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<TYPE>EX-99.1
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<FILENAME>ex9904.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                       FEDERAL SIGNAL CORPORATION ANNOUNCES
                            FIRST QUARTER EPS OF $.14

Highlights

Orders up 13% from prior year and sales higher by 19%, all four groups showing
increases

First quarter EPS $.14 down from  $.22 in 2002; consistent with expectations

Operating cash flow of $18 million

Reduction in manufacturing debt to capitalization to 43% from 44% at year-end


Oak Brook,  Illinois,  April 22,  2003 -- Federal  Signal  Corporation  reported
diluted  earnings  per share from  continuing  operations  of $.14 for the first
quarter of 2003 on sales of $292  million.  This  compares to earnings per share
from continuing  operations of $.22 on sales of $246 million for the same period
in 2002.  The 19%  increase in sales was largely  associated  with higher  North
American  sales of fire rescue  equipment  and the addition of sales  associated
with the two refuse truck body acquisitions made during the latter part of 2002.
The  reduction  in earnings  was  attributable  to lower  operating  margins for
Environmental  Products and Safety  Products,  driven mainly by weaker municipal
customer sales and a lower margin sales mix.

Also  affecting  first  quarter 2003  operating  income were  charges  primarily
associated with plant  consolidations and manufacturing  transitions in three of
four groups.  Offsetting  these charges was a low  effective tax rate  resulting
from a tax benefit  associated with the closure and  consolidation  of a foreign
production  facility.  The net impact on income of these charges,  offset by the
tax benefit, increased first quarter earnings by $.01 per share.

Joseph J. Ross, chairman and chief executive officer, stated, "We continue to be
affected by weaker U.S.  municipal  markets and are still  seeing only  sporadic
improvement in our industrial  sales.  However,  international  sales are fairly
strong;  the  diversification of our markets continues to work to our advantage.
We continue to focus on improving margins at Fire Rescue,  and are encouraged by
a modest  improvement in our  U.S.-based  fire  businesses,  which was more than
offset by weaker international  margins during the quarter. We expect sequential
margin  improvements  in this  segment  over the  course  of the  year.  Looking
forward,  we are  focusing  company-wide  on  improving  our  margins,  and have
implemented a number of cost reduction  programs that will benefit us during the
balance of the year and thereafter.  We remain committed to delivering full year
2003 earnings in the range of $1.05 to $1.15 per share."

FIRST QUARTER GROUP RESULTS

Environmental  Products  sales  increased  13% from  2002 and  operating  margin
declined significantly to 1.9% versus 8.8% in the prior year.

The  increase  in sales  reflects  the  acquisition  of two  refuse  truck  body
companies  in late  2002.  Although  refuse  truck body  sales  contribute  to a
year-over-year  sales increase,  weakening demand has resulted in low throughput
and cost  absorption  for this  business.  Margins were lower for all  operating
units.  Average margins for sewer cleaners declined because of low sales volumes
associated  with weak  municipal  markets that led to low  utilization  of fixed
costs.  Sweeper margins were impacted  adversely by sales mix, costs  associated
with  combining  production  facilities  and higher  costs  associated  with the
conversion of our European sweeper line to meet new EU standards.

Fire Rescue sales increased 47% to $99 million. Operating margin was essentially
flat at 2.2%.

Sales rose  significantly  versus a weak first  quarter of 2002.  The  operating
margin  remained  low,  due to a lower  margin mix of European  sales and higher
costs at the company's  Netherlands-based  joint venture.  U.S.  operating units
improved  margins and earnings  slightly as production  throughput has risen and
manufacturing  efficiencies  are  improving.  The  business  continues to invest
heavily in projects to improve the selling and  manufacturing  processes;  these
additional  expenses  largely  offset the benefit of higher sales volumes in the
quarter.

Safety Products sales rose 4% to $67 million.  Operating margin declined to 9.7%
from 14.3% in 2002.

The increase in revenue reflects progress on the Dallas/Ft.  Worth International
Airport  project  and higher  international  sales,  which more than  offset the
adverse impact of weaker domestic municipal sales.  Operating margins were lower
due to higher pension costs, a lower margin sales mix and costs  associated with
the shutdown of a production facility in the U.K.

