<SUBMISSION>
<ACCESSION-NUMBER>0000790730-04-000002
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20040531
<FILING-DATE>20040630
<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>04892000
</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_10q204.htm
<TEXT>
<HTML>

<head>
</head>

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

<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 May 31, 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>
  <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 8,429,221
  on May 31, 2004. No other class of Common Stock exists.</p>

  <p>&nbsp;</p>

  <p>&nbsp;</p>

  <p>&nbsp;</p>

  <p></font></p>

<p align="center">




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

<p align="center">




&nbsp;&nbsp; <STRONG><CENTER>AMERON INTERNATIONAL CORPORATION
</CENTER>
</STRONG>
<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 4.   Submission of Matters to a Vote of Security Holders       18</PRE>
<PRE>  Item 5.   Other Information                                         19</PRE>
<PRE>  Item 6.   Exhibits and Reports on Form 8-K                          19


INDEX OF EXHIBITS                                                     20</PRE>
<PRE>SIGNATURE PAGE                                                        21</PRE>
<PRE>CERTIFICATIONS                                              	      22</PRE>
<PRE></PRE>
</TD>
</TR>
</TABLE>
</CENTER>


<P>

&nbsp;


<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="362">
<TR>
<TD align="left" width="713" height="508">
<PRE><font size=1.5>

                                                        Three Months Ended                Six Months Ended
                                                              May 31,                          May 31,
                                                     -------------------------        -------------------------
                                                         2004          2003               2004          2003
                                                     -----------   -----------        -----------   -----------
Sales                                                $   150,516   $   147,844        $   280,184   $   278,465
Cost of Sales                                           (113,930)     (107,527)          (213,659)     (205,483)
                                                     -----------   -----------        -----------   -----------
Gross Profit                                              36,586        40,317             66,525        72,982

Selling, General and
 Administrative Expenses                                 (31,630)      (31,989)           (64,946)      (60,558)
Other Income, Net                                          1,488         5,077              2,054         5,965
                                                     -----------   -----------        -----------   -----------
Income before Interest
 and Income Taxes                                          6,444        13,405              3,633        18,389

Interest Expense, Net                                     (1,498)       (1,834)            (3,269)       (3,303)
                                                     -----------   -----------        -----------   -----------
Income before Income Taxes                                 4,946        11,571                364        15,086

Provision for Income Taxes                                (1,464)       (3,800)              (120)       (4,938)
                                                     -----------   -----------        -----------   -----------
Income before in Equity Earnings of Joint Venture          3,482         7,771                244        10,148
Equity in Earnings of Joint Venture, Net of Taxes          3,391            54              3,876          (148)
                                                     -----------   -----------        -----------   -----------
Net Income                                           $     6,873   $     7,825        $     4,120   $    10,000
                                                     ===========   ===========        ===========   ===========
Net Income per Share (Basic)                         $       .83   $      1.00        $       .50   $      1.28
                                                     ===========   ===========        ===========   ===========
Net Income per Share (Diluted)                       $       .82   $       .97        $       .49   $      1.24
                                                     ===========   ===========        ===========   ===========
Weighted-Average Shares (Basic)                        8,250,462     7,849,824          8,206,941     7,838,682
                                                     ===========   ===========        ===========   ===========
Weighted-Average Shares (Diluted)                      8,410,028     8,089,951          8,404,628     8,058,074
                                                     ===========   ===========        ===========   ===========
Cash Dividends per Share                             $       .20   $       .20        $       .40   $       .36
                                                     ===========   ===========        ===========   ===========</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>

