Finning Revenues up 12 Percent

VANCOUVER, B.C. — Finning International last month reported record quarterly revenues of U.S. $697.1 million, up 10 percent over the same period in 2002. Net income for the quarter was U.S. $21.0 million and basic EPS was 27 cents, 10 percent lower than the fourth quarter of 2002.

Net income for the full year was relatively unchanged at U.S. $98.6 million when compared with the same period in 2002.

The Vancouver, British Columbia-based company achieved record revenues in the year reflecting new acquisitions. This was offset by a stronger Canadian dollar in 2003, which negatively impacted earnings based on foreign currencies; the impact of a competitive U.K. rental market; and higher costs for pension and incentive plans.

Worldwide equipment rental revenues, including United Kingdom and South American operations, for the year ended Dec. 31, were U.S. $613.7 million compared to U.S. $556.3 million a year ago.

“Looking forward to 2004, we are very optimistic about our business prospects,” said Doug Whitehead, president and CEO of Finning International. “We also have strategies in place to address the continued competitive U.K. rental market, and cost pressures in our business. We expect to be announcing a number of initiatives during the year that address these issues.”

Whitehead also announced an increase in the company's quarterly dividend of 1 cent per share, to 10 cents per quarter.

Finning is No. 17 on the RER 100.

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