Results for the first six months of 2005 include
first quarter charges of $2.1 percent achieved in the second quarter last year.
"The acquisition during the quarter of the assets and business of Venture
Welding further enhances Drew's position as the leading supplier of components
to the MH industry," said Abrams. A replay
of the conference call will be available by telephone by dialing
(888) 286-8010 and referencing access code 10232788. The seller of the Dayton buildings has chosen
to utilize the auction to reach a regional audience in a reduced time
frame, controlling the timing of the sales and enabling them to close
on all three properties simultaneously. is part of The Inland Real
Estate Group of Companies , Inc.

construction frame

7 million, or $0.
Operating margin for Drew's RV products segment was 9.com . Statements in this
press release that are not historical facts are "forward-looking statements"
for the purpose of the safe harbor provided by Section 21E of the Exchange Act
and Section 27A of the Securities Act. These factors include
pricing pressures due to competition, raw material costs (particularly steel,
vinyl, aluminum, glass and ABS resin), availability of retail and wholesale
financing for manufactured homes, availability and costs of labor, inventory
levels of retailers and manufacturers , levels of repossessed manufactured
homes, the financial condition of our customers, interest rates , oil prices,
the outcome of litigation and adverse weather conditions impacting retail
sales.

38 $.34 $. These charges
reduced diluted net income per share by $. WASHINGTON, On July 14, 2005, the U.ereleases.

maintenance awnings

81 per
diluted share, on record net sales of $163 million for the second quarter of
2005, compared with net earnings of $8.35 per diluted share, compared to net income of $14.m. Additional information about Drew and its products can be
found at http://www.9 million in the fourth quarter of
2004, net of the related reduction in incentive compensation.

DREW INDUSTRIES INCORPORATED
BALANCE SHEET INFORMATION
(unaudited)

June 30, December 31,
(In thousands, except ratios) 2005 2004 2004

Current assets
Cash and cash equivalents $7,019 $60 $2,424
Accounts receivable, trade,
less allowance 46,563 37,903 26,099
Inventories 72,273 75,036 72,332
Prepaid expenses and other
current assets 10,280 6,916 10,552
Total current assets 136,135 119 ,915 111,407
Fixed assets, net 106,675 90,055 99,781
Goodwill 23,439 16,926 16,755
Other intangible assets 10,134 6,933 6,070
Other assets 7,755 2,915 4,040
Total assets $284,138 $236,744 $238 ,053

Current liabilities
Notes payable, including
current maturities of
long-term indebtedness $11,460 $12,183 $12,121
Accounts payable , accrued
expenses and other current
liabilities 59,895 55,200 42,082
Total current liabilities 71,355 67,383 54 ,203
Long-term indebtedness 69,170 57,496 59,303
Other long -term obligations 1,984 2,363 2,503
Total liabilities 142,509 127,242 116,009
Total stockholders' equity 141,629 109 ,502 122,044
Total liabilities and
stockholders' equity $284,138 $236,744 $238,053

Current ratio 1.

Inland Real Estate Auctions, Inc.

homeowners plastics

Further, the substantial raw material cost increases incurred
in 2004 were passed on to customers largely without margin, leaving net
profits intact, but reducing Drew's overall margin percentage.
"While the monthly production of the MH industry did not continue to
increase this quarter as it has in prior months, it still appears that lower
repossessions, reduced dealer inventories and improved financing practices are
likely to have a positive impact on industry-wide production levels. While
it's too early to determine if a sustained trend is on the immediate horizon ,
we continue to expect modest growth for the MH industry in 2005," said Abrams. Individual investors can also listen to the
call at http://www.6 0.
"With minimum bids set at 50 to 70 percent off retail prices, and
with built-in seller financing, this offering presents a terrific
buying opportunity for industrial users and investors to name their
price," said Paul Rogers, vice president of Inland Real Estate
Auctions, Inc.

construction awnings

2 million, or $0. Some RV manufacturers also expanded their typical July 4th
holiday shutdown from one week to two weeks, including the last week of June,
causing RV segment sales to fall three to five percent short of Drew's initial
expectations this quarter. This follows an almost six-year slump that
saw industry production decline by 65 percent , according to the Manufactured
Housing Institute. Eastern time, on the Company's website,
http: //www.com ).73
acres.

