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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.