Ameron Reports Improved Third-Quarter Earnings.

PASADENA, Calif. -- Ameron International Corporation (NYSE:AMN) reported earnings of $21.1 million, or $2.32 per diluted share, in the third quarter ended August 26, 2007, compared with net income of $18.0 million, or $2.02 per diluted share, in the third quarter ended September 3, 2006.

Earnings per diluted share from continuing operations, which excludes the Performance Coatings & Finishes business that was divested in 2006, were $2.27 in the third quarter of 2007, compared to $1.91 per share in the third quarter of 2006. Earnings from discontinued operations, after taxes, were $.05 per diluted share in the third quarter of 2007, compared to $.11 per diluted share in the third quarter of 2006. Sales totaled $165.0 million in the third quarter of 2007, compared to $139.9 million in the third quarter of 2006.

For the nine months ended August 26, 2007, earnings per diluted share totaled $5.01, compared to earnings per diluted share of $4.56 in the nine months ended September 3, 2006. Earnings per diluted share from continuing operations were $4.83 in the nine months ended August 26, 2007, compared to earnings per diluted share of $4.29 in the nine months ended September 3, 2006. Income from discontinued operations, after taxes, totaled $.18 per diluted share in the nine months ended August 26, 2007, compared to $.27 per diluted share in the nine months ended September 3, 2006. Sales in the nine months ended August 26, 2007 totaled $442.2 million, compared to $398.6 million in the nine months ended September 3, 2006.

The improved earnings performance in the third quarter of 2007 was attributable principally to the record growth of the Fiberglass-Composite Pipe Group. The Infrastructure Products Group continued to perform at a high level as the strong earnings of the Hawaiian Division more than offset a decline by the Pole Products Division. The Water Transmission Group and TAMCO, Ameron's 50%-owned steel mini-mill, had lower earnings, although TAMCO continues to perform at a high level. Results in the third quarter of 2007 benefited from lower taxes due primarily to recognition of tax benefits totaling $5.3 million associated with the anticipated liquidation of the Company's wholly-owned subsidiary in the U.K. The operating results in the third quarter of 2006 included the recognition of tax benefits totaling $2.7 million associated with settlement of research and development tax credit refunds and settlement of U.S. tax audits.

James S. Marlen, Ameron's Chairman, President and Chief Executive Officer, stated, "The growth in third-quarter and year-to-date earnings demonstrates the strength of the Company's diversified operations. The Fiberglass-Composite Pipe business and Hawaiian operations made major contributions to offset the water-pipe market slowdown that affected the Water Transmission Group throughout the year and the soft residential housing market that recently started to impact the Pole Products business. TAMCO's earnings for the year increased significantly, and the business continues to experience favorable market conditions despite a slower third quarter."

The Fiberglass-Composite Pipe Group had higher sales and segment income in the third quarter of 2007, compared to the third quarter of 2006. Sales improved 29%, as all operations worldwide experienced increased demand due to the continued strength in core markets, primarily the marine, offshore, chemical and industrial segments. Onshore oilfield piping sales softened due to a temporary slowdown in Canadian and South American markets. The quarterly increase in segment income totaled $8.0 million, or 74%, reflecting the higher sales volume, plant efficiencies, favorable product/market mix and the receipt of dividends from Ameron's Saudi Arabian joint venture. The outlook for the Fiberglass-Composite Pipe Group remains positive.

The Water Transmission Group had higher sales of $12.0 million, or 32%, in the third quarter of 2007, compared to the third quarter of last year. The sales increase was driven by Ameron's entry into the market for large-diameter wind towers, partially offset by lower sales of water pipe and protective linings. The Group incurred a loss of $3.0 million in the third quarter of 2007, compared with earnings of $.7 million in the third quarter of 2006. The continued softness of the water infrastructure market in the western U.S. and delays of ongoing pipe projects were the primary reasons for lower water pipe sales. Additionally, delays in constructing Ameron's new wind-tower manufacturing facility impacted productivity and earnings. While there are some indications that the expected recovery of the water transmission pipe market has started, the recovery has been slower than anticipated. Overall, the outlook is for a continued robust wind-tower market, with the water-pipe markets remaining soft in the near term.

The Infrastructure Products Group had slightly lower sales and slightly higher segment income in the third quarter of 2007, compared to the third quarter of 2006. Sales declined $1.1 million, or 2%, while segment income totaled $9.3 million in the third quarter of 2007, compared to $9.1 million in the third quarter of last year. The sales increase in Hawaii was attributable to continued strength in all construction sectors with the exception of residential. Pole Products had lower sales due to softening of the residential housing market that reduced demand for decorative concrete lighting poles. The steel-pole market, which is driven by highway construction, remained strong. The outlook for the Infrastructure Products Group is mixed, as the construction markets served by the Hawaiian Division are forecasted to remain steady, while the Pole Products Division is expected to be confronted by the softening residential market.

TAMCO had lower sales and earnings in the third quarter of 2007, compared to the third quarter of 2006. The lower sales were attributable to key customers adjusting inventory levels during the quarter due to project timing. Ameron's share of TAMCO's net income totaled $3.1 million after taxes, compared to $4.9 million in the third quarter of 2006. For the nine months ended August 26, 2007, Ameron's share of TAMCO's earnings increased $2.8 million, or 30%. The demand for steel rebar in the western U.S. has been strong, due to a high level of commercial and highway construction. The outlook for TAMCO remains favorable, although the slowdown in the residential construction market could also impact commercial construction activity.

James Marlen concluded, "As anticipated, our businesses are delivering, and should continue to deliver, strong results in 2007."

Ameron International Corporation is a multinational manufacturer of highly-engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets. Traded on the New York Stock Exchange (AMN), Ameron is a leading producer of water transmission lines and fabricated steel products, such as wind towers; fiberglass-composite pipe for transporting oil, chemicals and corrosive fluids and specialized materials and products used in infrastructure projects. The Company operates businesses in North America, South America, Europe and Asia. It also participates in several joint-venture companies in the U.S. and the Middle East.

Cautionary statement for purposes of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995: Any statements in this report that refer to the forecasted, estimated or anticipated future results of Ameron International Corporation ("Ameron" or the "Company") are forward-looking and reflect the Company's current analysis of existing trends and information. Actual results may differ from current expectations based on a number of factors affecting Ameron's businesses, including competitive conditions and changing market situations. Matters affecting the economy generally, including the state of economies worldwide, can affect Ameron's results. Forward-looking statements represent the Company's judgment only as of the date of this report. Since actual results could differ materially, the reader is cautioned not to rely on these forward-looking statements. Moreover, Ameron disclaims any intent or obligation to update these forward-looking statements.

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