<SUBMISSION>
<ACCESSION-NUMBER>0000790730-04-000001
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20040229
<FILING-DATE>20040326
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMERON INTERNATIONAL CORP
<CIK>0000790730
<ASSIGNED-SIC>3270
<IRS-NUMBER>770100596
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-09102
<FILM-NUMBER>04692193
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>245 S LOS ROBLES AVE
<CITY>PASADENA
<STATE>CA
<ZIP>91101
<PHONE>6266834000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>245 S LOS ROBLES AVE
<CITY>PASADENA
<STATE>CA
<ZIP>91101
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AMERON INC/DE
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>ameron_10q104.htm
<TEXT>
<HTML>

<head>
</head>

<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<p style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=5>
<STRONG>
<CENTER>
                                        UNITED STATES
</CENTER>
</STRONG>
</FONT>
<p style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=5>
<STRONG>
<CENTER>
                        SECURITIES AND EXCHANGE COMMISSION
</CENTER>
</STRONG>
</FONT>
</p>
<p style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=4>
<CENTER>
								Washington, D.C. 20549

</CENTER>
</FONT>

<p>

<FONT SIZE=5>
<STRONG>
<CENTER>
											FORM 10-Q</CENTER></STRONG></FONT>
<P>

<font size=2>
<Strong>
            (Mark One)
</STRONG>
</FONT>
<p>

<STRONG>
<CENTER>
              /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF </CENTER></STRONG>
<STRONG>
<CENTER>
              			THE SECURITIES EXCHANGE ACT OF 1934
</CENTER>
</STRONG>
<P>

<CENTER>
                <font size="2"><b>
                For the quarterly period ended February 29, 2004</b></font></CENTER>
<P><CENTER><font size="2"><b>or</b></font></CENTER>
<P>

<STRONG>
<CENTER>
              / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
</CENTER>
</STRONG>
<STRONG>
<CENTER>
						 	THE SECURITIES EXCHANGE ACT OF 1934
</CENTER>
</STRONG>
<p>

<center>
<b>
<font size=2>
 			For the transition period from _______________ to _______________
<p>

						Commission File No. 1 - 9102
</font>
</b>

</center>
<p style="margin-top: 0; margin-bottom: 0">

&nbsp;
</p>

<p style="margin-top: 0; margin-bottom: 0">

<CENTER>
<FONT SIZE=5>
<STRONG>
					AMERON INTERNATIONAL CORPORATION
</STRONG>
</FONT>
</CENTER>
</p>
<P style="margin-top: 0; margin-bottom: 0">

<CENTER>
<font size=2>
				(Exact name of registrant as specified in its charter)
</font>
</center>

<TABLE width="600" height="65">
<TR>
<TD width="753" height="65" align="center">
<p style="margin-top: 0; margin-bottom: 0" align="center"><b><font size=2>DELAWARE</font></b></p>
<p style="margin-top: 0; margin-bottom: 0" align="center"><font size=2>
(State or other jurisdiction of</font></p>
<p style="margin-top: 0; margin-bottom: 0" align="center"><font size=2>
incorporation or organization)</font>
</TD>
<CENTER>
<TD width="447" height="65 align=" center">
<p style="margin-top: 0; margin-bottom: 0" align="center"><b><font size=2>77-0100596</font></b>
</p>
<p style="margin-top: 0; margin-bottom: 0" align="center"><font size=2>
(I.R.S. Employer
</font>
</p>
<p style="margin-top: 0; margin-bottom: 0" align="center">
<font size=2>
Identification No.)
</font>
</p>
</TD>
</TR>
</TABLE>
</CENTER>

<p align=center style='text-align:center'><b><font size="2">245
  South Los Robles Avenue <br>
  Pasadena, California 91101-3638</font></b><font size="2"><br>
  (Address of principal executive offices) </font></p>
  <p align=center style='text-align: center; margin-top: 0; margin-bottom: 0'><b><font size="2">(626)&nbsp;683-4000
  <br>
  </font></b><font size="2">(Registrant's telephone number,
  including area code) </font></p>
  <div class=MsoNormal align=center style='text-align:center'>
  </div>
  <p><font size="2">     &nbsp;&nbsp;&nbsp;&nbsp;Indicate by check
  mark whether the registrant (1) has filed all reports required to be
  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
  during the preceding 12 months (or for such shorter period that the
  registrant was required to file such reports), and (2) has been subject
  to such filing requirements for the past 90 days. Yes /x/  No / /</font>
 </p>

  <p><font size="2">     &nbsp;&nbsp; Indicate by check mark whether the
  registrant is an accelerated filer (as indicated in Rule 12b-2 of the Exchange
  Act).&nbsp; Yes/x/ No / /
 </p>

  <p>&nbsp;&nbsp;&nbsp; The number of
  shares outstanding of Common Stock, $2.50 par value, was 8,207,703
  on February 29, 2004. No other class of Common Stock exists.</font></p>

  <p></p>

  <p></p>

<p align="center">




<font size="2">1</font>

<p align="center">




&nbsp;

<p align="center">




&nbsp;

<p align="center">




&nbsp;
<p><STRONG><CENTER>AMERON INTERNATIONAL CORPORATION
</CENTER>
</STRONG>
</p>
<p>
<STRONG>
<CENTER>
                                      INDEX
</CENTER>
</STRONG>
</p>
<P>


&nbsp;
<P>


&nbsp;


<P>

<CENTER>
<TABLE>
<TR>
<TD>
<PRE>                                                                     </PRE>
<PRE>                                                                      <u>Page</u>

PART I. FINANCIAL INFORMATION

  Item 1.   Consolidated Financial Statements

              Consolidated Statements of Income                        3

              Consolidated Balance Sheets                              4

              Consolidated Statements of Cash Flows                    5

              Notes to Consolidated Financial Statements               6

  Item 2.   Management's Discussion and Analysis
             of Financial Condition and Results
             of Operations                                            12

  Item 3.   Quantitative and Qualitative Market Risk Disclosure       17</PRE>
<PRE>  Item 4.   Controls and Procedures                                   17

PART II. OTHER INFORMATION</PRE>
<PRE>  Item 1.   Legal Proceedings                                         17

  Item 2.   Changes in Securities                                     18</PRE>
<PRE>  Item 6.   Exhibits and Reports on Form 8-K                          18


INDEX OF EXHIBITS                                                     19</PRE>
<PRE>SIGNATURE PAGE                                                        20</PRE>
<PRE>CERTIFICATIONS                                              	      21</PRE>
<PRE>
</PRE>
</TD>
</TR>
</TABLE>
</CENTER>


<P>

&nbsp;


<P>

&nbsp;


<P>

&nbsp;


<P>

<CENTER>
                                     <font size="2"> 2</font>
</CENTER>


<p align="left">

<STRONG>
PART I. FINANCIAL INFORMATION
</STRONG>
<blockquote>
<P>

<STRONG>
     Item 1. Financial Statements
</STRONG>
</blockquote>
<P>

<Center>
<Strong>
<font size="2">
                Ameron International Corporation and Subsidiaries
<br>
                        Consolidated Statements of Income
<br>
                (In thousands, except share and per share data)
<BR>
                (Unaudited)
</font>
</strong>

</center>
<P>

<CENTER>

<TABLE width="333">
<TR>
<TD align="left" width="684" height="508">
<PRE>
<font size=1.5>

                                                                                           Three Months Ended
                                                                                           February 29 and 28,
                                                                                       -------------------------
                                                                                          2004          2003
                                                                                       -----------   -----------
Sales                                                                                  $   129,668   $   130,621
Cost of Sales                                                                              (99,729)      (97,956)
                                                                                       -----------   -----------
Gross Profit                                                                                29,939        32,665

Selling, General and
 Administrative Expenses                                                                   (33,316)      (28,569)
Equity in Earnings of Joint Venture                                                            534          (220)
Other Income, Net                                                                              566           888
                                                                                       -----------   -----------
(Loss)/Income before Interest
 and Income Taxes                                                                           (2,277)        4,764

Interest Expense, Net                                      <font color="#FF0000"> </font>                                (1,771)       (1,469)
                                                                                       -----------   -----------
(Loss)/Income before Income Taxes                                                           (4,048)        3,295

Provision for Income Taxes                                                                   1,295        (1,120)
                                                                                       -----------   -----------
Net (Loss)/Income                                                                      $    (2,753)  $     2,175
                                                                                       ===========   ===========
Net (Loss)/Income per Share (Basic)                                                    $      (.34)  $       .28
                                                                                       ===========   ===========
Net (Loss)/Income per Share (Diluted)                                                  $      (.34)  $       .27
                                                                                       ===========   ===========
Weighted-Average Shares (Basic)    <font color="#FF0000">                      </font>                                8,163,420     7,827,540
                                                                                       ===========   ===========
Weighted-Average Shares (Diluted)  <font color="#FF0000">                      </font>                                8,163,420     8,026,196
                                                                                       ===========   ===========
Cash Dividends per Share                                                               $       .20   $       .16
                                                                                       ===========   ===========

</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>


<P>


&nbsp;


<P>


<center>
See accompanying notes to consolidated financial statements.</center>&nbsp;



<P>

&nbsp;



<P>

&nbsp;



<P>

&nbsp;



<P>

&nbsp;



<P>

<CENTER><font size="2">3</font>
</CENTER>


<p>
<Center><Strong><font size="2">Ameron International Corporation and Subsidiaries
<br>
                           Consolidated Balance Sheets
<BR>
                 (In thousands, except share and per share data)
</font>
</strong>

</center>

<p>
<Center>

<TABLE width="443">
<TR>
<TD align="left" width="435">
<PRE>
<font size=1.5>
                                                  February 29,    November 30,
                                                     2004            2003
                                                 ( Unaudited )
                                                  -----------     -----------
ASSETS
Current Assets
  Cash and Cash Equivalents                        $  24,871       $  20,390
  Receivables, Less Allowances of $8,539
    in 2004 and $8,168 in 2003                       140,931         155,629
  Inventories                                         92,446<font color="#FF0000"> </font>         91,371
  Deferred Income Taxes                               19,241          19,241
  Prepaid Expenses and Other Current Assets           10,687           8,882
                                                   ---------       ---------
    Total Current Assets                             288,176         295,513
Investments in Joint Ventures
  Equity Method                                       13,371          13,064
  Cost Method                                          5,479           5,479
Property, Plant and Equipment
  Land                                                38,281          37,787
  Buildings                                           85,964          84,426
  Machinery and Equipment                            288,485         283,123
  Construction in Progress                             6,806           6,169
                                                   ---------       ---------
    Total Property, Plant and Equipment at Cost      419,536         411,505
  Accumulated Depreciation                          (268,381)       (260,919)
                                                   ---------       ---------
    Total Property, Plant and Equipment, Net         151,155         150,586
Deferred Income Taxes                                  6,829           6,744
Intangible Assets, Net of Accumulated Amortization
  of $10,093 in 2004 and $9,738 in 2003               13,827          13,526
Other Assets                                          48,960          48,580
                                                   ---------       ---------
Total Assets                                       $ 527,797       $ 533,492
                                                   =========       =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Short-Term Borrowings                           <font color="#FF0000"> </font>$     175<font color="#FF0000"> </font>      $      --
  Current Portion of Long-Term Debt                 <font color="#FF0000">   </font>8,333           8,333
  Trade Payables                                      45,073<font color="#FF0000">  </font>        47,512
  Accrued Liabilities                                 48,320<font color="#FF0000"> </font>         53,091
  Income Taxes Payable                                 4,749<font color="#FF0000"> </font>          9,568
                                                   ---------       ---------
    Total Current Liabilities                        106,650         118,504
Long-Term Debt, Less Current Portion                  88,272          86,044
Other Long-Term Liabilities                           74,959<font color="#FF0000">  </font>        72,832
                                                   ---------       ---------
  Total Liabilities                                  269,881         277,380
                                                   ---------       ---------
Stockholders' Equity
  Common Stock, Par Value $2.50 a Share,
    Authorized 12,000,000 Shares, Outstanding
    8,207,703 Shares in 2004 and 8,214,563
    in 2003, Net of Treasury Shares                   27,186          27,186
  Additional Paid-In Capital                          17,085          16,443
  Unearned Restricted Stock                           (1,310)         (1,481)
  Retained Earnings                                  289,859<font color="#FF0000"> </font>        294,255
  Accumulated Other Comprehensive Loss               (26,130)        (31,768)
  Treasury Stock (2,666,670 Shares
    in 2004 and 2,659,810 in 2003)                   (48,774)<font color="#FF0000"> </font>       (48,523)
                                                   ---------       ---------
  Total Stockholders' Equity                         257,916         256,112
                                                   ---------       ---------
Total Liabilities and Stockholders' Equity        <font color="#FF0000"> </font>$ 527,797       $ 533,492
                                                   =========       =========
</PRE>
</font>
</TD>
</TR>
</TABLE>
</center>

