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August 22, 2008


Northwest Pipe reports quarterly results

Northwest Pipe Company announced that it’s July to September 2007 quarter sales were USD 92 million approximately the same as for the third quarter of 2006. Net income, however, was substantially higher at USD 5.1 million for the third quarter of 2007 as compared to USD 4.1 million in July to September 2006 quarter.

Water Transmission
Sales in the Water Transmission Group for the July to September 2007 quarter were USD 63.9 million compared to USD 65.5 million for the July to September 2006 quarter. Its gross profit was USD 14.3 million, or 22.5% YoY of sales as compared to USD 12.7 million, or 19.4% YoY of sales in the July to September 2006 quarter. Mr Brian W Dunham, president and CEO of Northwest Pipe said that ''Sales were a little less than our expectations. Margins, however, were very strong, reflecting a positive mix of projects as well as general improvements in productivity.''

Tubular Products
The Tubular Products Group's sales were USD 25.2 million in the July to September 2007 quarter as compared to USD 22.3 million in July to September 2006 quarter. Its gross profit increased to USD 3.1 million, or 12.2% YoY of sales as compared to USD 2.2 million or 10.1% YoY of sales for the July to September 2006 quarter.

Fabricated Products
Sales in the Fabricated Products Group were USD 2.9 million in the July to September 2007 quarter compared to USD 4.7 million in July to September 2006 quarter and the Group reported a small loss. Mr Dunham said that ''Volume in our propane tank business was dramatically lower and we have not yet added enough pipe fittings work to offset this decrease. We expect to see these results improve in the future.''

Northwest Pipe Company manufactures welded steel pipe and other products in three business segments. Its Water Transmission Group is a leading supplier of large diameter, high pressure steel pipe products that are used primarily for water infrastructure in North America. It is headquartered in Portland, Oregon and has ten manufacturing facilities across the United States and Mexico.