Kadant Corporate

News Release

Thermo Fibergen Announces First Quarter Results

April 25, 2001 at 12:00 AM EDT

BEDFORD, Mass., April 25 /PRNewswire/ -- Thermo Fibergen Inc. (Amex: TFG), a Thermo Electron company, today reported revenues of $2,913,000 for the quarter ended March 31, 2001, compared with $2,733,000 for the same period last year. Net loss was $400,000, or $.03 per diluted share, versus net income of $278,000, or $.02 per diluted share, last year.

"We made considerable progress in developing our fiber-based composites business in the first quarter," said Yiannis Monovoukas, president and chief executive officer of Thermo Fibergen. "We shipped soundwall and decking systems worth more than $900,000, and we continue to expand production capacity toward our goal of supporting $20 million in annualized revenues by the second half of the year. We are also designing additional composite building products, such as privacy fence components and systems and lightweight roofing tiles. We received the highest rating for fire resistance for our roofing tiles, and recently booked our first order for these products, which serve a $4 billion market."

Consolidated Statement of Operations (Unaudited)

    (In thousands except per share amounts)
                                                      Three Months Ended
                                                Mar. 31, 2001     Apr. 1, 2000

    Revenues                                        $2,913            $2,733

    Costs and Operating Expenses:
    Cost of revenues                                 2,502             1,666
    Selling, general, and administrative
     expenses                                        1,098             1,044
    Research and development expenses                  296               326
                                                     3,896             3,036

    Operating Loss                                    (983)             (303)
    Interest Income                                    216               655

    Income (Loss) Before Income Taxes and
     Minority Interest                                (767)              352
    Income Tax (Provision) Benefit                     307              (186)
    Minority Interest Income                            60               112

    Net Income (Loss)                                $(400)             $278

    Basic and Diluted Earnings (Loss) Per
     Share                                           $(.03)             $.02

    Weighted Average Shares:
      Basic                                         11,500            14,161

      Diluted                                       11,500            14,537

Thermo Fibergen Inc. develops, produces, and markets fiber-based composite products primarily for the building industry, as well as agricultural carriers, oil and grease absorbents, and cat box fillers made from papermaking byproducts. Thermo Fibergen is a public subsidiary of Thermo Fibertek Inc., another Thermo Electron company.

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward- looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading "Forward-looking Statements" in Exhibit 13 to the company's annual report on Form 10-K for the year ended December 30, 2000. These include risks and uncertainties relating to: operating losses; ability to enter the composites market; limited composites manufacturer's experience; concentration of revenues; fiber-recovery and water-clarification systems; common stock redemption rights; the protection, defense, and use of proprietary technology and intellectual property; future capital needs, project financing, and dependence on capital markets; competition; environmental and regulatory risks; and commodity price risks.

CONTACT: Investor: 781-622-1111 or Media: 781-622-1252 of Thermo Electron/

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