<PAGE>

                                                                      EXHIBIT 19

BUTLER MANUFACTURING COMPANY
Third Quarter Report 2002
Nine Months Ended September 30, 2002

Third quarter sales for Butler Manufacturing Company were $239 million compared
with $250 million last year. Net earnings for the quarter were $1.7 million, or
$.27 per share. Last year we earned $5.9 million, or $0.94 per share. While
there was a modest seasonal pick-up in the third quarter, as anticipated, the
combination of higher steel costs and lower selling prices due to tough
competitive conditions limited the improvement in net earnings.


For the nine months, sales were $635 million compared with $658 million a year
ago. The competitive pressure on selling prices, coupled with higher costs,
depressed gross profit margins, resulting in a $3.4 million, or $0.54 per share,
loss year to date.. Last year for the first nine months we earned $6.6 million,
or $1.04 per share.



The North American Building Systems segment produced year-to-date sales of $296
million, approximately 9% lower than 2001. The operating loss through the first
nine months was $9 million compared with operating income of $4.4 million for
the same period last year. Lower selling prices as a result of intense price
competition and higher steel, healthcare and employee separation costs all
contributed to this loss. The markets for both our pre-engineered metal and wood
buildings remain weak.


The Metal Building Manufacturers Association reports industry sales declined
approximately 11% through August, the latest data available. If that trend
continues through the end of this year, the peak to trough sales decline in the
metal building industry will be approximately $1 billion, or 39%, spanning 1998
to 2002. We have reduced our capacity and staffing levels and increased prices
to pass along the higher steel costs related to the steel industry tariffs
granted by the federal government. We are also improving our capability to serve
the commercial and community nonresidential construction markets, lessening our
dependence on the depressed industrial building market. Our competitive position
remains solid and we have maintained market share in this difficult market.


Our International Building Systems segment reported nine month sales of
approximately $81 million, 42% higher than last year, all related to Butler's
China pre-engineered metal building operations. Operating income in this segment
was $5.3 million, compared with $1.3 million a year ago with the income in both
years primarily from our China operation. Our China business execution is
outstanding and our strategy is working well. We are committed to expanding our
market leading position in this dynamic, growth market as evidenced by the
addition of the second plant which is on schedule for completion and opening
early next year. We completed the sale of our European business in July, and
have licensed our technology and trademarks to the Lindab Group AB. We will
continue to provide marketing support and leads to them for European building
opportunities. The asset values received upon sale were greater than originally
estimated, and more than offset additional severance and other benefit costs
incurred, allowing for a net restructuring charge recovery of $0.6 million
during the quarter.


The Vistawall Architectural Products segment sales were $166 million, 6% lower
than a year ago, comparing favorably with the 21% drop in overall commercial
construction market. Operating earnings were approximately $7.6 million compared
with $12 million a year ago. The drop in operating earnings is related to lower
sales and more intense price competition which has depressed selling prices.
Operating expenses in this business have been well managed.

Our Construction business sales for the first nine months were $93 million
compared with approximately $87 million for the same period last year. Operating
earnings were $1.6 million compared with $1.5 million last year. We have enjoyed
good success concentrating this business on large, complex structures for major
corporate customers and are working in close partnership with our Butler Builder
network to successfully execute several projects. The Real Estate segment sales
were $16 million through the first nine months compared with $32 million last
year. Pretax earnings were $3.1 million compared with $5.5 million a year ago.
As noted in previous reports, the lower backlog at the beginning of the year
coupled with the slower economy has resulted in fewer opportunities for our real
estate business.


<PAGE>

At its September board meeting, the Board of Directors of the company approved
the quarterly dividend of $0.18 per share, maintaining our annual rate of $.72
per share. Our dividend program provides our shareholders an attractive current
return in an otherwise tough stock market.
The company's backlog was $284 million compared with $323 million last year,
excluding Europe. Our higher margin product backlog is approximately 3% lower
compared with last year, excluding Europe, and the construction backlog is
approximately 42% lower.



The nonresidential construction market still shows no sign of improvement to
date, marking three consecutive years of decline. F. W. Dodge reports that
orders through August were 9% lower compared with last year. Based upon our
current outlook for the fourth quarter, Butler will record a loss for the
quarter and for the year. We take a realistic view of the current market outlook
and will continue to focus our efforts on improving our cost competitiveness,
developing new products and markets to position Butler for resurgence in growth
and earnings when the economy recovers.



