J.B. Poindexter & Co., Inc. Announces 2009 Unaudited Earnings and Third Quarter Conference Call

http://www.businesswire.com/news/home/20091109006554/en

HOUSTON--(Business Wire)--
J.B. Poindexter & Co., Inc. which owns and operates primarily transportation
related manufacturing businesses including Morgan Truck Body, LLC, Morgan Olson,
LLC, Truck Accessories Group, LLC, and the Specialty Manufacturing Division
released unaudited revenues and earnings for the three and nine months ended
September 30, 2009. The summarized unaudited results from operations were as
follows (in thousands):

For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2009 2008 2009 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net Sales
Morgan $ 29,854 $ 57,727 $ 113,996 $ 194,492
Morgan Olson 13,080 21,491 42,361 82,126
Truck Accessories 31,268 32,068 88,646 105,078
Specialty Manufacturing 35,153 56,534 127,130 179,661
JBPCO (Corporate) (588 ) (642 ) (1,024 ) (1,708 )
Total $ 108,767 $ 167,178 $ 371,109 $ 559,649
Operating Income (Loss)
Morgan $ 19 $ 2,587 $ 1,252 $ 5,660
Morgan Olson 624 1,443 468 4,000
Truck Accessories 2,920 1,002 5,778 2,715
Specialty Manufacturing (559 ) 6,451 5,266 19,917
JBPCO (Corporate) (743 ) (3,857 ) (2,957 ) (7,287 )
Total $ 2,261 $ 7,626 $ 9,807 $ 25,005
EBITDA Calculation:
Operating Income $ 2,261 $ 7,626 $ 9,807 $ 25,005
Add: Depreciation and amortization 4,190 4,323 13,102 13,362
EBITDA(1) $ 6,451 $ 11,949 $ 22,909 $ 38,367

Operating results for the three months ended September 30, 2009 reflect the
continued depressed conditions in the transportation industry and reduced demand
for Specialty Manufacturing`s machining services by its customers in the energy
services business that have been affected by a decline in oil and gas
exploration and production activities. Net cash used was approximately $2
million for the three months ended September 30, 2009 and as of that date we had
approximately $45 million of cash and $47 million of available borrowing
capacity under our revolving credit facility.

The third quarter bondholder`s call will be held on Tuesday, November 10, 2009
at 3:00 pm (Eastern time). The conference call can be accessed from the United
States or Canada by dialing (866) 294-4838 or for international callers (847)
944-7303 and the conference ID number: 6764652. A replay of the call will be
available until December 8, 2009 and may be accessed by dialing (888) 843-8996
or for international callers (630) 652-3044, and using the access code 6764652.

Forward-looking statements in this press release, including without limitation,
statements relating to the Company`s plans, strategies, objectives,
expectations, intentions and adequacy of resources, are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties including without limitation the Company`s plans, strategies,
objectives, expectations and intentions that are subject to change at any time
at the discretion of the Company.

This news release and the previously released financial statements of the
Company can be viewed on the Company`s World Wide Web site at
http://www.jbpoindexter.com.

J.B. Poindexter & Co., Inc. is a leading manufacturer of class 5-7 truck bodies
and step vans through its Morgan and Morgan Olson businesses and is a leading
manufacturer of pick-up truck accessories, principally caps and tonneaus through
its Truck Accessories Group subsidiary. Through its Specialty Manufacturing
Division, the Company manufactures funeral coaches, limousines, buses, plastics
based packaging materials and provides precision machining services.

(1) "EBITDA" is net income from continuing operations increased by the sum of
interest expense, income taxes, depreciation and amortization and other non-cash
items for those operations defined as restricted subsidiaries in the indenture
pertaining to our 8.75% Notes outstanding. EBITDA is not included herein as
operating data and should not be construed as an alternative to operating income
(determined in accordance with accounting principles generally accepted in the
United States) as an indicator of the Company's operating performance. The
Company has reported EBITDA because it is relevant for determining compliance
under the Indenture and because the Company understands that it is one measure
used by certain investors to analyze the Company's operating cash flow and
historical ability to service its indebtedness.

J.B. Poindexter & Co., Inc.
Stephen Magee, 713-655-9800

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