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Marketwired
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Northwest Pipe Reports Q2 2012 Financial Results and Announces Conference Call

VANCOUVER, WA -- (Marketwire) -- 08/06/12 -- Northwest Pipe Company (NASDAQ: NWPX) today announced its financial results for the second quarter of 2012. The Company will broadcast its second quarter 2012 earnings conference call on Tuesday, August 7, 2012, at 9:00 am PDT.

Second Quarter 2012 Results

Net sales for the quarter ended June 30, 2012 decreased 8.9% to $131.0 million compared to $143.8 million in the quarter ended June 30, 2011. Gross profit was $13.6 million (10.4% of net sales) in the second quarter of 2012, a decrease from $16.7 million (11.6% of net sales) in the same quarter of 2011. Net income for the second quarter of 2012 was $3.6 million or $0.38 per diluted share compared to $5.0 million or $0.53 per diluted share for the same period in 2011.

Water Transmission sales decreased by 20.7% to $59.1 million in the second quarter of 2012 from $74.5 million in the second quarter of 2011. The decrease in sales was due to a 19% decrease in volume and a 3% decrease in selling price per ton. Water Transmission gross profit decreased to $8.1 million (13.8% of segment net sales) in the second quarter of 2012 from $11.5 million (15.5% of segment net sales) in the same quarter of the prior year. The decrease in gross profit was primarily due to the decrease in volume.

Tubular Products sales increased 3.8% to $72.0 million in the second quarter of 2012 from $69.3 million in the second quarter of 2011, driven by a 1% increase in tons sold from 55,700 tons to 56,500 tons and a 1% increase in the average selling price per ton. Tubular Products gross profit increased by 5.6% to $5.4 million (7.5% of segment net sales) in the second quarter of 2012 from $5.1 million (7.4% of segment net sales) in the same quarter of 2011. As discussed in the first quarter 2012 conference call, downtime in the Atchison, Kansas facility in May, 2012 to complete the previously announced expansion project negatively impacted margins in the second quarter.

As of June 30, 2012, the backlog of orders was approximately $273 million, with the Water Transmission segment representing approximately $245 million and the Tubular Products segment representing approximately $28 million. This compared to a total backlog of orders of $256 million as of June 30, 2011, with the Water Transmission segment representing approximately $208 million and the Tubular Products segment representing approximately $48 million. The Water Transmission segment's backlog as of June 30, 2012 represents a record for that segment. The backlog includes confirmed orders, including the balance of projects in process, and projects for which the Company has been notified that we are the successful bidder even though a binding agreement has not been executed.

Outlook

"We saw lower net sales and net income in the second quarter of 2012 as compared to the second quarter of 2011, particularly in our Water Transmission segment," said Richard Roman, President and Chief Executive Officer of the Company. "However, with the Lake Texoma project we announced a couple weeks ago, we anticipate that the second half of 2012 will be stronger in the Water Transmission segment than the first half of 2012. Consistent with other domestic tubular producers, the Tubular Products Group will struggle through at least the summer as we expect significantly higher imports of energy products to reduce net sales and profitability for that segment."

Conference Call

The Company will hold its second quarter 2012 earnings conference call on Tuesday, August 7, 2012 at 9 am PDT. The live call can be accessed by dialing 800-369-3340 passcode NWPIPE. For those unable to attend the live call, a replay will be available approximately one hour after the event and will remain available for 30 days by dialing 866-441-1050 passcode 6301.

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 products including energy, construction, agriculture and industrial systems. The Company is headquartered in Vancouver, Washington and has nine manufacturing facilities across the United States and Mexico.

