductions beginning in the
fourth quarter of 2008, and expect that a number of these reductions will
provide a benefit to our earnings power as the economy continues to improve."
Mr. Weinberg continued, "Our balance sheet remains strong with approximately
$86 million in cash and short-term investment as of September 30, 2009. This
amount of cash demonstrates a level of financial stability to our customers,
suppliers and lenders and allows us to be more proactive in gaining market
share and actively reviewing our options for potential acquisitions."

Working Capital and Liquidity

Cash and short-term investments increased $7.6 million to $86.3 million as of
September 30, 2009, compared to $78.7 million as of June 30, 2009. At
September 30, 2009, working capital decreased by $8.1 million to $117.9
million from $126.0 million at December 31, 2008. The decrease in working
capital was largely the result of decreased accounts receivable and inventory
levels partially offset by reductions in accounts payable at September 30,
2009. As a result of the emphasis on working capital reductions and in spite
of the economic downturn, cash flow from operations remained positive at $10.2
million for the nine months ended September 30, 2009, compared to $13.8
million for the period ended September 30, 2008.

Mr. Weinberg continued, "We were pleased to have been able to increase our
cash balances by $7.6 million from June 30, 2009 and to further reduce
inventory levels by an additional $1.7 million during the same period. Our
receivables continue to be of excellent quality."

At September 30, 2009, the Company had no borrowings under its global bank
facilities, and $18.8 million was available for borrowings under these
facilities.

During the nine months ended September 30, 2009, the Company spent $6.9
million on capital expenditures, compared to $9.2 million during the
comparable period of 2008. Depreciation was $5.3 million for the nine months
ended September 30, 2009 compared to $5.0 million for the nine months ended
September 30, 2008.

Business Outlook

As the calendar year draws to a close, the Company is tightening its
expectations for revenues to a range of between $165.0 million and $175.0
million from its previously issued range of between $160.0 million and $180.0
million. The revised range incorporates the Company's expectation that
gradual improvements in order quantities will continue throughout the
remainder of the year. However, the potential for year-end working capital
actions taken by customers could negatively affect projected revenues.

The Company remains vigilant in controlling its operating expenses in response
to economic conditions while at the same time investing globally in its
technology and sales efforts. A slight improvement in demand is being
experienced, and a portion of the direct workforce has been recalled.
Management believes the earnings benefit of this in the fourth quarter will be
tempered by expected product mix changes and the possibility that customers
will push shipments into the first quarter of 2010 in order to control their
own inventory levels. As a result of this combination of factors, the Company
is refining its range for operating income for the year to between $15.0
million and $17.0 million from its previously issued range of $14.0 million
and $18.0 million.

The Company's previously provided capital spending guidance for 2009 remains
unchanged at a range of between $8.0 and $10.0 million. Given the actual
results through September 30, 2009 and the Company's forecasted mix of
domestic and foreign earnings in the remainder of 2009, the Company is
revising its effective tax rate to 36.0% from its previous guidance of 39.9%.

The Company

Hawk Corporation is a leading supplier of friction materials for brakes,
clutches and transmissions used in airplanes, trucks, construction and mining
equipment, farm equipment, recreational and performance automotive vehicles.
The Company also manufactures fuel cell components. Headquartered in
Cleveland, Ohio, Hawk has approximately 930 employees at 12 manufacturing,
research, sales and international rep offices and administrative sites in 7
countries.

Forward-Looking Statements

This press release includes forward-looking statements concerning sales,
operating earnings and effective tax rates. These forward-looking statements
are based upon management's expectations and beliefs concerning future events.
Forward-looking statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of the Company and which
could cause actual results to differ materially from such statements. These
risks and uncertainties include, but are not limited to: the effect of
regional and global economic and industrial market conditions including our
expectations concerning their impact on the markets we serve; the effect of
conditions in the financial and credit markets and their impact on the
Company and our customers and suppliers; the impact of the Company's cost
reduction initiatives; the Company's ability to execute its business plan to
meet its sales, operating income, cash flow and capital expenditure guidance;
the costs and outcome of the ongoing SEC and DOJ investigations; the impact on
the Company's gross profit margins as a result of changes in product mix; the
Company's vulnerability to industry conditions and competition; the effect of
any interruption in the Company's supply of raw materials or a substantial
increase in the price of raw materials; work stoppages by union employees;
ongoing capital expenditures and investment in research and development;
compliance with government regulations; compliance with environmental and
health and safety laws and regulations; the effect on the Company's
international operations of unexpected changes in legal and regulatory
requirements, export restrictions, currency controls, tariffs and other trade
barriers, difficulties in staffing and managing foreign operations, political
and economic instability, difficulty in accounts receivable collection and
potentially adverse tax consequences; the effect of foreign currency exchange
rates on the Company's non-U.S. sales; reliance for a significant portion of
the Company's total revenues on a limited number of large organizations and
the continuity of business relationships with major customers; the loss of key
personnel; and control by existing preferred stockholders.

