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September 07, 2008


Northwest Pipe announces result for Q1 of 2008

Northwest Pipe Company announced results for the first quarter of 2008. Sales for the quarter ended March 31st 2008 were USD 94.0 million compared to USD 90.7 million in the first quarter of 2007. Net income for the first quarter was USD 5 million as compared to USD 4.5 million in the first quarter of 2007.

Water Transmission
In the first quarter of 2008, sales were USD 63.9 million for the Water Transmission Group, compared to sales of USD 67.8 million in the first quarter of 2007. Gross profit in the first quarter of 2008 was USD 14.5 million for this Group, or 22.6% of sales compared to gross profit of USD 13.8 million, or 20.4% of sales, in the first quarter of 2007.

Mr Brian W Dunham, president & CEO of Northwest Pipe said that "Overall volume was a little lower than we expected, while margins were a little stronger, resulting in a solid performance. The results for Water Transmission include the results of operations for the Monterrey, Mexico plant which were previously reported separately.”

Tubular Products
The Tubular Products Group recorded sales of USD 30.1 million and gross profit of USD 3.3 million, or 11.1% of sales, in the first quarter of 2008 as compared to sales of USD 23.0 million and gross profit of USD 2.3 million or 10.1% of sales, in the first quarter of 2007.

Mr Dunham said that "We are seeing significant increases in our sales of energy products and continuing growth in pipe for fire protection and agricultural applications. We saw steady improvement in gross margins throughout the quarter and expect that trend to continue for the next few months."

Northwest Pipe Company manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of applications including construction, agricultural, energy, traffic and other commercial and industrial uses.