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Western Power & Equipment 3Q05 Results Rise 15 Percent

Vancouver, Wash.-based Western Power & Equipment Corp., a vertically integrated provider of construction and industrial equipment and building materials, last week reported total revenues of $29.9 million for its third quarter ended April 30, 2006, a 15.5-percent increase from the $25.9 million for the prior year's third quarter. The company had a net loss of $1.2 million for the quarter, compared with a net loss of $135,000 in the third quarter of the prior year. For the quarter, the company had a net loss of 11 cents per share (basic and diluted) compared to a net loss per share of 1 cent (basic and diluted) in the prior year quarter.

"Even though the third quarter showed a loss, revenues and gross profits are up from last year's comparative quarter and year-to-date figures," said C. Dean McLain, president and CEO of the company.

Revenues for the nine-month period ended April 30, 2006, increased 20.4 percent to $91 million compared with $75.6 million for the nine-month period ended April 30, 2005. This is the highest revenue figure for the first three quarters of Western's fiscal year in the past five years. For the nine months ended April 30, 2006, the company reported a net loss of $2.2 million, or 21 cents per share basic and diluted, compared with a net income of $501,000, or 5 cents per share basic and diluted, for the prior year's comparative period. The year-to-date net loss figure includes approximately $1.1 million of non-cash charges for amortization of debt issuance costs and debt discount.

Western Power & Equipment Corp. sells, leases, rents and services construction and industrial equipment for Case Corp. and more than 30 other manufacturers. The Company currently operates 11 construction and industrial equipment distribution facilities in Washington, Oregon, Nevada, California and Alaska.

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