<P>

&nbsp;

<P>

<Center>
See accompanying notes to consolidated financial statements.
</center>


<P>

&nbsp;<CENTER><font size="2">4</font>
</CENTER>


<p>
&nbsp;


<p>
&nbsp;


<p>
<Center>
<Strong>
<font size="2">
                Ameron International Corporation and Subsidiaries
<br>
                      Consolidated Statements of Cash Flows
<BR>
                           (In thousands)
<BR>
                (Unaudited)
</font>



</strong>
</center>

<p>




<p>



<CENTER>
<TABLE width="463">
<TR>
<TD width="455">
<PRE><font size="1.5">
                                                              Three Months Ended
                                                              February 29 and 28,
                                                           -----------------------
                                                             2004           2003
                                                           --------       --------
Cash Flows from Operating Activities
  Net (Loss)/Income                                        $ (2,753)      $  2,175
  Adjustments to Reconcile Net (Loss)/Income to Net Cash
   Provided by Operating Activities:
     Depreciation                                             4,561<font color="#FF0000"> </font>         4,495
     Amortization                                                63<font color="#FF0000"> </font>            94
     Provision for Deferred Income Taxes                         17            205
     Net Earnings and Distributions from Joint Ventures          71            495
     (Gain)/Loss from Sale of Assets                             (5)<font color="#FF0000"> </font>            5
     Stock Compensation Expense                                 813           (225)
  Changes in Operating Assets and Liabilities:
     Receivables                                             17,062<font color="#FF0000"> </font>         3,912
     Inventories                                                286           (588)
     Prepaid Expenses and Other Current Assets               (1,711)<font color="#FF0000"> </font>       (3,074)
     Other Assets                                              (365)        (3,422)
     Trade Payables                                          (3,262)         4,353
     Accrued Liabilities and Income Taxes Payable           (10,129)          (265)
     Other Long-Term Liabilities                              2,029<font color="#FF0000">  </font>        4,695
                                                           --------       --------
      Net Cash Provided by Operating Activities               6,677         12,855
                                                           --------       --------
Cash Flows from Investing Activities
  Proceeds from Sale of Assets                                  119            228
  Additions to Property, Plant and Equipment                 (3,034)        (3,902)
                                                           --------       --------
      Net Cash Used in Investing Activities                  (2,915)        (3,674)
                                                           --------       --------
Cash Flows from Financing Activities
  Net Change in Short-Term Borrowings                           172         (1,320)
  Issuance of Debt                                            2,044         65,413
  Repayment of Debt                                              --        (68,523)
  Debt Issuance Costs                                            --         (1,468)
  Dividends on Common Stock                                  (1,643)        (1,264)
  Issuance of Common Stock                                       --            147
  Change in Treasury Stock                                     (251)            27
                                                           --------       --------
      Net Cash Provided by/(Used in) Financing Activities       322         (6,988)
                                                           --------       --------
Effect of Exchange Rate Changes
 on Cash and Cash Equivalents                                   397            350
                                                           --------       --------
Net Change in Cash and Cash Equivalents                       4,481          2,543
Cash and Cash Equivalents at Beginning of Period             20,390<font color="#FF0000"> </font>        10,360
                                                           --------       --------
Cash and Cash Equivalents at End of Period                 $ 24,871       $ 12,903
                                                           ========       ========
</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>

<P>
&nbsp;

<P>
<center>
See accompanying notes to consolidated financial statements.
</center>

<P>

&nbsp;

<P>

&nbsp;

<P>

<CENTER>
                                     <font size="2"> 5</font>
</CENTER>


<p>
<Center>
<Strong>
<font size="2">
                Ameron International Corporation and Subsidiaries
<br>
                   Notes to Consolidated Financial Statements
<BR>
                (Dollars In Thousands Except Per Share Data)
<BR>
                (Unaudited)
</center>
</font>
</strong>
<p style="line-height: 100%">


<b><font size="2">Note&nbsp;1.&nbsp; Basis Of
  Presentation </font></b>
  <p style="line-height: 100%"><font size="2">Consolidated financial statements for the
  interim periods included herein are unaudited; however, they contain all
  adjustments, including normal recurring accruals, which in the opinion of
  management, are necessary to present fairly the consolidated financial
  position of Ameron International Corporation and all wholly-owned subsidiaries
  (the &quot;Company&quot; or
  &quot;Ameron&quot; or the &quot;Registrant&quot;) at February 29, 2004, and its consolidated results of
  operations and cash flows for the three months ended February 29, 2004 and
  February 28, 2003.
  Accounting measurements at interim dates inherently involve greater reliance
  on estimates than at year-end. Results of operations for the periods
  presented are not necessarily indicative of the results to be expected for
  the full year. </font></p>
  <p style="line-height: 100%"><font size="2">The consolidated financial statements do
  not include certain footnote disclosures and financial information normally
  included in consolidated financial statements prepared in accordance with
  accounting principles generally accepted in the United States of America and,
  therefore, should be read in conjunction with the consolidated financial
  statements and notes included in Ameron's Annual Report on Form&nbsp;10-K for
  the year ended November&nbsp;30, 2003 (&quot;2003 Annual Report&quot;). </font></p>
  <p style="line-height: 100%"><font size="2">Certain prior period balances have
  been reclassified to conform with the current period presentation.</font></p>
  <p style="line-height: 100%"><b><font size="2">Note 2.&nbsp; New Accounting Pronouncements</font></b></p>
<p style="line-height: 100%"><font size="2">In December 2003, the Financial
Accounting Standards Board (&quot;FASB&quot;) issued a revision to Statement of
Financial Accounting Standards (&quot;SFAS&quot;) No. 132, &quot;Employers' Disclosures about Pensions and Other
Postretirement Benefits&quot;.&nbsp; The revision to SFAS No. 132 requires additional disclosures
relating to the description of the types of plan assets, investment strategy,
measurement date(s), plan obligations, cash flows, and components of net
periodic benefit cost of defined benefit pension plans and other defined benefit
postretirement plans recognized during interim periods.&nbsp; These disclosure
requirements are effective for the Company's first quarter and all future quarterly and
annual reports.&nbsp; Disclosures
required under SFAS No. 132 are included in Note 14, herein.&nbsp; </font></p>
<p style="line-height: 100%"><font size="2">On January 12, 2004, the FASB issued
a FASB Staff Position (&quot;FSP&quot;) regarding SFAS No. 106, &quot;Employers'
Accounting for Postretirement Benefits Other Than Pensions.&quot;&nbsp; FSP 106-1,
&quot;Accounting and Disclosure Requirements Related to the Medicare Prescription
Drug, Improvement and Modernization Act of 2003&quot; discusses the effect of the
Medicare Prescription Drug, Improvement and Modernization Act (&quot;the Act&quot;)
enacted on December 8, 2003.&nbsp; FSP 106-1 considers the effect of the two new
features introduced in the Act in determining accumulated postretirement
benefit obligation (&quot;APBO&quot;) and net periodic postretirement benefit cost,
which may serve to reduce a company's post-retirement benefit costs.&nbsp; Companies
may elect to defer accounting for this benefit or may attempt to reflect the
best estimate of the impact of the Act on net periodic costs currently.&nbsp;
The Company has chosen to defer accounting for the benefit until the FASB issues
final accounting guidance due to various uncertainties related to this
legislation and the appropriate accounting.&nbsp; The Company's measures of APBO and net
periodic postretirement benefit costs as of and for the quarter ended February
29, 2004 do not reflect the effect of the Act.</font></p>
<p style="line-height: 100%">&nbsp;<b><font size="2">Note 3.&nbsp;&nbsp;Inventories</font></b></p>
  <p style="line-height: 100%"><font size="2">Inventories are stated at the lower of cost or market.&nbsp;
  Inventories
  consisted of
  the following: </font></p>

<CENTER>
<TABLE width="436">
<TR>
<TD width="428">
<PRE style="line-height: 100%"><font size=1.5>                                                          February 29,   November 30,
                                                             2004           2003
                                                           ---------      ---------
Finished Products                                          $  53,448      $  52,821
Materials and Supplies                                        22,377         22,037
Products in Process                                           16,621<font color="#FF0000"> </font>        16,513
                                                           ---------      ---------
                                                           $  92,446      $  91,371
                                                           =========      =========</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>



<p style="line-height: 100%">&nbsp;</p>
<p style="line-height: 100%" align="center"><font size="2">6</font></p>



<p style="line-height: 100%">

&nbsp;



<p style="line-height: 100%">

<STRONG>
<font size=2>
Note 4.&nbsp; Supplemental Disclosure of Cash Flow Information
</font>

</STRONG>



<CENTER>
<TABLE width="436">
<TR>
<TD width="428">
<PRE style="line-height: 100%"><font size=1.5>                                                             Three Months Ended
                                                             February 29 and 28,
                                                          ------------------------
                                                             2004           2003
                                                          ---------      ---------
Interest Paid                                             $   2,058      $     987

Income Taxes Paid/(Refunded)                              $   3,329      $    (795)</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>


<P style="line-height: 100%"><strong><font size="2">Note 5.&nbsp;&nbsp;Joint Ventures
</font>

</strong>
<font size="2">
<p style="line-height: 100%">
                     Operating results of TAMCO, an investment which is accounted for under the equity
                     method, were as follows:&nbsp;
<CENTER>
<TABLE width="436">
<TR>
<TD width="428">
<PRE style="line-height: 100%"><font size=1.5>                                                              Three Months Ended
                                   </font></font><font size="1.5">                           February 29 and 28</font><font size="2"><font size=1.5>,
                                                           ------------------------
                                                             2004           2003
                                                           ---------      ---------
      Net Sales                                            $  45,790      $  32,591

      Gross Profit                                         $   3,233      $     811

      Net Income/(Loss)                                    $     990      $    (440)</font></PRE>
</font>
</TD>
</TR>
</TABLE>

</CENTER>

<P style="line-height: 100%"><font size="2">Investments in Ameron Saudi Arabia,
Ltd. (&quot;ASAL&quot;), Bondstrand, Ltd. (&quot;BL&quot;) and
  Oasis-Ameron, Ltd. (&quot;OAL&quot;) are accounted for under the cost method due to management's
current assessment of the Company's influence over these joint ventures.</font>

<P style="line-height: 100%"><font size="2">Earnings and dividends from the
Company's&nbsp; joint ventures were as follows:</font>&nbsp;
<CENTER>
<TABLE width="436">
<TR>
<TD width="428">
<PRE style="line-height: 100%"><font size=1.5>                                                                Three Months Ended
                                                                February 29 and 28,
                                                             ------------------------
                                                               2004           2003
                                                             ---------      ---------

Earnings/(Losses) from Joint Venture
   TAMCO                                                     $     534      $    (220)


Dividends Received from Joint Ventures
   TAMCO                                                     $     605      $     275
   ASAL                                                             --             --
   BL                                                               --             --
   OAL                                                              --             --
   Amercoat Mexicana                                                N/A            --

</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>
<P style="line-height: 100%"><font size="2">Earnings from ASAL, BL, OAL, and
Amercoat Mexicana are included in other income.&nbsp; The Company sold its
interest in Amercoat Mexicana in August 2003.</font>

  <p style="line-height: 100%"><b><font size="2">Note 6.&nbsp;&nbsp;Net Income Per
  Share </font></b></p>


<p style="line-height: 100%"><font size="2">Basic net income per share is computed on
  the basis of the weighted-average number of common shares outstanding during
  the periods presented. Diluted net income per share is computed on the basis of the weighted-average number of common shares outstanding plus the effect of
  outstanding stock options and restricted stock, using
  the treasury stock method.&nbsp; Due to the net loss, no outstanding common stock equivalents,
options to purchase 233,260 common shares, were
dilutive for the three months ended February 29, 2004.&nbsp; For the three months ended
February 28, 2003, options to purchase 163,000 common shares were anti-dilutive.&nbsp;
Following is a reconciliation of the
  weighted-average number of shares used in the computation of basic and
  diluted net income per share:</font>


<p style="line-height: 100%">&nbsp;


<p style="line-height: 100%">&nbsp;


<p style="line-height: 100%">&nbsp;<p style="line-height: 100%">
<CENTER>
<font size="2">7</font></CENTER>


<p style="line-height: 100%">
<CENTER>
<TABLE width="513">
<TR>
<TD width="505">
<PRE style="line-height: 100%"><font size=1.5>                                                                       Three Months Ended
                                                                       February 29 and 28,
                                                                    ------------------------
                                                                       2004           2003
                                                                    ---------      ---------
   Basic Average Common
      Shares Outstanding                                            8,163,420      7,827,540

