Garneau Inc. First Quarter Results Ended March 31, 2008

Fri May 16, 12:30 PM

NISKU, AB, May 16 /CNW/ - Garneau Inc. (GAR-TSX) yesterday filed its First Quarter Report and related Management's Discussion and Analysis for the quarter ended March 31, 2008.

Copies of these documents are available electronically at www.sedar.com or the Company's website at www.garneau-inc.com.

    
    Selected Annual Information
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    Summary of Results                             Three months ended
    (In thousands, except                  March 31, 2008     March 31, 2007
     per share data, unaudited)
    -------------------------------------------------------------------------
    Revenue                                       $ 5,307            $ 7,245
    Margin                                          1,170              1,466
    Margin %                                         22.0%              20.2%
    Earnings (loss) before income taxes            (1,221)              (828)

    Net earnings (loss)                            (1,221)              (701)
    Earnings (loss) per share - basic               (0.10)             (0.06)
    Earnings (loss) per share - diluted             (0.10)             (0.06)

About Garneau Inc.

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Garneau Inc's primary business has been the application of high performance protective coating and linings for oil and gas pipeline protection. Additionally, the corporation also designs and fabricates oilfield equipment for both domestic and international markets. With over 30 years of operating experience, Garneau Inc. has developed a significant level of expertise and is well known for innovative technology. The company's website can be accessed at www.garneau-inc.com.

This report includes forward looking statements that are based on the Garneau's current expectations and therefore are subject to uncertainties such as the level of industry drilling and coating activity, foreign exchange fluctuations and world wide economic conditions that may cause actual results to differ materially.

Contacts

Phone: (780) 955-2396
Fax: (780) 955-7715
Glen Garneau
President & CEO
Email: gleng@garneau-inc.com

Richard Hughes
CFO
richardh@garneau-inc.com