Exhibit 99.1

FOR IMMEDIATE RELEASE
Contact:
Flow Investor Relations
Geoffrey Buscher
253-813-3286
investors@flowcorp.com

FLOW INTERNATIONAL ANNOUNCES THIRD QUARTER RESULTS

Company Reports $0.03 EPS on 27% Increase in Revenue; Announces Credit Facility Renewal

Kent, WA — March 3, 2011 — Flow International Corporation (NASDAQ: FLOW), the world’s leading developer and manufacturer of industrial waterjet machines for cutting and cleaning applications, today reported results for its fiscal 2011 third quarter ended January 31, 2011.

For the third quarter of fiscal 2011, Flow reported consolidated revenues of $57.5 million, a 27% increase from $45.4 million in the prior-year period. Net income in the current quarter was $1.2 million or $0.03 per share. In comparison, the Company reported net loss of $0.7 million or a loss of $0.02 per share in the prior-year period, which included a non-cash charge of $1.3 million for foreign currency adjustments primarily related to the liquidation of two dormant subsidiaries.

Consolidated Adjusted EBITDA for the quarter was $4.9 million compared to $1.8 million in the year-ago quarter. A reconciliation of Adjusted EBITDA to Net Income is provided in the attached financial tables.

“Overall revenues increased 9% sequentially from our second quarter as we benefited from a very successful IMTS show,” said Charley Brown, President and CEO of Flow. “With EPS at $0.03 per share, these results represent the first quarter of significant net income generated from operations in over two years. We also successfully renewed our credit facility for a three-year period, further strengthening our financial position and enhancing our ability to fund working capital needs. The renewed credit facility provides more favorable financial covenants as well as lower interest rates.”

Operations Review for the Third Quarter of Fiscal 2011

	•      Standard segment sales, which include sales of systems that do not require significant custom configuration as well as parts and services for those installed systems, were $49.9 million, an increase of $12.9 million or 35% from the prior-year quarter.
	•      Advanced segment sales, which include sales of complex aerospace and application systems requiring specific custom configuration and advanced features, as well as parts and services for those installed systems, were $7.6 million for the quarter, reflecting an anticipated $0.8 million decline from the prior-year quarter. Advanced segment sales are recorded using the percentage of completion method, with lead times ranging as long as 18 to 24 months.
	•      Aggregate gross margins were 40% for the quarter, in line with the aggregate gross margins of the prior-year quarter. Standard segment gross margins increased from 41% a year ago to 42% on favorable product mix. Advanced segment gross margins were 27% in the current quarter, compared to 36% in the prior-year quarter. The lower gross margin in the Advanced segment is primarily attributable to project mix and refinement of cost estimates.

	•      Total operating expenses for the quarter were $20.3 million, compared to $18.5 million in the prior-year quarter. The $1.8 million increase is primarily the result of the full reinstatement of wages and benefits, higher commissions on increased sales, and other sales initiatives.
	•     On March 2, 2011, the Company renewed its existing credit facility for three years. The new agreement, which expires on March 2, 2014, provides enhanced financial flexibility with more favorable interest rates and financial covenants.

Conference Call

Flow plans to hold a conference call to discuss these results today: Thursday, March 3^rd at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). The conference call may be heard by dialing 877-941-4775 or 480-629-9761. A 7-day replay will be available following the call by dialing 800-406-7325 or 303-590-3030. The conference call passcode is 4415125. A live audio Webcast of the conference call may be found in the investor section at www.flowcorp.com. A Webcast replay of the call will also be available for 90 days.

About Flow International

Flow International Corporation is the world’s leading developer and manufacturer of ultrahigh-pressure waterjet cutting technology to industries including automotive, aerospace, job shop, surface preparation, and more. For more information, visit www.flowcorp.com.

This press release contains forward-looking statements relating to future events or future financial performance that involve risks and uncertainties. The words “believe,” “expect,” “intend,” “anticipate,” variations of such words, and similar expressions identify forward-looking statements but their absence does not mean that the statement is not forward-looking. These statements are only predictions and actual results could differ materially from those anticipated in these statements based on a number of risk factors, including those set forth in the Company’s filings with the U.S. Securities and Exchange Commission. Forward- looking statements in this press release include, without limitation, statements regarding the new credit facility enhancing funding of working capital and improving flexibility. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this announcement.