   Dilutive Effect of
      Common Stock Equivalents                                             --        198,656
                                                                    ---------      ---------
   Diluted Average Common
      Shares Outstanding                                            8,163,420      8,026,196
                                                                    =========      =========  </font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>


<p style="line-height: 100%">

<font size="2">The Company declared a two-for-one stock split in the form of a
stock dividend, payable May 27, 2003.&nbsp; The share and per share information
herein is reflected on a post-split basis.</font>
</p>


<p style="line-height: 100%">

<STRONG>
<font size=2>
Note 7. Comprehensive Income
</font>
</STRONG>
</p>
<font size=2>
<P style="line-height: 100%">

Comprehensive income was computed as follows:
</font>

<CENTER>
<TABLE width="513">
<TR>
<TD width="505">
<PRE style="line-height: 100%"><font size=1.5>                                                                       Three Months Ended
                                                                       February 29 and 28,
                                                                    ------------------------
                                                                      2004           2003
                                                                    ---------      ---------
  Net (Loss)/Income                                                 $  (2,753)      $  2,175
  Foreign Currency Translation
    Adjustment                            <font color="#FF0000">  </font>                     <font color="#FF0000">   </font>    5,260          4,672
  Comprehensive Income from Joint Venture                                 378            926
                                                                    ---------      ---------
  Comprehensive Income                                              $   2,885      $   7,773
                                                                    =========      ========= </font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>

<P style="line-height: 100%">
  <b><font size="2">Note 8.&nbsp;&nbsp;Debt </font></b></p>
  <p style="line-height: 100%"><font size="2">The Company's long-term debt consisted of
  the following: </font>

<CENTER>
<TABLE width="516">
<TR>
<TD width="508">
<PRE style="line-height: 100%"><font size=1.5>                                                                   February 29,   November 30,
                                                                      2004           2003
                                                                    ---------      ---------
Fixed-rate notes payable, bearing
  interest at 7.92%, in annual principal
  installments of $8,333                                            $  25,000      $  25,000
Fixed-rate notes payable, bearing
  interest at 5.36%, in annual principal
  installments of $10,000 beginning in 2005                            50,000         50,000
Variable-rate industrial development bonds,
  payable in 2016 (1.02% at February 29, 2004)                          7,200          7,200
Variable-rate industrial development bonds,
  payable in 2021 (1.17% at February 29, 2004)                          8,500          8,500
Variable-rate bank revolving credit
  facilities, payable in 2006 (5.29% at February 29, 2004)              5,905          3,677
                                                                    ---------      ---------
Total long-term debt                                                   96,605         94,377

  Less current portion                                                 (8,333)        (8,333)
                                                                    ---------      ---------
Long-term debt, less current portion                                $  88,272      $  86,044
                                                                    =========      =========</PRE>
</font>
</TD>
</TR>
</TABLE>
</CENTER>

<p align="left" style="line-height: 100%"><font size="2">The Company borrows
under a $100,000 revolving credit facility with six banks (the &quot;Revolver&quot;).&nbsp; Under the Revolver, the Company may, at its option,
borrow at floating interest rates based on specified margins over money market
rates, at any time until January 2006, when all borrowings under the Revolver
must be repaid.&nbsp; The lending agreements contain various
restrictive covenants, including the requirement to maintain specified amounts
of net worth and restrictions on cash dividends, borrowings, liens, investments
and guarantees.&nbsp; The Revolver, the&nbsp;</font></p>

<p align="left" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%"><font size="2">8</font></p>

<p align="left" style="line-height: 100%"><font size="2"> 5.36% term notes and the 7.92% term
notes are collateralized by substantially all of the Company's assets.&nbsp; The
industrial revenue bonds are supported by standby letters of credit that are
issued under the Revolver.&nbsp; Certain note agreements contain provisions
regarding the Company's ability to grant security interests or liens in
association with other debt instruments.&nbsp; If the Company grants such a
security interest or lien, then such notes will be collateralized equally and
ratably as long as such other debt shall be collateralized.</font></p>

<p align="left" style="line-height: 100%"><b><font size="2">Note 9.&nbsp;&nbsp;Segment
  Information </font></b></p>

<p style="line-height: 100%"><font size="2">The Company provides certain information
  about operating segments in accordance with SFAS No. 131,
  &quot;Disclosure about Segments of an Enterprise and Related
  Information.&quot; In accordance with SFAS No. 131, the Company has
  determined that it</font> <font size="2">has four operating segments: Performance
  Coatings&nbsp;&amp; Finishes, Fiberglass-Composite Pipe, Water
  Transmission, and Infrastructure Products. Each of these segments
  has a dedicated management team and is managed separately, primarily because
  of differences in products. The
Company allocates certain selling, general and administrative expenses to
operating segments utilizing assumptions believed to be appropriate in the
circumstances.&nbsp; Following is information related to each operating segment included in, and in a manner consistent
  with, internal management reports:</font>

<CENTER>
<TABLE width="594">
<TR>
<TD width="586">
<PRE style="line-height: 100%"><font size=1.5>                                                                                          Three Months Ended
                                                                                          February 29 and 28,
                                                                                        -----------------------
                                                                                          2004          2003
                                                                                        ---------     ---------
Sales
 Performance Coatings &amp; Finishes                                                        $  44,354     $  39,304
 Fiberglass-Composite Pipe                              <font color="#FF0000">     </font>                     <font color="#FF0000">        </font> 27,834<font color="#FF0000"> </font>       27,232
 Water Transmission                                                                        28,712        34,365
 Infrastructure Products                                                                   28,887        30,603
 Eliminations                                                                                (119)         (883)
                                                                                        ---------     ---------
  Total Sales                                                                           $ 129,668     $ 130,621
                                                                                        =========     =========

(Loss)/Income Before Interest
   and Income Taxes
 Performance Coatings &amp; Finishes                                                        $    (972)    $     197
 Fiberglass-Composite Pipe                                                                  4,244         4,180
 Water Transmission                                                                           (63)        2,376
 Infrastructure Products                                                                    1,733         2,819
 Corporate &amp; Unallocated                                                                   (7,219)       (4,808)
                                                                                        ---------     ---------
  Total (Loss)/Income Before Interest
     and Income Taxes                                                                   $  (2,277)    $   4,764
                                                                                        =========     =========     </font></PRE>

</TD>
</TR>
</TABLE>

</CENTER>

<CENTER>
<TABLE width="594">
<TR>
<TD width="586">
<PRE style="line-height: 100%"><font size=1.5>                                                                                       February 29,  November 30,
                                                                                          2004          2003
                                                                                        ---------     ---------
Assets
 Performance Coatings &amp; Finishes                                                  <font color="#FF0000">      </font>$ 167,338<font color="#FF0000"> </font>    $ 164,399
 Fiberglass-Composite Pipe                                                          <font color="#FF0000">      </font>150,625       147,326
 Water Transmission                                                                       113,539       125,501
 Infrastructure Products                                                                   67,869        70,202
 Corporate &amp; Unallocated                                                                  198,718       184,839
 Eliminations                                                                            (170,292)<font color="#FF0000">  </font>   (158,775)
                                                                                        ---------     ---------
  Total Assets                                                                          $ 527,797     $ 533,492
                                                                                        =========     =========</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>

  <p style="line-height: 100%">&nbsp;<b><font size="2">Note 10.&nbsp;&nbsp;Commitments
  &amp; Contingencies </font></b></p>

<p align=left style="line-height: 100%"><font size="2"><font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">The
Company is one of numerous defendants in various asbestos-related personal
injury lawsuits.&nbsp; These cases generally seek unspecified damages for
asbestos-related diseases based on alleged exposure to products previously
manufactured by the Company and others, and at this time the Company is
generally not aware of the extent of injuries allegedly suffered by the
individuals or the facts supporting the claim that injuries were caused by the
Company's products.&nbsp; Based upon the information available to it at this
time, the Company is not in a position to evaluate its potential exposure, if
any, as a result of such claims.&nbsp; Hence, no amounts have been accrued for
loss contingencies related to these lawsuits in accordance with SFAS No. 5,
&quot;Accounting for Contingencies.&quot;&nbsp; The Company continues to vigorously
defend all such lawsuits.&nbsp; As of February 29, 2004, the Company was a
defendant in asbestos-related cases involving&nbsp;18,489 claimants, compared to 17,447 claimants as of November&nbsp;30, 2003.&nbsp; The
Company is not in a position to estimate the number of additional claims that
may be filed against it in the future.&nbsp; For the quarter ended February 29,
2004, there were new claims involving&nbsp;1,077 claimants, dismissals and/or settlements involving&nbsp;35
claimants and no judgments.&nbsp; Net costs and expenses
incurred by the Company for the quarter ended February 29, 2004 in connection
with asbestos-related claims were approximately $61.</font>&nbsp;</font>

<p align=center style="line-height: 100%">&nbsp;

<p align=center style="line-height: 100%">

<p align=center style="line-height: 100%"><font size="2">9</font>

<p align=left style="line-height: 100%"><font size="2"> <font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">The
Company is one of numerous defendants in various silica-related personal injury
lawsuits.&nbsp; These cases generally seek unspecified damages for
silica-related diseases based on alleged exposure to products previously
manufactured by the Company and others, and at this time the Company is not
aware of the extent of injuries allegedly suffered by the individuals or the
facts supporting the claim that injuries were caused by the Company's
products.&nbsp; Based upon the information available to it at this time, the
Company is not in a position to evaluate its potential exposure, if any, as a
result of such claims.&nbsp;&nbsp;Hence, no amounts have been accrued for loss
contingencies related to these lawsuits in accordance with SFAS No. 5.&nbsp; The
Company continues to vigorously defend all such lawsuits.&nbsp; As of February
29, 2004, the Company was a defendant in silica-related cases involving&nbsp;6,846
claimants, compared to 6,847 claimants as of November&nbsp;30, 2003.&nbsp; The
Company is not in a position to estimate the number of additional claims that
may be filed against it in the future.&nbsp; For the quarter ended February 29,
2004, there were no new claims, dismissals and/or settlements involving&nbsp;1 claimant and no judgments.&nbsp; Net costs and expenses incurred by the Company&nbsp;
for the quarter ended February 29, 2004 in connection with silica-related claims
were approximately $32.</font></font>

<p style="line-height: 100%"><font size="2">In
addition, certain other claims, suits and complaints that arise in the ordinary
course of business, have been filed or are pending against the Company.
Management believes that these matters are either adequately reserved, covered
by insurance, or would not have a material effect on the Company's financial
position or its results of operations if disposed of unfavorably.</font>&nbsp;</p>
<p style="line-height: 100%"><font size="2">The
Company is subject to federal, state and local laws and regulations concerning
the environment and is currently participating in administrative proceedings at
several sites under these laws. While the Company finds it difficult to estimate
with any certainty the total cost of remediation at the several sites, on the
basis of currently available information and reserves provided, the Company
believes that the outcome of such environmental regulatory proceedings will not
have a material effect on the Company's financial position or its results of
operations.</p>
<p align=left style="line-height: 100%"><b><font size="2">Note 11.&nbsp;&nbsp;Product Warranties
and Guarantees</font></b></p>
<p align=left style="line-height: 100%"><font size="2">The Company's product warranty accrual reflects management's&nbsp;estimate of probable liability
associated with product warranties.&nbsp; Management establishes product warranty
accruals based on
historical experience and other currently available information.</font></p>
<p align=left style="line-height: 100%"><font size="2">Changes in the product warranty accrual for the
three months ended February 29, 2004 were as follows:&nbsp;</font></p>
<CENTER>
<TABLE width="450">
<TR>
<TD width="442">
<PRE style="line-height: 100%"><font size="1.5">Balance, Beginning of Period </font><font size="2"><font size=1.5>                                            $   3,770
Payments                                                                      (443)
Change in Liability for Warranties Issued During the Period                    598
                                                                         ---------
Balance, End of Period                                                   $   3,925
                                                                         =========</font></PRE>
</font>
</TD>
</TR>
</TABLE>
</CENTER>

