Southern Manufacturing

Ameron Reports Sixth Consecutive Year of Record Earnings for 2001

25 January 2002

Ameron International Corporation reported record earnings for its fiscal year ended November 30, 2001.

Sales were $551.4 million in 2001 and $550.7 million in 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.

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.

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