A diversified global manufacturing company

Carlisle Companies Incorporated is a diversified global manufacturing company focused on providing above average returns to our shareholders through profitable growth. We allocate resources carefully to our businesses that have or can obtain leadership in their markets.

We strive to consistently grow these businesses by increasing market share, improving manufacturing processes and targeting new markets with expanded product lines. Carlisle's diverse product lines serve the construction materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty brake and friction, heavy-haul truck trailer, refrigerated truck body, foodservice, aerospace and test & measurement industries.

The History of Carlisle Companies Inc.

Carlisle Companies Incorporated has a long and proud history which began in 1917, when Charles S. Moomy opened Carlisle Tire and Rubber Company in Carlisle, Pennsylvania to sell inner tubes to Montgomery Ward and Company. With thirty employees working ten-hour days, Carlisle Tire and Rubber Company began producing automobile inner tubes. The Company continued to grow and prosper through the 1920s.

With the Stock Market crash of 1929 and the beginning of the Depression, Carlisle Tire and Rubber, like most other companies during that era, found itself in a desperate struggle to stay afloat. Near the end of the 1930s, in order to avoid bankruptcy, Moomy turned all of his common and preferred stock over to the Federal Reserve Bank of Philadelphia which by then, as the largest shareholder, had control of the Company. The end of the depression and the beginning of World War II forced changes upon the rubber industry.

Japan cut off 95% of the natural rubber supply from the East Indies, forcing Carlisle, along with other companies, to seek other sources. In December 1945, Carlisle began to manufacture inner tubes using synthetic rubber. Carlisle Tire and Rubber Company was purchased in 1943 by Pharis Tire and Rubber Company for $330,000. But significant losses followed and in 1949, the Board of Directors decided to liquidate the company. All Carlisle stock was distributed to the Pharis stockholders and the company was officially renamed Carlisle Corporation.

During the 1950s and 1960s Carlisle began to acquire a variety of other companies diversifying their product mix to include roofing materials, insulated wire and baby food jar sealant rings. By the end of the 1960s, Carlisle was producing aerospace and electronic products, recreational tires, automotive accessories and brake linings as well as other divergent products. Since that time until today Carlisle’s diversification efforts, both through product line extensions within its core businesses and through acquisitions, has continued to build a strong decentralized company that builds market leadership and creates enduring competitive advantage, thereby adding value for our shareholders.


NEWS RELEASE
CSL008010 04/22/08
Carlisle Companies Reports First Quarter
CHARLOTTE, NORTH CAROLINA, April 22, 2008… Carlisle Companies Incorporated
(NYSE:CSL) reported net sales of $708.3 million for the quarter ended March 31, 2008, a 13%
improvement over net sales of $628.9 million in the first quarter of 2007. Organic sales growth
of 4% was led by increased sales volumes in the Construction Materials and Applied
Technologies segments. The acquisition of Insulfoam for the Construction Materials business,
on May 1, 2007, and Dinex for Applied Technologies’ foodservice business, on January 25,
2008, accounted for $48.9 million, or 8%, of sales growth in the first quarter. The impact of
foreign currency exchange rates on net sales growth was approximately 1% in the first quarter
2008.

Operating income of $44.1 million in the first quarter 2008 compared with $51.1 million in the
first quarter of 2007. Raw material cost increases and productivity problems in a few of our tire
and wheel plants were the primary reasons for the year-over-year decrease in operating
income. The loss from continuing operations of $61.7 million, or $1.01 per diluted share, in the
first quarter of 2008, included total after-tax impairment charges of $89.5 million, or $1.46 per
diluted share, related to Carlisle’s power transmission belt business and on-highway brake
business reported in the Specialty Products segment. Income from continuing operations in
the first quarter 2007 was $33.7 million, or $0.54 per diluted share.

In April 2008, Carlisle decided to pursue disposition of both the power transmission belt and
on-highway brake businesses. In management’s judgment, a sale of these businesses within
the next twelve months would result in proceeds of less than net book value and asset
impairment charges have appropriately been reflected in the Company’s first quarter 2008
results. The power transmission belt and the on-highway brake businesses will be reclassified
to discontinued operations in the second quarter 2008.

David A. Roberts, Chairman, President and Chief Executive Officer, commented, “Before I
discuss our sales and earnings performance for the quarter, let me take a moment to update
you on the actions we have taken to implement the strategic plan we announced during our
fourth quarter 2007 earnings call. Our plan was developed to simplify our business and focus
management’s attention on the growth and margin improvement opportunities in our
Construction Materials, Transportation Products and Applied Technologies segments while
maximizing value and considering strategic alternatives for some of the businesses in our
Specialty Products segment. After evaluating the power transmission belt business and onhighway.

brake business, which recorded combined net sales of approximately $200 million in
2007, a decision was made in April 2008 to develop an exit strategy for these businesses. As a
result these two businesses will be moved to discontinued operations in the second quarter
along with related impairment charges. The after-tax impairment charge of $89.5 million we
incurred in the first quarter was a non-cash event, but we are confident that the disposition of
these businesses will generate in excess of $100 million in net cash within the next 12
months.”