<p align=left style="line-height: 100%"><font size="2"><b>Note 12.&nbsp;&nbsp;Goodwill and Other Intangible
Assets</b></font></p>
<p align=left style="line-height: 100%"><font size="2">During 2003, the
Company completed the required transitional goodwill and intangible asset
impairment tests.&nbsp; Annual tests were completed during the quarter ended
February 29, 2004.&nbsp; No impairment losses were identified as a result of
these tests.&nbsp; Changes in the
Company's carrying amount of goodwill by business segment were as follows:</font>&nbsp;</p>
<center>
<TABLE width="450">
<TR>
<TD width="442">
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                              Foreign Currency
                                                                   Translation
Segment                                    November 30,2003        Adjustments     February 29, 2004
-------------------------------------     ------------------     --------------     ----------------
Performance Coatings &amp; Finishes                   $   11,473         $      360           $   11,833
Fiberglass-Composite Pipe                              1,440                  -                1,440
Water Transmission                                         -                  -                    -
Infrastructure Products                                  201                  -                  201
                                                   ---------          ---------            ---------
Total                                             $   13,114         $      360           $   13,474</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                   =========          =========            =========</font></pre>
</TD>
</TR>
</TABLE>
</center>
<center>
<p align=left style="line-height: 100%"><font size="2">The Company's intangible assets and
related accumulated amortization consisted of the following:</font></p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=center style="line-height: 100%">10</p>
<TABLE width="450" height="58">
<TR>
<TD width="442" height="54">
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size=1.5>                                                February 29, 2004                      November 30, 2003
                                       ----------------------------------     -----------------------------------
                                      Gross Intangible        Accumulated    Gross Intangible         Accumulated
                                                Assets       Amortization              Assets        Amortization
                                       ---------------     --------------     ---------------      --------------
Trademarks                                   $   2,135          $  (2,050)          $   2,076           $  (1,975)
Non-Compete Agreements                           2,105             (1,837)              2,105              (1,794)
Patents                                            212               (212)                212                (212)
Leasehold Interests                              1,930             (1,930)              1,930              (1,930)
                                              --------          ---------            --------           ---------
Total                                        $   6,382          $  (6,029)          $   6,323           $  (5,911)</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                              ========          =========            ========           =========</font></pre>
</TD>
</TR>
</TABLE>
<p align=left style="line-height: 100%"><font size="2">All of the Company's intangible assets,
other than goodwill, are subject to amortization.&nbsp;
Amortization expense for the three months ended February 29, 2004 and February
28, 2003 was $63 and $94, respectively.&nbsp;
At February 29, 2004, estimated future amortization expense was as follows:&nbsp;
$148 for the
remaining nine months of 2004, $170 for 2005, $30 for 2006 and $5 for 2007.</font></p>
<p align=center style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%"><font size="2"><b>Note 13.&nbsp;&nbsp;Incentive Stock Compensation
Plans</b></font></p>
<p align=left style="line-height: 100%"><font size="2">The Company applies Accounting Principles Board
Opinion No. 25, &quot;Accounting for Stock Issued to Employees,&quot; and
related interpretations in accounting for its various stock option plans.&nbsp;
The Company has adopted the disclosure-only provisions of SFAS No. 123,
&quot;Accounting for Stock-Based Compensation&quot; and SFAS No. 148,
&quot;Accounting for Stock-Based Compensation - Transition and Disclosure,&quot;
which was released in December 2002 as an amendment to SFAS No. 123.&nbsp; The
following table illustrates the effect on net income and earnings per share as
if the Company had applied the fair value recognition provisions of SFAS No. 123:</font>&nbsp;</p>
<TABLE width="450" height="270" cellspacing="0">
<TR>
<TD width="442" height="263">
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size=1.5>                                                                                        Three Months Ended
                                                                                        February 29 and 28,
                                                                                     ------------------------</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                                                       2004           2003
                                                                                     ---------      ---------
Reported Net (Loss)</font></font><font size="1.5">/</font><font size="2"><font size="1.5">Income                                                           $  (2,753)      $  2,175
Add/(Deduct):  Stock-based employee compensation expense/
  (benefit) included in reported net income, net of tax                                    553           (148)</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">Deduct:  </font></font><font size="1.5">S</font><font size="2"><font size="1.5">tock-based employee compensation
  expense determined under SFAS No. 123,</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">  net of tax                                    </font></font><font size="1.5">                       </font><font size="2"><font size="1.5">                   (177)          (205)</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                                                     ---------      ---------
Pro Forma Net </font></font><font size="1.5">(Loss)/</font><font size="2"><font size="1.5">Income                                                          $  (2,377)     $   1,822
                                                                                     =========      =========
Basic Net (Loss)/Income Per Share:
  As Reported                                                                        $    (.34)     $     .28
  Pro Forma                                                                          $    (.29)     $     .23

