Toro announces 1Q earnings

BLOOMINGTON, Minn. (Feb. 20, 2002) -- The Toro Company (NYSE:TTC) announced results for the first quarter ended Feb. 1, 2002:

· Net earnings per dilutive share were 12 cents before the effects of previously announced one-time charges for restructuring and other expense, and goodwill write-off.

· Revenues for the first quarter were $277.9 million, compared to $280.4 million during the same period last year.

"We are very pleased that we were profitable in the first quarter, before one-time charges, despite an economic environment that we thought would cause us to lose money," said Kendrick B. Melrose, chairman and chief executive officer of The Toro Company. "Residential sales, led by the initial shipments of new, moderately priced Toro lawnmowers plus increased sales of blowers, trimmers, and retail irrigation, contributed to our better-than-expected performance. Moreover, a continued focus on operations efficiency helped us partially offset a slight overall sales decline for the quarter as compared to last year."

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