Sun Valley, California, May 14, 2002 – Flamemaster Corporation (NASDAQ "FAME") today reported net income of $205,672 or $.14 per share on revenues of $1,295,387 for the quarter, compared to net of $217,083 or $.14 per share on revenues of $1,206,070 in the year earlier period. Sales from operations expanded to $1,219,531 in the quarter from $1,102,830 in the prior year.

The Company’s balance sheet is very strong with a current ratio of more than 27.4 to 1. Working capital expanded to $6,783,935 from $6,309,839 in the year earlier.

For the six month period ended March 31, 2002, revenues were $2,555,220 compared to $2,157,713 in the year earlier period. Net income for the six months was $331,111 or $.23 per share vs. $326,937 or $.21 per share. Operating revenue expanded to $2,382,354 vs. $1,965,776 in the six months ended March 31, 2001, with income before income taxes rising to $511,102 from $475,608 in the previous year.

Flamemaster is a Southern California based specialty chemicals manufacturer of high performance sealants, adhesives and coatings and continues to hold a significant stake in PerfectData Corporation (NASDAQ "PERF") as well as an extensive investment portfolio.

The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the company and reflect future business decisions, which are subject to change.