First Quarter Net Income Up 21% Sales Expected to Increase to $700 Million in 2000

BUFFALO, NEW YORK (April 19, 2000) - Gibraltar (Nasdaq: ROCK) today reported record sales and earnings for the quarter ended March 31, 2000. For the year, Gibraltar said it expects to generate sales of approximately $700 million, and it expects that 2000 will be its ninth consecutive year of record sales and earnings.

Sales in the first quarter of 2000 were approximately $168 million, up 17 percent from $144 million in the first quarter of 1999. Net income in the first quarter of 2000 increased by 21 percent to $6.0 million, or $.47 per diluted share, compared to $5.0 million, or $.39 per diluted share, in the first quarter of 1999.

"This was another excellent quarter for Gibraltar, and a great start on what we expect will be another record year. The nine acquisitions completed during the past two years, and continued growth from our existing operations, all contributed to our record-setting first quarter results," said Brian J. Lipke, Chairman and Chief Executive Officer.

"We continue to see strong demand in every part of our business, including the automotive and construction products markets. We are taking steps to fully utilize the manufacturing capacity in every part of our company, which will allow us to substantially grow our business without significant capital expenditures. And our pipeline of potential acquisitions remains full, which gives us a number of strategic growth opportunities," said Mr. Lipke.

"We have clearly made our company stronger by broadening our product and service offering, expanding and diversifying our customer base, extending our reach into fast-growing geographic and steel-consuming markets, solidifying our leadership in existing businesses and establishing a dominant position in areas related to our core strengths, and enhancing our margins while reducing their volatility," said Mr. Lipke.

"The consistency of our performance once again demonstrates how we have made our company stronger by focusing on higher value-added products and services, despite an environment where raw material prices have been increasing. As our completed strategic review process determined, we are clearly on the right track, our long-standing growth strategy is sound, and there are a number of opportunities to continue our growth and improve our performance," said Mr. Lipke.

"In the first quarter, one of the steps we took to improve our performance was the divestiture of our Chattanooga, Tennessee, operation. While that divestiture has impacted our sales, more importantly, our profitability and return on sales, assets, equity, and invested capital will be positively impacted," said Mr. Lipke.

"Another important step was our retaining of Xpedior (Nasdaq: XPDR) to accelerate the development and implementation of our eBusiness strategy. We view eBusiness as a way to leverage our existing business and accelerate the creation of value for our shareholders," said Mr. Lipke.

Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to a number of risk factors, including: the impact of changing steel prices on the company's results of operations; changing demand for the company's products; risks associated with the integration of acquisitions; and changes in interest or tax rates.

Gibraltar is a growth-oriented company, with expanding operations in the building and construction products, metal processing, and commercial heat-treating markets. The company serves approximately 9,000 customers in a variety of industries. It has approximately 3,200 employees and operates 49 facilities in 19 states and Mexico.