&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>
                                                    May 31,       November 30,
                                                     2004            2003
                                                 ( Unaudited )
                                                  -----------     -----------
ASSETS
Current Assets
  Cash and Cash Equivalents                        $  32,798       $  20,390
  Receivables, Less Allowances of $7,210
    in 2004 and $8,168 in 2003                       149,535         155,629
  Inventories                                         89,830<font color="#FF0000"> </font>         91,371
  Deferred Income Taxes                               19,241          19,241
  Prepaid Expenses and Other Current Assets            9,774           8,882
                                                   ---------       ---------
    Total Current Assets                             301,178         295,513
Investments in Joint Ventures
  Equity Method                                       14,063          13,064
  Cost Method                                          5,479           5,479
Property, Plant and Equipment
  Land                                                37,951          37,787
  Buildings                                           85,020          84,426
  Machinery and Equipment                            288,255         283,123
  Construction in Progress                             8,520           6,169
                                                   ---------       ---------
    Total Property, Plant and Equipment at Cost      419,746         411,505
  Accumulated Depreciation                          (270,084)       (260,919)
                                                   ---------       ---------
    Total Property, Plant and Equipment, Net         149,662         150,586
Deferred Income Taxes                                  6,731           6,744
Intangible Assets, Net of Accumulated Amortization
  of $9,951 in 2004 and $9,738 in 2003                13,583          13,526
Other Assets                                          49,442          48,580
                                                   ---------       ---------
Total Assets                                       $ 540,138       $ 533,492
                                                   =========       =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Current Portion of Long-Term Debt                $<font color="#FF0000">   </font>8,333       $   8,333
  Trade Payables                                      51,543<font color="#FF0000">  </font>        47,512
  Accrued Liabilities                                 67,847<font color="#FF0000"> </font>         53,091
  Income Taxes Payable                                 4,097<font color="#FF0000"> </font>          9,568
                                                   ---------       ---------
    Total Current Liabilities                        131,820         118,504
Long-Term Debt, Less Current Portion                  85,819          86,044
Other Long-Term Liabilities                           59,568<font color="#FF0000">  </font>        72,832
                                                   ---------       ---------
  Total Liabilities                                  277,207         277,380
                                                   ---------       ---------
Stockholders' Equity
  Common Stock, Par Value $2.50 a Share,
    Authorized 12,000,000 Shares, Outstanding
    8,429,221 Shares in 2004 and 8,214,563
    in 2003, Net of Treasury Shares                   27,740          27,186
  Additional Paid-In Capital                          20,941          16,443
  Unearned Restricted Stock                           (2,963)         (1,481)
  Retained Earnings                                  295,046<font color="#FF0000"> </font>        294,255
  Accumulated Other Comprehensive Loss               (29,059)        (31,768)
  Treasury Stock (2,666,670 Shares
    in 2004 and 2,659,810 in 2003)                   (48,774)<font color="#FF0000"> </font>       (48,523)
                                                   ---------       ---------
  Total Stockholders' Equity                         262,931         256,112
                                                   ---------       ---------
Total Liabilities and Stockholders' Equity        <font color="#FF0000"> </font>$ 540,138       $ 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">
                                                              Six Months Ended
                                                                   May 31,
                                                           -----------------------
                                                             2004           2003
                                                           --------       --------
Cash Flows from Operating Activities
  Net Income                                               $  4,120       $ 10,000
  Adjustments to Reconcile Net Income to Net Cash
   Provided by Operating Activities:
     Depreciation                                             9,211<font color="#FF0000"> </font>         8,970
     Amortization                                               115<font color="#FF0000"> </font>           140
     Provision for Deferred Income Taxes                         34            397
     Net Earnings and Distributions from Joint Ventures        (204)           436
     Gain from Sale of Assets                                   (84)<font color="#FF0000"> </font>          (23)
     Stock Compensation Expense                                 370            676
  Changes in Operating Assets and Liabilities:
     Receivables                                              6,949<font color="#FF0000"> </font>          (828)
     Inventories                                              2,364         (2,274)
     Prepaid Expenses and Other Current Assets                 (869)<font color="#FF0000"> </font>       (3,086)
     Other Assets                                              (897)        (3,051)
     Trade Payables                                           3,691           (563)
     Accrued Liabilities and Income Taxes Payable             9,098          5,572
     Other Long-Term Liabilities                            (13,333)         6,402
                                                           --------       --------
      Net Cash Provided by Operating Activities              20,565         22,768
                                                           --------       --------
Cash Flows from Investing Activities
  Proceeds from Sale of Assets                                  218            382
  Additions to Property, Plant and Equipment                 (7,793)        (8,755)
                                                           --------       --------
      Net Cash Used in Investing Activities                  (7,575)        (8,373)
                                                           --------       --------
Cash Flows from Financing Activities
  Net Change in Short-Term Borrowings                             -         (1,517)
  Issuance of Debt                                               81         66,439
  Repayment of Debt                                            (366)       (70,123)
  Debt Issuance Costs                                             -         (1,520)
  Dividends on Common Stock                                  (3,329)        (2,848)
  Issuance of Common Stock                                    3,199            409
  Change in Treasury Stock                                     (251)           136
                                                           --------       --------
      Net Cash Used in Financing Activities                    (666)        (9,024)
                                                           --------       --------
Effect of Exchange Rate Changes
 on Cash and Cash Equivalents                                    84            640
                                                           --------       --------
Net Change in Cash and Cash Equivalents                      12,408          6,011
Cash and Cash Equivalents at Beginning of Period             20,390<font color="#FF0000"> </font>        10,360
                                                           --------       --------
Cash and Cash Equivalents at End of Period                 $ 32,798       $ 16,371
                                                           ========       ========
</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>

<P>
&nbsp;

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

<P>

&nbsp;

<P>

&nbsp;

<P>

&nbsp;

<P>

&nbsp;

<P>

&nbsp;

<P>

&nbsp;

<CENTER>
                                     <font size="2"> 5</font><p>&nbsp;<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) </p>
</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 May 31, 2004, and consolidated results of
  operations and cash flows for the three and six months ended May 31, 2004 and 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">In January 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 May 31, 2004 do not reflect the effect of the Act.</font></p>
<p style="line-height: 100%"><font face="TIMES NEW ROMAN" size="2">In December
2003, the FASB issued FASB Interpretation (&quot;FIN&quot;) No. 46-R, &quot;Consolidation of Variable
Interest Entities,&quot; to replace FIN No. 46.&nbsp; FIN No. 46-R addresses the consolidation of business enterprises (&quot;variable
interest entities&quot;) to which the usual condition (ownership of a majority
voting interest) of consolidation does not apply.&nbsp; FIN No. 46-R focuses on
financial interests that indicate control. It concludes that in the absence of
clear control through voting interests or sufficient equity, a company's
exposure (&quot;variable interest&quot;) to the economic risks and potential rewards
from the variable interest entity's assets and activities are the best
evidence of control. Variable interests are rights and obligations that convey
economic gains or losses from changes in the values of the variable interest
entity's assets and liabilities. Variable interests may arise from financial
instruments, service contracts, nonvoting ownership interests and other
arrangements. If an enterprise holds a majority of the variable interests of an
entity, it would be considered the primary beneficiary. The primary beneficiary
is required to consolidate the assets, liabilities and the results of operations
of the variable interest entity in its financial statements.&nbsp; The adoption
of FIN No. 46-R did not have a material impact on the Company's consolidated
financial statements.</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>

