Newsroom

For Immediate Release

NEWPORT NEWS, Va., Jan. 7, 2004 - - - Noland Company's board of directors has declared a regular quarterly cash dividend of eight cents, payable on Jan. 22 to stockholders of record at the close of business Jan. 12.

This is the 71st consecutive year in which Noland Company, a wholesale distributor of mechanical equipment to the building trades and industry, has paid regular cash dividends.

Noland operates 100 branches in 13 states, and distributes products in the plumbing, HVAC, water systems, electrical, and industrial fields. The company's stock is traded on NASDAQ's SmallCap Market. Its trading symbol is NOLD.

# # #

1 - 01/07/04 - A/B/C/E/W