<PAGE>   1
                                                                   Page 18 of 19

                                                                      EXHIBIT 99


        Immediately                                            Tammy Hubacek


                 MET-COIL REPORTS NET INCOME FOR
                  SECOND QUARTER AND FIRST HALF

        CEDAR RAPIDS, IA - JANUARY 12, 2000 - Met-Coil Systems Corporation
(METS), a supplier of advanced sheet metal fabricating equipment and glass
processing technologies for the global market, today reported increases in
revenues, income before taxes and backlog for the second quarter and first half
of fiscal 2000 compared to November 30, 1999.

        "Our standard product business for the HVAC and industrial markets is
enjoying growth both domestically and internationally. Order entry continues to
be solid," reported James D. Heitt, Met-Coil's President and Chief Operating
Officer.

SECOND QUARTER AND SIX-MONTH PERFORMANCE

        Revenues for the quarter ended November 30, 1999 increased 13% to $13.1
million from $11.6 million for the prior year period. For the first half of
fiscal 2000 revenues were $25.9 million, an increase of 18% compared to revenues
of $22 million for the first half of last year.

        Income before taxes for the second quarter was $958,000, compared to
$804,000 for the second quarter last year. Net income for the three months ended
November 30, 1999 was $619,000 (after normal income tax expense this quarter of
$339,000) or $.14 diluted earnings per share, compared to net income of $1.0
million (after including income tax credit for the same period last year of
$209,000) or $.23 diluted earnings per share for second quarter of last year.

        Income before taxes for the six months ended November 30, 1999 was $2.5
million, up from $1.4 million last year. Net income for the six months ended
November 30, 1999 was $1.6 million (after normal income tax expense for the
first six months of $885,000) or $.35 diluted earnings per share, compared to
net income of $1.9 million (after including income tax credit for the same
period last year of $474,000) or $.43 diluted earnings per share one year ago.

        Order backlog was $16.5 million at November 30, 1999, compared with the
November 30, 1998 level of $15.6 million, which represents an increase of 6%.

        Met-Coil Systems Corporation is headquartered in Cedar Rapids, Iowa. Its
operating units and affiliates include Iowa Precision Industries, Inc. also in
Cedar Rapids and The Lockformer Company in Lisle, Illinois.

                                      # # #

                                 Table to Follow


<PAGE>   2
                                                                   Page 19 of 19


                          MET-COIL SYSTEMS CORPORATION
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

<TABLE>
<CAPTION>
                                                       Three Months Ended                     Six Months Ended
                                                            Nov. 30,                              Nov. 30,
                                                      1999             1998                 1999             1998
                                                   ---------        ---------            ----------       ----------
<S>                                                <C>              <C>                  <C>              <C>
                                                   (In thousands, except per share amounts)


Net revenues                                       $ 13,095         $ 11,636             $  25,873        $  22,041

Operating income                                      1,174            1,098                 2,922            2,064

Interest expense, net                                  (196)            (254)                 (333)            (547)

Other income expense, net                               (20)             (40)                 (115)            (111)
                                                   ---------        ---------            ----------       ----------

Income before income taxes                              958              804                 2,474            1,406

Income tax (expense) credit                            (339)             209                  (885)             474
                                                   ---------        ---------            ----------       ----------

Net income                                              619            1,013                 1,589            1,880

Preferred stock dividends and accretion                   0             (160)                    0             (320)
                                                   ---------        ---------            ----------       ----------

Net income applicable to common stock              $    619         $    853             $   1,589        $   1,560
                                                   =========        =========            ==========       ==========

Diluted earnings per share                         $   0.14         $   0.23             $    0.35        $    0.43
                                                   =========        =========            ==========       ==========
</TABLE>