Diluted Net (Loss)/Income Per Share:
  As Reported                                                                        $    (.34)     $     .27
  Pro Forma                                                                          $    (.29)     $     .23</font></pre>
</font>
</TD>
</TR>
</TABLE>
</CENTER>
<p align=left style="line-height: 100%"><font size="2"><b>Note 14.&nbsp;&nbsp;Employee
Benefit Plans</b></font></p>
<p align=left style="line-height: 100%"><font size="2">For the quarter ended February 29, 2004 and February 28, 2003,
net
pension and postretirement costs were comprised of the following:</font></p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=center style="line-height: 100%"><font size="2">11</font></p>
<p align=left style="line-height: 100%">&nbsp;</p>
<center>
<TABLE width="493" height="270" cellspacing="0">
<TR>
<TD width="485" height="263" align="left">
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size=1.5>                                                                                                      U.S. Postretirement </font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                                     Pension Benefits                     Health Care
                                                          -----------------------------------------   -------------------
                                                               U.S. Plans         Non U.S. Plans                  </font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                          -------------------    ------------------
                                                                       Three Months Ended February 29 and 28,</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                          ---------------------------------------------------------------</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                            2004       2003       2004       2003       2004        2003</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                          --------   --------   --------   --------   --------   --------
Service cost                                              $    862   $    713   $    202   $    193   $     28   $     26
Interest cost                                                2,723      2,662        297        313         50         48
Expected return on plan assets                              (2,629)    (2,380)      (224)      (292)        (8)        (8)</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">Amortization of unrecognized </font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">   prior service cost                                          217        231        106        145         (4)        (4)
Amortization of unrecognized </font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">   net transition obligation                                    --         --         --         --         18         18</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">Amortization of accumulated loss                             1,538      1,345         --         --         12          5</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                          --------   --------   --------   --------   --------   --------
Net periodic cost                                         $  2,711   $  2,571   $    381   $    359   $     96   $     85
                                                          ========   ========   ========   ========   ========   ========
</font></pre>
</TD>
</TR>
</TABLE>
</CENTER>
<p align=left style="line-height: 100%"><font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">The
Company's policy is to make pension plan contributions to the extent such
contributions are mandatory, actuarially determined and tax deductible. </font><font style="FONT-SIZE: 10pt" size="2">The
Company expects to contribute $3,547 to the U.S. pension plans by August 15,
2004, and also expects to contribute $1,105 each quarter beginning March 15,
2004.</font></p>
<blockquote>
<p align=left style="line-height: 100%">&nbsp;<b><font size="2">Item
  2.&nbsp;&nbsp;Management's Discussion and Analysis of Financial <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition
  and Results of Operations</font></b></p>
</blockquote>
<p align=center style='line-height: 100%; margin-top: 0; margin-bottom: 0'><b><font size="2">Ameron
  International Corporation and Subsidiaries <br>
February 29, 2004</font></b></p>
  <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><b><font size="2">INTRODUCTION </font></b></p>
<p style="line-height: 100%"><font size="2">Ameron International Corporation
  (&quot;Ameron&quot; or the </font>&quot;<font size="2">Company&quot;) is a multinational manufacturer of
  highly-engineered products and materials for the chemical, industrial, energy,
  transportation and infrastructure markets.&nbsp; Ameron is a leading producer of water transmission lines;
  high-performance coatings and finishes for the protection of metals and
  structures; fiberglass-composite pipe for transporting oil, chemicals and
  corrosive fluids and specialized materials and products used in infrastructure
  projects.&nbsp; The Company operates
  businesses in North America, South America, Europe, Australasia and Asia.&nbsp;
  The Company has four operating segments.
  The Performance Coatings &amp; Finishes Group manufactures and markets
  high-performance industrial and marine coatings.
  The Fiberglass-Composite Pipe Group manufactures and markets
  filament-wound and molded composite fiberglass pipe, tubing, fittings and well
  screens.&nbsp; The Water Transmission
  Group manufactures and supplies concrete and steel pressure pipe, concrete
  non-pressure pipe, protective linings for pipe, and fabricated steel products.
  The Infrastructure Products Group manufactures and sells ready-mix
  concrete, sand and aggregates, concrete pipe and culverts, and concrete and
  steel lighting and traffic poles.&nbsp; The
  markets served by the Performance Coatings &amp; Finishes Group and the
  Fiberglass-Composite Pipe Group are worldwide in scope.
  The Water Transmission Group serves primarily the western U.S.&nbsp; The Infrastructure Products Group's quarry and ready-mix
  business operates exclusively in Hawaii, and poles are sold throughout the
  U.S.&nbsp; Ameron also participates in
  several joint-venture companies, directly in the U.S., and Saudi Arabia, and
  indirectly in Kuwait and Egypt. </font></p>
  <p style="line-height: 100%"><font size="2">Management's Discussion and Analysis should
  be read in conjunction with the same discussion included in the Company's 2003 Annual Report. Reference should
  also be made to the
  financial statements included in this Form 10-Q for comparative consolidated
  balance sheets and statements of income and cash flows. </font></p>
<p style="line-height: 100%"><b><font size="2">CRITICAL ACCOUNTING POLICIES AND ESTIMATES</font></b></p>
<p style="line-height: 100%"><font size="2">Management's Discussion and Analysis of Liquidity and Capital Resources and
Results of Operations are based upon the&nbsp;</font><font size="2">Company's consolidated
financial statements,
which have been prepared in accordance with accounting
principles generally accepted in the United States of America.&nbsp; The preparation of these financial
statements requires management to make certain estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses, and
related disclosure of contingent assets and liabilities during the reporting
periods.&nbsp; Management bases its estimates on historical experience and on
various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the
basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from
other sources.&nbsp; Actual results could differ from those</font> <font size="2">estimates.&nbsp; The
following critical accounting policies and estimates affect the preparation of
the Company's consolidated financial statements.</font>
<p style="line-height: 100%"><font size="2">The Company's significant accounting policies are disclosed in Note 1 of
Notes to Consolidated Financial Statements in the Company's 2003 Annual
Report.&nbsp; Management believes the following accounting policies affect the
more significant estimates used in preparing the consolidated financial
statements.</font></p>
<p style="line-height: 100%">&nbsp;</p>
<p style="line-height: 100%" align="center"><font size="2">12</font></p>
<p style="line-height: 100%"><font size="2">The consolidated financial statements include the accounts of
Ameron International Corporation and all wholly-owned subsidiaries.&nbsp; All material intercompany accounts and
transactions have been eliminated.&nbsp; The functional currencies for the
Company's foreign operations are the applicable local currencies.&nbsp; The
translation from the applicable foreign currencies to U.S. dollars is performed
for balance sheet accounts using current exchange rates in effect at the balance
sheet date and for revenue and expense accounts using a weighted-average
exchange rate during the period.&nbsp; The resulting translation adjustments are
recorded in accumulated other comprehensive loss.&nbsp; The Company advances
funds to certain foreign subsidiaries that are not expected to be repaid in the
foreseeable future.&nbsp; Translation adjustments arising from these advances
are also included in accumulated other comprehensive loss.&nbsp; The timing of
repayments of intercompany advances could materially impact the
Company's consolidated financial statements.&nbsp; Additionally,
earnings of foreign subsidiaries are often reinvested outside the U.S.&nbsp; Unforeseen
repatriation of such earnings could result in significant unrecognized U.S. tax liability.&nbsp;
Gains or losses
resulting from foreign currency transactions are included in other income.</font></p>
<p style="line-height: 100%"><font size="2">Revenue for the Performance Coatings &amp; Finishes, Fiberglass-Composite
Pipe and Infrastructure Products segments is recognized when risk of ownership
and title pass, primarily at the time goods are shipped, provided that an agreement exists
between the customer and the Company, the price is fixed or determinable and
collection is reasonably assured.&nbsp; In limited circumstances within the
Performance Coatings &amp; Finishes Group, revenue recognition associated with
shipment of coatings for marine dry dockings is delayed until product returns
are processed.&nbsp; Revenue is recognized for the Water Transmission Group
primarily under the percentage-of-completion method, typically based on
completed units of production, since products manufactured under enforceable and
binding construction contracts typically are designed for specific applications, are not
interchangeable between projects, and are not manufactured&nbsp; for
stock.&nbsp; In some cases, if products are manufactured
for stock or are not related to specific construction contracts, revenue is
recognized under the same
criteria used by the other three segments.&nbsp;&nbsp;&nbsp; Revenue under the percentage-of-completion method is subject to
a greater level of estimation, which affects the timing of revenue recognition, costs and
profits.&nbsp; Estimates are reviewed on a consistent basis and are adjusted
periodically to reflect current expectations.</font></p>
<p style="line-height: 100%"><font size="2">The
Company expenses environmental clean-up costs related to existing conditions
resulting from past or current operations on a site-by-site basis.&nbsp;
Liabilities and costs associated with these matters, as well as other
pending litigation and asserted claims arising in the ordinary course of
business, require estimates of future costs and judgments based on the knowledge
and experience of management and its legal counsel.&nbsp;
When estimates of the Company's exposure can be reasonably estimated
and probable, liabilities and expenses are recorded.&nbsp;
The ultimate resolution of any such exposure to the Company may differ
due to subsequent developments.</font></p>
<p style="line-height: 100%"><font size="2">Inventories are stated at the lower of cost or market with cost determined
principally on the first-in, first-out (FIFO) method.&nbsp; Certain steel&nbsp;inventories
used by the Water Transmission Group are valued using the last-in, first-out (LIFO) method.&nbsp;
Reserves are established for excess, obsolete and rework inventories based on
age, estimates of salability and forecasted future demand.&nbsp; Management records an allowance for doubtful accounts receivable based on
historical experience and expected trends.&nbsp; A significant reduction in
demand or significant worsening of customer credit quality could materially
impact the Company's consolidated financial statements.&nbsp; Property, plant and equipment
is stated on the basis of cost and depreciated principally on a straight-line
method based on the estimated useful lives of the related assets, generally
three to
40 years.</font></p>
<p style="line-height: 100%"><font size="2">Investments in unconsolidated joint ventures or affiliates (&quot;joint ventures&quot;) over
which the Company has significant influence are accounted for under the equity
method of accounting, whereby the investment is carried at the cost of
acquisition, plus the Company's&nbsp;equity in undistributed earnings or losses
since acquisition.&nbsp; Investments in joint ventures over which the Company
does not have the ability to exert significant influence over the investee's
operating and financing activities are accounted for under the cost method of
accounting.&nbsp; The Company's investment in TAMCO is accounted for under the
equity method.&nbsp; Investments in Ameron Saudi Arabia, Ltd., Bondstrand, Ltd.
and Oasis-Ameron, Ltd. are accounted for under the cost method due to
management's current assessment of the Company's&nbsp; influence over these
joint ventures.&nbsp;&nbsp;</font></p>
<p style="line-height: 100%"><font size="2">The Company reviews long-lived assets for
impairment whenever events or changes in circumstances indicate that the
carrying value of such assets may not be recoverable.&nbsp; If the estimated
future, undiscounted cash flows from the use of an asset are less than its
carrying value, a write-down is recorded to reduce the related assets to
estimated fair value.</font>&nbsp;&nbsp;</p>
<p style="line-height: 100%"><font size="2">The Company is self insured for a portion of the losses and liabilities primarily associated
with workers' compensation claims and general, product and vehicle
liability.&nbsp; Losses are accrued based upon the Company's estimates of the
aggregate liability for claims incurred using historical experience and certain actuarial assumptions
followed in the insurance industry.&nbsp; The estimate of self insurance
liability includes an estimate of incurred but not reported claims, based on
data compiled from historical experience.&nbsp; Actual experience could differ significantly
from these estimates and could materially impact the Company's
consolidated financial statements.</font></p>
<p style="line-height: 100%"><font size="2">The
Company follows the guidance of Statement of Financial Accounting Standards (&quot;SFAS&quot;)
No. 87, &quot;Employers' Accounting for Pensions,&quot; and SFAS No. 106,
&quot;Employers' Accounting for Postretirement Benefits Other Than
Pensions,&quot; when accounting for pension and other postretirement benefits.&nbsp;
Under these accounting standards, assumptions are made regarding the valuation
of benefit obligations and the performance of plan assets that are controlled
and invested by third-party fiduciaries.&nbsp; Delayed recognition of differences
between actual results and expected or estimated results is a guiding principle
of these standards.&nbsp; Such delayed recognition provides a gradual recognition of
benefit obligations and investment performance over the working lives of the
employees who benefit under the plans, based on various assumptions.&nbsp; Assumed
discount rates are used to calculate the present values of benefit payments which
are projected to be made in
the future, including projections of increases in employee's annual
compensation and health care costs.&nbsp; Management also projects the future return on invested assets based
principally on prior performance.&nbsp; These projected returns reduce the net benefit
costs the Company records in the current period.&nbsp; Management
consults with its actuaries when determining these assumptions.&nbsp;
Unforecasted
program changes, including termination, freezing of benefits or acceleration of
benefits, could result in an immediate recognition of unrecognized benefit
obligations; and such recognition could materially impact the Company's
consolidated financial statements.</font></p>
<p style="line-height: 100%" align="center"><font size="2">13</font></p>
<p style="line-height: 100%"><font size="2">Management incentive compensation is accrued based on current estimates of
the Company's ability to achieve short-term and long-term performance targets.</font></p>
<p style="line-height: 100%"><font size="2">Deferred income tax assets and liabilities
are computed for differences between the financial statement and income tax
bases of assets and liabilities.&nbsp; Such deferred income tax asset and
liability computations are based on enacted tax laws and rates applicable to
periods in which the differences are expected to reverse.&nbsp; Valuation
allowances are established, when necessary, to reduce deferred income
tax assets to the amounts expected to be realized.&nbsp; Quarterly income taxes
are estimated based on the mix of income by jurisdiction forecasted for the full
fiscal year.&nbsp; The Company believes that it has adequately provided for
tax-related matters.&nbsp; The Company is subject to examination by taxing
authorities in various jurisdictions.&nbsp; Matters raised upon audit may
involve substantial&nbsp;amounts and could be material.&nbsp; Management
considers it unlikely that resolution of any such matters would have a material
adverse effect upon the Company's consolidated financial statements.</font></p>
<p style="line-height: 200%">&nbsp;<b><font size="2">LIQUIDITY AND CAPITAL RESOURCES</font></b></p>
<p style="line-height: 100%"><font size="2">During
the first quarter of 2004, the Company generated cash from
operating activities of $6.7 million, compared to $12.9 million in the same period in 2003.&nbsp;
The
lower operating cash flow in 2004 was primarily due to lower earnings and reduced
current liabilities, partially offset by lower current
assets, principally receivables.&nbsp; Receivables decreased in the first quarter
of 2004 due to the timing of collections.&nbsp; Operating liabilities decreased due to payments of
employee benefits and
income taxes.&nbsp;&nbsp;</font></p>
<p style="line-height: 100%"><font size="2">Net
cash used in investing activities totaled $2.9 million in the first quarter of
2004, compared to $3.7 million in the same period in 2003.&nbsp; In 2004, net cash used
in investing activities consisted of&nbsp;proceeds from the sale of assets of&nbsp;
$.1 million, offset by
capital expenditures of $3.0 million.&nbsp; Capital expenditures were primarily for normal&nbsp;replacement and
upgrades of machinery and equipment.&nbsp; During the fiscal year ending
November 30, 2004, the Company anticipates spending between $20 and $30
million on capital expenditures. Capital expenditures are expected to be funded
by existing cash balances, cash generated from operations or additional
borrowings.</font>
</p>
<p style="line-height: 100%"><font size="2">Net
cash provided by financing activities was $.3 million during the first quarter
of 2004, compared to $7.0 million used in the same period in 2003.&nbsp; The net
cash provided by financing activities in 2004 consisted of debt issuance of $2.2 million, payment of
common stock dividends totaling $1.6 million, and treasury stock purchases of
$.3 million.</font> </p>
<p style="line-height: 100%"><font size="2">In January 2003, the Company finalized a three-year,
$100 million revolving credit facility with six banks (the &quot;Revolver&quot;).&nbsp; Under the Revolver, the Company may, at its option,
borrow at floating interest rates based on specified margins over money market
rates, at any time until January 2006, when all borrowings under the Revolver
must be repaid.&nbsp; Also in January 2003, the Company issued&nbsp;$50 million of
notes payable to an insurance company at a fixed rate of 5.36%.&nbsp; These
fixed-rate notes payable amortize $10 million per year beginning in November
2005, with a final maturity in November 2009.&nbsp; The Revolver and the 5.36%
notes payable replaced a $150 million revolving credit facility that was
maintained at November 30, 2002.</font> </p>
<p style="line-height: 100%"><font size="2">The
lending agreements contain various restrictive covenants, including the
requirement to maintain specified amounts of net worth and restrictions on cash
dividends, borrowings, liens, investments and guarantees.&nbsp; The Company is
required to maintain consolidated net worth of $181.5 million plus 50% of net
income and 75% of proceeds from any equity issued after January 24, 2003.&nbsp; The Company's consolidated
net worth exceeded the covenant amount by $70.6 million as of February 29, 2004.&nbsp;
The Company is required to maintain a consolidated leverage ratio of
consolidated funded indebtedness to earnings before interest, taxes,
depreciation and amortization (&quot;EBITDA&quot;) of no more than 3 times.&nbsp;
As of February 29, 2004, the Company maintained a debt leverage ratio of 1.57
times EBITDA.&nbsp; The Revolver and the notes payable require that the Company
maintain qualified consolidated tangible assets at least equal to the
outstanding secured funded indebtedness.&nbsp; As of February 29, 2004,
qualifying tangible assets equaled 1.70 times funded indebtedness.&nbsp; Under
the most restrictive fixed charge coverage ratio, the sum of EBITDA, rental
expense and cash taxes must be at least 1.5 times the sum of&nbsp;interest
expense, rental expense, dividends and scheduled funded debt payments.&nbsp; As
of February 29, 2004, the Company maintained a ratio of 2.82 times.</font> </p>
<p style="line-height: 100%"><font size="2">Cash
and cash equivalents at February 29, 2004 totaled $24.9 million, an increase of
$4.5 million from November 30, 2003.&nbsp; At February 29, 2004, the Company had
total debt outstanding of $96.8 million and approximately $103 million in
unused committed and uncommitted credit lines available from foreign and
domestic banks.&nbsp; The Company's highest borrowing and the average borrowing
level during 2004 were $96.8 million and $96.1 million, respectively.</font></p>
<p style="line-height: 100%"><font size="2">Management believes that cash flows from operations and current cash
balances, together with currently available lines of credit will be sufficient to meet
operating requirements in 2004.  Cash available from operations could be affected by any
  general economic downturn or any downturn or adverse changes in the Company's
  business, such as loss of customers or significant raw material price increases.&nbsp;
Management does not believe it likely that business or economic conditions will
worsen or that costs will increase sufficiently to impact short-term liquidity.</font>&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 200%" align="center"><font size="2">14</font></p>

<p style="line-height: 100%"><font size="2">The Company's contractual obligations and commercial commitments at
February 29, 2004 are summarized as follows (in thousands):</font></p>

<CENTER>
<TABLE width="529">
<TR>
<TD width="521">
<PRE style="line-height: 100%"><font size=1.5 color="#FF0000">  </font><font size=1.5>                                                                      Payments Due by Period
                                                          -------------------------------------------------
                                                                   Less than      1 - 3    3 - 5    After 5
Contractual Obligations                                    Total      1 year      years    years      years
-----------------------------------------------------------------------------------------------------------
Long-Term Debt (a)                                      $ 96,605    $  8,333   $ 42,572  $20,000    $25,700
Operating Leases                                          36,460       4,938      6,094    4,113     21,315</font><font size="1">
                                                         --------------------------------------------------
Total Contractual Obligations (b)                       $133,065    $ 13,271   $ 48,666  $24,113    $47,015
                                                         ==================================================
                                                                        Commitments Expiring
                                                                            Per Period
                                                        ---------------------------------------------------
                                                                    Less than     1 - 3    3 - 5    After 5
Commercial Commitments                                     Total       1 year     years    years      years
-----------------------------------------------------------------------------------------------------------
Lines of Credit (a)                                      $   175      $   175      $ --     $ --       $ --
Standby Letters of Credit (c)                              2,153        2,153        --       --         --
                                                         --------------------------------------------------
Total Commercial Commitments (b)                         $ 2,328      $ 2,328      $ --     $ --       $ --
                                                         ==================================================
(a) Included in long-term debt is $5,505 outstanding under a revolving credit facility, and bank lines
    supported by the Revolver, due in 2006.  Lines of credit represent short-term borrowings by the
    Company's foreign subsidiaries.
(b) The Company has no capitalized lease obligations, unconditional purchase obligations, guarantees, or
    standby repurchase obligations.
(c) Not included are standby letters of credit</font><font size="2"> </font><font size="1.5">totaling $16,065 supporting industrial development bonds with a
    principal of $15,700.  The principal amount of the industrial development bonds is included in long-term debt.</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>