Tool sales rose 6% to $41 million. Operating margin rose to 10.8% from 10.6%.

Sales and margins for die component tools for metal stamping were  significantly
higher in  international  markets,  benefiting  in part from the strength of the
Euro. Partly offsetting were weaker U.S. cutting tool sales, which were impacted
in part by lower demand from certain  automotive  customers.  Operating  margins
improved  despite  higher  pension  costs,   initial  operating   inefficiencies
associated  with the  start-up of the new plant in Portugal and the expenses for
shutdown of a facility in New York.

CORPORATE AND OTHER

Corporate  expense  increased to $3.5  million.  Interest  expense was flat with
2002,  as the  impact of  slightly  higher  debt  balances  was  offset by lower
short-term  interest  rates.  The effective tax rate was sharply lower, at 2.4%,
due to the one-time benefit of a tax deduction  associated with the closure of a
production  facility  in the U.K.  Initial  closure  costs were  incurred by the
Safety Products Group in the first quarter, and the balance is projected for the
second quarter,  although  accounting rules dictate that the full tax benefit be
reflected  in the first  quarter.  As a result of this  benefit,  the  full-year
effective tax rate is projected to be approximately 26%. This compares to 24% in
2002.

CASH FLOW AND DEBT

Operating  cash flow  totaled $18 million for the  quarter,  reflecting a modest
improvement  in  working  capital  through  the  reduction  in  inventories  and
increased  payables,  offset in part by  higher  receivables.  For the  quarter,
inventory  turns  averaged  4.7,  up  from an  average  of 4.3 in  2002,  due to
improvements  associated  with lean  enterprise  initiatives.  Versus  the first
quarter of 2002,  operating cash flow was down $16 million because of the timing
of collections of receivables. The company remains on track to generate at least
$90 million of operating cash flow in 2003.

Manufacturing  debt  was  reduced  in the  quarter  to $287  million,  or 43% of
capitalization, a slight improvement versus the 44% level at year-end 2002.


Federal Signal will host its first quarter  conference  call Tuesday,  April 22,
2003 at 11:00 a.m. Eastern Time to highlight  results of the first quarter,  and
discuss the company's  outlook.  The call will last  approximately one hour. You
may listen to the conference  call over the Internet  through  Federal  Signal's
website  at  http://www.federalsignal.com.  To  listen  to  the  call  live,  we
recommend you go to the website at least fifteen  minutes in advance to register
and to download and install (if necessary) the required free audio software.  If
you are unable to listen to the live  broadcast,  a replay  accessible  from our
website will be available  shortly  after the call  concludes  through 5:00 p.m.
Eastern Time, Tuesday, April 29, 2003.

Federal Signal Corporation is a global manufacturer of leading niche products in
four operating groups:  environmental vehicles and related products, fire rescue
vehicles,  safety and signaling  products,  and consumable  industrial  tooling.
Based in Oak Brook,  Illinois,  the company's  shares are traded on the New York
Stock Exchange under the symbol FSS.

This release contains various  forward-looking  statements as of the date hereof
and we undertake no  obligation  to update these  statements  regardless  of new
developments  or otherwise.  Statements in this release that are not  historical
are forward-looking statements. Such statements are subject to various risks and
uncertainties  that could cause  actual  results to vary  materially  from those
stated.  Such risks and  uncertainties  include but are not limited to: economic
conditions in various regions,  product and price competition,  supplier and raw
material prices, foreign currency exchange rate changes,  interest rate changes,
litigation results, legal and regulatory developments such as the FIRE Act grant
program  and  other  risks  and  uncertainties  described  in  filings  with the
Securities and Exchange Commission.


