Northwest Pipe Announces Preliminary Estimates of Third Quarter 2009 Results

VANCOUVER, WA, Nov 12, 2009 (MARKETWIRE via COMTEX) --
NWPX | Quote | Chart | News | PowerRating -- Northwest Pipe Company (NASDAQ: NWPX | Quote | Chart | News | PowerRating) today announced its
preliminary estimates of financial results for the third quarter
ended September 30, 2009. The Company also announced that it has
delayed the filing of its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2009, pending the conclusion of an ongoing
internal investigation of certain accounting matters, including
certain revenue recognition practices, being conducted by the Audit
Committee of the Board of Directors with the assistance of
independent professionals. The Company plans to file its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2009 and
publish final third quarter results as soon as practicable after the
completion of the Audit Committee's investigation and the completion
of the additional accounting work, if any, required as a result of
the Audit Committee's investigation. Until that time the preliminary
estimates of financial results presented in this press release are
preliminary and subject to change.

The Company's preliminary estimate of net sales for the third quarter
ended September 30, 2009 is approximately $67 million compared to net
sales of $123.4 million previously reported for the third quarter of
2008. The Company's preliminary estimate of net income for the third
quarter of 2009 is a net loss of approximately $1 million compared to
net income previously reported for the third quarter of 2008 of $10.2
million. Revenues and earnings declined largely due to volume
decreases across the Company's product lines with further negative
impacts caused by reduced pricing and a less favorable product mix.

Outlook

"As noted above, our third quarter results have not been finalized.
In the meantime, as we look ahead to the fourth quarter and to next
year, we see mixed signals. Our backlog at the end of the third
quarter was approximately $125 million, down from $190 million three
months ago. Over $30 million of this decline was due to the
previously announced cancellation of the USEC project. However, we
still had a difficult quarter in the market. Many jobs were
postponed, but we also booked orders at less than our usual rate.
Our operations in the fourth quarter will continue to be challenging.
We expect continued, incremental improvement in Tubular Products'
margins, and Water Transmission results are expected to be similar to
third quarter results. We do expect an improved bidding environment
and stronger bookings in the fourth quarter," said Brian W. Dunham,
President and CEO of the Company.

About Northwest Pipe Company

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. The Company is headquartered in Vancouver, Washington and has
manufacturing operations in the United States, Mexico, and Indonesia.

Forward-Looking Statements

This press release includes statements, including statements
regarding the Company's preliminary estimates of financial results
for the quarter ended September 30, 2009, statements regarding the
anticipated filing of the Company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2009, and the statements in the
"Outlook" section of this press release, that are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as expects, anticipates, intends,
plans, believes, sees, estimates and variations of such words and
similar expressions are intended to identify such forward-looking
statements. Such statements reflect management's current views and
estimates of future economic and market circumstances, industry
conditions, Company performance and financial results. Actual
results could vary materially from the description contained herein
due to many factors, including the outcome of the Audit Committee's
investigation, including any changes or adjustments to the Company's
preliminary estimates as to financial results for the quarter ended
September 30, 2009 or the Company's previously reported financial
results or changes in the Company's accounting policies or practices
resulting from the investigation of accounting practices being
conducted by the Company's Audit Committee, the risks related to the
Company's inability to file required reports with the Securities and
Exchange Commission, the risks related to potential claims or
proceedings that may be commenced concerning such matters, continued
poor or further weakened domestic or international economic
conditions, risks related to project delays, risks related to changes
in bidding activity, market demand, operating efficiencies,
availability and price of raw materials, availability and market
acceptance of new products, product pricing, competitive environment,
and other risks described from time to time in the Company's reports
to the Securities and Exchange Commission. The forward-looking
statements we make today speak only as of today and we do not
undertake any obligation to update any such statements to reflect
events or circumstances occurring after today.

CONTACT:

Brian Dunham
Chief Executive Officer

Stephanie Welty
Chief Financial Officer

360-397-6323

SOURCE: Northwest Pipe Company

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