"The fact that we achieved double digit growth in same store revenue four consecutive quarters in fiscal year 2003 is a testament to both our operating philosophy and the dedication of all our associates"
David A. Kraemer
CEO

Bestway (BSTW) today announced improved financial results for its fourth quarter and full year ended July 31, 2003.

The Company had total revenues for the quarter ended July 31, 2003 of $9,125,742 compared to $8,166,022 for the comparable period in 2002. Same store revenues (revenues in stores operated for the entirety of both periods) during the fourth quarter of 2003 increased 11.7% above the comparable quarter of 2002. Net income for the fourth quarter was $94,553 compared to net loss of $777,981 a year ago. Proforma net loss for the fourth quarter of 2002 was decreased to $714,894 or $.44 per share to reflect the required adoption of Statement of Financial Accounting Standards No. 142, under which the Company discontinued amortization of goodwill.

Revenue for the full year ended July 31, 2003 increased 5.9% to $35,506,828 compared to $33,533,928 the prior year. This revenue growth was accomplished in spite of having fourteen more stores for much of the prior year. Same store revenue increased 12.0% compared to the preceding year. Net income and diluted earnings per share for the full year were $47,588 or $.03 per share, respectively, compared to net loss of $742,079 or $.45 per share a year ago. Proforma net loss for the full year ended 2002 was decreased to $489,730 or $.30 per share to reflect the required adoption of Statement of Financial Accounting Standards No. 142, under which the Company discontinued amortization of goodwill.

"The fact that we achieved double digit growth in same store revenue four consecutive quarters in fiscal year 2003 is a testament to both our operating philosophy and the dedication of all our associates," said David A. Kraemer, President and Chief Executive Officer. "We are excited to have achieved profitability in 2003 and look forward to continued progress in the coming year."