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

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

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

<CENTER>
<TABLE width="436" height="64" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
<TD width="428" height="30">
<PRE style="line-height: 100%"><font size=1.5>                                                               May 31,      November 30,
                                                                2004           2003
                                                              ---------      ---------
Finished Products                                             $  51,041      $  52,821
Materials and Supplies                                           24,549         22,037
Products in Process                                              14,240<font color="#FF0000"> </font>        16,513
                                                              ---------      ---------
                                                              $  89,830      $  91,371
                                                              =========      =========</font></PRE>
</TD>
</TR>
</TABLE>
</CENTER>



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

&nbsp;

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

</STRONG>



<CENTER>
<TABLE width="436" height="97">
<TR>
<TD width="430" height="93">
<PRE style="line-height: 100%"><font size=1.5>                                                                  Six Months Ended
                                                                       May 31,
                                                             ------------------------
                                                               2004           2003
                                                             ---------      ---------
Interest Paid                                                $   3,400      $   3,329

Income Taxes Paid                                            $   4,958      $     758</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>                                 </font></font><font size="1.5"> </font><font size="2"><font size=1.5>    Three Months Ended           Six Months Ended
                                           May 31,                      May 31,
                                   ------------------------     ------------------------
                                     2004           2003          2004           2003
                                   ---------      ---------     ---------      ---------
Net Sales                          $  62,197      $  41,491     $ 107,987      $  74,082

Gross Profit                       $  14,426      $   1,803     $  17,661      $   2,612

Net Income/(Loss)                  $   7,478      $     118     $   8,467      $    (322)</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          Six Months Ended
                                                     May 31,                    May 31,
                                            ------------------------    ------------------------
                                              2004           2003         2004           2003
                                            ---------      ---------    ---------      ---------

Equity in Earnings/(Losses) of Joint Venture
   TAMCO                                    $   3,739      $      59    $   4,273      $    (161)


Dividends Received from Joint Ventures
   TAMCO                                    $   3,465      $       -    $   4,070      $     275
   ASAL                                             -          2,633            -          2,633
   BL                                               -          2,238            -          2,238
   OAL                                             97             97           97             97
   Amercoat Mexicana                              N/A              -          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 restricted stock and stock options, using
  the treasury stock method.&nbsp; For the three months ended May 31, 2004,
options to purchase 45,000 common shares were anti-dilutive, while options to
purchase 21,000 common shares were anti-dilutive for the six months ended May
31, 2004.&nbsp; For the three months ended May 31, 2003, options to purchase
21,000 commons shares were anti-dilutive, while options to purchase 36,000
common shares were anti-dilutive for the six months ended May 31, 2003.&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>


<CENTER>
<p><font size="2">7</font></p>
</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           Six Months Ended
                                                   May 31,                      May 31,
                                          ------------------------      ------------------------
                                            2004           2003           2004           2003
                                          ---------      ---------      ---------      ---------
   Basic Average Common
      Shares Outstanding                  8,250,462      7,849,824      8,206,941      7,838,682

   Dilutive Effect of
      Common Stock Equivalents              159,566        240,127        197,687        219,392
                                          ---------      ---------      ---------      ---------
   Diluted Average Common
      Shares Outstanding                  8,410,028      8,089,951      8,404,628      8,058,074
                                          =========      =========      =========      =========  </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 as follows:
</font>

<CENTER>
<TABLE width="513">
<TR>
<TD width="505">
<PRE style="line-height: 100%"><font size="1">                                            Three Months Ended            Six Months Ended
                                                  May 31,                      May 31,
                                         ------------------------     ------------------------
                                           2004           2003          2004           2003
                                         ---------      ---------     ---------      ---------

  Net Income                             $   6,873      $   7,825     $   4,120      $  10,000
  Foreign Currency Translation
    Adjustment                              (3,347)         4,867         1,913          9,539
  Comprehensive Income from Joint Venture      418            251           796          1,177
                                         ---------      ---------     ---------      ---------
  Comprehensive Income                   $   3,944      $  12,943     $   6,829      $  20,716
                                         =========      =========     =========      =========</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>                                                                         May 31,      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 (1.22% at May 31, 2004)                                   7,200          7,200
Variable-rate industrial development bonds,
  payable in 2021 (1.22% at May 31, 2004)                                   8,500          8,500
Variable-rate bank revolving credit
  facilities, payable in 2008 (4.73% at May 31, 2004)                       3,452          3,677
                                                                        ---------      ---------
Total long-term debt                                                       94,152         94,377

  Less current portion                                                     (8,333)        (8,333)
                                                                        ---------      ---------
Long-term debt, less current portion                                    $  85,819      $  86,044
                                                                        =========      =========</PRE>
</font>
</TD>
</TR>
</TABLE>
</CENTER>

<p align="left" style="line-height: 100%"><font size="2">The Company maintains a $100,000 revolving credit facility with six banks (the &quot;Revolver&quot;).&nbsp;
The Revolver was extended on consistent terms in June 2004.&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 June 2008, 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><font size="2">5.36% term notes and the 7.92% term
notes </font><font size="2"> are collateralized by substantially all of the Company's assets.&nbsp;
</font><font size="2">The
industrial revenue bonds are supported by standby letters of credit&nbsp; that are
issued under the Revolver.&nbsp; Certain note agreements contain provisions
regarding the Company's</font>&nbsp;<font size="2"> 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="center" style="line-height: 100%"><font size="2">8</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           Six Months Ended
                                                                  May 31,                      May 31,
                                                          ------------------------    ------------------------
                                                            2004           2003         2004           2003
                                                          ---------      ---------    ---------      ---------