Flow International Corporation
Consolidated Statements of Operations
(Unaudited)

US Dollars in thousands, except per share data

		Three months ended January 31,												Nine months ended January 31,
		2011				2010				%Change				2011				2010				%Change
Sales		$	57,473			$	45,356				27	%		$	156,988			$	125,145				25	%
Cost of Sales			34,381				27,133				27	%			94,710				76,314				24	%
Gross Margin			23,092				18,223				27	%			62,278				48,831				28	%
Operating Expenses:
Sales and Marketing			11,568				10,065				15	%			33,049				26,956				23	%
Research and Engineering			2,513				2,235				12	%			7,095				5,782				23	%
General and Administrative			6,194				6,198			NM					17,811				19,391				(8	)%
Restructuring and Other Operating Charges			—				—			NM					—				4,222			NM
Operating Expenses			20,275				18,498				10	%			57,955				56,351				3	%
Operating Income (Loss)			2,817				(275	)		NM					4,323				(7,520	)		NM
Interest Expense, net			(397	)			(429	)			(7	)%			(1,182	)			(1,774	)			(33	)%
Other Income (Loss), net			(81	)			(1,218	)			(93	)%			315				(866	)		NM
Income (Loss) Before (Provision) Benefit for Income Taxes			2,339				(1,922	)		NM					3,456				(10,160	)		NM
(Provision) Benefit for Income Taxes			(1,058	)			1,124			NM					(2,926	)			2,653			NM
Gain (Loss) from Continuing Operations			1,281				(798	)		NM					530				(7,507	)		NM
Gain (Loss) from Discontinued Operations, net of tax			(40	)			51			NM					(152	)			(1,089	)			(86	)%
Net Income (Loss)		$	1,241			$	(747	)		NM				$	378			$	(8,596	)		NM
Basic and Diluted Income (Loss) Per Share:
Income (Loss) from Continuing Operations		$	0.03			$	(0.02	)		NM				$	0.01			$	(0.18	)		NM
Net Income (Loss)		$	0.03			$	(0.02	)		NM				$	0.01			$	(0.20	)		NM
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Income (Loss) Per Share (000):
Basic			47,301				46,879								47,168				42,490
Diluted			47,312				46,879								47,174				42,490

NM = not meaningful

Flow International Corporation
Consolidated Balance Sheets
(Unaudited)

US Dollars in thousands

		January 31,				April 30,
		2011				2010				%Change
ASSETS:
Current Assets:
Cash		$	8,001			$	6,367				26	%
Receivables, net			39,929				35,749				12	%
Inventories			28,709				22,503				28	%
Other Current Assets			11,895				9,476				26	%
Total Current Assets			88,534				74,095
Property and Equipment, net			19,139				21,769				(12	)%
Other Long-Term Assets			34,268				35,345				(3	)%
		$	141,941			$	131,209
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Notes Payable		$	1,900			$	350			NM
Current Portion of Long-Term Obligations			29				61				(52	)%
Accounts Payable and Other Accrued Liabilities			24,569				24,358				1	%
Other Current Liabilities			21,985				17,413				26	%
Total Current Liabilities			48,483				42,182
Other Long-Term Liabilities			6,266				5,449				15	%
Subordinated Notes			8,522				7,954				7	%
Total Other Long-Term Liabilities			63,271				55,585
Shareholders’ Equity			78,670				75,624				4	%
		$	141,941			$	131,209

NM = not meaningful

Flow International Corporation
Supplemental Data
(Unaudited)

US Dollars in thousands

		Three months ended January 31,												Nine months ended January 31,
		2011				2010				%Change				2011				2010				%Change
Sales Breakdown:
Systems		$	39,987			$	31,905				25	%		$	105,429			$	83,674				26	%
Consumable Parts			17,486				13,451				30	%			51,559				41,471				24	%
Total		$	57,473			$	45,356				27	%		$	156,988			$	125,145				25	%
Segment Revenue Breakdown:
Standard		$	49,916			$	37,036				35	%		$	135,619			$	96,817				40	%
Advanced			7,557				8,320				(9	)%			21,369				28,328				(25	)%
		$	57,473			$	45,356				27	%		$	156,988			$	125,145				25	%
Depreciation and Amortization Expense		$	1,522			$	1,485				2	%		$	4,706			$	4,078				15	%
Capital Spending		$	1,551			$	968				60	%		$	2,700			$	8,925				(70	)%