                       FEDERAL SIGNAL CORPORATION (NYSE)
                          Consolidated Financial Data
                For the First Quarter (Unaudited) 2003 and 2002
                      (in thousands except per share data)



                                                               Percent
                                           2003        2002     change
Quarter March 31:
Net sales                             $ 291,951   $ 245,644       19%
Income:
  Income from continuing operations       6,467       9,794      -34%
  Cumulative effect of change in
   accounting                                        (7,984)
                                        =======     =======
  Net income                              6,467       1,810      257%
                                        =======     =======
Share earns (diluted):
  Income from continuing operations         .14         .22      -36%
  Cumulative effect of change in
   accounting                                          (.18)
                                        =======     =======
  Net income                                .14         .04      250%
                                        =======     =======

Average common shares outstanding        47,864      45,327

Net sales                             $ 291,951   $ 245,644      19%
Cost of sales                          (217,602)   (175,754)
Selling, general and administrative
expenses                                (63,134)    (51,277)
                                        -------     -------
Operating income                         11,215      18,613      -40%
Interest expense                         (4,895)     (4,783)
Other income                                130         154
Minority interest                           173          28
                                        -------     -------
Income before income taxes                6,623      14,012
Income taxes                               (156)     (4,218)
                                        -------     -------
Income from continuing operations         6,467       9,794      -34%
Cumulative effect of change in
 accounting                                          (7,984)
                                        =======     =======
Net income                            $   6,467   $   1,810      257%
                                        =======     =======

Gross margin on sales                     25.5%       28.5%
Operating margin on sales                  3.8%        7.6%
Net cash provided by operations:
  Net income                            $ 6,467     $ 1,810
  Cumulative effect of change in
   accounting                                         7,984
  Depreciation                            6,010       5,230
  Amortization                              575         478
  Working capital changes and other       4,848      18,411
                                        =======     =======
  Net cash provided by operations        17,900      33,913
                                        =======     =======
EBITDA (Income before income taxes
plus interest expense, depreciation
and amortization)                        18,103      24,503

Capital expenditures                      4,489       2,763

Comprehensive income                     10,949         766


                                                                 Percent
                                           2003        2002      change
Group results:
Quarter March 31:
  Net sales
    Environmental Products            $  84,712   $  74,752         13%
    Fire Rescue                          98,662      67,249         47%
    Safety Products                      67,188      64,645          4%
    Tool                                 41,389      38,998          6%
                                        =======     =======
    Total group revenues              $ 291,951   $ 245,644         19%
                                        =======     =======

Operating income
    Environmental Products            $   1,605   $   6,587        -76%
    Fire Rescue                           2,123       1,669         27%
    Safety Products                       6,530       9,267        -30%
    Tool                                  4,472       4,124          8%
                                       --------     -------
    Total group operating income      $  14,730   $  21,647        -32%
                                       ========     =======



                                         March 31,    December 31,
                                           2003          2002

Assets
Manufacturing activities:-
  Current assets:
    Cash and cash equivalents          $    9,437    $    9,782
    Trade accounts receivable, net
     of allowances for doubtful
     accounts                             201,195       181,843
    Inventories                           180,052       183,802
    Prepaid expenses                       18,773        19,390
                                        ---------     ---------
  Total current assets                    409,457       394,817

  Properties and equipment                142,593       143,932

  Intangible assets, net of
   accumulated amortization               350,144       348,435

  Other deferred charges and assets        44,032        44,046

                                        ---------     ---------
Total manufacturing assets                946,226       931,230

Net assets of discontinued
operations, including
 financial assets                          10,766        10,392

Financial services activities - Lease
 financing receivables, net of
 allowances for doubtful accounts         227,539       226,788

                                        =========     =========
Total assets                          $ 1,184,531   $ 1,168,410
                                        =========     =========

Liabilities
Manufacturing activities:-
  Current liabilities:
    Short-term borrowings             $    12,603    $   16,432
    Trade accounts payable                 91,147        76,082
    Accrued liabilities and income
     taxes                                126,969       129,370
                                        ---------     ---------
   Total current liabilities              230,719       221,884
  Long-term borrowings                    274,840       279,544
  Long-term pension liabilities            36,326        32,656
  Deferred income taxes                    36,127        33,495
                                        ----------    ---------
  Total manufacturing liabilities         578,012       567,579
                                        ----------    ---------

Financial services activities -
 Borrowings                               202,933       202,022

Minority interest in subsidiary               571           744

Shareholders' equity                      403,015       398,065
                                        =========     =========
Total liabilities and shareholders'
 equity                               $ 1,184,531   $ 1,168,410
                                        =========     =========

Supplemental data:
  Manufacturing debt                      287,443      295,976
  Debt-to-capitalization ratio:
    Manufacturing                             43%          44%
    Financial services                        87%          87%




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