NEWS RELEASE

                                                                        CONTACT:
                                                       Robert L. Montgomery, Jr.
                            Executive Vice President and Chief Financial Officer
                                                   Columbus McKinnon Corporation
                                                                    716-689-5405


         COLUMBUS MCKINNON ANNOUNCES FISCAL 2004 FIRST QUARTER GUIDANCE

Amherst, New York, July 8, 2003 - Columbus McKinnon  Corporation (Nasdaq:  CMCO)
announced  today its guidance for the first quarter of fiscal 2004,  which ended
on June 29, 2003.  Columbus McKinnon expects to report consolidated net sales in
the range of $106 million to $108 million for the first  quarter of fiscal 2004.
Income from  operations  is expected to range from $6.5  million to $7.0 million
after  restructuring  charges of  approximately  $0.8 million.  Depreciation and
amortization for the quarter was approximately $2.7 million.  Net income for the
first  quarter of fiscal 2004 is expected to range  between $0.2 million to $0.4
million, or $0.01 to $0.03 per diluted share.  Results for the fiscal 2004 first
quarter  will  include a $3.5  million  pre-tax gain related to the sale of real
estate  recorded as other  income and  expense  (after  income  from  continuing
operations).  Net cash  provided by  operating  activities  will include a $10.6
million cash tax refund related to the sale of our ASI business.

The Company will release first quarter  fiscal 2004 results on July 22, 2003 and
will  hold  a  conference  call  and  audio  webcast  to  discuss  the  results.
Information  concerning the  conference  call and webcast will be issued on July
15, 2003.

         This press release  contains  "forward-looking  statements"  within the
         meaning of the Private  Securities  Litigation Reform Act of 1995. Such
         statements  include,  but are not  limited  to,  statements  concerning
         future   revenue  and  earnings,   involve  known  and  unknown  risks,
         uncertainties  and other factors that could cause the actual results of
         the Company to differ  materially from the results expressed or implied
         by such statements, including general economic and business conditions,
         conditions  affecting  the  industries  served by the  Company  and its
         subsidiaries,   conditions   affecting  the  Company's   customers  and
         suppliers, competitor responses to the Company's products and services,
         the overall  market  acceptance  of such  products  and  services,  the
         Company's  ability to amend its debt  covenants  with its lenders,  and
         other factors  disclosed in the Company's  periodic  reports filed with
         the  Securities  and  Exchange  Commission.   The  Company  assumes  no
         obligation to update the forward-looking  information contained in this
         release.

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