SUPREME INDUSTRIES REPORTS IMPROVED FINANCIAL RESULTS FOR

  Fiscal 1998 Second Quarter and First Half; FRP Technology Operational  Business Editors  GOSHEN, Ind.--(BUSINESS WIRE)--July 28, 1998--Supreme Industries, Inc., (AMEX:STS) a leading manufacturer of specialized truck bodies and shuttle buses, today announced financial results for its second quarter and six months ended June 30, 1998.  For the second quarter, the Company's revenues rose 9.0 percent to $61.3 million from $56.3 million for the same quarter last year. Net income was $3.5 million, or $0.32 per share diluted, a 4.8 percent improvement over the $3.3 million, or $0.30 per share diluted, reported for the year-ago quarter.  For the first six months of 1998, revenues increased 16.3 percent to $116.8 million from $100.4 million for the same period of 1997. First-half net income was up 17.2 percent to $5.9 million, or $0.53 per share diluted, from $5.0 million or $0.46 per share diluted, for the corresponding period in 1997.  Omer Kropf, President of Supreme Corporation, Supreme Industries' operating subsidiary, stated, "The Company's revenues and earnings for the second quarter were in line with our plans, and we are seeing continued strong demand for our products. Order intake increased 9.0 percent for the six months, leaving backlog at the end of the quarter at $47.1 million. While we are on track to report solid revenue and earnings growth for 1998, we are carefully monitoring the strike at General Motors, one of our primary chassis suppliers. We utilize multiple chassis sources, but a prolonged General Motors strike could affect our ability to completely satisfy customer demand for Supreme's truck bodies and shuttle buses. Given our current chassis supply, however, we do not anticipate the strike will affect our revenues adversely unless it continues into September."  Commenting on the progress of the Company's fiberglass-reinforced panel (FRP) facility, Mr. Kropf added, "We have now achieved commercial viability. We are producing high-quality FRP at the rate of four feet per minute on a partial shift basis. While we do not expect to be in full production until the fall of 1998, the panels we are producing are being used in our own manufacturing operations. By the spring of 1999, we expect to utilize our excess capacity to market to other manufacturers of transportation equipment.  "Because this FRP production process is totally innovative, we would not be surprised to encounter additional `debugging' as we increase production. We are enthusiastic about the considerable savings anticipated from the prospective efficiencies from our new FRP capabilities and the prospect of profitable revenues from panels sold to third parties beginning in 1999."  Supreme Industries, Inc., is a nationwide manufacturer of specialized truck bodies which are produced to the specifications of its customers. Supreme also manufactures the StarTrans(R) line of special purpose "shuttle type" buses. The Company's transportation equipment products are used by a wide-variety of industrial and commercial customers.    Supreme Industries Inc. and Subsidiaries Consolidated Statements of Income                                              Three Months Ended                                                  June 30,                                         ------------   ------------                                             1998           1997                                         ------------   ------------  Revenues                                $ 61,322,192   $ 56,275,903  Costs and expenses:   Cost of sales                           49,605,633     45,879,498   Selling, general and administrative      5,289,083      4,469,788   Interest                                   489,426        413,380                                         ------------   ------------                                            55,384,142     50,762,666                                         ------------   ------------      Income before income taxes            5,938,050      5,513,237    Income taxes                             2,447,000      2,182,000                                         ------------   ------------      Net income                           $3,491,050     $3,331,237                                         ------------   ------------                                         ------------   ------------  Earnings per share(a):   Basic                                         $.32           $.31   Diluted                                       $.32           $.30   Shares used in the computation of  earnings per share(a):   Basic                                   10,941,092     10,876,156   Diluted                                 11,024,729     10,951,528                                                Six Months Ended                                                  June 30,                                         ------------   ------------                                             1998           1997                                         ------------   ------------  Revenues                                $116,815,537   $100,449,206  Costs and expenses:   Cost of sales                           95,726,007     82,916,179   Selling, general and administrative     10,235,308      8,419,166   Interest                                   906,439        763,225                                         ------------   ------------                                           106,867,754     92,098,570                                         ------------   ------------      Income before income taxes            9,947,783      8,350,636    Income taxes                             4,069,000      3,334,000                                         ------------   ------------      Net income                           $5,878,783     $5,016,636                                         ------------   ------------                                         ------------   ------------  Earnings per share(a):   Basic                                         $.54           $.46   Diluted                                       $.53           $.46  Shares used in the computation of  earnings per share(a):   Basic                                   10,916,928     10,874,321   Diluted                                 11,011,597     10,942,833    Supreme Industries, Inc. and Subsidiaries Consolidated Balance Sheets                                           June 30,     December 31,                                             1998           1997                                         ------------   ------------    Assets   Current assets                        $ 57,224,776   $ 53,528,995   Property, plant and equipment, net      31,311,765     29,560,441   Intangible assets, net                   1,603,731      1,705,385   Other assets                             1,040,027      1,079,491                                         ------------   ------------  Total Assets                            $ 91,180,299   $ 85,874,312                                         ------------   ------------                                         ------------   ------------  Liabilities and Stockholders' Equity:   Current liabilities                   $ 18,543,605   $ 23,165,040   Long-term debt                          21,294,241     17,359,703   Deferred income taxes                      898,825        898,825                                         ------------   ------------ Total liabilities                         40,736,671     41,423,568 Total stockholders' equity                50,443,628     44,450,744                                         ------------   ------------ Total liabilities and  stockholders' equity                   $ 91,180,299   $ 85,874,312                                         ------------   ------------                                         ------------   ------------  (a)  Share data and earnings per share for the prior periods have been      restated for the 5% stock dividend declared May 12, 1998.   
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