NORTEK PROVIDES GUIDANCE ON FOURTH QUARTER

PROVIDENCE, RI, November 17, 2003 - Nortek, Inc. ("Nortek"), a leading international designer, manufacturer and marketer of high-quality building products, announced expected results for the fourth quarter of 2003.

Nortek indicated it expects net sales and net earnings to be approximately $475 million and $13.6 million for the fourth quarter of 2003. EBITDA for the 2003 fourth quarter is expected to be approximately $55 million, net of approximately $2.5 million of severance and other costs associated with the closure of certain manufacturing facilities in its air conditioning and heating products segment.

A reconciliation from estimated net earnings to estimated EBITDA for the fourth quarter of 2003 is as follows:

			(amounts in millions)
Net Earnings			$	13.6
Provision for income taxes				9.5
Investment income				(0.3	)
Interest expense				22.9
Operating earnings				45.7
Depreciation expense				6.2
Amortization of intangible assets				3.1
EBITDA			$	55.0

In addition, the Company indicated it expects unrestricted cash, equivalents and marketable securities to be approximately $150 million and net debt to be approximately $850 million at December 31, 2003.

Nortek* is a leading international manufacturer and distributor of high-quality, competitively priced building, remodeling and indoor environmental control products for the residential and commercial markets. Nortek offers a broad array of products for improving the environments where people live and work. Its products include: range - hoods and other spot ventilation products; heating and air conditioning systems; vinyl products, including windows and doors, siding, decking, fencing and accessories; indoor air quality systems; and specialty electronic products.

*As used herein, the term "Nortek" refers to Nortek, Inc., together with its subsidiaries, unless the context indicates otherwise. This term is used for convenience only and is not intended as a precise description of any of the separate corporations, each of which manages its own affairs.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors impacting such forward-looking statements include the availability and cost of raw materials and purchased components, the level of construction and remodeling activity, changes in general economic conditions, the rate of sales growth, and product liability claims. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information, please refer to the reports and filings of the Company with the Securities and Exchange Commission.

 

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