Sales
 Performance Coatings &amp; Finishes                          $  53,268      $  50,732    $  97,622      $  90,036
 Fiberglass-Composite Pipe                                   31,042         27,699       58,876         54,931
 Water Transmission                                          36,608         36,656       65,320         71,021
 Infrastructure Products                                     29,812         32,524       58,699         63,127
 Eliminations                                                  (214)           233         (333)          (650)
                                                          ---------      ---------    ---------      ---------
  Total Sales                                             $ 150,516      $ 147,844    $ 280,184      $ 278,465
                                                          =========      =========    =========      =========

Income/(Loss) Before Interest
   and Income Taxes
 Performance Coatings &amp; Finishes                          $   1,081      $   3,314    $     109      $   3,511
 Fiberglass-Composite Pipe                                    5,929          6,913       10,173         11,093
 Water Transmission                                           2,565          6,426        2,502          8,802
 Infrastructure Products                                      2,381          3,758        4,112          6,577
 Corporate &amp; Unallocated                                     (5,512)        (7,006)     (13,263)       (11,594)
                                                          ---------      ---------    ---------      ---------
  Total Income Before Interest
     and Income Taxes                                     $   6,444      $  13,405    $   3,633      $  18,389
                                                          =========      =========    =========      =========     </font></PRE>

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

</CENTER>

<CENTER>
<TABLE width="594">
<TR>
<TD width="586">
<PRE style="line-height: 100%"><font size="1.5">                                                                                    May 31,      November 30,
                                                                                     2004           2003
                                                                                   ---------      ---------
Assets
 Performance Coatings &amp; Finishes                                                   $ 164,707      $ 164,399
 Fiberglass-Composite Pipe                                                           152,333        147,326
 Water Transmission                                                                  113,818        125,501
 Infrastructure Products                                                              69,996         70,202
 Corporate &amp; Unallocated                                                             208,674        184,839
 Eliminations                                                                       (169,390)      (158,775)
                                                                                   ---------      ---------
  Total Assets                                                                     $ 540,138      $ 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 May 31, 2004, the Company was a
defendant in asbestos-related cases involving&nbsp;18,998 claimants, compared to
18,489 claimants as of February 29, 2004.&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 May 31,
2004, there were new claims involving&nbsp;537 claimants, dismissals and/or settlements involving&nbsp;28
claimants and no judgments.&nbsp; Net costs and expenses
incurred by the Company for the quarter ended May 31, 2004 in connection
with asbestos-related claims were approximately $115.</font>&nbsp;</font>

<p style="line-height: 100%"><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&nbsp;</font><font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">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&nbsp; SFAS No. 5.&nbsp;
The
Company continues to vigorously defend all such lawsuits.&nbsp; As of May 31, 2004,&nbsp;
the Company</font>

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

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

<p align=left style="line-height: 100%"><font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">was a defendant in silica-related cases involving&nbsp;7,776
claimants, compared to 6,846 claimants as of February 29, 2004</font><font style="FONT-SIZE: 10pt" face="Times New Roman" size="2">.&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 May 31,
2004, there were new claims involving 1,295 claimants, dismissals and/or settlements involving&nbsp;365 claimants and no judgments.&nbsp; Net costs and expenses incurred by the Company&nbsp;
for the quarter ended May 31, 2004 in connection with silica-related claims
were approximately $61.</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
six months ended May 31, 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                                                                    (1,064)
Change in Liability for Warranties Issued During the Period                  1,641
                                                                         ---------
Balance, End of Period                                                   $   4,347
                                                                         =========</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%">The annual goodwill and intangible asset impairment 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:&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       </font></font><font size="1.5">  </font><font size="2"><font size="1.5">May 31, 2004
-------------------------------------     ------------------     --------------     ----------------
Performance Coatings &amp; Finishes                   $   11,473         $      123           $   11,596
Fiberglass-Composite Pipe                              1,440                  -                1,440
Infrastructure Products                                  201                  -                  201
                                                   ---------          ---------            ---------
Total                                             $   13,114         $      123           $   13,237</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                   =========          =========            =========</font></pre>
</font>
</TD>
</TR>
</TABLE>
</center>
<center>
<p align=left style="line-height: 100%">&nbsp;</CENTER><font size="2">The Company's intangible assets,
other than goodwill, and
related accumulated amortization consisted of the following:</font></p>
<center>
<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>                                                   May 31, 2004                          November 30, 2003
                                       ----------------------------------     -----------------------------------
                                      Gross Intangible        Accumulated    Gross Intangible         Accumulated
                                                Assets       Amortization              Assets        Amortization
                                       ---------------     --------------     ---------------      --------------
Trademarks                                   $   2,163          $  (2,042)          $   2,076           $  (1,975)
Non-Compete Agreements                           2,105             (1,880)              2,105              (1,794)
Patents                                            212               (212)                212                (212)
Leasehold Interests                              1,930             (1,930)              1,930              (1,930)
                                              --------          ---------            --------           ---------
Total                                        $   6,410          $  (6,064)          $   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 and six months ended May 31, 2004 was $52 and
$115, respectively.&nbsp; Amortization expense for the three and six months
ended May 31, 2003 was $46 and $140, respectively.&nbsp; At May 31, 2004, estimated future amortization expense was as follows:&nbsp;
$90 for the
remaining six months of 2004, $173&nbsp;</font><font size="2">for 2005, $29 for 2006, $29 for 2007 and
$25
for 2008.</font></p>
<p align=left style="line-height: 100%">&nbsp;</p>
<p align=center style="line-height: 100%"><font size="2">10</font></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">                                                                 Three Months Ended           Six Months Ended
                                                                      May 31,                     May 31,
                                                             ------------------------    ------------------------
                                                               2004           2003         2004           2003
                                                             ---------      ---------    ---------      ---------
Reported Net Income                                          $   6,873      $   7,825    $   4,120      $  10,000
(Deduct)/Add:  Stock-based employee compensation (benefit)/
  expense included in reported net income, net of tax             (311)           606          248            453
Deduct:  Stock-based employee compensation
  expense determined under SFAS No. 123,
  net of tax                                                      (258)          (206)        (413)          (403)
                                                             ---------      ---------    ---------      ---------
Pro Forma Net Income                                         $   6,304      $   8,225    $   3,955      $  10,050
                                                             =========      =========    =========      =========
Basic Net Income Per Share:
  As Reported                                                $     .83      $    1.00    $     .50      $    1.28
  Pro Forma                                                  $     .76      $    1.05    $     .48      $    1.28

