Press Release

WINCHESTER, Va.--(BUSINESS WIRE)--April 23, 2001--Trex Company, Inc. (NYSE: TWP), manufacturer of Trex(R)Easy Care Decking(R), today announced financial results for the first quarter ended March 31, 2001.

Revenues for the quarter increased 8.0% to $42.2 million from $39.1 million in the first quarter of 2000. This represents nine consecutive quarters of year-over-year revenue growth. Income from operations was $12.8 million, a 10.0% increase above the $11.7 million for the first quarter of last year. Net income for the quarter increased to $7.7 million from $7.1 million in 2000. On a fully diluted per share basis, net income was $0.54 per share versus $0.50 per share in 2000.

Trex President Robert Matheny commented, "I am pleased with the continued progress that is being made at Trex Company on a number of important fronts. Despite a weather-related late start of the decking season, we have posted another quarter of growth in every major measurement, including revenue, product shipped, operating earnings and net income. As we enter the busy spring season, we are well prepared to supply our growing network of distributors and contractors. We are also beginning to show promising results in moving into the new home construction market. A number of nationwide homebuilders, including Pulte Homes, Toll Brothers, Weiland Homes, Royce Homes and David Weekly Homes, are now offering Trex decking in model homes in new developments.

"Going forward, we will continue to implement our proven growth strategies. The first is to increase brand awareness. In this regard, we expect to continue to increase our expenditures in advertising, public relations, and promotion of Trex products. In concert with this branding activity, we are expanding our sales organization to support wider distribution coverage in new market areas. We have increased the field sales organization by more than one-third during the past 6 months. To direct and build the sales organization, Trex Company recently appointed a Vice President - Sales, a new position for us. Since the first quarter of 2000, we have increased our distributor network from 58 to 87 locations. During the most recent quarter, Trex Company added distribution capabilities across Canada, as well as five distributor locations in Texas.

"Third, we will continue to ensure that our manufacturing capacity stays ahead of growing demand. This requires long-range planning and investment, such as our recent agreement to locate our third manufacturing facility in Knox County, Tennessee. The fourth strategy, which our increased production capacity will allow us to pursue more aggressively, is new product development. This is being accomplished in a controlled and carefully selected manner, where there is a solid match between market needs and our technology and distribution strengths. For example, we have recently added rail posts to the product line, allowing a deck's entire rail system to be constructed with Trex materials. Trex is the only composite rail post to have building code listing."

Other operating highlights for the quarter included:

• The number of dealer locations has increased to 2,875 from 2,600 at year-end 2000.

• Trex Company has been selected for a number of new showcase projects. The Big Morongo Canyon Preserve in Southern California has used Trex decking for a one-mile walkway and is being dedicated on May 18th at a public ceremony with the Secretary of the Interior, Gale Norton, scheduled to be in attendance. The town of Belmar, New Jersey has elected to use Trex decking for an additional half mile section of its boardwalk based on its very positive experience with the half mile of Trex material previously installed in 1998-1999. The town of Pickering, Ontario used Trex decking for a mile long boardwalk on Lake Ontario and has already made plans to extend the boardwalk an additional half mile.

• Many of the largest homebuilders in the U. S. are using Trex decking on models and show homes. To date this year, there are 45 additional homebuilders in the Trex Model Home Program.

Trex Company is the nation's largest manufacturer of non-wood decking, which is marketed under the brand name Trex(R). Trex Wood-Polymer(TM) lumber offers an attractive appearance and the workability of wood without the ongoing need for protective sealants or repairs. Trex decking is manufactured in a proprietary process that combines waste wood fibers and reclaimed polyethylene and is used primarily for residential and commercial decking.

In October 2000, "Forbes Magazine" ranked Trex Company as number one in its list of the nation's 200 Best Small Companies. In February 2001, "HOME Magazine" awarded Trex Easy Care Decking with the American Building Products Award for "defining the composite decking category." For a Trex decking dealer near you, call 1-800-BUY-TREX (289-8739) or for dealers and product details, visit www.trex.com.

Trex(R)Easy Care Decking(R)and Wood-Polymer(TM)Lumber(TM)are trademarks of Trex Company, Inc., Winchester, Va.

The statements in this press release regarding the Company's expected sales performance and operating results, its anticipated financial condition and its business strategy constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company's actual operating results to differ materially. Such risks and uncertainties include the extent of market acceptance of the Company's business to general economic conditions and the highly competitive markets in which the Company operates. The Company's report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2001 discusses some of the important factors that could cause the Company's actual results to differ materially from those expressed or implied in these forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

                          TREX COMPANY, INC.

                 Consolidated Statements of Operations
            (In thousands, except share and per share data)

                                           Quarter Ended March 31,
                                             2001           2000

                                         (unaudited)      (unaudited)

Net sales(a)                            $   42,196         $  39,054

Cost of sales(a)                            22,978            20,892

Gross profit                                19,218            18,162

Selling, general and
 administrative expenses                     6,403             6,510

Income from operations                      12,815            11,652

Interest expense, net                         (465)            (277)

Income before taxes                         12,350            11,375

Income taxes                                 4,695             4,318

Net income                               $   7,655         $   7,057

Diluted earnings per common share        $    0.54         $    0.50

Weighted average diluted shares
 outstanding                            14,172,064        14,195,982

    (a) Amounts for 2000 have been reclassified to reflect the
adoption of EITF 00-10, Accounting for Shipping and Handling Fees and
Costs.

                          TREX COMPANY, INC.

                      Consolidated Balance Sheets
                   (In thousands, except share data)

                               December 31, 2000        March 31, 2001
                                                          (unaudited)

ASSETS
Current  assets:
 Cash and cash equivalents     $         --            $         --
 Trade accounts receivable           10,582                  27,325
 Inventories                         23,017                  21,556
 Prepaid expenses and
  other assets                          689                     618
 Deferred income taxes                  478                     360

  Total current assets               34,766                  49,859

Property, plant and
 equipment, net                     113,635                 121,915
Intangible assets, net                7,544                   7,367
Other                                   650                     650

 Total assets                  $    156,595            $    179,791

LIABILITIES AND STOCKHOLDERS'
 EQUITY
Current liabilities:
 Trade accounts payable        $     17,082             $     9,679
 Accrued expenses                     2,053                   1,253
 Income taxes payable                   574                   4,730
 Other current liabilities              664                   1,136
 Line of credit                          --                  13,676
 Current portion of
  long-term debt                        697                     637

  Total current liabilities          21,070                  31,111

Deferred income taxes                 5,782                   5,636
Line of credit                       44,748                  50,000
Long-term debt related
 derivatives                             --                   1,205
Long-term debt                       15,954                  15,840

 Total liabilities                   87,554                 103,792

Stockholders' equity:
 Preferred stock, $0.01 par value,
  3,000,000 shares authorized;
  none issued and outstanding            --                      --
 Common stock, $0.01 par value,
  40,000,000 shares authorized;
  14,135,060 and 14,137,586 shares     
  issued and outstanding                141                     141
 Additional capital                  41,330                  41,380
 Retained earnings                   27,570                  35,225
 Other comprehensive loss                --                    (747)

  Total stockholders' equity         69,041                  75,999

  Total liabilities and
   stockholders' equity        $    156,595            $    179,791

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