“Keeping with our plan to grow our Applied Technologies segment businesses, we acquired
Dinex, a supplier of foodservice products to the healthcare industry in January 2008, and are
very close to completing the acquisition of Carlyle, a complementary acquisition in our high
performance interconnect solutions business. Both acquisitions have given us entry into
adjacent markets, while adding nearly $210 million in annual sales and are expected to be
accretive in 2008.”

“Now let me address our first quarter 2008 sales and earnings performance. Our sales growth
in the first quarter remained good despite seeing weakness in some of our markets. In the
quarter, we saw growth in our Construction Materials and Applied Technologies segments. In
addition, our specialty trailer business, a component of the Transportation Products segment,
and our power transmission belt and off-highway brake businesses, components of the
Specialty Products segment, also grew during the quarter. Our Transportation Products
segment’s tire and wheel business showed slower growth than in previous months as the
outdoor power equipment markets slowed. The refrigerated truck body and on-highway brake
businesses continue to languish due to weak heavy truck sales. We expect similar trends over
the next few quarters.”

“Our earnings during the quarter were hampered by the increasing costs of steel and oil based
commodities. Raw materials comprise more than 70% of our cost of goods sold and these
cost increases negatively impacted nearly all of our businesses. We have and continue to
implement price increases and cost reduction initiatives, but we were not able to keep pace
with the significant rise in raw material and freight costs in the first quarter. We are committed
to off-setting these rising material costs but we will continue to face margin pressure
throughout 2008.”

As announced on February 11, 2008, the Company realigned its operating groups into four
operating and financial reporting segments as presented below.

Construction Materials: Increased membrane and insulation volumes contributed to net sales
of $282.1 million in the first quarter 2008. The 25% increase over 2007 net sales of $226.2
million included $33.0 million of net sales from the Insulfoam acquisition. Despite the strong
sales growth for the quarter, operating income was impacted by increased raw material costs,
product mix and continued competitive pricing for TPO (thermoplastic polyolefin) membrane
and insulation. Operating income of $14.9 million in the first quarter 2008 compared with $19.4
million in the first quarter 2007. Price increases effective June 1, 2008 have been announced
for all Construction Materials products.

Transportation Products: Net sales of $242.0 million for the first quarter 2008 compared
with net sales of $240.6 million in 2007. Orders for the outdoor power equipment (OPE)
market were ahead of the prior year during the first part of the 2008 quarter, but the prolonged
winter coupled with continued softness in residential construction resulted in an 11% decline in
sales to the OPE market. Sales growth for agriculture and construction tire and wheel product
lines helped mitigate the OPE decline. Sales growth for specialized and commercial trailers
more than offset continued softness in construction trailers. Operating income of $23.9 million
in the first quarter of 2008 compared with operating income of $28.0 million for the same
period 2007. Costs have increased for almost all of Transportation Products’ key raw
materials and most notably for steel, natural and synthetic rubber, and carbon black.

Increased raw material costs are expected to be a continuing challenge in 2008, and the
Company is implementing additional cost reductions and price increases across most products
except where pricing contracts prevent increases until later in the year. Increased freight
costs, reduced factory utilization on lower OPE production, and inefficiencies in certain tire and
wheel plants also negatively impacted operating income for the quarter ended March 31,
2008.

Applied Technologies: First quarter 2008 net sales of $91.0 million increased 28% over net
sales of $71.1 million in 2007. The increase in sales included $15.9 million of net sales from
the Dinex acquisition. Strong demand in the commercial and military aerospace markets
contributed to sales growth for the high-performance wire and cable business. Organic sales
growth for the foodservice business was modest as increased sales for jan/san products was
offset by declines in chain restaurant foodservice sales. First quarter 2008 operating income of
$9.9 million increased 30% compared with 2007 operating income of $7.6 million.

Specialty Products: Net sales of $93.2 million in the first quarter of 2008 compared to net
sales of $91.0 million for the same period in 2007. Strong agriculture market sales contributed
to increased power transmission belt sales and stronger OEM demand positively impacted the
off-highway brake business. This sales growth was offset by continued softness in the heavyduty
truck market which impacts the on-highway brake business and to a lesser extent the
refrigerated truck body business. First quarter 2008 operating income of $3.5 million
compared with operating income of $4.7 million in the first quarter 2007. Increased operating
income for the off-highway brake business was more than offset by reduced earnings on lower
volume for the on-highway brake and refrigerated truck body businesses.