  <p style="line-height: 100%"><b><font size="2">RESULTS OF OPERATIONS </font></b></p>

<p style="line-height: 100%"><u><b><font size="2">General</font></b></u></p>

<p style="line-height: 100%"><font size="2">The Company had a net
loss of $2.8 million, or a loss of $.34 per diluted share, on sales of
$129.7 million for the quarter ended February 29, 2004, compared to net income
of $2.2 million, or $.27 per diluted share, on sales of $130.6 million for the
same period in 2003. The Performance Coatings &amp; Finishes and
Fiberglass-Composite Pipe Groups had higher sales due to the impact of changing
foreign currency rates, while the Water Transmission and
Infrastructure Products Groups had lower sales as a result of labor
disputes during the quarter and severe weather
conditions in Hawaii.&nbsp; All
operating segments, except for the Fiberglass-Composite Pipe Group, had lower
segment income.&nbsp; The decrease in earnings resulted from lower sales, lower gross profits,
and higher selling, general and administrative expenses, partially offset by higher equity
in earnings of joint venture and income tax benefits.</font></p>

<p style="line-height: 100%"><u><b><font size="2">Sales</font></b></u></p>

<p style="line-height: 100%"><font size="2">Sales
decreased $.9 million during the first quarter of 2004, compared to the same period in 2003.&nbsp;
Sales decreased
primarily due to the impact of weather in Hawaii and strikes that took place in California and Hawaii that
adversely impacted the Water Transmission and Infrastructure Products Groups,
partially offset by higher sales by the Performance Coatings &amp; Finishes Group due
principally to favorable exchange rates.</font></p>

<p style="line-height: 100%"><font size="2">Performance
Coatings &amp; Finishes' sales increased $5.1 million in the first quarter of
2004, compared to the first quarter of 2003, due principally to the appreciation
of foreign currencies relative to the U.S. dollar.&nbsp; Sales in local
currencies by operations outside the U.S. were slightly higher, while sales in
the U.S. were lower due to weather conditions affecting industrial and offshore
markets.&nbsp;&nbsp; Sales of protective coatings in the U.S. also declined due to&nbsp;continued sluggishness in U.S. chemical, industrial and
marine markets caused by general economic conditions.&nbsp; European operations benefited
from demand in the Middle East, Africa and countries of the former Soviet
Union.&nbsp; Future improvements by the group remain&nbsp;dependent on
increased spending in worldwide industrial, marine and offshore markets, which
appear to be strengthening.&nbsp; The outlook for&nbsp; the Performance Coatings &amp;
Finishes Group remains positive.</font></p>

<p align="left" style="line-height: 100%"><font size="2">Fiberglass-Composite
Pipe's sales increased $.6 million due to the impact of favorable foreign exchange rates.&nbsp;
Industrial and onshore oilfield tubing sales by U.S. operations increased.&nbsp;
Sales into European industrial markets were flat, and sales by Asian operations
were lower due to the timing of projects.&nbsp; High oil prices continue to
support demand for oilfield tubing and piping for marine and offshore
applications.&nbsp; The Asian marine and offshore market remains robust.&nbsp; The outlook for the Fiberglass-Composite Pipe Group
continues to be positive and improving.</font></p>

<p align="left" style="line-height: 100%">&nbsp;</p>

<p align="left" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%"><font size="2">15</font></p>

<p align="left" style="line-height: 100%"><font size="2">The
Water Transmission Group's sales decreased $5.7 million during the first
quarter of 2004 due to labor disputes at two plants in Southern
California.&nbsp; As previously announced, in early February, workers at two of
the Water Transmission Group's plants struck over disagreements related to
wages, pensions and medical benefits.&nbsp; Agreement was reached with workers
at one of the plants at the end of February.&nbsp; Negotiations continue with
workers at the second plant.&nbsp; Sales of protective lining products for sewer
pipe also declined due to a cyclical slowdown in the waste water market and competition from alternative
products.&nbsp; Revenue is recognized in the Water Transmission Group primarily
under the percentage of completion method and is subject to a certain level of
estimation, which affects the timing of revenue recognition, costs and profits.&nbsp;
Estimates are reviewed on a consistent basis and are adjusted when actual
results are expected to significantly differ from those estimates.&nbsp; The
market for concrete and steel-pressure pipe in the western U.S. remains
soft.&nbsp; Even though the business may be able to make up much of the revenue
lost in the first quarter due to the strikes, full-year results may be below the
unusually high levels of the last several years.&nbsp; Longer term, the outlook
remains positive.</font></p>

<p style="line-height: 100%"><font size="2">Infrastructure
Products' sales decreased by $1.7 million as a result of a labor dispute and wet weather conditions
in Hawaii.&nbsp; Early in the quarter, unseasonably wet weather severely
hampered Hawaiian operations; and, in early February, as previously reported,
workers struck most of Ameron's aggregate and ready-mix concrete operations on
Oahu.&nbsp; Negotiations with the union continue.&nbsp; Pole sales improved as
housing construction remained robust throughout the U.S. due to low interest
rates.&nbsp; The outlook for the Infrastructure Products Group remains
favorable.&nbsp;</font></p>

<p style="line-height: 100%"><u><b><font size="2">Gross Profit</font></b></u></p>

<p style="line-height: 100%"><font size="2">Gross
profit in the first quarter of 2004 was $29.9 million, or 23.1% of sales,
compared to $32.7 million, or 25.0% of sales, in the same period
in 2003.&nbsp; Gross profit decreased $2.7 million due to lower margins and lower
plant utilization.</font></p>

<p style="line-height: 100%"><font size="2">Gross
profit of the Performance Coatings &amp; Finishes Group was flat in the first
quarter of 2004 even though sales increased, compared to the same period in 2003.&nbsp;
Profit margins were impacted as the weak
dollar lowered profits on sales by European operations into dollar-based markets
in the Middle East, Eastern Europe and Russia, and manufacturing costs increased
in the U.S.</font></p>

<p style="line-height: 100%"><font size="2">The
Fiberglass-Composite Pipe Group's gross profit increased $.7 million in the
first quarter of 2004, compared to the same period in 2003.&nbsp; The increase was due primarily to
lower raw material costs and improved plant
utilization.&nbsp;&nbsp;</font></p>

<p style="line-height: 100%"><font size="2"> Gross
profit of the Water Transmission Group decreased $2.7 million in the first
quarter of 2004, compared to the same period in 2003.&nbsp; The decrease was due primarily to lower sales
and lower plant utilization as a result of the strikes and higher workers'
compensation costs.</font></p>

<p style="line-height: 100%"><font size="2">The
Infrastructure Products Group's gross profit decreased $.9 million in the
first quarter of 2004, compared to the same period in 2003.&nbsp; The decrease was due primarily to
weather and the labor dispute in Hawaii which reduced profits on lower sales
and reduced plant efficiencies.</font></p>

<p style="line-height: 100%"><u><b><font size="2">Selling, General and Administration Expenses</font></b></u></p>
<p style="line-height: 100%"><font size="2">Selling,
general and administrative (&quot;SG&amp;A&quot;) expenses totaled $33.3 million, or
25.7% of sales, in the first quarter of 2004, compared to $28.6 million, or
21.9%, in the same period in 2003.&nbsp; The $4.7 million increase was due to higher stock
compensation expense of approximately $1.0 million, higher insurance and pension
costs of nearly $1.0 million, and higher marketing expenses of $.3
million.&nbsp; SG&amp;A was also $1.4 million higher as costs of
foreign operations translated into higher U.S. dollars due to exchange rates.&nbsp;
Additionally in 2003, SG&amp;A included a recovery of roughly $1.0 million, representing amounts agreed to be reimbursed to the Company
by its own and a supplier's insurance companies for past legal fees and costs
in excess of the negotiated settlement of the Central Arizona Project lawsuits.</font></p>
<p style="line-height: 100%"><u><b><font size="2">Equity in Earnings of Joint
Venture and Other Income</font></b></u></p>
<p style="line-height: 100%"><font size="2">Equity in
earnings of joint venture increased to $.5 million in the first quarter of 2004
from a loss of $.2 million in the same period in 2003.&nbsp; Equity income increased due to TAMCO, Ameron's 50%-owned
mini-mill in California.&nbsp; Ameron's equity in TAMCO's earnings increased as
TAMCO benefited from the strong demand for rebar in the western U.S. and higher
prices fueled by demand in China for steel products.</font></p>
<p style="line-height: 100%"><font size="2">
Other
income included royalties and fees from licensees, foreign currency transaction
losses, and other miscellaneous income.  Other
income decreased to $.6 million in the first quarter of 2004 from $.9 million
in the same period in 2003 primarily due to&nbsp; foreign exchange transaction
losses.</font>
<p style="line-height: 100%"><u><b><font size="2">Interest</font></b></u></p>
<p style="line-height: 100%"><font size="2">Interest
expense totaled $1.8 million in 2004, compared to $1.5 million in 2003.&nbsp; The increase reflected the higher-interest, fixed-rate notes placed in 2003.</font></p>
<p style="line-height: 100%">&nbsp;</p>
<p style="line-height: 100%">&nbsp;</p>
<p style="line-height: 100%" align="center"><font size="2">16</font></p>
<p style="line-height: 100%"><u><b><font size="2">Provision for Income Taxes</font></b></u></p>
  <p style="line-height: 100%"><font size="2">The
  provision for income taxes in 2004 was a benefit of $1.3 million, compared to
  an expense of $1.1 million in 2003.&nbsp; The effective tax rate decreased to 32% in 2004 from 34% in
  2003.&nbsp; The effective tax rate was lower due to lower anticipated earnings from domestic
  operations.&nbsp; Income from certain foreign operations
  and joint ventures is taxed at rates that are lower than U.S.
  statutory tax rates. </font></p>
  <blockquote>
  <p style="line-height: 100%"><b><font size="2">&nbsp;&nbsp; Item
  3.&nbsp;&nbsp;Quantitative and Qualitative Market Risk Disclosure </font></b></p>
  </blockquote>
  <p style="line-height: 100%"><font size="2">No material changes have
  occurred in the quantitative and qualitative market risk disclosure of the
  Company as presented in Ameron's&nbsp;2003 Annual Report. </font></p>
<blockquote>
  <p style="line-height: 100%"><b><font size="2">&nbsp;&nbsp; Item 4.&nbsp; Controls and Procedures</font></b></p>
</blockquote>
<p style="line-height: 100%"><font size="2">The
Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including the Company's Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of the Company's disclosure controls and procedures as of
February 29, 2004 pursuant to Exchange Act Rule 13a-14.&nbsp; Based upon that evaluation, the
Chief Executive Officer and Chief Financial Officer concluded that the Company's
disclosure controls and procedures are effective in&nbsp;timely alerting them to
material information relating to the Company (including its consolidated
subsidiaries) required to be included in the Company's periodic Securities and
Exchange Commission filings.&nbsp; No significant changes were made in the
Company's internal controls or in other factors that could significantly affect
these controls subsequent to February 29, 2004.</font></p>
  <p style="line-height: 100%"><i><font size="2">CAUTIONARY STATEMENT FOR PURPOSES OF THE
  &quot;SAFE HARBOR&quot; PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
  REFORM ACT OF 1995 </font></i></p>
  <p style="line-height: 100%"><font size="2">Any of the above statements that refer to
  the Company's estimated or anticipated future results are forward-looking and
  reflect the Company's
  current analysis of existing trends and information. Actual results may
  differ from current expectations based on a number of factors affecting
  Ameron's businesses, including competitive conditions and changing market</font>
  <font size="2">conditions.&nbsp; Matters affecting the economy generally, including the state of
  economies worldwide, can affect the Company's results.&nbsp; These forward-looking
  statements represent the Company's judgment only as of the date of this
  report. Since actual results could differ materially, the reader is cautioned
  not to rely on these forward-looking statements. Moreover, the Company
  disclaims any intent or obligation to update these forward looking
  statements.</font></p>

