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Thermwood

BGF Industries Year End 2001 Earnings

28 March 2002

BGF Industries’ net sales for the year ended December 31, 2001 decreased $54.6 million, or 27.1%, to $146.8 million as compared to $201.4 million for the year ended December 31, 2000.

This decrease was due primarily to a decrease in sales of electronics fabrics and sales of filtration fabrics. The decrease in sales of electronics fabrics was primarily a result of significant inventory adjustments in the electronics industry that began during the first quarter of 2001. In addition, the decrease in capital spending in the information technology and telecommunications industry led fabricators of printed circuit boards to reduce production which negatively impacted our sales to these customers.

The decrease in sales of filtration fabrics was due to fewer large utility projects that have replaced filter bags as well as a downturn in the steel and foundry industries. Their second largest market, fabrics used in composite materials, held up well prior to September 11, 2001. They now expect to confront a decline in orders from customers in the aerospace industry due to uncertainty over airline traffic recovery. It is unknown if this decrease will be fully or partially offset by the market for refurbishing existing aircraft or increased purchases by the military.

BGF, headquartered in Greensboro, NC, manufactures specialty woven and non-woven fabrics made from glass, carbon and aramid yarns for use in a variety of electronic, filtration, composite, insulation, construction, and commercial products.






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