Pre-tax impairment charges of $124.2 million for the power transmission belt and on-highway
brake businesses have been recorded for the Specialty Products segment for the quarter
ended March 31, 2008. These charges are not reflected in the Specialty Products segment’s
operating income as they are reported in “Asset impairment charges” on the Company’s
Consolidated Statement of Earnings.

Discontinued Operations
Loss from discontinued operations for the three months ended March 31, 2008 of $0.9 million
included certain workers’ compensation costs for claims that remain Carlisle’s liability following
the disposition of several businesses sold over the past few years. Income from discontinued
operations of $3.1 million for the quarter ended March 31, 2007 included a favorable purchase
price adjustment associated with the sale of Carlisle Process Systems.

Net Income
Net loss for the first quarter 2008 was $62.6 million, or $1.02 per diluted share, compared to
net income of $36.8 million, or $0.59 per diluted share, for the first quarter 2007. The first
quarter 2008 loss included after-tax impairment charges of $89.5 million, or $1.46 per diluted
share, on the power transmission belt and on-highway brake businesses due to Carlisle’s
plans to sell these businesses within the next twelve months. Significant increases in the
Company’s raw material costs also contributed to the decrease in net income for 2008
compared with 2007.

Cash Flow
Cash flow provided by operations of $7.2 million for the three months ended March 31, 2008
compared with cash provided by operations of $64.4 million for the same period 2007.
Operating cash flow in 2007 was favorably impacted by the inclusion of $70.0 million related to
the Company’s securitization program. There is no impact from the securitization program on
operating cash flow for 2008. Cash used for working capital of $36.6 million in 2008 compared
favorably with cash used of $51.6 million in 2007. Cash used in investing activities was $160.1
million in 2008 compared to cash used in investing activities of $39.8 million in 2007.

Cash
used for acquisitions of $95.4 million in 2008 included the purchase of Dinex for the
foodservice business. 2008 investing activities also include a $41.9 million off-shore shortterm
investment of proceeds from the sale of the Company’s European roofing joint-venture in
2007. Capital expenditures of $23.0 million in 2008 compared with $18.8 million in 2007.
Cash flow provided by financing activities of $120.9 million in 2008 included borrowings under
the Company’s credit facility to fund the Dinex acquisition. Cash used in financing activities of
$142.0 million in 2007 included the retirement of $150.0 million in senior notes.

Conference Call and Webcast
The Company will discuss first quarter 2008 results on a conference call for investors on
Tuesday, April 22, 2008 at 9:00 a.m. Eastern. The call may be accessed live at
http://www.carlisle.com/investors/conference_call.html, or the taped call may be listened to
shortly following the live call at the same website location until May 6, 2008.
Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on management's
current expectations and are subject to uncertainty and changes in circumstances. Actual
results may differ materially from these expectations due to changes in global economic,
business, competitive, market and regulatory factors. More detailed information about these
factors is contained in the Company's filings with the Securities and Exchange Commission.
The Company undertakes no duty to update forward-looking statements.

Carlisle is a diversified global manufacturing company serving the construction
materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty
brake and friction, heavy-haul truck trailer, refrigerated truck body, foodservice, and
aerospace and test and measurement industries.

CONTACT: Carol P. Lowe
Vice President and Chief Financial Officer
Carlisle Companies Incorporated
(704) 501-1100

CARLISLE COMPANIES INCORPORATED
Financial Results

For the periods ended March 31
(In millions, except per share data)
(Unaudited)
2008 2007* % Change
Net sales $ 708.3 $ 628.9 13%
Operating income $ 44.1 $ 51.1 -14%
(Loss) income from continuing operations $ (61.7) 33.7 -283%
(Loss) income from discontinued operations (0.9) 3.1 -129%
Net (loss) income $ (62.6) $ 36.8 -270%


Basic (loss) earnings per share
Continuing operations $ (1.02) $ 0.55 -285%
Discontinued operations (0.01) 0.05 -120%
Net (loss) income $ (1.03) $ 0.60 -272%
Diluted (loss) earnings per share
Continuing operations $ (1.01) $ 0.54 -287%
Discontinued operations (0.01) 0.05 -120%
Net (loss) income $ (1.02) $ 0.59 -273%
SEGMENT FINANCIAL DATA (Continuing Operations)
(In millions)

First Quarter 2008 2007*
Sales Opr. Income % Sales Sales Opr. Income % Sales
Construction Materials $ 282.1 $ 14.9 5.3% $ 226.2 $ 19.4 8.6%
Transportation Products 242.0 23.9 9.9% 240.6 28.0 11.6%
Specialty Products 93.2 3.5 3.8% 91.0 4.7 5.2%
Applied Technologies 9 1.0 9 .9 10.9% 7 1.1 7.6 10.7%
Subtotal 708.3 52.2 7.4% 628.9 59.7 9.5%
Corporate - ( 8.1) - (8.6)
Total $ 708.3 $ 44.1 6.2% $ 628.9 $ 51.1 8.1%
* 2007 Figures have been restated to reflect discontinued operations and current segment

reporting.
First Quarter
First Quarter
2008 2007 % Change
Net sales $ 7 08,266 $ 628,898 12.6%