  <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><b>Part II.  OTHER INFORMATION</b></p>
<p style='line-height: 100%; margin-left: .5in; margin-top: 0; margin-bottom: 0'><b><font size="2">Item
1.&nbsp; Legal Proceedings</font></b></p>
<blockquote>
  <font size="2">
<p style='line-height: 100%; margin-left: .5in'><font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">The
Company is one of numerous defendants in various asbestos-related personal
injury lawsuits.&nbsp; These cases generally seek unspecified damages for
asbestos-related diseases based on alleged exposure to products previously
manufactured by the Company and others, and at this time the Company is
generally not aware of the extent of injuries allegedly suffered by the
individuals or the facts supporting the claim that injuries were caused by the
Company's products.&nbsp; Based upon the information available to it at this
time, the Company is not in a position to evaluate its potential exposure, if
any, as a result of such claims.&nbsp; Hence, no amounts have been accrued for
loss contingencies related to these lawsuits in accordance with SFAS No. 5,
&quot;Accounting for Contingencies.&quot;&nbsp; The Company continues to vigorously
defend all such lawsuits.&nbsp; As of February 29, 2004, the Company was a
defendant in asbestos-related cases involving&nbsp;18,489
claimants, compared to 17,447 claimants as of November&nbsp;30, 2003.&nbsp; The
Company is not in a position to estimate the number of additional claims that
may be filed against it in the future.&nbsp; For the quarter ended February 29,
2004, there were new claims involving&nbsp;1,077
claimants, dismissals and/or settlements involving&nbsp;35 claimants and no judgments.&nbsp; Net costs and expenses
incurred by the Company for the quarter ended February 29, 2004 in connection
with asbestos-related claims were less than $.1 million.</font>&nbsp;&nbsp;</p>
<p style='line-height: 100%; margin-left: .5in'>T<font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">he
Company is one of numerous defendants in various silica-related personal injury
lawsuits.&nbsp; These cases generally seek unspecified damages for
silica-related diseases based on alleged exposure to products previously
manufactured by the Company and others, and at this time the Company is not
aware of the extent of injuries allegedly suffered by the individuals or the
facts supporting the claim that injuries were caused by the Company's
products.&nbsp; Based upon the information available to it at this time, the
Company is not in a position to evaluate its potential exposure, if any, as a
result of such claims.&nbsp;&nbsp;Hence, no amounts have been accrued for loss
contingencies related to these lawsuits in accordance with SFAS No. 5.&nbsp; The
Company continues to vigorously defend all such lawsuits.&nbsp; As of February
29, 2004, the Company was a defendant in silica-related cases involving&nbsp;6,846
claimants, compared to 6,847 claimants as of November&nbsp;30, 2003.&nbsp; The
Company is not in a position to estimate the number of additional claims that
may be filed against it in the future.&nbsp; For the quarter ended February 29,
2004, there were no new claims, dismissals and/or settlements involving&nbsp;1 claimant and no judgments.&nbsp; Net costs and expenses incurred by the Company&nbsp;
for the quarter ended February 29, 2004 in connection with silica-related claims
were less than $.1 million.</font></p>
<p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
<p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
<p style='line-height: 100%; margin-left: .5in' align="center"><font style="font-size: 10pt" face="Times New Roman">17</font></p>
</blockquote>
  <p style='line-height: 100%; margin-left: .5in; margin-top: 0; margin-bottom: 0'><b>Item
  2. Changes in Securities</b></p>
<blockquote>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">Terms of lending
  agreements place restrictions on cash dividends, stock repurchases,
  borrowings, investments and guarantees. Under the most restrictive provisions
  of these agreements, approximately $14.9&nbsp;million of </font> consolidated retained
  earnings were not restricted at February 29, 2004.</p>
  <p style='line-height: 100%; margin-left: .5in' align="center">ISSUER
  PURCHASES OF EQUITY SECURITIES</p>
  <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 0in 0in 0in" height="234" width="592">
    <tr>
      <td width="53" valign="bottom" style="padding: 0in" height="170" align="left">
        <p>&nbsp;<b style="mso-bidi-font-weight:normal">

        </b></p>
      </td>
      <td width="154" valign="bottom" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: .5pt solid windowtext; padding: 0in" height="170" align="left">
        <p class="MsoNormal" style="margin-left:10.0pt;text-indent:-10.0pt">
</font>
        <b style="mso-bidi-font-weight:normal"><font size="2">Period
        </font>
        </b>
  <font size="2">
<b style="mso-bidi-font-weight:normal">

        </b></p>
      </font>
      </td>
      <td width="11" valign="bottom" style="padding: 0in" height="170" align="left">
        <p class="MsoNormal">&nbsp;<b style="mso-bidi-font-weight:normal">

        </b></p>
      </td>
      <td width="101" valign="bottom" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: .5pt solid windowtext; padding: 0in" height="170">
        <p align="center" style="text-align:center"><b style="mso-bidi-font-weight:normal">
        </b>
        <b style="mso-bidi-font-weight:normal">
  <font size="2">(a)<br>
        Total<br>
        Number of<br>
        Shares (or<br>
        Units)<br>
        Purchased

  </font>
        </b></p>
      </td>
      <td width="10" valign="bottom" style="padding: 0in" height="170">
        <p class="MsoNormal"><font size="2">&nbsp;<b style="mso-bidi-font-weight:normal">

        </b></font></p>
      </td>
      <td width="79" valign="bottom" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: .5pt solid windowtext; padding: 0in" height="170">
        <p align="center" style="text-align:center"><b style="mso-bidi-font-weight:normal"><font size="2">(b)<br>
        Average<br>
        Price<br>
        Paid per<br>
        Share (or<br>
        Unit
        </font>
        </b>
  <font size="2">
      <b style="mso-bidi-font-weight:normal">

        </b></p>
        </font>
      </td>
      <td width="9" valign="bottom" style="padding: 0in" height="170">
        <p class="MsoNormal">&nbsp;<b style="mso-bidi-font-weight:normal">

        </b></p>
      </td>
      <td width="85" valign="bottom" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: .5pt solid windowtext; padding: 0in" height="170">
        <p align="center" style="text-align:center">
        <b style="mso-bidi-font-weight:normal"><font size="2">(c)<br>
        Number of<br>
        Shares (or<br>
        Units)<br>
        Purchased as<br>
        Part of<br>
        Publicly<br>
        Announced<br>
        Plans or<br>
        Programs
        </font>
        </b>
  <font size="2">
      <b style="mso-bidi-font-weight:normal">

        </b></p>
        </font>
      </td>
      <td width="9" valign="bottom" style="padding: 0in" height="170">
        <p class="MsoNormal">&nbsp;<b style="mso-bidi-font-weight:normal">

        </b></p>
      </td>
      <td width="88" valign="bottom" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: .5pt solid windowtext; padding: 0in" height="170">
        <p align="center" style="text-align:center">
        <b style="mso-bidi-font-weight:normal"><font size="2">(d)<br>
        Maximum<br>
        Number (or<br>
        Approximate<br>
        Dollar Value) of<br>
        Shares (or<br>
        Units) that<br>
        May Yet Be<br>
        Purchased under<br>
        the Plans or<br>
        Programs
        </font>
        </b>
  <font size="2">
      <b style="mso-bidi-font-weight:normal">

        </b></p>
        </font>
      </td>
      <td width="4" valign="bottom" style="padding: 0in" height="170">
        <p class="MsoNormal">&nbsp;<b style="mso-bidi-font-weight:normal">

        </b></p>
      </td>
    </tr>
    <tr>
  <font size="2">
      <td width="47" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21" align="left">
        <p>&nbsp;

        </p>
      </td>
</font>
      <td width="154" valign="top" style="mso-border-top-alt: solid windowtext .5pt; background-repeat: repeat; background-attachment: scroll; border-style: none; border-width: medium; padding: 0in; background-position: 0% 50%" height="21" align="left">
        <p style="margin-left:10.0pt;text-indent:-10.0pt">
        <font size="2">12/1/03
        thru 12/31/03</font></p>
      </td>
      <td width="5" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21" align="left">
        <p><font size="2">&nbsp;

        </font>
        </p>
      </td>
      <td width="101" valign="bottom" style="mso-border-top-alt: solid windowtext .5pt; background-repeat: repeat; background-attachment: scroll; border-style: none; border-width: medium; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center"><font size="2">

        --

        </font></p>
      </td>
      <td width="10" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal" align="center" style="text-align:center"><font size="2">&nbsp;

        </font>
        </p>
      </td>
      <td width="79" valign="bottom" style="mso-border-top-alt: solid windowtext .5pt; background-repeat: repeat; background-attachment: scroll; border-style: none; border-width: medium; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center"><font size="2">N/A
        </font>
        </p>
      </td>
  <font size="2">
      <td width="9" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="85" valign="bottom" style="mso-border-top-alt: solid windowtext .5pt; background-repeat: repeat; background-attachment: scroll; border-style: none; border-width: medium; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center">
    </font><font size="2">--</font>
        </p>
      </td>
  <font size="2">
      <td width="9" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="88" valign="bottom" style="mso-border-top-alt: solid windowtext .5pt; background-repeat: repeat; background-attachment: scroll; border-style: none; border-width: medium; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center">
    </font><font size="2">N/A

        </font>
        </p>
      </td>
  <font size="2">
      <td width="4" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal">&nbsp;

        </p>
      </td>
    </tr>
    <tr>
  <font size="2">
      <td width="47" valign="bottom" style="padding: 0in" height="22" align="left">
        <p>&nbsp;

        </p>
      </td>
</font>
      <td width="152" valign="top" style="padding: 0in" height="22" align="left">
        <p style="margin-left:10.0pt;text-indent:-10.0pt">
    </font><font size="2">1/1/04
        thru 1/31/04

        </font>
        </p>
      </td>
      <td width="5" valign="bottom" style="padding: 0in" height="22" align="left">
        <p><font size="2">&nbsp;

        </font>
        </p>
      </td>
      <td width="99" valign="bottom" style="padding: 0in" height="22">
        <p align="center" style="text-align:center">
        <font size="2">
         6,860*</font>
        </p>
      </td>
  <font size="2">
      <td width="10" valign="bottom" style="padding: 0in" height="22">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="77" valign="bottom" style="padding: 0in" height="22">
        <p align="center">
    </font><font size="2">36.66</font>
      </td>
  <font size="2">
      <td width="9" valign="bottom" style="padding: 0in" height="22">
      </td>
    </font>
      <td width="83" valign="bottom" style="padding: 0in" height="22">
        <p align="center" style="text-align:center"><font size="2">--</font>
        </p>
      </td>
  <font size="2">
      <td width="9" valign="bottom" style="padding: 0in" height="22">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="86" valign="bottom" style="padding: 0in" height="22">
        <p align="center" style="text-align:center">
    </font><font size="2">**

        </font>
        </p>
      </td>
  <font size="2">
      <td width="4" valign="bottom" style="padding: 0in" height="22">
        <p class="MsoNormal">&nbsp;

        </p>
      </td>
    </tr>
    <tr>
  <font size="2">
      <td width="47" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21" align="left">
        <p>&nbsp;

        </p>
      </td>
</font>
      <td width="152" valign="top" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21" align="left">
        <p style="margin-left:10.0pt;text-indent:-10.0pt">
    </font><font size="2">2/1/04
        thru 2/29/04

        </font>
        </p>
      </td>
      <td width="5" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21" align="left">
        <p><font size="2">&nbsp;

        </font>
        </p>
      </td>
      <td width="99" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center"><font size="2">--</font>
        </p>
      </td>
  <font size="2">
      <td width="10" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="77" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center">
    </font><font size="2">N/A

        </font>
        </p>
      </td>
  <font size="2">
      <td width="9" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="83" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center">
    </font><font size="2">--</font>
        </p>
      </td>
  <font size="2">
      <td width="9" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal" align="center" style="text-align:center">&nbsp;

        </p>
      </td>
      <td width="86" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p align="center" style="text-align:center">
    </font><font size="2">N/A

        </font>
        </p>
      </td>
  <font size="2">
      <td width="4" valign="bottom" style="background-repeat: repeat; background-attachment: scroll; padding: 0in; background-position: 0% 50%" height="21">
        <p class="MsoNormal">&nbsp;

        </p>
      </td>
    </tr>
  </table>
    </font><p style='line-height: 100%; margin-left: .5in'><font size="2">*Represents
    shares repurchased by the Company from certain restricted stock recipients
    to pay taxes&nbsp;applicable to their restricted stock.</font></p>
    <p style='line-height: 100%; margin-left: .5in'><font size="2">**Shares
    may be repurchased by the Company in January 2005 and 2006 to pay taxes
    applicable to the vesting of employee's restricted stock.&nbsp; However,
    because neither the amount of such taxes nor the share price on the date of
    such repurchases are known at this time, it is not possible to estimate the
    numbers of such shares that would be so repurchased.</font></p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
</blockquote>
 <font size="2">

  <p style='line-height: 100%; margin-left: .5in'><b>Item
  6.  Exhibits and Reports on Form 8-K</b></p>
<blockquote>
  <p style='line-height: 100%; margin-left: .5in'>A Form 8-K was filed on January
  22, 2004&nbsp; to report the Company's financial results for the year ended
  November 30, 2003, as reported in a press release dated January 22, 2004.</p>
  <p style='line-height: 100%; margin-left: .5in'>A Form 8-K was filed on
  February 12, 2004&nbsp;to
  report the Company's labor disputes with portions of two of its domestic
  operations, as reported in a press release dated February 12, 2004.</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
  </font>
  <p style='line-height: 200%; margin-left: .5in' align="center">&nbsp;18</p>
</blockquote>

  <p align="center" style="line-height: 100%">&nbsp;</p>

<TABLE width="519">
<TR>
<font size="2">

<TD width="749">
<div align="center">
<center>
<p style="line-height: 100%"><font size="2">INDEX OF EXHIBITS</font></p>

</center>

<p style="line-height: 100%" align="left"><font size="2">Number and Description
of Exhibit<br>
----------------------------------------------</p>

</div>
</font>
  </font>
<p style="line-height: 100%; margin-right: 3" align="left"><font size="2">(31.1)
Section 302 Certification of Chief Executive Officer</font></p>

<p style="line-height: 100%" align="left"><font size="2">(31.2) Section 302
Certification of Chief Executive Officer</font></p>

<p style="line-height: 100%" align="left"><font size="2">(32) Section 906
Certification of Chief Executive Officer and Chief Financial Officer*</font></p>

  <p style="line-height: 100%" align="left"><font size="2">*&nbsp;&nbsp; A
  signed original of this written statement required by Section 906 has been
  provided to the Company and will be retained by
  the Company and furnished to the Securities and Exchange
  Commission or its staff upon request.<i>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</i></p>

</font>
</TD>
</TR>
</TABLE>

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%">&nbsp;

  <p align=center style="line-height: 100%"><font size="2">19&nbsp;

<p align=center style='line-height: 100%'><b>Signature Page<br>
  </b>

  <p align=left style="line-height: 100%">Pursuant to the requirements of the
  Securities Exchange Act of 1934, the Registrant has duly caused this report
  to be signed on its behalf by the undersigned thereunto duly authorized.