Diluted Net Income Per Share:
  As Reported                                                $     .82      $     .97    $     .49      $    1.24
  Pro Forma                                                  $     .74      $    1.02    $     .47      $    1.25</font></pre>
</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 three and six
months ended May 31, 2004 and 2003,
net
pension and postretirement costs were comprised of the following:</font></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 May 31,</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>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size=1.5>
                                                                                Six Months Ended May 31,</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                                              $  1,724   $  1,426   $    404   $    386   $     56   $     52
Interest cost                                                5,446      5,324        594        626        100         96
Expected return on plan assets                              (5,258)    (4,760)      (448)      (584)       (16)       (16)</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                                          434        462        212        290         (8)        (8)
Amortization of unrecognized </font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">   net transition obligation                                     -          -          -          -         36         36</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">Amortization of accumulated loss                             3,076      2,690          -          -         24         10</font></pre>
<PRE style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="1.5">                                                          --------   --------   --------   --------   --------   --------
Net periodic cost                                         $  5,422   $  5,142   $    762   $    718   $    192   $    170
                                                          ========   ========   ========   ========   ========   ========</font></pre>
</TD>
</TR>
</TABLE>
</CENTER>
<p align=center style="line-height: 100%"><font size="2">11</font></p>
<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.</font></p>
<p align=left style="line-height: 100%"><font size="2">In
June 2004, the Company's Board of Directors resolved to terminate two
executive benefit programs in consideration of ongoing costs, anticipated
legislative restrictions on such programs, and a preference for executive
benefit plans having more predictable costs.&nbsp; Ameron expects to incur a one-time pretax expense of approximately $12.9
million (or $15.0 million, after tax, due to restrictions on the deductibility
of certain executive compensation) in the third quarter, if, in connection with
the termination, all plan participants elect lump-sum payouts of their accrued
benefits.&nbsp; Ameron previously purchased life insurance policies to cover benefits
under the plans.&nbsp; The cash surrender values of these policies exceed the amount of lump-sum
payments (totaling approximately $25.4 million) that would be required if
elected by all plan participants.&nbsp; Termination and settlement of the plans will reduce benefit expenses in
future years, as well as reduce the $2.7 million benefit expense forecasted for
fiscal 2004 by approximately $1.3 million.&nbsp; Ameron charged $2.1 million under the plans in fiscal 2003.</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>
May 31, 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;&nbsp;</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%"><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&nbsp;</font></p>
<p style="line-height: 100%" align="center"><font size="2">12</font></p>
<p style="line-height: 100%"><font size="2"> 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;&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; Actual results could vary
significantly from projected results, and such deviation could materially impact
the Company's consolidated financial statements.&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%"><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: 100%">&nbsp;<b><font size="2">LIQUIDITY AND CAPITAL RESOURCES</font></b></p>
<p style="line-height: 100%"><font size="2">During
the six months ended May 31, 2004, the Company generated cash from
operating activities of $20.6 million, compared to $22.8 million in the same period in 2003.&nbsp;
The
lower operating cash flow in 2004 was primarily due to lower earnings and reduced
liabilities, partially offset by lower current
assets, principally receivables and inventories.&nbsp; Receivables decreased in the first
half of 2004 due to the timing of collections.&nbsp; Inventories decreased due
to improved inventory management, specifically related to the Performance
Coatings &amp; Finishes Group.&nbsp;&nbsp; Operating liabilities decreased due to payments of
employee benefits and
income taxes.&nbsp;&nbsp;</font></p>
<p style="line-height: 100%" align="center"><font size="2">13</font>
</p>
<p style="line-height: 100%"><font size="2">Net
cash used in investing activities totaled $7.6 million during the six months
ended May 31,&nbsp; 2004, compared to $8.4 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;
$.2 million, offset by
capital expenditures of $7.8 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 $15 and $25
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 used in&nbsp; financing activities was $.7 million during the six months
ended May 31,&nbsp; 2004, compared to $9.0 million used in the same period in 2003.&nbsp; The net
cash used in&nbsp;financing activities in 2004 consisted of repayment of debt of
$.3 million, payment of
common stock dividends totaling $3.3 million, and treasury stock purchases of
$.3 million.&nbsp; Issuance of common stock related to exercised stock options
generated cash of $3.2 million in 2004.</font> </p>
<p style="line-height: 100%"><font size="2">In June 2004, the Company extended a
$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 June 2008, when all borrowings under the Revolver
must be repaid.&nbsp;&nbsp;</font> </p>
<p style="line-height: 100%"><font size="2">The Company's 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 $195.0 million plus 50% of net
income and 75% of the proceeds from any equity issued after February 28, 2004.&nbsp; The Company's consolidated
net worth exceeded the covenant amount by $75.9 million as of May 31, 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 2.75 times.&nbsp;
As of May 31, 2004, the Company maintained a debt leverage ratio of 1.62
times EBITDA.&nbsp; Lending agreements require that the Company
maintain qualified consolidated tangible assets at least equal to the
outstanding secured funded indebtedness.&nbsp; As of May 31, 2004,
qualifying tangible assets equaled 1.81 times funded indebtedness.&nbsp; Under
the most restrictive fixed charge coverage ratio, the sum of EBITDA and rental
expense less 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 May 31, 2004, the Company maintained a ratio of 1.88 times.</font> </p>
<p style="line-height: 100%"><font size="2">Cash
and cash equivalents at May 31, 2004 totaled $32.8 million, an increase of $12.4 million from November 30, 2003.&nbsp; At
May 31, 2004, the Company had
total debt outstanding of $94.2 million and approximately $105 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 $95.3 million, respectively.</font></p>
<p style="line-height: 100%"><font size="2">In
June 2004, the Company's Board of Directors resolved to terminate two
executive benefit programs in consideration of ongoing costs, anticipated
legislative restrictions on such programs, and a preference for executive
benefit plans having more predictable costs.&nbsp; Ameron previously purchased life insurance policies to cover benefits
under the plans.&nbsp; The cash surrender values of these policies exceed the amount of lump-sum
payments (totaling approximately $25.4 million) that would be required if
elected by all plan participants.&nbsp;&nbsp;</font></p>
<p style="line-height: 100%"><font size="2">Management believes that cash flow 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 decline or adverse changes in the Company's
  business, such as a 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%"><font size="2">The Company's contractual obligations and commercial commitments at
May 31, 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>                                                                        Payments Due by Period
                                                          -------------------------------------------------
                                                                   Less than      1 - 3    3 - 5    After 5
Contractual Obligations                                    Total      1 year      years    years      years
-----------------------------------------------------------------------------------------------------------
Long-Term Debt (a)                                      $ 94,152    $  8,333   $ 36,667  $23,452    $25,700
Operating Leases                                          34,430       4,515      5,157    3,901     20,857</font><font size="1">
                                                         --------------------------------------------------
Total Contractual Obligations (b)                       $128,582    $ 12,848   $ 41,824  $27,353    $46,557
                                                         ==================================================
                                                                        Commitments Expiring
                                                                            Per Period
                                                        ---------------------------------------------------
                                                                    Less than     1 - 3    3 - 5    After 5
Commercial Commitments                                     Total       1 year     years    years      years
-----------------------------------------------------------------------------------------------------------
Standby Letters of Credit (c)                            $ 2,152      $ 2,152      $  -     $  -       $  -
                                                         --------------------------------------------------
Total Commercial Commitments (b)                         $ 2,152      $ 2,152      $  -     $  -       $  -
                                                         ==================================================
(a) Included in long-term debt is $3,452 outstanding under a revolving credit facility, and bank lines
    supported by the Revolver, which is due in 2008.
(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%" align="center"><font size="2">14</font></p>

