Globe Business Resources Reports Increases in FourthQuarter and Full-Year Earnings.

CINCINNATI--(BUSINESS WIRE)--April 20, 1999--

Globe Business Resources, Inc. (Nasdaq:GLBE) reported today that for the fourth quarter ended February 28, 1999, diluted earnings per share were 21 cents, up 600% from 3 cents per share for the quarter ended February 28, 1998. Revenues for

the fourth quarter of fiscal 1999 were $36.7 million, up 28% from $28.6 million in the fourth quarter of fiscal 1998. Operating profit of $2.9 million in the fourth quarter of fiscal 1999 was 140% above the $1.2 million reported for the fourth quarter of fiscal 1998, while net income of $975,000 was 508% above the $160,000 reported for the fourth quarter of fiscal 1998.

For the year ended February 28, 1999, diluted earnings per share reached $1.10, 24% above the 89 cents per share earned in fiscal 1998. Sales reached $147.6 million in fiscal 1999, a 42% increase over fiscal 1998 sales of $103.9 million. Operating profit reached $13.0 million and net income reached $5.2 million in fiscal 1999, increases of 31% and 27%, respectively, from the $9.9 million and $4.1 million reported in fiscal 1998.

Corporate housing revenues reached $22.9 million in the fourth quarter and $87.3 million for the full-year, up from $14.8 million and $42.4 million, respectively, for the comparable prior year periods. Acquisitions continue to be an important contributor to corporate housing revenues, which have increased to 59% of the Company's revenues in fiscal 1999 as compared with 41% of the Company's fiscal 1998 revenues.

Commenting on the Company's results, David D. Hoguet, Chairman of Globe, stated, "We are gratified with our financial results. We are also pleased with the progress we have made toward the goal we established three years ago, when we entered the corporate housing business, of becoming the leading national player in temporary relocation. We are optimistic about the outlook for fiscal 2000."

Globe Business Resources, Inc., is a leading consolidator in the temporary relocation industry. Doing business as Globe Corporate Stay International, the Company is the second largest operator in the corporate housing market, providing fully furnished short-term housing through an inventory of leased housing units to relocated, transferred and temporary personnel. Doing business as Globe Furniture Rentals, the Company is the third largest operator in the rent-to-rent segment of the furniture rental business renting and selling quality office and residential furniture to a variety of corporate and individual customers.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements contained in this press release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors crated by that Act. Reliance should not be placed on forward-looking statements because they involve risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied.

These include, without limitation, factors discussed in conjunction with a forward-looking statement, risks involved in integrating the furniture rental and corporate housing businesses under a regional management structure, penetrating new markets, integrating acquired businesses and maintaining large customer contracts, and the other risk factors set forth in the Company's recent SEC filings.

Any forward-looking statement speaks only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. -0-

             CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
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(In thousands except percentages
and per share data)              Fourth Quarter Ended February 28
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                                    1999      1998         %
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Revenues
Corporate housing sales           $22,867   $14,790       54.6%
Rental sales                       10,165    10,322       -1.5%
Retail sales                        3,652     3,477        5.0%
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                                   36,684    28,589       28.3%
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Cost of Sales
Cost of corporate
  housing sales                    16,863    11,109       51.8%
Cost of rental sales                1,320     1,077       22.6%
Cost of retail sales                2,141     2,318       -7.6%
Furniture depreciation
  and disposals                     1,420     2,061      -31.1%
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                                   21,744    16,565       31.3%
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Gross Profit                       14,940    12,024       24.3%
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Operating expenses                 11,430    10,446        9.4%
Amortization of
 intangible assets                    586       373       57.1%
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                                   12,016    10,819       11.1%
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Operating Income                    2,924     1,205      142.7%
Interest and other expenses         1,187       932       27.4%
Income Before Income Taxes          1,737       273      536.3%
Provision for income taxes            763       113      575.2%
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Net Income                        $   974   $   160      508.8%
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Earnings Per Common Share:
     Basic                        $  0.21   $  0.04      425.0%
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     Diluted                      $  0.21   $  0.03      600.0%
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Weighted Average
Number Of Common
Shares Outstanding:
     Basic                          4,677     4,548        2.8%
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     Diluted                        4,743     4,704        0.8%
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(In thousands except percentages
 and per share data)              Twelve Months Ended February 28
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                                    1999       1998        %
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Revenues
Corporate housing sales          $ 87,248   $ 42,840      103.7%
Rental sales                       43,384     45,337       -4.3%
Retail sales                       16,818     15,723        7.0%
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                                  147,450    103,900       41.9%
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Cost of Sales
Cost of corporate
 housing sales                     62,181     31,008      100.5%
Cost of rental sales                3,428      3,664       -6.4%
Cost of retail sales                9,966      9,912        0.5%
Furniture depreciation
 and disposals                      8,680      8,259        5.1%
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                                   84,255     52,843       59.4%
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Gross Profit                       63,195     51,057       23.8%
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Operating expenses                 48,181     40,150       20.0%
Amortization of
 intangible assets                  2,034      1,003      102.8%
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                                   50,215     41,153       22.0%
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Operating Income                   12,980      9,904       31.1%
Interest and
 other expenses                     4,389      3,241       35.4%
Income Before
  Income Taxes                      8,591      6,663       28.9%
Provision for
 income taxes                       3,437      2,598       32.3%
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Net Income                       $  5,154   $  4,065       26.8%
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Earnings Per
 Common Share:
   Basic                         $   1.13   $   0.91       24.2%
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   Diluted                       $   1.10   $   0.89       23.6%
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Weighted Average
Number Of Common
 Shares Outstanding:
   Basic                            4,578      4,475        2.3%
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   Diluted                          4,689      4,577        2.4%
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FOURTH QUARTER REPORT
   OF FISCAL 1999