LAN Lancer Cp

BDO Seidman, LLP Completes Lancer Audits SAN ANTONIO, July 1 /PRNewswire-FirstCall/ -- Lancer Corporation (AMEX:LAN) today announced that its independent auditor, BDO Seidman, LLP, has completed its reaudit of Lancer's financial statements for the years ended December 31, 2000, 2001 and 2002. BDO Seidman, LLP has also completed its audit of Lancer's financials for the year ended December 31, 2003, and a review of the financial statements for the quarter ended March 31, 2004. Sales for the year ended December 31, 2003 were $113.5 million, down from sales of $139.0 million in 2002. The net loss in 2003 was $0.8 million, or $0.09 per share, compared to net earnings of $4.0 million, or $0.43 per diluted share, in 2002. Sales for the three months ended March 31, 2004 were $29.5 million, up from $26.9 million in the same period last year. Net earnings for the first quarter of 2004 were $0.9 million, or $0.10 per diluted share, compared to a net loss of $0.3 million, or $0.03 per share, in the first quarter of 2003. The completion of the audit has enabled Lancer to file all past due and current periodic reports with the Securities and Exchange Commission. Lancer believes that by filing these reports, it has regained compliance with the American Stock Exchange continued listing requirements. Additionally, Lancer has executed an Amended and Restated Credit Agreement with its lenders. Chris Hughes, Lancer's President and Chief Executive Officer, commented: "The audit work is complete, and there are no changes to the audited financials that we released in prior years. We are pleased that the integrity of our financial reporting has been confirmed." "Our company remains solid, and we are competing successfully in our markets throughout the world. In particular, we're pleased with the acceptance of our Flavor Select(TM) products in the U.S. convenience store market, and good demand for our line of frozen beverage dispensers." Lancer Corporation is a leading innovator, manufacturer and marketer of beverage dispensing systems serving customers worldwide. Headquartered in San Antonio, Texas, Lancer also maintains facilities in Mexico, Australia, Belgium, New Zealand and the United Kingdom. Lancer is a vertically integrated manufacturer with 2003 sales of $113 million, and employing approximately 1,400 people. Lancer designs and manufacturers a complete range of fountain soft drink dispensers, frozen beverage dispensers, dispensing valves, beer dispensing equipment, and an extensive line of beverage dispensing parts and accessories, which are marketed through a network of Company sales representatives and authorized distributors. This press release contains various forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements contain certain risks, uncertainty and assumptions. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. DATASOURCE: Lancer Corporation CONTACT: Scott Adams of Lancer Corporation, +1-210-310-7065 Web site: http://www.lancercorp.com/

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