MARITIME OPERATIONS:
THE HUMAN ELEMENT
Washington Marriott, Washington,DC April 23 & 24, 2002

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April 17, 2002

Strong shipbuilding sales for Manitowoc
The Manitowoc Company, Inc. today announced record revenues for the first quarter ended March 31, 2002. Net sales increased 31 percent to $301.3 million, from $229.4 million for the same period in 2001.

Manitowoc's Marine segment reported strong first-quarter results as sales increased 16 percent to $50.9 million, while operating earnings grew nearly 30 percent to $5.9 million. Margins climbed to 11.7 percent compared with 10.4 percent one year ago, despite a weak winter repair season. The company says that quotation activity remains brisk as vessel operators are taking steps to comply with OPA '90 legislation. These shipbuilding projects should offset a weaker demand for ship repairs by traditional Great Lakes customers.

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