MINNEAPOLIS — May 15, 2003 — PW Eagle, Inc. (Nasdaq-NMS: “PWEI”) today revised its financial results for the three months ended March 31, 2003. In its press release dated April 23, 2003, PW Eagle released its unaudited financial results for the first quarter of 2003. Subsequently, the company revised its net sales for the first quarter downward by approximately 0.5% to reflect certain adjustments that had not been made earlier. As a result, PW Eagle’s net loss for the first quarter was increased from $(0.05) per share to $(0.08) per share. PW Eagle has also revised and updated the proforma historical results related to its recent purchase of Uponor ETI Company (ETI) on March 14, 2003. This proforma information will be available in the company’s filings on Form 8-K/A related to the acquisition and Form 10-Q for the quarter ended March 31, 2003. The proforma information in each of those filings is presented consistent with the rules applicable to each of those forms.

The revised actual results of the first quarter include the results of operations for the recently acquired 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:

Consolidated Income Statement Information
(In thousands, except for per share amounts)

		Three months ended March 31,
		2003	2002
Net sales		$70,567	$53,104
Gross profit		11,100	6,262
Net income (loss)		(556)	(2,635)
Adjustments to reconcile to EBITDA:
	Interest	2,588	3,005
	Taxes	(345)	(1,635)
	Depreciation	2,385	2,258
	Amortization	17	–
EBITDA		4,089	993
Basic earnings (loss) per share		$(0.08)	$(0.39)
Diluted earnings (loss) per share		$(0.08)	$(0.39)

The term “EBITDA” refers to earnings before interest, taxes, depreciation and amortization. Its use is not intended to be an alternative to the financial results under generally accepted accounting principles in the United States of America.

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.”

# # #