Cost and expenses:
Cost of goods sold 5 78,917 504,409 14.8%
Selling and administrative expenses 8 0,602 69,003 16.8%
Research and development expenses 4 ,655 4,400 5.8%
Operating income 4 4,092 51,086 -13.7%
Asset impairment charges 1 24,163 - NM

Other income, net (1,239) (2,246) -44.8%
Interest expense, net 4 ,407 4,057 8.6%
(Loss) earnings before income taxes (83,239) 49,275 -268.9%
Income tax (benefit) expense (21,560) 15,521 -238.9%

(Loss) income from continuing operations (61,679) 33,754 -282.7%
Percent of net sales -8.7% 5.4%
(Loss) income from discontinued operations (917) 3,081 -129.8%
Net (loss) income $ (62,596) $ 36,835 -269.9%
Basic (loss) earnings per share

Continuing operations $ (1.02) $ 0.55 -285.5%
Discontinued operations (0.01) 0.05 -120.0%
Basic (loss) earnings per share $ (1.03) $ 0.60 -271.7%
Diluted (loss) earnings per share

Continuing operations $ (1.01) $ 0.54 -287.0%
Discontinued operations (0.01) 0.05 -120.0%
Diluted (loss) earnings per share $ (1.02) $ 0.59 -272.9%
Average shares outstanding (000's) - basic 60,594 61,655
Average shares outstanding (000's) - diluted 61,407 62,508
Dividends $ 8 ,864 $ 8,379

Dividends per share $ 0 .145 $ 0.135 7.4%
NM = Not Meaningful
(Unaudited)

For the periods ended March 31
(In thousands except per share data)
CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings

CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Balance Sheet
(In thousands)
March 31, December 31,
2008 2007
(Unaudited)
Assets

Current Assets
Cash and cash equivalents $ 56,805$ 88,435
Short term investments 42,179 -
Receivables 414,357 367,810
Inventories 503,652 492,274

Prepaid expenses and other 63,106 71,442
Current assets held for sale 3,344 3,231
Total current assets 1,083,443 1,023,192
Property, plant and equipment, net 530,052 537,637
Other assets 449,811 425,465

Non-current assets held for sale 2,500 2,500
Total Assets $ 2,065,806 $ 1,988,794
Liabilities and Shareholders' Equity

Current Liabilities
Short-term debt, including current maturities $ 39,193$ 58,571
Accounts payable 181,201 142,896
Accrued expenses 171,683 186,392

Current liabilities associated with assets held for sale 424 328
Total current liabilities 392,501 388,187
Long-term debt 418,015 262,809

Other liabilities 214,540 218,903
Shareholders' equity 1,040,750 1,118,895
Total Liabilities and Shareholders' Equity $ 2,065,806 $ 1,988,794
0 0
2008 2007

Operating activities
Net (loss) income $ (62,596)$ 3 6,835
Reconciliation of net earnings to cash flows:
Depreciation and amortization 1 8,347 1 5,455
Non-cash compensation 2 ,935 3 ,318

Excess tax benefits from share based compensation (110) (2,983)
(Earnings) loss from equity and other investments (397) 2 ,195
Asset impairment charges 1 24,163 -
Deferred taxes (37,912) (3,473)

Gain on investments, property and equipment, net - (4,867)
Receivables under securitization program - 7 0,000
Working capital (36,564) (51,567)
Other (668) (496)
Net cash provided by operating activities 7 ,198 6 4,417
Investing activities

Capital expenditures (23,021) (18,802)
Acquisitions, net of cash (95,413) (22,719)
Proceeds from investments, property and equipment, net 2 98 1 ,404
Purchase of security investments (41,916) -
Other (71) 3 20

Net cash used in investing activities (160,123) (39,797)
Financing activities
Net change in short-term debt and revolving credit lines 1 35,753 (143,687)
Proceeds from long-term debt 2 8 3 65
Dividends (8,864) (8,379)

Excess tax benefits from share based compensation 1 10 2 ,983
Treasury shares and stock options, net (6,105) 6 ,698
Net cash provided by (used in) financing activities 1 20,922 (142,020)
Effect of exchange rate changes on cash 3 73 2 19
Change in cash and cash equivalents (31,630) (117,181)
Cash and cash equivalents

Beginning of period 8 8,435 1 44,029
End of period $ 5 6,805 $ 2 6,848
-
(Unaudited)
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Statement of Cash Flows
For the Three Months Ended March 31
(In thousands)