FAFCO, Inc. Reports Net Income and Sales

Business Wire, May 10, 1999

REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 10, 1999--

FAFCO, Inc., a manufacturer of solar heating systems and IceStor(TM) "off-peak" air conditioning products, reported a net income of $179,700 ($0.05 per basic share and $0.04 on a diluted basis) for the quarter ended March 31, 1999 compared to a net income of $2,200 ($0.00 per share) in the same quarter in 1998.

Sales increased 12.6% to $3,039,900 for the quarter ended March 31, 1999 from $2,699,500 in the first quarter of the prior year. These increases were primarily the result of increased unit sales of the Company's pool panel products along with increased unit sales of the Company's IceStor(TM) products.