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ATP Reports Second Quarter Results and Announces New Chairman

08 August 2000

Advanced Technical Products, Inc., a producer of advanced composite structures and chemical defense products, today reported financial results for the second quarter of 2000. For the purposes of financial reporting, the Company's Alcore and Alcore Brigantine subsidiaries are treated as discontinued operations. Revenues from continuing operations for the quarter ended June 30, 2000 were $44.71 million compared to $43.11 million for the comparable period in 1999, an increase of $1.6 million or 3.7%. Net income from continuing operations for the second quarter of 2000 was $1.57 million compared to $1.91 million for the same period in 1999, a decrease of $346,000. Revenues from continuing operations for the six months ended June 30, 2000 were $86.07 million compared to $80.01 million for the comparable period in 1999, an increase of $6.06 million or 7.6%. Net income from continuing operations for the six-month period ended June 30, 2000 was $3.29 million compared to $3.0 million for the comparable period in 1999, an increase of $282,000 or 9.4%. Garrett L. Dominy, President and CEO said "Thes results reflect the strength inherent in our core business units which represent ATP's continuing operations. We are seeing revenue growth in our chemical defense product lines, commercial natural gas vehicle tank business, and several advanced composite product lines, including composite inlet devices for the GE F414-400 turbofan engine, winglets and doors for the C-17, and flap track fairings for the Airbus A330 and A340 aircraft. We look forward to continuing involvement in these high-priority programs." The Company also announced that James S. Carter retired from the position of Chairman of the Board but will continue in his role as a Board member. The Board of Directors unanimously elected Gary L. Forbes as the new Chairman. Mr. Forbes has served as a director of TPG since its inception in 1995 and continued to serve on the ATP Board after the Lunn/TPG merger in 1997. Mr. Forbes has been a Vice President of Equus Capital Corporation since November of 1991. The Company further announced that General Johnni E. Wilson (Ret. U.S. Army), has accepted a nomination to the ATP Board of Directors. General Wilson is the President and Chief Operating Officer of Dimensions International, Inc., an information technology company. General Wilson retired from the U.S. Army in April of 1999 and his last post was as the Commanding General, U.S. Army Materiel Command. General Wilson's name will appear on the 2000 proxy as a nominee to the ATP Board of Directors. As previously announced, the Company is in the process of soliciting potential buyers for its Alcore and Alcore Brigantine subsidiaries. The Company has not yet entered into any agreement or arrangement relating to the sale of the subsidiaries. Advanced Technical Products, Inc. designs, develops, and manufactures high-performance radomes, aircraft components, rocket motor cases, pressure vessels, fuel tanks, shelter systems and other advanced composite products utilizing various production capabilities. The Compay is also a leader in the design, development and manufacture of nuclear, biological and chemical detection and protection equipment. The Company's products are used in a variety of applications in the aerospace and defense industries, as well as commercial markets.






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