  <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">Net
income totaled $6.9 million, or $.82 per diluted share, on sales of $150.5
million for the quarter ended May 31, 2004, compared to net income of $7.8
million, or $.97 per diluted share, on sales of $147.8 million for the same
period in 2003.&nbsp; The Performance Coatings &amp; Finishes Group had higher sales as
favorable foreign exchange rates impacted sales of Ameron's foreign
operations.&nbsp; The Fiberglass-Composite Pipe Group had higher sales, benefiting from
changes in foreign exchange rates and improved demand.&nbsp; The Infrastructure Products
Group's sales were lower because of a
strike early in the quarter.&nbsp; All operating segments had lower segment
income.&nbsp; The segment income decline of the Fiberglass-Composite Pipe Group
and part of the decline of the Water Transmission Group was due to the timing of
dividends from joint ventures.&nbsp; Contributing to net income was a strong performance by
TAMCO.&nbsp; The decline in net income resulted primarily from lower gross profits.</font></p>

<p style="line-height: 100%"><font size="2">Net
income totaled $4.1 million, or $.49 per diluted share, on sales of $280.2
million for the six months ended May 31, 2004.&nbsp; The Company earned $10.0 million, or $1.24 per diluted share, on sales of
$278.5 million in the first half of 2003.&nbsp; The Performance Coatings &amp; Finishes and Fiberglass-Composite Pipe
Groups had higher sales primarily due to the impact of changing foreign currency
rates.&nbsp; Sales of the Water Transmission and Infrastructure Products Groups
declined because of the strikes.&nbsp; All operating segments had lower profits.&nbsp;
Year-to-date net income declined as lower gross profits and higher
selling, general and administrative expenses were partially offset by lower
income taxes.</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
increased by $2.7 million in the second quarter of 2004, compared to the same
period in 2003.&nbsp; The sales of segments with foreign operations improved with changes in
foreign exchange rates, especially Performance Coatings &amp; Finishes.&nbsp;
Additionally, the Fiberglass-Composite Pipe Group's sales increased due
to improved demand.&nbsp; The Infrastructure Products Group's sales declined because of a labor
dispute.</font></p>