Flow International Corporation
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(Unaudited)

US Dollars in thousands

		Three months ended January 31,												Nine months ended January 31,
		2011				2010				%Change				2011				2010				%Change
Net Income (Loss)		$	1,241			$	(747	)		NM				$	378			$	(8,596	)		NM
Add Back:
Depreciation and Amortization			1,522				1,485				2	%			4,706				4,078				15	%
Income Tax Provision (Benefit)			1,058				(1,124	)		NM					2,926				(2,653	)		NM
Interest Charges			418				468				(11	)%			1,268				1,906				(33	)%
Non-Cash Charges			647				1,742				(63	)%			1,548				2,527				(39	)%
Other (i)			40				(51	)		NM					152				5,718				(97	)%
Consolidated Adjusted EBITDA		$	4,926			$	1,773			NM				$	10,978			$	2,980			NM

(i) Allowable Add Backs Pursuant to
     Senior Credit Facility Agreement

NM = not meaningful

     The Company defines Adjusted EBITDA as net income (loss), determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), excluding the effects of income taxes, depreciation, amortization of intangible assets, interest expense, and other non-cash charges, which includes such items as stock-based compensation expense, foreign currency gains or losses, and other non-cash allowable add backs pursuant to the Company’s Senior Credit Facility Agreement.

     Adjusted EBITDA is a non-GAAP financial measure and the presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The items excluded from this non-GAAP financial measure are significant components of the Company’s financial statements and must be considered in performing a comprehensive analysis of the overall financial results. The Company uses this measure, together with GAAP financial metrics, to assess its financial performance, allocate resources, evaluate the overall progress towards meeting its long-term financial objectives, and assess compliance with its debt covenants. The Company believes that this non-GAAP financial measure is useful to investors and analysts in allowing for greater transparency with respect to the supplemental information used in the Company’s financial and operational decision making. The Company’s calculation of Adjusted EBITDA may not be consistent with calculations of similar measures used by other companies.

Flow International Corporation
Reconciliation of GAAP to Pro forma
(Unaudited)

US Dollars in thousands, except per share data

		Three months ended January 31,								Nine months ended January 31,
		2011				2010				2011				2010
GAAP Income (Loss) from Continuing Operations		$	1,281			$	(798	)		$	530			$	(7,507	)
Adjustments:
OMAX Termination Charge			—				—				—				3,219
Restructuring and Other Operating Charges			—				—				—				1,003
Write-off of Deferred Debt Issuance Costs			—				—				—				253
Liquidation of Dormant Foreign Subsidiaries			—				1,277				—				1,277
Tax Effect of Adjustments			—				(780	)			—				(3,390	)
Tax Impact from Cash Repatriation & Discrete Foreign Tax Matters			—				—				990				—
Pro forma Income (Loss) from Continuing Operations		$	1,281			$	(301	)		$	1,520			$	(5,145	)
GAAP Net Income (Loss)		$	1,241			$	(747	)		$	378			$	(8,596	)
Adjustments:
OMAX Termination Charge			—				—				—				3,219
Restructuring and Other Operating Charges			—				—				—				1,003
Write-off of Deferred Debt Issuance Costs			—				—				—				253
Liquidation of Dormant Foreign Subsidiaries			—				1,277				—				1,277
Discontinued Operations			40				(51	)			152				1,089
Tax Effect of Adjustments			—				(780	)			—				(3,390	)
Tax Impact from Cash Repatriation & Discrete Foreign Tax Matters			—				—				990				—
Pro forma Net Income (Loss)		$	1,281			$	(301	)		$	1,520			$	(5,145	)
Per Share Amounts
GAAP Basic and Diluted Income (Loss) Per Share
Income (Loss) from Continuing Operations		$	0.03			$	(0.02	)		$	0.01			$	(0.18	)
Net Income (Loss)		$	0.03			$	(0.02	)		$	0.01			$	(0.20	)
Pro forma Basic and Diluted Income (Loss) per Share
Income (Loss) from Continuing Operations		$	0.03			$	(0.01	)		$	0.03			$	(0.12	)
Net Income (Loss)		$	0.03			$	(0.01	)		$	0.03			$	(0.12	)