<p align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">


<p style="line-height: 100%; margin-top: 0; margin-bottom: 0">
                                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                        Ameron International Corporation<p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Date: March 26, 2004
<TABLE width="668">
<TR>
<TD width="898" align="center">
<p style="line-height: 100%" align="left">
                                             <br>
                                             &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                             By:&nbsp;&nbsp; /s/ Gary
                                             Wagner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                                             &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                             ---------------------------------</p>

<p style="line-height: 100%">                                                           &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;
Gary Wagner&nbsp; <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                                                            </font></font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font size="2">Senior Vice President, Chief Financial Officer<i><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</font></i></p>

</font>

</TD>
</TR>
</TABLE>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

<p align="center" style="line-height: 100%">&nbsp;</p>

  <p align="center" style="line-height: 100%"><font size="2">20</font></p>

<p align=center style='line-height: 100%'>&nbsp;<p style="line-height: 100%" align="right"><font size="2">Exhibit
  31.1&nbsp;</font><p style="line-height: 100%" align="center"><font size="2">SECTION 302
    CERTIFICATION OF CHIEF EXECUTIVE OFFICER&nbsp;</font><p style="line-height: 100%"><font size="2">I, James
  S. Marlen, Chairman of the
  Board, President and Chief Executive Officer of Ameron International
  Corporation (the
  &quot;Registrant&quot;), certify that:&nbsp;</font><p style="line-height: 100%"> <font size="2"> 1. I have reviewed this
  Quarterly Report on Form 10-Q of the Registrant;&nbsp;</font><p style="line-height: 100%"> <font size="2"> 2. Based on my knowledge, this
  report does not contain any untrue statement of a material fact or
  omit to state a material fact necessary to make the statements made, in light
  of the circumstances under which such statements were made, not misleading
  with respect to the period covered by this report;&nbsp;</font><p style="line-height: 100%"> <font size="2"> 3. Based on my knowledge,
  the financial statements, and other financial information included in this
  report, fairly present in all material respects the financial condition,
  results of operations and cash flows of the Registrant as of, and for, the
  periods presented in this report;&nbsp;</font><p style="line-height: 100%"> <font size="2"> 4. The Registrant's other certifying
  officer and I are responsible for establishing and maintaining disclosure
  controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
  15d-15(e)) for the Registrant and have:&nbsp;</font>
  <blockquote>
    <p style="line-height: 100%"><font size="2">a) designed such disclosure controls
  and procedures, or caused such disclosure controls and procedures to be
  designed under our supervision, to ensure that material information relating
  to the Registrant, including its consolidated subsidiaries, is made known to
  us by others within those entities, particularly during the period in which
  this report is being prepared;&nbsp;</font><p style="line-height: 100%"> <font size="2"> b) evaluated the effectiveness of the
    Registrant's disclosure controls and procedures and presented in this report
  our conclusions about the effectiveness of the disclosure controls and
  procedures, as of the end of the period covered by this report based on such
  evaluation; and&nbsp;</font><p style="line-height: 100%"> <font size="2"> c) disclosed in this report any change in the
    Registrant's
  internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is
  reasonably likely to materially affect, the Registrant's internal control over
  financial reporting; and&nbsp;</font>
  </blockquote>
  <p style="line-height: 100%"> <font size="2"> 5. The Registrant's other certifying officer and I
  have disclosed, based on our most recent evaluation of internal control over
  financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent
  functions):&nbsp;</font>
  <blockquote>
    <p style="line-height: 100%"> <font size="2"> a) all significant deficiencies and material weaknesses in the
  design or operation of internal control over financial reporting which are
  reasonably likely to adversely affect the Registrant's ability to record,
  process, summarize and report financial information; and&nbsp;</font><p style="line-height: 100%"> <font size="2"> b) any fraud, whether
  or not material, that involves management or other employees who have a
  significant role in the Registrant's internal control over financial
  reporting.</font>
  </blockquote>
<p style="line-height: 100%"><font size="2">March 26, 2004</font><p style="line-height: 100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<TABLE width="639">
<tr>
<TD width="869" align="center">
<p style="line-height: 100%" align="left">
                                                   <br>
                                                   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                   <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                   /s/ James S. Marlen&nbsp;&nbsp;  </font>
                                                   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                                                   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                   ---------------------------------</p>

<p style="line-height: 100%">                                                      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<font size="2">James S. Marlen </font><font size="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font size="2">Chairman of the Board, President &amp; Chief Executive
Officer<font size="1">
<i>&nbsp;</i>
</font></p>

</font>

</TD>
</tr>
</TABLE>

<p style="line-height: 100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<p style="line-height: 100%">&nbsp;

<p style="line-height: 100%">&nbsp;<p align=center style="line-height: 100%"><font size="2">21</font><p align=center style="line-height: 100%">&nbsp;<p style="line-height: 100%" align="right"><font size="2">Exhibit
  31.2&nbsp;</font><p style="line-height: 100%" align="center"><font size="2">SECTION 302
    CERTIFICATION OF CHIEF FINANCIAL OFFICER&nbsp;</font><p style="line-height: 100%"><font size="2">I, Gary
  Wagner, Senior Vice President and Chief Financial Officer of Ameron
  International Corporation (the
  &quot;Registrant&quot;), certify that:&nbsp;</font><p style="line-height: 100%"> <font size="2"> 1. I have reviewed this
  Quarterly Report on Form 10-Q of the Registrant;&nbsp;</font><p style="line-height: 100%"> <font size="2"> 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
  omit to state a material fact necessary to make the statements made, in light
  of the circumstances under which such statements were made, not misleading
  with respect to the period covered by this report;&nbsp;</font><p style="line-height: 100%"> <font size="2"> 3. Based on my knowledge,
  the financial statements, and other financial information included in this
  report, fairly present in all material respects the financial condition,
  results of operations and cash flows of the Registrant as of, and for, the
  periods presented in this report;&nbsp;</font><p style="line-height: 100%"> <font size="2"> 4. The Registrant's other certifying
  officer and I are responsible for establishing and maintaining disclosure
  controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
  15d-15(e)) for the Registrant and have:&nbsp;</font>
  <blockquote>
    <p style="line-height: 100%"> <font size="2"> a) designed such disclosure controls
  and procedures, or caused such disclosure controls and procedures to be
  designed under our supervision, to ensure that material information relating
  to the Registrant, including its consolidated subsidiaries, is made known to
  us by others within those entities, particularly during the period in which
  this report is being prepared;&nbsp;</font><p style="line-height: 100%"> <font size="2"> b) evaluated the effectiveness of the
    Registrant's disclosure controls and procedures and presented in this report
  our conclusions about the effectiveness of the disclosure controls and
  procedures, as of the end of the period covered by this report based on such
  evaluation; and&nbsp;</font><p style="line-height: 100%"> <font size="2"> c) disclosed in this report any change in the
    Registrant's
  internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is
  reasonably likely to materially affect, the Registrant's internal control over
  financial reporting; and&nbsp;</font>
  </blockquote>
  <p style="line-height: 100%"> <font size="2"> 5. The Registrant's other certifying officer and I
  have disclosed, based on our most recent evaluation of internal control over
  financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent
  functions):&nbsp;</font>
  <blockquote>
    <p style="line-height: 100%"> <font size="2"> a) all significant deficiencies and material weaknesses in the
  design or operation of internal control over financial reporting which are
  reasonably likely to adversely affect the Registrant's ability to record,
  process, summarize and report financial information; and&nbsp;</font><p style="line-height: 100%"> <font size="2"> b) any fraud, whether
  or not material, that involves management or other employees who have a
  significant role in the Registrant's internal control over financial
  reporting.</font>
  </blockquote>
<p style="line-height: 100%"><font size="2">March 26, 2004</font><p style="line-height: 100%">&nbsp;&nbsp;&nbsp;&nbsp;
<TABLE width="643">
<tr>
<TD width="873" align="center">
<p style="line-height: 100%" align="left">
                                                   <br>
                                                   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                   <font size="2">/s/ Gary
                                                   Wagner</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                                                   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                   ---------------------------------</p>

<p style="line-height: 100%">                                                           &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="2">Gary Wagner&nbsp;</font> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                                                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                            </font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font size="2">Senior Vice President, Chief Financial Officer<i><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</font></i></p>

</font>

</TD>
</tr>
</TABLE>

<font size="2"><p style="line-height: 100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<p style="line-height: 100%">&nbsp;<p style="line-height: 100%">&nbsp;

<p align=center style='line-height: 100%'>&nbsp;<p align=center style='line-height: 100%'>22</font>
<p align="center" style="line-height: 100%">&nbsp;</p>
<p style="line-height: 100%" align="right"><font size="2">Exhibit 32</font></p>
    <p align="center" style="line-height: 100%"><font size="2">CERTIFICATION
OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C.
ss.1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font><font size="2">*</font></p>
<p style="line-height: 100%"><font size="2">In connection with the Quarterly
Report on Form 10-Q of Ameron International Corporation (the
&quot;Company&quot;) for the fiscal quarter ended February 29, 2004 as filed with
the Securities and Exchange Commission on the date hereof (the
&quot;Report&quot;), I, James S. Marlen, Chairman of the Board, President and
Chief Executive Officer of the Company and I, Gary Wagner, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. &sect;1350,
as adopted pursuant to &sect;906 of the Sarbanes-Oxley Act of 2002, that, to my
knowledge:</font></p>
<blockquote>
  <p style="line-height: 100%"><font size="2">1. The Report fully complies with
  the requirements of Section 13(a) or 15(d), as applicable, of the Securities
  Exchange Act of 1934; and </font></p>
  <p style="line-height: 100%"><font size="2">2. The information contained in
  the Report fairly presents, in all material respects, the financial condition
  and results of operations of the Company.</font></p>
</blockquote>
<p style="line-height: 100%">&nbsp;</p>
<TABLE width="440">
<tr>
  <font size="2">

<TD width="670" align="center">
<p style="line-height: 100%" align="left">
<br>
By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ James S. Marlen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
---------------------------------<br>
James S. Marlen<font size="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</font>Chairman of the Board, President &amp; Chief Executive Officer<i> </i>
<br>
March 26, 2004</font></p>

</TD>
</tr>
</TABLE>

<TABLE width="440">
<tr>
  <font size="2">

<TD width="670" align="center">
<p style="line-height: 100%" align="left">
<br>
By:&nbsp;&nbsp;&nbsp; /s/ Gary Wagner<br>
---------------------------------<br>
Gary Wagner<font size="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</font>Senior Vice President &amp; Chief Financial Officer
<br>
March 26, 2004</font></p>

</TD>
</tr>
</TABLE>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%"><font size="2">* A signed original of this written
statement required by Section 906 has been provided to Ameron International
Corporation and will be retained by Ameron International Corporation and
furnished to the Securities and Exchange Commission or its staff upon request.</font></p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%">&nbsp;</p>

<p style="line-height: 100%" align="center"><font size="2">23</font></p>

<p style="line-height: 100%" align="center">&nbsp;</p>

</body>


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