<p style="line-height: 100%"><font size="2">Year-to-date
sales increased by $1.7 million in 2004, compared to the first six months of
2003.&nbsp; The trends of the second quarter were consistent with the trends of the
first half.&nbsp; Sales increases caused by foreign exchange and higher demand for
fiberglass pipe were offset by the impact of the strikes.</font></p>

<p style="line-height: 100%"><font size="2">Performance
Coatings &amp; Finishes' sales increased by $2.5 million in the second quarter
and by $7.6 million in the first half, compared to the same periods in 2003.&nbsp;
All of the 2004 increases came from changing foreign exchange rates, as
sales in foreign currencies by international operations were converted at a
weaker U.S. dollar.&nbsp; Sales in local currencies by operations outside the U.S. were relatively
flat, and sales in the U.S. were slightly lower.&nbsp; Sales of protective coatings in the U.S. and Europe declined as a result
of continued weakness in spending in the industrial and chemical markets.&nbsp;
Additionally, sales of coatings for use in offshore oil and gas
production weakened in 2004 as offshore construction slowed in the U.S.&nbsp;
The anticipated upturn in spending by industrial customers in the U.S.
and Europe has been slower than expected.</font></p>

<p align="left" style="line-height: 100%"><font size="2">Fiberglass-Composite
Pipe's sales increased by $3.3 million in the second quarter and by $4.0
million in the six months ended May 31, 2004, compared to the same periods in
the prior year.&nbsp; Changing foreign exchange rates contributed to a portion of the
improvements.&nbsp; The balance came from increased demand, especially from European
operations which benefited from higher oil prices and the resultant demand for
piping used on offshore platforms in the former Soviet Union.&nbsp; Year-to-date sales of fiberglass oilfield tubing also increased as high
oil prices spurred onshore development.&nbsp; Sales to markets in Asia were down slightly, reflecting
project timing.&nbsp; Demand for fiberglass piping remains robust, driven by higher oil
prices.&nbsp; Additionally, the escalating cost of competing products, especially steel
piping, is enhancing the competitiveness of fiberglass piping.&nbsp;&nbsp;</font></p>

<p align="left" style="line-height: 100%"><font size="2">The
Water Transmission Group's sales were flat in the second quarter and declined
$5.7 million in the first half of 2004, compared to the same periods in 2003.&nbsp;
The decline was the result of labor disputes at two of the Group's
principal plants in Southern California.&nbsp; Workers at the two plants struck in early
February.&nbsp; Agreement was reached at one of the plants in the first quarter, at the
end of February, and at the second plant in the second quarter, at the end of
March.&nbsp; Sales of protective lining products for sewer pipe also declined due to a
cyclical slowdown in the waste water market and increased competition from
alternative products and suppliers.&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 remains soft in the
western U.S., affected by a cyclical lull in infrastructure spending and
government budgetary constraints.&nbsp; Even though the business may be able to make up much of the revenue lost
in the first half due to the strikes, full-year results may be below the
unusually high levels of the last several years.&nbsp; Compounding
the current market conditions are limits on the availability of steel.&nbsp;
Ameron anticipates that sufficient steel will be provided to meet its
forecasted commitments; however, the ability to service unforecasted demand may
be limited.&nbsp; The needs for fresh and waste water infrastructure remain high in the
western U.S.&nbsp;&nbsp;</font></p>

<p style="line-height: 100%"><font size="2">Infrastructure
Products' sales decreased $2.7 million in the second quarter and $4.4 million
in the six months ended May 31, 2004, compared to the same periods in 2003.&nbsp;
The decline was caused by a strike in Hawaii.&nbsp; A labor dispute at the Company's principal aggregates and ready-mix
concrete operations on Oahu in Hawaii began in February and ended in early
April.&nbsp; Construction spending in Hawaii was deferred during the strikes, and
demand remains strong.&nbsp; Pole Products' sales, while slightly lower in the second quarter, were
higher for the year, benefiting from the level of housing construction
throughout the U.S.&nbsp;&nbsp;</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">15</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 second quarter of 2004 was $36.6 million, or 24.3% of sales,
compared to $40.3 million, or 27.3% of sales, in the second quarter of 2003.&nbsp;
Gross profit in the first six months of 2004 was $66.5 million, or 23.7%
of sales.&nbsp; The corresponding profit and margin in the first half of 2003 was $73.0
million and 26.2%.&nbsp; Gross profit decreased $3.7 million in the second quarter and $6.5 million
in the first six months due to lower margins and the impact of the strikes on
plant utilization.</font></p>

<p style="line-height: 100%"><font size="2">Gross
profit of the Performance Coatings &amp; Finishes Group declined $.6 million in
the second quarter and the first half of 2004, compared to the same periods in
2003.&nbsp; Profit margins were adversely impacted as the weak dollar lowered profits
on sales by European operations into dollar-based markets in the Middle East and
the former Soviet Union.&nbsp; Manufacturing costs increased in the U.S.</font></p>

<p style="line-height: 100%"><font size="2">Fiberglass-Composite
Pipe</font>'<font size="2">s gross profit increased $1.0 million in the second quarter and $1.7
million in the first six months of 2004, compared to 2003.&nbsp; The increases came primarily from improved plant utilization, especially
in Europe.&nbsp; Profit margins declined slightly in the second quarter due to
changes in mix.&nbsp;&nbsp;</font></p>

