Toro Clarifies Third Quarter and Year End Expectations

BLOOMINGTON, Minn., Aug 12, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Toro Company (NYSE: TTC) in order to further clarify its release this morning currently believes its estimates of net earnings per dilutive share for the third quarter will be in the range of $1.66 to $1.68. At the same time, the company believes that its estimates of net earnings per dilutive share for the year will be in the range of $4.85 to $4.90. This estimate is before one-time charges for restructuring and other expense and goodwill write-off and excluding a one-time tax benefit.

Toro will be announcing its third quarter earnings on August 27, 2002 and will hold a conference call at 10am C.D.T. A live webcast and replay of the conference call will be available at .

The Toro Company is a leading worldwide provider of outdoor maintenance and beautification products for home, recreation and commercial landscapes.

Safe Harbor

Statements made in this news release, which are forward-looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the outlook for the company's professional and residential businesses, in particular prospects for the landscape contractor and golf markets; benefits from the "5 By Five" profit improvement program; benefits from plant reconfigurations; continued acceptance of new products; projected fiscal 2002 financial performance, including projected fiscal 2002 earnings; continued strong retail sales; the expected impact of new accounting principles on results of operations; expected change in channel partners field inventory levels and the potential contribution to results of operations of sales to large national retailers and local independent dealers, as well as assumptions underlying any of the foregoing.

Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in those statements. Among other things, earnings and revenue growth could be affected by continued global economic decline that began in 2000; additional economic uncertainty created by the threat of further terrorist acts and war, which may result in heightened security for import and export shipments of components or finished goods; further reductions in consumer spending including spending for travel and golf and unanticipated increased costs; the company's ability to continue to reduce expenses and implement all aspects of the "5 by Five" profit improvement program including expenses necessitated by threats of terrorism or war; the company's ability to achieve fiscal 2002 sales and earnings estimates; continuing problems in the design and manufacturing of irrigation products; whether the company is successful in selling its moderately priced walk power mowers; capital investments for a new production facility to satisfy the expected increase in demand for these products and increased dependence on selected national retailers; inflationary pressures and continued uncertainty and increased costs due to the continued strength for the dollar in foreign currency markets. In addition to the factors set forth in this paragraph, market, economic, financial, competitive, weather, production and other factors identified in Toro's quarterly and annual reports filed with the Securities and Exchange Commission, could affect the forward- looking statements in this press release. Toro undertakes no obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this statement.

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SOURCE The Toro Company

CONTACT:          Investors, Stephen P. Wolfe, Vice President, CFO,
                  +1-952-887-8076, or Stephen D. Keating, Assistant Treasurer, Director,
                  Investor Relations, +1-952-887-8526, or Media, Shelley Benedict, Media
                  Relations, +1-952-887-8930, or , all of The Toro Company
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Our Company

At The Toro Company, we take great pride in helping our customers enrich the beauty, productivity, and sustainability of the land. Founded in 1914, The Toro Company was built on a tradition of quality and caring relationships. Today, the company is a leading worldwide provider of innovative solutions for the outdoor environment including turf maintenance, snow and ice management, landscape, rental and specialty construction equipment, and irrigation and outdoor lighting solutions. Through a strong network of professional distributors, dealers and retailers in more than 125 countries, we proudly offer a wide range of products across a family of global brands to help golf courses, professional contractors, groundskeepers, agricultural growers, rental companies, government and educational institutions, and homeowners – in addition to many leading sports venues and historic sites around the world.