A 27,080 square-foot building at 272 Leo Street, on 1. For more information,
visit http://www.

timber frame

Abrams, Drew's President and CEO. The
operating margin declined from last year in part due to the more than $600,000
of start-up costs related to new RV product introductions, as well as an
increase in the allowance for doubtful accounts of approximately $600 ,000 in
this segment. Excluding the impact of price
increases and acquisitions, sales were approximately the same as last year's
second quarter.
NHG currently procures supplies, materials, equipment and services as
necessary for the maintenance, repair, security, and operation of each
property assigned under the Multi-Family Property Management contract with HUD
in accordance with the HUD -authorized property budget and the HUD-approved
Management Plan, including the continuation of services to the tenants,
abatement of any and all emergency work, and preventive maintenance
scheduling , which must be maintained at the optimum level without interruption
while the transition period is occurring.
Additionally, NHG is the exclusive managing agent for HUD's multifamily
portfolio.

modular geodesic

Recreational Vehicle Products Segment
Drew supplies windows, doors, chassis, slide -out mechanisms and power
units, leveling devices, bath products, axles, steps and electric stabilizer
jacks for the recreational vehicle (RV) market. Drew's
products include vinyl and aluminum windows and screens, doors, chassis,
chassis parts, RV slide-out mechanisms and power units, leveling devices , bath
and shower units, axles, steps, electric stabilizer jacks and trailers for
equipment hauling , boats, personal watercrafts and snowmobiles, as well as
chassis and windows for modular homes and offices. to sell its surplus manufacturing/warehouse facilities
in Dayton, Ohio via public auction .

manufactured awnings

The three buildings will be offered separately and are located on
the north side of Dayton, all within 2 minutes of an I-75 interchange.S.

precut circular

"Our
operating management continues to do an outstanding job of controlling costs
while simultaneously moving ahead with expansion programs which will enable us
to continue to exceed industry growth."

Manufactured Housing Products Segment
Drew supplies vinyl and aluminum windows and screens, chassis, chassis
parts, and bath and shower units to the manufactured housing (MH) industry, as
well as chassis and windows for modular homes and offices.com . In addition, national and regional economic conditions and consumer
confidence may affect the retail sale of recreational vehicles and
manufactured homes.----A local Dayton
engineering firm has selected Oak Brook-based Inland Real Estate
Auctions, Inc. "More and more private and
publicly -traded companies are using auctions to sell surplus
industrial properties.

construction circular

"Our specialty trailer operation in Indiana, opened earlier this year, has
continued to expand, and our new window factory in Arizona commenced
operations only a few days ago. However, based on our
track record of successful investments in facilities and product development,
we believe these moves will result in substantial returns in the future. Organic growth, excluding the impact of acquisitions and sales
price increases, was approximately nine percent. "Also, the patented cold-camber technology
acquired in this transaction will enable us to build superior chassis and
continue to improve production efficiencies and fits with our emphasis on
innovation and product development leadership.

Forward Looking Statements
This press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 with
respect to financial condition, results of operations, business strategies,
operating efficiencies or synergies, competitive position, growth
opportunities for existing products, plans and objectives of management,
markets for the Company 's common stock and other matters. With more than
30 years of experience specializing in auctions , commercial real
estate brokerage, investment, property management, land development,
acquisition and mortgage lending, Inland is one of the nation's
largest real estate companies.

housing yourself

Record Earnings and Sales, New Products Highlight Quarter

WHITE PLAINS, N. This is our first factory in the Arizona
market. Drew's RV segment also manufactures and markets
specialty trailers for equipment hauling, boats, personal watercraft and
snowmobiles. Drew reported that
new homes produced by the MH industry were flat in April and May 2005 after
several consecutive monthly increases, although industry production is up
about four percent year-to-date.
Drew's MH segment sales increased nine percent to $52 million this quarter
compared with $48 for last year's quarter. The operating profit margin of the MH products segment
increased to 12.4 percent in the second
quarter last year.
Institutional investors can access the call via the password-protected
event management site, StreetEvents (http://www.

About Drew
Drew, through its wholly owned subsidiaries , Kinro and Lippert Components,
supplies a broad array of components for RVs and manufactured homes . The Company does not undertake to update forward-
looking statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.1
Total indebtedness to
stockholders' equity 0. All three locations also include ample parking with
room for expansion.
"Selling industrial properties can often take 12 to 18 months by
conventional methods, but the auction process narrows that time frame
down to six to eight weeks," Rogers said .

prefabricated panelized

21.com). The company and its
principals, Wynee Joyner and Maggie Pedraza, have been at the forefront of the
provision of professional property management services for multi- and single -
family housing as well as scattered-site homes.

awnings maintenance

streetevents.79 $2.

