MINNEAPOLIS — April 23, 2003 — PW Eagle, Inc. (Nasdaq-NMS: “PWEI”) today reported its financial results for the three months ended March 31, 2003. The results of the first quarter as reported include the results of operations for the recently acquired Uponor ETI (now Extrusion Technologies, Inc. or ETI) from March 14, 2003, the date of acquisition. A summary of the unaudited consolidated results for the quarters ending March 31, 2003 and 2002 is set forth in the following table:

Income Statement Information

(In thousands, except for per share amounts)

		Three months ended March 31,
		2003	2002
Net sales		$70,924	$53,104
Gross profit		11,457	6,262
Net income (loss)		(336)	(2,635)
Adjustments to reconcile to EBITDA:
	Interest	2,588	3,005
	Taxes	(208)	(1,635)
	Depreciation	2,385	2,258
	Amortization	17	–
EBITDA		4,446	993
Basic earnings (loss) per share		$(0.05)	$(0.39)
Diluted earnings (loss) per share		$(0.05)	$(0.39)

		Three months ended March 31,				Year ended December 31,
		2003	2002			2002
Net sales		$91,615	$72,150			$340,765
Gross profit		16,399	7,785			60,517
Net income (loss)		701	(4,030)			(37)
Adjustments to reconcile to EBITDA:
	Interest	2,891	3,521			12,820
	Taxes	436	(2,501)			(23)
	Depreciation	3,137	3,308			12,852
	Amortization	143	143			573
EBITDA		7,308	441			26,185
Basic earnings (loss) per share		$0.10	$(0.60)			$(0.01)
Diluted earnings (loss) per share		$0.07	$(0.60)			$(0.01)

William H. Spell, PW Eagle CEO, stated, “We are extremely pleased to report that we experienced very good operating results for the first quarter. Our operating results in the first quarter of 2003 are a significant improvement over our operating results in the first quarter of 2001 and 2002. Selling prices and margins were higher in the first quarter of 2003 as PVC prices increased resulting in both enhanced gross profit and EBITDA. We are especially encouraged with these results during a quarter with moderate growth in GDP of an estimated 1.8%.”

Looking ahead, Mr. Spell said, “Given current industry conditions, we are optimistic about 2003. The forecast for economic growth calls for an increase for GDP of 2.7% for the remainder of 2003. PVC resin producers implemented a two-cent per pound price increase for January, a two-cent per pound increase for February and a two-cent per pound increase for March. In addition, two-cent per pound increases have been announced for both April and May. PW Eagle and other PVC pipe manufacturers have announced and implemented pipe price increases in response to these PVC resin price increases and we would normally expect to experience expanding margins in this environment. These factors may indicate that 2003 could be a good year for PW Eagle and the pipe industry. As usual, we expect to experience the normal seasonality in our business and our results will be highly dependent on the performance of the economy as a whole and particularly within our market areas.”

Mr. Spell concluded, “The ETI acquisition has broadened our product line, customer base and geographic market, and strengthened our management team. The management of ETI and PWPipe have begun to incorporate best practices throughout both companies in manufacturing, sales and marketing, purchasing and administration. We are confident that we will be able to generate significant synergistic benefits at both companies as we move forward together.”

Annual Meeting Webcast & Conference Call

PW Eagle will hold its Annual Meeting webcast and conference call on Thursday, April 24, 2003 at 3:30 p.m. Central Time to discuss the Company’s performance for 2002 as well as the first quarter 2003. The conference call will be available live on the Internet at www.pweagleinc.com. The call will also be archived at that location for one week following its original webcast. The conference call telephone number is 1-800-289-0436. Use 580584 as the confirmation code to access the call and please call a few minutes before the beginning of the call.

About the Company

PW Eagle, Inc. is a leading producer of PVC pipe and also produces polyethylene pipe and water meter boxes. The Company operates thirteen manufacturing facilities in the United States. PW Eagle’s common stock is traded on the Nasdaq National Market under the symbol “PWEI.”

Information Available on our Website

This press release, our periodic reports filed with or furnished to the Securities and Exchange Commission and information presented at our Annual Meeting is available on our website at www.pweagleinc.com under the heading “Investor Relations.”

THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION AND ACTUAL RESULTS MAY DIFFER
Statements that PW Eagle, Inc. may publish, including those in this announcement that are not strictly historical are “forward looking” statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this press release, particularly those made by William H. Spell, regarding the Company’s expectations that: it will experience expanding margins in response to announced PVC resin price increases, and it will be able to generate significant benefit to both PW Pipe and ETI as the Company incorporates best practices throughout both companies are “forward looking” statement which involves known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. Actual results could differ if the economy and particularly the segments of the economy that impact the Company’s business do not grow and perform at least as well as forecast. In addition, actual results could differ as a result of: (i) a slowdown in the United States economy; (ii) the failure of the Gross Domestic Product to increase by 2.7% for the remainder of 2003; (iii) an increase in interest rates; (iv) a decline in the construction of commercial and residential building; (v) a decline in our raw material prices; and (vi) a greater supply of PVC and PE pipe than market demand for such products caused by cyclical fluctuations in the supply and demand for pipe. It is not possible to foresee or identify all factors that could cause actual results to differ from expected or historical results. As such, you should not consider any list of such factors to be an exhaustive statement of all risks, uncertainties or potential inaccurate assumptions. We undertake no obligation to update “forward-looking” statements. In addition, the use of the term “EBITDA” is not intended to be an alternative to the financial results under generally accepted accounting principles in the United States of America.

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