LMS Lamson Sessions

CLEVELAND, Dec. 15 /PRNewswire-FirstCall/ -- Lamson & Sessions (NYSE:LMS) announced today that an amendment increasing the amount of the Company's authorized common shares to 40 million from 20 million was approved at a special meeting of shareholders held today. Of the total shares outstanding, 74.9 percent were voted in favor of the proposal. "This vote indicates our shareholders' support of our strategies and growth prospects," said John B. Schulze, Chairman. "Our Board of Directors is committed to delivering shareholder value and is confident in our current strategic direction. Over the past four years, the total shareholder return on our common stock has increased by more than fourfold. We believe this is due to our sustained improvement in operating performance, our strong positions in diverse markets, and our effective management of working capital enabling us to substantially reduce debt. While we have benefited in recent years from favorable economic trends in our key markets, we have also demonstrated our ability to more effectively manage our businesses through the inevitable market and macroeconomic down cycles." As of November 7, 2006, of the Company's current 20 million common shares authorized, approximately 15.8 million shares were issued and outstanding, and 1.2 million shares were reserved for issuance upon the exercise of outstanding options. As a result, the Board believed the remaining authorized shares were insufficient for possible future awards under employee benefit plans, stock dividends, stock splits, future acquisitions, equity and equity-based financings and other corporate purposes. The Board has no current specific plans to authorize the issuance of additional common shares, except in connection with possible future awards under employee benefit plans. Lamson & Sessions is a leading producer of thermoplastic enclosures, fittings, wiring outlet boxes and conduit for the electrical, telecommunications, consumer, power and wastewater markets. For additional information, please visit our Web site at: http://www.lamson-sessions.com/. This press release contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expected as a result of a variety of factors, such as factors relating to or affecting the proposal to amend the Amended Articles of Incorporation and various factors affecting Lamson's business, including those identified in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005. Because forward-looking statements are based on a number of beliefs, estimates and assumptions by management that could ultimately prove to be inaccurate, there is no assurance that any forward-looking statement will prove to be accurate. DATASOURCE: Lamson & Sessions CONTACT: James J. Abel, Executive Vice President and Chief Financial Officer, +1-216-766-6557, or Aileen Liebertz, Manager - Investor Relations and Shareholder Communications, +1-216-766-6560, both of Lamson & Sessions Web site: http://www.lamson-sessions.com/

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