A 36,815-square-foot building at 314 Leo Street, on 1.inlandgroup.
NHG is the largest HUD multifamily management agent in the country.

Companies that build conventional homes and/or distribute prefabricated or panelized residential homes, apartments and/or condominiums.

floating houseboats

77 per diluted share,
on net sales of $142 million for the same quarter of last year."
For the six months ended June 30, 2005, Drew reported net income of $14.81 $.

DREW INDUSTRIES INCORPORATED
SEGMENT RESULTS
(unaudited)

Six Months Ended Three Months Ended
June 30, June 30,
(In thousands) 2005 2004 2005 2004

Net sales
RV Segment $216,257 $166,971 $110 ,999 $93,798
MH Segment 101,312 82,739 52,024 47,889
Total $317,569 $249,710 $163,023 $141,687

Operating Profit
RV Segment $18,906(1) $18,265 $10,512 $10,406
MH Segment 10,463(2) 9,057 6,593 5,445
Total segments
operating profit 29,369 27,322 17,105 15,851
Amortization of intangibles (645) (466) (360) (261)
Corporate and other (3,182) (2,686) (1,615 ) (1,440)
Other income 31 428 - -
Operating profit $25,573 $24,598 $15,130 $14,150

(1) After a charge of $.6

DREW INDUSTRIES INCORPORATED
SUMMARY OF CASH FLOWS
(Unaudited)

(In thousands)
Six Months Ended
June 30,
2005 2004

Cash flows from operating activities:
Net income $14,477 $14,143
Depreciation and amortization 5,451 4,497
Deferred taxes (1,018) -
Loss on disposal of fixed assets 104 119
Stock based compensation expense 628 537
Changes in assets and liabilities:
Accounts receivable, net (20,464) (18,043)
Inventories 987 (30,951)
Prepaid expenses and other assets 1,233 1,614
Accounts payable, accrued expenses and other
liabilities 16,722 20,562
Net cash flows provided by operating activities 18,120 7,522

Cash flows from investing activities:
Capital expenditures (9,605) (10,322)
Acquisition of businesses (17,793) (21,588)
Proceeds from sales of fixed assets 643 148
Other investments (51) (289)
Net cash flows used for investing activities (26,806 ) (32,051)

Cash flows from financing activities:
Proceeds from line of credit and other
borrowings 121,925 115,330
Repayments under line of credit and other
borrowings (112,719) (85,647)
Exercise of stock options 4,399 1 ,169
Other (324) -
Net cash flows provided by financing
activities 13,281 30,852

Net increase (decrease) in cash 4,595 (8,721)
Cash and cash equivalents at beginning of period 2,424 8,781
Cash and cash equivalents at end of period $7,019 $60

Inland Auctioning Three Dayton Ohio Industrial Buildings Totaling 141 000 Square Feet

"The properties are all very clean and in excellent
condition. Department
of Housing and Urban Development awarded National Housing Group the
multifamily property management contract for Daniel Scott Commons Apartments
located in Chester, PA.
NHG has extensive experience and an impressive track record of success as
one of the nation's premier property management agents.

prefabricated conventional

Drew, a leading national supplier of recreational vehicle and manufactured
housing components, reported record net earnings of $8. "During the quarter, we captured additional
market share for our recently introduced slide-out mechanisms and leveling
devices for motorhomes , as well as for RV axles, bath products, and steps.1 million,
or $1.
There are a number of factors, many of which are beyond the Company's
control, which could cause actual results and events to differ materially from
those described in the forward-looking statements.77 $2.

Business Editors/Real Estate Writers

OAK BROOK, Ill."

The properties to be auctioned include:

A 77,118-square-foot building at 1546 Stanley Ave. For a
brochure, bidders' information package , on-site inspection scheduling
and detailed property information, call the auction line at (866)
825-4321.

modular precut

, Drew Industries
Incorporated (NYSE: DW) continued its string of record quarters led by sales
and earnings growth in both its recreational vehicle and manufactured housing
segments. During the quarter, we incurred start-up costs of nearly $850,000
related to these new products and the new facility, and we are likely to incur
additional start-up costs over the next few quarters. Net revenue was
$318 million for the first six months of 2005, compared to $250 million for
the same period of 2004.7 percent this quarter, compared to 11. From 50 factories located
throughout the United States and one factory in Canada, Drew serves most major
national manufacturers of RVs and manufactured homes in an efficient and cost-
effective manner.5 million related to legal proceedings, less
the related reduction in incentive compensation.8 2.