Actual results and events may differ significantly from those projected in the
forward-looking statements. Reference is made to Hawk's filings with the
Securities and Exchange Commission, including its annual report on Form 10-K
for the year ended December 31, 2008, its quarterly reports on Form 10-Q, and
other periodic filings, for a description of the foregoing and other factors
that could cause actual results to differ materially from those in the
forward-looking statements. Any forward-looking statement speaks only as of
the date on which such statement is made, and the Company undertakes no
obligation to update any forward-looking statement, whether as a result of new
information, future events or otherwise.

Investor Conference Call

A live Internet broadcast of the Company's conference call discussing
quarterly and year to date results can be accessed via the investor relations
page on Hawk Corporation's web site (www.hawkcorp.com) on Monday, November 9,
2009 at 11:00 a.m. Eastern time. An archive of the call will be available
shortly after the end of the conference call on the investor relations page of
the Company's web site.

Hawk Corporation is online at: http://www.hawkcorp.com/

HAWK CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)

Three Months Ended Nine Months Ended
September 30 September 30
---------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $43,452 $74,181 $126,814 $211,761
Cost of sales 29,883 49,070 92,856 148,140
------ ------ ------ -------
Gross profit 13,569 25,111 33,958 63,621

Operating expenses:
Selling, technical and
administrative expenses 7,305 9,332 21,764 29,426
Amortization of finite-
lived intangible assets 138 139 415 451
--- --- --- ---
Total operating expenses 7,443 9,471 22,179 29,877
----- ----- ------ ------
Income from operations 6,126 15,640 11,779 33,744

Interest expense (2,048) (2,013) (6,078) (6,041)
Interest income 125 488 394 1,679
Other income, net 1,583 1,198 1,706 1,552
----- ----- ----- -----
Income from continuing
operations, before income
taxes 5,786 15,313 7,801 30,934

Income tax provision 2,003 5,016 2,806 10,632
----- ----- ----- ------

Income from continuing
operations, after income
taxes 3,783 10,297 4,995 20,302
Loss from discontinued
operations, after income
taxes (13) (41) (187) (1,883)
--- --- ---- ------

Net income $3,770 $10,256 $4,808 $18,419
====== ======= ====== =======

Diluted earnings per share:
Income from continuing
operations, after income
taxes $0.45 $1.09 $0.57 $2.15
Discontinued
operations, after
income taxes - - (0.02) (0.20)
--- --- ----- -----
Net earnings per diluted
share $0.45 $1.09 $0.55 $1.95
===== ===== ===== =====

Average shares and
equivalents outstanding -
diluted 8,315 9,403 8,566 9,375
===== ===== ===== =====

HAWK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(In thousands)

September 30 December 31
2009 2008
---- ----

ASSETS
Current assets:
Cash and cash equivalents $52,350 $62,520
Short-term investments 33,911 30,774
Accounts receivable, net 28,022 38,569
Inventories 28,558 41,377
Deferred income taxes 382 414
Other current assets 4,956 5,521
----- -----
Total current assets 148,179 179,175
Property, plant and equipment, net 48,667 47,498
Other intangible assets 6,153 6,568
Other assets 8,126 6,751
----- -----
Total assets $211,125 $239,992
======== ========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $14,763 $30,207
Other accrued expenses 15,489 23,010
------ ------
Total current liabilities 30,252 53,217
Long-term debt 87,090 87,090
Deferred income taxes 350 338
Other liabilities 18,901 21,956
Shareholders' equity 74,532 77,391
------ ------
Total liabilities and shareholders' equity $211,125 $239,992
======== ========

SOURCE Hawk Corporation

Thomas A. Gilbride, Vice President - Finance, +1-216-861-3553; Investor
Relations: John Baldissera, BPC Financial Marketing, 1-800-368-1217