Ameron International reports record performance for fiscal 1996.

PASADENA, Calif.--(BUSINESS WIRE)--Feb. 3, 1997--Ameron International Corp. (NYSE:AMN) Monday released results for its fiscal year ended Nov. 30, 1996.

The company reported the highest sales and earnings per share in Ameron's 90-year history: $3.87 per share on sales of $497 million. These results represent a 23 percent increase over 1995 earnings of $3.15 per share on sales of $481 million. Fiscal 1996 was Ameron's third consecutive year of improved earnings.

In the fourth quarter of 1996, Ameron earned $1.16 per share on sales of $130.9 million, compared with 95 cents per share on sales of $127.4 million in 1995.

"Operationally, 1996 was Ameron's best year ever," said James S. Marlen, chairman, president and chief executive officer. He noted that Ameron's global protective coatings and fiberglass pipe businesses both had improved sales and earnings, and the company's domestic concrete and steel pipe business posted significantly higher earnings on sales that were just slightly lower than last year's all-time high.

Marlen said that Ameron continues to evaluate opportunities to broaden its businesses through strategic acquisitions and alliances. Ameron made two strategic acquisitions in 1996.

In January, the company purchased Centron International, a Texas-based manufacturer of high-pressure fiberglass pipe. In October, Ameron completed its acquisition of the worldwide Devoe marine coatings business and became the largest supplier of high-performance marine coatings in the United States.

While results for the first quarter of 1997 are expected to reflect the company's traditional seasonal lull, Marlen expressed confidence that Ameron's positive earnings trend would continue in 1997.

                      Ameron International Corp.
                  Consolidated Statements of Income
                    Fourth Quarter Ended Nov. 30,
            (in thousands except share and per share data)

                                                  1996            1995
                                               ---------       ---------
Sales                                           $130,934        $127,427
Cost of Sales                                     94,106          97,295
                                               ---------       ---------
Gross Profit                                      36,828          30,132
Selling, General and Administrative Expenses      29,597          24,613
                                               ---------       ---------
Operating Profit                                   7,231           5,519
Royalty, Equity and Other Income                   2,822           2,505
                                               ---------       ---------
Income before Interest and Income Taxes           10,053           8,024
Interest, net                                      2,956           2,458
                                               ---------       ---------
Income before Income Taxes                         7,097           5,566
Income Taxes                                       2,484           1,808
                                               ---------       ---------
Net Income                                      $  4,613        $  3,758
                                               =========       =========
Per Share (based on average of
  3,982,006 shares in 1996 and
  3,954,544 shares in 1995):
  Net Income                                    $   1.16        $    .95
                                               =========       =========
  Cash Dividends Paid                           $    .32        $    .32
                                               =========       =========

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                      Ameron International Corp.
                  Consolidated Statements of Income
                      12 Months Ended Nov. 30,
          (in thousands, except share and per share data)

                                                  1996            1995
                                               ---------       ---------
Sales                                           $496,940        $481,405
Cost of Sales                                    367,677         364,674
                                               ---------       ---------
Gross Profit                                     129,263         116,731
Selling, General and Administrative Expenses     103,320          95,786
                                               ---------       ---------
Operating Profit                                  25,943          20,945
Royalty, Equity and Other Income                   8,516           8,068
                                               ---------       ---------
Income before Interest and Income Taxes           34,459          29,013
Interest, net                                     10,752          11,371
                                               ---------       ---------
Income before Income Taxes                        23,707          17,642
Income Taxes                                       8,297           5,190
                                               ---------       ---------
Net Income                                      $ 15,410        $ 12,452
                                               =========       =========
Per Share (based on average of
  3,982,006 shares in 1996 and
  3,954,544 shares in 1995):
  Net Income                                    $   3.87        $   3.15
                                               =========       =========
  Cash Dividends Paid                           $   1.28        $   1.28
                                               =========       =========


                     Ameron International Corp.
                    Consolidated Balance Sheets
                        (in thousands)

                                                Nov. 30,        Nov. 30,
                                                  1996            1995
                                               ---------       ---------
ASSETS
Current Assets
  Cash and equivalents                          $ 18,381        $ 12,923
  Receivables, net                               105,534         105,019
  Inventories                                     84,971          76,426
  Other                                           14,737          12,470
                                               ---------       ---------
    Total current assets                         223,623         206,838
Investments and Advances -
  Affiliated Companies                            33,722          36,197
Property, Plant and Equipment, net               125,687         114,116
Other Assets                                      28,634          14,230
                                               ---------       ---------
  Total Assets                                  $411,666        $371,381
                                               =========       =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Short-term borrowings                         $  1,242        $  1,718
  Current portion of long-term debt               17,753          17,803
  Trade payables                                  36,715          32,219
  Accrued liabilities and other                   41,102          37,427
  Federal and other income taxes                   4,953           3,213
                                               ---------       ---------
    Total current liabilities                    101,765          92,380
Long-Term Debt, less current portion             112,598          91,565
Other Liabilities                                 52,505          52,864
                                               ---------       ---------
  Total Liabilities                              266,868         236,809
Stockholders' Equity
  Common stock                                    12,895          12,823
  Additional paid-in capital                      16,212          15,322
  Retained earnings                              157,321         146,987
  Cumulative translation adjustments               1,149           2,219
  Treasury stock                                 (42,779)        (42,779)
                                               ---------       ---------
    Total Stockholders' Equity                   144,798         134,572
                                               ---------       ---------
  Total Liabilities and Stockholders' Equity    $411,666        $371,381
                                               =========       =========

CONTACT: Ameron International Corp., Pasadena

Gary Wagner/Dan Stracner, 818/683-4000