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                                                                      EXHIBIT 19


2002 1st Quarter Shareholder's Letter

To Our Shareholders:

First quarter sales were $183 million, 6% lower than a year ago. F. W. Dodge
reported non-residential construction awards were off 11% through February,
indicative of the sluggish market. The weaker market that heightened price
competition reduced gross margins and resulted in a net loss for the quarter of
$5.4 million, or $.85 per share compared with a net loss of $2.8 million, or
$.45 per share last year.

Sales in the North American Building Systems segment were approximately $78
million, down 14% compared with a year ago. Lower backlog to begin the year,
combined with weaker order rates during the quarter, led to the sales decline.
The lower sales volume and reduced gross margins related to price competition
resulted in an operating loss of $4.9 million compared with an operating loss of
$5.5 million last year. A portion of our manufacturing capacity remains
temporarily idled and controllable costs are being well managed in this
business. We see no evidence of an upturn in the non-residential building market
in North America, but do expect some seasonal improvement as the year unfolds.

The International Building Systems segment sales were approximately $22 million,
up 37% compared with a year ago. This increase was all related to China, which
had a very strong quarter. Europe accounted for $3 million of the total segment
sales. Operating income was $0.4 million compared with a loss of $0.3 million
last year. These results include a loss from our European business of $0.6
million this year compared with $0.7 million a year ago. As reported earlier
this year, we announced our withdrawal from Europe, signing a letter of intent
to sell certain assets of this business. We have completed the definitive
purchase agreement to sell the assets to a member of the Lindab AB group of
companies. We expect to close this transaction during the second quarter.

The Vistawall Architectural Products segment sales were about $52 million, down
11% compared with last year as office and retail construction opportunities have
declined. Operating earnings were $0.9 million compared with $3.6 million a year
ago with the drop related to the lower volume, particularly in the higher-margin
storefront product line. Costs have been reduced as volume declined and we are
aggressively pursuing new business, taking advantage of our low cost position
and expanded capacity.

Butler Construction's sales were approximately $38 million and operating
earnings were $0.8 million, both approximately double the level a year ago. We
began the year with an excellent backlog and executed the work very well in this
very competitive market. The Real Estate segment did not close any project sales
in the first quarter compared with project sales of $16 million last year. As a
result, this business experienced a modest operating loss of $.2 million
compared with $.6 million in operating income last year. Developments in
progress inventory totals $24 million compared with $42 million a year ago. We
expect this business to make a solid contribution to operating earnings this
year, however, it will not match the record level of 2001.

The first quarter was very tough in non-residential construction markets other
than China. Entering April, our backlog was $290 million, down 2% from a year
ago. Our higher margin product backlog was approximately 10% lower and
construction backlog was up about 39%. We do expect some seasonal improvement
during the balance of the year and are well positioned to generate significantly
improved earnings when the non-residential buildings market begins to pick up
steam.






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