PRESS RELEASE — April 23, 2002

Simpson Manufacturing Co., Inc.
Announces First Quarter Earnings

DUBLIN, Calif., April 23 /PRNewswire-FirstCall/ -- Simpson Manufacturing Co., Inc. (the "Company") announced today that its 2002 first quarter net sales increased 8.0% to $102,371,235 as compared to net sales of $94,823,953 for the first quarter of 2001. Net income increased 8.3% to $9,729,940 for the first quarter of 2002 as compared to net income of $8,980,154 for the first quarter of 2001. Diluted net income per common share was $0.79 for the first quarter of 2002 as compared to $0.73 for the first quarter of 2001.

In the first quarter of 2002, sales growth occurred throughout the United States, particularly in California and the Southeastern region of the United States. However, sales decreased somewhat in the other western states. Simpson Strong-Tie's first quarter sales increased 9.2% over the same quarter last year, while Simpson Dura-Vent's sales increased 1.7%. Contractor distributors and lumber dealers were the fastest growing Simpson Strong-Tie connector sales channels while sales to home centers declined slightly for the quarter as a result of inventories being more closely managed by a large customer. The sales increase was broad based across most of Simpson Strong-Tie's major product lines. Simpson Strong-Tie's Strong-Wall and other seismic and high wind related products and the Anchor Systems product lines had the highest percentage growth rates in sales. Sales of Simpson Dura-Vent's Direct-Vent products increased compared to the first quarter of 2001 while sales of its gas vent and pellet vent product lines decreased.

Income from operations increased 11.8% from $14,463,359 in the first quarter of 2001 to $16,169,812 in the first quarter of 2002 and gross margins decreased from 39.2% in the first quarter of 2001 to 38.3% in the first quarter of 2002. The decrease in gross margin was primarily due to higher fixed overhead costs as a percentage of sales and lower margins at the Company's Danish subsidiary. Selling expenses decreased 2.3% from $10,779,049 in the first quarter of 2001 to $10,529,360 in the first quarter of 2002, primarily due to decreased spending on advertising and promotions, partially offset by higher personnel costs related to the increase in the number of merchandising personnel. In addition, sales commissions increased as a result of higher sales. General and administrative expenses increased 5.0% from $11,893,980 in the first quarter of 2001 to $12,494,383 in the first quarter of 2002. There was a reduction in the bad debt reserve related to a significant customer and a reduction in goodwill amortization charges associated with the change in accounting related to the adoption of FASB No. 142. The tax rate was 40.8% in the first quarter of 2002, a decrease from 41.8% in the first quarter of 2001.

Investors, analysts and other interested parties are invited to join the Company's conference call on April 24, 2002, at 6:00 am, Pacific Time. To participate, callers may dial 800-360-9865. The call will be webcast simultaneously as well as being available for approximately one month through a link on the Company's website at

This document contains forward-looking statements, based on numerous assumptions and subject to risks and uncertainties. Although the Company believes that the forward-looking statements are reasonable, it does not and cannot give any assurance that its beliefs and expectations will prove to be correct. Many factors could significantly affect the Company's operations and cause the Company's actual results to be substantially different from the Company's expectations. Those factors include, but are not limited to: (i) general economic and construction business conditions; (ii) customer acceptance of the Company's products; (iii) materials and manufacturing costs; (iv) the financial condition of customers, competitors and suppliers; (v) technological developments; (vi) increased competition; (vii) changes in capital market conditions; (viii) governmental and business conditions in countries where the Company's products are manufactured and sold; (ix) changes in trade regulations; (x) the effect of acquisition activity; (xi) changes in the Company's plans, strategies, objectives, expectations or intentions; and (xii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Actual results might differ materially from results suggested by any forward-looking statements in this report. The Company does not have an obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

The Company's results of operations for the three months ended March 31, 2002 and 2001, are as follows:

                                                        Three Months
                                                      Ended March 31,
                                                    2002           2001

    Net sales                                   $102,371,235    $94,823,953
    Cost of sales                                 63,177,680     57,687,565
     Gross profit                                 39,193,555     37,136,388

    Selling expenses                              10,529,360     10,779,049
    General and administrative expenses           12,494,383     11,893,980

     Income from operations                       16,169,812     14,463,359

    Interest income, net                             258,327        460,277
     Income before taxes                          16,428,139     14,923,636

    Provision for income taxes                     6,698,199      6,240,886
    Minority Interest                                     --       (297,404)
     Net income                                   $9,729,940     $8,980,154

    Net income per share:
     Basic                                             $0.80          $0.75
     Diluted                                           $0.79          $0.73

    Weighted average shares outstanding:
     Basic                                        12,184,713     12,037,073
     Diluted                                      12,360,174     12,277,485

    Other data:
     Depreciation and amortization                $3,765,212     $4,061,496

The Company's financial position as of March 31, 2002 and 2001, and December 31, 2001, is as follows:

                                         March 31,            December 31,
                                    2002           2001           2001

    Cash and short-term
      investments               $84,963,306     $41,784,481   $95,871,950
    Trade accounts receivable,
     net                         62,864,794     58,975,024    42,614,410
    Inventories                  84,496,719      93,635,319    82,476,299
    Other current assets         10,160,504       9,768,410     9,006,102
      Total current assets      242,485,323     204,163,234   229,968,761

    Property, plant and
     equipment, net              84,016,901      69,648,429    81,410,301
    Other noncurrent assets      18,525,025      23,756,754    18,232,988
      Total assets             $345,027,249    $297,568,417  $329,612,050

    Trade accounts payable      $15,546,115     $13,207,540   $15,738,659
    Notes payable and current
     portion of long-term debt    2,738,434       2,866,842       986,448
    Other current liabilities    23,524,676      22,072,399    18,982,843
      Total current liabilities  41,809,225      38,146,781    35,707,950

    Long-term debt                5,142,698       4,565,881     5,686,995
    Other liabilities                    --         206,372       100,000
    Minority interest                    --         456,874            --
    Stockholders' equity        298,075,326     254,192,509   288,117,105
    Total liabilities and
     stockholders' equity      $345,027,249    $297,568,417  $329,612,050

Simpson Manufacturing Co., Inc., headquartered in Dublin, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood-to-wood, wood-to-concrete and wood-to-masonry connectors and shearwalls. Simpson Strong-Tie also offers a full line of adhesives, mechanical anchors and powder actuated tools for concrete, masonry and steel. The Company's other subsidiary, Simpson Dura-Vent Company, Inc., designs, engineers and manufactures venting systems for gas and wood burning appliances. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."

For further information, contact Barclay Simpson at 925-560-9032.

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