Ameron Reports Sixth Consecutive Year of Record Earnings for 2001.

Business Editors

PASADENA, Calif.--(BUSINESS WIRE)--Jan. 23, 2002

Ameron International Corporation (NYSE:AMN) today reported record earnings of $6.89 per diluted share for its fiscal year ended November 30, 2001, compared to $6.41 per share in 2000. Sales were $551.4 million in 2001 and $550.7 million in 2000.

James Marlen, Ameron's Chairman, President and Chief Executive Officer, stated, "Despite a worldwide slowdown in 2001, Ameron achieved record earnings for the sixth consecutive year. Ameron has proven its ability to maintain momentum and to thrive during difficult times. Continuing the trend of earlier in 2001, the outstanding performance of consolidated operations, principally the Water Transmission Group, offset the lower levels of equity income from joint-venture companies. I am pleased by the balanced performance of our businesses."

Earnings in the fourth quarter of 2001 totaled $2.62 per diluted share, compared to $2.60 per share in the fourth quarter of 2001, on sales of $141.3 million in 2001, down from $156.0 million in the fourth quarter of 2000. All operating segments had lower sales in the fourth quarter, with the Performance Coatings & Finishes and the Fiberglass-Composite Pipe Groups most affected by the economic slowdown. Profits remained steady in spite of lower sales as Ameron benefited from lower expenses and lower interest rates.

The Water Transmission Group had a strong fourth quarter and full year due to continued demand in the West for water piping to meet the needs of population growth, infrastructure rehabilitation, and the energy markets. While sales declined in 2001, profits increased as a result of improved project and product mix. Water Transmission ended 2001 with a backlog of approximately $90 million, compared to $50 million at the end of 2000. The outlook for Water Transmission remains positive for both the near and long term.

Fiberglass-Composite Pipe's sales increased in 2001, but profits declined due to uneven plant utilization. Sales of oilfield piping were robust throughout 2001, while sales into worldwide industrial and fuel-handling markets suffered. During the fourth quarter, orders for oilfield piping fell as oil prices reacted to the economic slowdown. The Fiberglass-Composite Pipe Group is expected to improve in 2002 if oil prices do not fall significantly from current levels.

Performance Coatings & Finishes had higher sales and profits in 2001 than in 2000. Each of Ameron's coatings businesses showed improvement, partly due to cost reduction programs implemented during past years. The outlook for Performance Coatings & Finishes remains uncertain, given worldwide economic conditions.

The Infrastructure Products Group completed 2001 with slightly higher sales and lower profits, compared to 2000. Profits were lower due to start-up costs of a new concrete pole plant in Alabama, designed to serve the large Southeastern U.S. market. Profits were also impacted by higher maintenance costs in Hawaii and the development costs associated with an expansion of Ameron's principal quarry on Oahu. The outlook for the Infrastructure Products Group remains stable as lower interest rates continue to benefit the Group's primary construction markets.

James Marlen continued, "Ameron had an outstanding year in 2001. Our businesses remain well positioned to benefit from improvements in the economy, and our diversity should continue to support the Company during these uncertain times. We are cautious about 2002. However, longer term, we are confident of Ameron's earning capacity and its ability to continue to operate at record levels."

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; high-performance coatings and finishes for the protection of metals and structures; 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, Australasia and Asia. It also participates in several joint-venture companies in the U.S., Saudi Arabia, Kuwait, Egypt and Mexico.

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 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.