USPL Posting Numbers for Quarter

U.S. Plastic Lumber Corp. announced its operating results for the first quarter. USPL reported an operating income of $504,000 for the first quarter, compared with an operating loss of $3.1 million in the same quarter last year. The first quarter operating results in 2002 reflect positive operating income in both the Plastic Lumber and Environmental Recycling divisions, as well as $604,000 of corporate expenses in connection with the proposed sale of the Environmental Recycling division.

Revenues for the first quarter were $36.9 million, compared with $38.6 million for the same quarter in 2001, a decrease of 4 percent. Revenues from the Plastic Lumber division were $14.2 million in the first quarter. While this represents a decrease of $1.5 million, or 10 percent, compared to the first quarter of 2001, on a sequential basis the first quarter revenues increased significantly from $10.3 million of revenue in the fourth quarter of 2001.

The Plastic Lumber division's revenues were below last year's revenues primarily due to the impact of exiting the low margin resin trading business. The first quarter of 2001 included $2.3 million of resin revenues compared with $48,000 in the first quarter of 2002. Excluding the effects of revenues from the resin trading business, Plastic Lumber division revenues increased by 6 percent during the quarter. Revenues from the Environmental Recycling division during the first quarter of 2002 were $22.7 million, compared with $23.0 for the same quarter in 2001.

U.S. Plastic Lumber Corp. has two main business lines: the manufacture of plastic lumber, packaging and other value added products from recycled plastic, and the operation of interrelated environmental recycling services.

U.S. Plastic Lumber is the nation's largest producer of 100 percent HDPE recycled plastic lumber.