PRESS RELEASE

Detrex Corporation Reports 2002 First Quarter Results

Southfield, Michigan – April 25, 2002 - Detrex Corporation (NASDAQ: DTRX), a diversified manufacturer of chemicals and allied products, today announced net income from continuing operations of $182,676, or $0.12 per share, in the first quarter of 2002, compared to net income from continuing operations of $82,873, or $0.05 per share, for the same period a year ago. Net sales for the first quarter of 2002 were $14.7 million compared to $16.1 million in the same period last year. Included in the first quarter results for 2002 is $168,865 in royalty income for incremental sales of certain products relating to the September, 2000 Seibert transaction. No such amount was recorded in 2001 during the same period. The royalty agreement expires on December 31, 2002, with payment of the 2002 royalties due in February, 2003.

In 2001, the Company adopted a plan to exit the Parts Cleaning Technologies (PCT) segment and recorded a net loss of $7.3 million in discontinued operations for the year. In the first quarter of 2001, pre-tax operating losses from PCT totaled $501,647, resulting in a net loss from discontinued operations of $331,087, or $0.21 per share, and an overall net loss of $248,214, or $0.16 per share. During the first quarter of 2002, operating losses for PCT totaling approximately $360,000 pre-tax were charged to the reserve for exit costs.

The nine percent decline in sales in the first quarter of 2002 as compared to the year ago period is the result of weakness in the PVC pipe markets during the first half of the quarter. The plastic pipe subsidiary, Harvel Plastics, Inc., experienced a 16% reduction in revenue compared to the same period last year. First quarter sales of the specialty chemicals subsidiary, The Elco Corporation, increased year over year by 4.7%; this was the result of improved domestic order intake and customers building inventory in anticipation of a scheduled production shutdown in the second quarter.

The exit from PCT is progressing largely as planned with the sale of the Equipment business in January and the sale of several of the businesses in the Solvent branches expected in the coming weeks. Upon the completion of this sale, the Company will primarily be engaged in the facility closure process for the PCT segment. This process involves investigation and remediation of environmental conditions at the sites, regulatory closure of permits and disposal of real estate to generate cash.


Commenting on the Company’s results, President and CEO, Tom Mark said “We are pleased with our return to profitability, especially under these challenging economic conditions. Our near-term plans are to focus on improving the performance of Elco, Harvel and the corporation as a whole while managing the details and cash flow demands of the exit from PCT.”

Many of the statements included in this Press Release including the plan to exit PCT that do not relate to present or historical conditions are “forward-looking statements” within the meaning of the private securities litigation reform act of 1995 (the “1995 reform act”). Additional oral or written forward-looking statements may be made by or on behalf of the company from time to time and such statements may be included in documents other than this Press Release. Such forward-looking statements involve a number of known and unknown risks and uncertainties. While these statements represent the company’s current judgment with respect to its business, such risks and uncertainties could cause actual results, performance and achievements, or industry results, to differ materially from those suggested herein. The company undertakes no obligation to release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements in this Press Release and elsewhere may include, without limitation, statements relating to the company’s plans, strategies, objectives, expectations, intentions and adequacy of resources. All forward-looking statements in this Press Release and elsewhere are intended to be made pursuant to the safe harbor provisions of the 1995 reform act. Factors that could cause results to differ materially from those projected in the forward-looking statements include: the timing and magnitude of cash flows, market conditions, salability of the businesses on favorable terms, availability of buyers, cooperation of lenders and regulatory authorities, environmental remediation costs, liquidation value of assets, costs to exit leased facilities, cost and availability of environmental liability insurance, marketability of real estate, and other factors.

Summary Income Statement & Balance Sheet

Read our First Quarter Report, 2002

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