National Housing Group Awarded Management of HUD Units

com.

prefabricated maintenance

Drew Industries Reports Record Second Quarter

"We are pleased with our growth during the quarter, and with our
preparation for future expansion through product development, market share
growth and the addition of the Venture Welding acquisition ," said Leigh J.

(2) After a charge of $2.

Features of these properties include modern office space, heavy
power capabilities, masonry and steel construction, truck docks and
drive -in doors.

maintenance precut

1 million related to legal proceedings, less
the related reduction in incentive compensation ."
Advanced registration is required to bid on the properties.

panelized awnings

"

Conference Call
Drew will provide an online, real-time webcast and rebroadcast of its
first quarter earnings conference call tomorrow, Wednesday, July 27, 2005, at
11:00 a. You should consider forward-
looking statements , therefore, in light of various important factors,
including those set forth in this press release .46
Diluted $1.3
million in the first quarter of 2005 and $.6 0.8 acres .

panelized framing

34 per diluted share, in the same period last year. The increase in margin resulted partly from improved
production efficiencies, which offset the impact of $200,000 of start-up costs
and $250,000 of additional bad-debt expense in this segment.companyboardroom.83 $.02
acres.

distribute watercraft

Y.6 million relating to previously announced legal
proceedings, which reduced net income by $0. Approximately 95 percent of
Drew's RV product sales are to the travel trailer and fifth wheel segment of
the RV industry, but many of the Company's recently introduced products are
targeted for motorhomes.

"Production efficiencies improved throughout our RV operations, even with
the time and expense related to new product introductions," said Abrams.drewindustries. The auction will be held
Wednesday , June 15 at the Dayton Crowne Plaza Hotel. (www.

housing watercraft

Drew reported net sales of $111 million this quarter for its RV segment,
an increase of 18 percent over the $94 million reported in the second quarter
of last year.5 percent in the
second quarter of 2005, an improvement from the first quarter margin, but
below the 11.
"We were pleased with our record results in the quarter, and are
optimistic the investments we've made -- in the second quarter as well as in
the past -- will lead us into a successful second half of 2005.drewindustries.9 1.

homeowners watercraft

The RV segment 's sales slowed in June and early July due to reduced
production by RV manufacturers, primarily in response to dealers' efforts to
reduce inventories of 2005 models in advance of the introduction this summer
of 2006 models. A replay will also be
available on Drew's website.com . Forward -looking statements, including,
without limitation, those relating to our future business prospects , revenues
and income, wherever they occur in this press release, are necessarily
estimates reflecting the best judgment of our senior management, at the time
such statements were made, and involve a number of risks and uncertainties
that could cause actual results to differ materially from those suggested by
forward-looking statements.35 $1., on 4.

maintenance timber

5
million, or $1.12 per diluted share .

DREW INDUSTRIES INCORPORATED
OPERATING RESULTS
(unaudited)

Six Months Ended Quarter Ended
June 30, June 30, Last Twelve
2005 2004 2005 2004 Months

(In thousands , except per share amounts)

Net sales $317,569 $249,710 $163,023 $141,687 $598,729
Cost of sales 246,750 192,271 125,222 109,127 468,970
Gross profit 70,819 57,439 37,801 32,560 129,759
Selling, general
and administrative
expenses 45,277 33,269 22,671 18,410 84,819
Other income 31 428 - - 31
Operating
profit 25,573 24,598 15,130 14,150 44,971
Interest expense,
net 1,999 1,413 1,055 788 3,725
Income before
income taxes 23,574 23,185 14,075 13,362 41,246
Provision for
income taxes 9,097 9,042 5,414 5,211 15,804
Net income $14,477 $14,143 $8,661 $8,151 $25,442

Net income per
common share:
Net Income:
Basic $1.

Contact:

Maggie Pedraza
305-576-2771

This release was issued through eReleases(TM).

frame maintenance

Drew reported a 15 percent increase in sales and record profits for
the second quarter ended June 30, 2005.39 $1.39(1 )

Weighted average
common shares
outstanding:
Basic 10 ,403 10,258 10,443 10,271 10,354
Diluted 10,696 10,588 10,730 10,616 10,653

Depreciation
and amortization $5,451 $4,497 $2,877 $2,362 $10,254
Capital
expenditures $9,605 $10,322 $4 ,513 $7,220 $26,341

(1) Includes after tax charges related to legal proceedings of $1.