Forward-Looking Statements

Statements in this press release by Richard A. Roman are "forward-looking" statements within the meaning of the Securities Litigation Reform Act of 1995 and Section 21E of the Exchange Act that are based on current expectations, estimates and projections about our business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by us include changes in demand and market prices for our products, product mix, bidding activity, the timing of customer orders and deliveries, production schedules, the price and availability of raw materials, excess or shortage of production capacity, international trade policy and regulations and other risks discussed in our Annual Report on Form 10-K for the year ended December 31, 2011 and from time to time in our other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If we do update or correct one or more forward-looking statements, investors and others should not conclude that we will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

NORTHWEST PIPE COMPANY
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
     (Dollar and share amounts in thousands, except per share amounts)


                                     Three Months Ended   Six Months Ended
                                          June 30,            June 30,
                                     ------------------  ------------------
                                       2012      2011      2012      2011
                                     --------  --------  --------  --------

Net sales:
  Water Transmission                 $ 59,050  $ 74,459  $117,481  $133,104
  Tubular Products                     71,991    69,342   155,735   122,155
                                     --------  --------  --------  --------
    Net sales                         131,041   143,801   273,216   255,259

Cost of sales:
  Water Transmission                   50,901    62,928    99,633   111,679
  Tubular Products                     66,563    64,202   143,506   112,141
                                     --------  --------  --------  --------
    Total cost of sales               117,464   127,130   243,139   223,820

Gross profit:
  Water Transmission                    8,149    11,531    17,848    21,425
  Tubular Products                      5,428     5,140    12,229    10,014
                                     --------  --------  --------  --------
    Total gross profit                 13,577    16,671    30,077    31,439

Selling, general, and administrative
 expense                                6,607     5,603    13,928    12,892
                                     --------  --------  --------  --------

Operating income (loss):
  Water Transmission                    6,130     9,142    14,154    17,403
  Tubular Products                      4,651     4,304    10,847     8,153
  Corporate                            (3,811)   (2,378)   (8,852)   (7,009)
                                     --------  --------  --------  --------
    Operating income                    6,970    11,068    16,149    18,547

Other expense/(income)                    (34)      284         2       397
Interest income                           (46)      (23)      (87)      (23)
Interest expense                        1,526     2,575     3,166     5,193
                                     --------  --------  --------  --------

Income before income taxes              5,524     8,232    13,068    12,980

Provision for income taxes              1,920     3,255     4,730     5,071
                                     --------  --------  --------  --------

Net income                           $  3,604  $  4,977  $  8,338  $  7,909
                                     ========  ========  ========  ========

Basic earnings per share             $   0.38  $   0.53  $   0.89  $   0.85
                                     ========  ========  ========  ========

Diluted earnings per share           $   0.38  $   0.53  $   0.88  $   0.85
                                     ========  ========  ========  ========

Shares used in per share
 calculations:
  Basic                                 9,374     9,327     9,372     9,316
                                     ========  ========  ========  ========
  Diluted                               9,433     9,355     9,423     9,348
                                     ========  ========  ========  ========



                           NORTHWEST PIPE COMPANY
              CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
                        (Dollar amounts in thousands)



                                                     June 30,   December 31,
                                                       2012         2011
                                                   ------------ ------------
Assets:
  Cash and cash equivalents                        $         25 $        182
  Trade and other receivables, net                       72,229       69,894
  Costs and estimated earnings in excess of
   billings on uncompleted contracts                     48,526       38,029
  Inventories                                           120,604      107,169
  Other current assets                                    7,475       11,649
                                                   ------------ ------------
    Total current assets                                248,859      226,923
  Property and equipment, net                           152,612      152,846
  Other assets                                           33,569       33,604
                                                   ------------ ------------
    Total assets                                   $    435,040 $    413,373
                                                   ============ ============

Liabilities:
  Note payable to financial institution            $     52,000 $          -
  Current maturities of long-term debt                    8,975        9,072
  Accounts payable                                       30,686       20,248
  Accrued liabilities                                    40,805       19,175
  Billings in excess of cost and estimated
   earnings on uncompleted contracts                      3,681        7,814
                                                   ------------ ------------
    Total current liabilities                           136,147       56,309
  Note payable to financial institution                       -       62,000
  Other long-term debt, less current maturities          18,637       24,418
  Other long-term liabilities                            30,307       30,379
                                                   ------------ ------------
    Total liabilities                                   185,091      173,106

Stockholders' equity                                    249,949      240,267
                                                   ------------ ------------
    Total liabilities and stockholders' equity     $    435,040 $    413,373
                                                   ============ ============

CONTACT:
Robin Gantt
Chief Financial Officer
360-397-6250

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