Cordially yours,



/s/ John Holland
----------------

John Holland

Chairman and Chief Executive Officer



October 21, 2002


<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS

<Table>
<Caption>
                                             THREE MONTHS ENDED SEPTEMBER 30,               NINE MONTHS ENDED SEPTEMBER 30,
                                             --------------------------------               -------------------------------
                                                2002                  2001                     2002                 2001
                                             -----------           ----------               -----------          ----------
<S>                                          <C>                   <C>                      <C>                  <C>
(DOLLARS IN THOUSANDS EXCEPT PER SHARE
AMOUNTS)

Net sales                                    $  238,501            $  249,676               $  634,774           $  658,207
Cost of sales                                   206,232               208,770                  551,175              558,878
                                             ----------            ----------               ----------           ----------
  Gross profit                                   32,269                40,906                   83,599               99,329
Selling, general and administrative
  expenses                                       30,414                30,302                   86,160               85,620
Restructuring Credit, net                          (631)                   --                     (631)                  --
                                             ----------            ----------               ----------           ----------
  Operating income (loss)                         2,486                10,604                   (1,930)              13,709
Other income, net                                   961                   861                    1,577                1,567
                                             ----------            ----------               ----------           ----------
   Earnings (loss) before interest
     and taxes                                    3,447                11,465                     (353)              15,276
Interest expense                                  1,942                 1,949                    5,875                5,022
                                             ----------            ----------               ----------           ----------
   Pretax earnings (loss)                         1,505                 9,516                   (6,228)              10,254
Income tax expense (benefit)                       (187)                3,588                   (2,846)               3,704
                                             ----------            ----------               ----------           ----------
   Net earnings (loss)                       $    1,692                 5,928                   (3,382)               6,550
                                             ==========            ==========               ==========           ==========
Basic earnings (loss) per common share       $     0.27            $     0.94               $    (0.54)          $     1.04
                                             ==========            ==========               ==========           ==========
Diluted earnings (loss) per common share     $     0.27            $     0.94               $    (0.54)          $     1.04
                                             ==========            ==========               ==========           ==========
Basic weighted average number of shares       6,321,912             6,290,196                6,309,066            6,282,147
Diluted weighted average number of shares     6,325,052             6,293,169                6,309,066            6,285,761
</Table>

CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>
AT SEPTEMBER 30,                                             2002        2001
----------------                                          --------     --------
<S>                                                       <C>          <C>
(DOLLARS IN THOUSANDS)

ASSETS:
  Cash and equivalents                                    $ 56,988     $ 51,645
  Receivables, net                                         120,375      146,951
  Inventories                                               58,334       58,245
  Real estate developments in progress                       9,539       29,430
  Prepaid income taxes                                      16,635       10,587
  Other current assets                                       8,433        9,203
                                                          --------     --------
    Total current assets                                   270,304      306,061

  Investments and other assets                              53,949       41,733
  Assets held for sale                                       3,684        3,684
  Plant and equipment, net                                 138,449      131,495
                                                          --------     --------
                                                          $466,386     $482,973
                                                          ========     ========

LIABILITIES & SHAREHOLDERS' EQUITY:
  Notes payable                                           $  1,839     $  1,889
  Current maturities of long-term debt                       5,528        5,581
  Accounts payable                                          73,215       77,884
  Accrued liabilities                                      101,723       92,557
  Taxes on income                                            5,115       11,826
  Dividends payable                                          1,136        1,132
                                                          --------     --------
    Total current liabilities                              188,556      190,869

  Deferred income taxes                                      3,683        1,409
  Other non-current liabilities                             17,715       18,254
  Long-term debt                                            97,843      103,327
  Shareholders' equity                                     158,589      169,114
                                                          --------     --------
                                                          $466,386     $482,973
                                                          ========     ========
</Table>

CONSOLIDATED STATEMENTS OF CASH FLOWS

<Table>
<Caption>
NINE MONTHS ENDED SEPTEMBER 30,                             2002          2001
-------------------------------                          ----------   ----------
(Dollars in thousands)

<S>                                                      <C>          <C>
CASH FROM
OPERATING ACTIVITIES:
     Net earnings (loss)                                 $  (3,382)    $  6,550
     Depreciation and amortization                          13,219       12,775
     Restructuring charge                                   (1,137)          --
     Change in assets and liabilities                       10,362       32,267
     Other, net                                                117         (360)
                                                         ---------     --------
          Total                                             19,179       51,232
                                                         ---------     --------

CASH FROM INVESTING ACTIVITIES:
     Capital expenditures                                   (7,584)     (26,681)
     Capital expenditures -- Software                       (6,330)      (3,745)
     Proceeds from European assets sale                      2,345           --
     Other, net                                                 --          148
                                                         ---------     --------
          Total                                            (11,569)     (30,278)
                                                         ---------     --------

CASH FROM FINANCING ACTIVITIES:
     Dividends                                              (3,400)      (3,200)
     Net change in long-term debt                             (402)      50,029
     Net change in short-term debt                            (350)     (33,248)
     Purchase and sale of
          treasury stock, net                                  673          787
     Other, net                                                288         (532)
                                                         ---------     --------
          Total                                             (3,191)      13,896
                                                         ---------     --------
INCREASE IN CASH AND EQUIVALENTS                         $   4,419     $ 34,790
                                                         =========     ========
</Table>