<p style="line-height: 100%"><font size="2">Water
Transmission's gross profit decreased $2.4 million in the second quarter and
$5.1 million in the first half, compared to the same periods in 2003.&nbsp; The decreases were primarily the result of lower profit on the mix of
business as competitive pressures impacted margins because of the slow market
conditions.&nbsp; Profits were also affected by inefficient plant utilization caused by the
strikes and higher workers' compensation costs.</font></p>

<p style="line-height: 100%"><font size="2">Gross
profit of the Infrastructure Products Group decreased $1.4 million in the second
quarter and $2.3 million for the first half in 2004, compared to the same
periods in 2003.&nbsp; The decrease was caused by weather and the labor dispute in Hawaii, which
reduced profits on lower sales and affected plant efficiencies.</font></p>

<p style="line-height: 100%"><u><b><font size="2">Selling, General and Administration Expenses
(&quot;SG&amp;A&quot;)</font></b></u></p>
<p style="line-height: 100%"><font size="2">SG&amp;A
totaled $31.6 million, or 21.0% of sales, in the second quarter of 2004,
compared to $32.0 million, or 21.6% of sales, in the second quarter of 2003.&nbsp;
Lower incentive compensation expense of $2.1 million and lower stock
compensation expense of&nbsp; $1.3 million were partially offset by higher insurance and pension
costs of $.8 million and higher marketing costs of worldwide coatings operations
of $1.1 million.&nbsp; Additionally, SG&amp;A expenses were $.9 million higher as costs of
foreign operations translated into higher U.S. dollars due to exchange rate
changes.</font></p>
<p style="line-height: 100%"><font size="2">For
the six months ended May 31, 2004, SG&amp;A totaled $64.9 million, or 23.2% of
sales.&nbsp; Corresponding expenses totaled $60.6 million, or 21.7% of sales, in the
same period of 2003.&nbsp; SG&amp;A increased $4.3 million on higher pension and insurance
costs of $1.6 million, the impact of foreign exchange of $2.3 million, and higher marketing
costs by the Performance Coatings &amp; Finishes Group of $1.3 million.&nbsp;
Partially offsetting the increases in 2004 were lower incentive compensation
expense and stock compensation expense, which totaled $2.2 million, and $.6
million from the recovery of certain claims.&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%"><font size="2">In
June 2004, the Company's Board of Directors resolved to terminate two
executive benefit programs in consideration of ongoing costs, anticipated
legislative restrictions on such programs, and a preference for executive
benefit plans having more predictable costs.&nbsp; Ameron expects to incur a one-time pretax expense of approximately $12.9
million in the third quarter, if, in connection with
the termination, all plan participants elect lump-sum payouts of their accrued
benefits.&nbsp; Termination and settlement of the plans will reduce benefit expenses in
future years, as well as reduce the $2.7 million benefit expense forecasted for
fiscal 2004 by approximately $1.3 million.&nbsp; Ameron charged $2.1 million under the plans in fiscal 2003.</font></p>
<p style="line-height: 100%"><u><b><font size="2">Other Income</font></b></u></p>
<p style="line-height: 100%"><font size="2">Other
income declined from $5.1 million in the second quarter of 2003 to $1.5 million
in the second quarter of 2004.&nbsp; Other income declined from $6.0 million in the six months ended May 31,
2003 to $2.1 million in the same period in 2004.&nbsp; Other income included royalties and fees from licensees, foreign currency
transaction losses, and other miscellaneous income.&nbsp; Additionally, other income in the 2003 periods included dividends from
Ameron's concrete-pipe and fiberglass-pipe ventures in Saudi Arabia of $2.6
million and $2.2 million, respectively.&nbsp; The fiberglass-pipe venture is benefiting from a strong demand for
fiberglass pipe.&nbsp; The concrete-pipe venture is suffering from a cyclical lull in projects
in Saudi Arabia, and dividends from the concrete pipe venture are expected to be
less than in the prior year.&nbsp;</font>
<p style="line-height: 100%"><u><b><font size="2">Interest</font></b></u></p>
<p style="line-height: 100%"><font size="2">Net
interest expense totaled $1.5 million in the second quarter of 2004, compared to
$1.8 million in the second quarter of 2003.&nbsp; The reduction in net interest expense was
due to higher debt levels in the second
quarter of 2003.</font></p>
<p style="line-height: 100%"><font size="2">Net
interest expense was flat in the first half of 2004, compared to the first half
of 2003, as lower interest expense in the second quarter was offset by higher
interest expense in the first quarter.&nbsp; The higher interest expense in the first quarter was caused by
higher-interest, fixed-rate notes placed in the first quarter of 2003.</font></p>
<p style="line-height: 100%" align="center">&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">Income
  taxes declined to $1.5 million in the second quarter of 2004 from $3.8 million
  in the second quarter of 2003.&nbsp; Income taxes declined to $.1 million in the six months ended May 31,
  2004, compared to $4.9 million in the comparable period of 2003.&nbsp; Lower earnings are anticipated from domestic
  operations.&nbsp; Income from certain foreign operations and joint ventures is taxed at
  rates that are lower than the U.S. statutory tax rates.</font></p>
<p style="line-height: 100%"><font size="2">The termination of the two benefit
programs mentioned above is expected to result in an increase in tax rates for
2004.&nbsp; Approximately $18.5 million of the payouts will not receive an
associated tax benefit due to restrictions on the deductibility of certain
executive compensation.</font></p>
<p style="line-height: 100%"><u><b><font size="2">Equity in Earnings of Joint
Venture, Net of Taxes</font></b></u>&nbsp;</p>
  <p style="line-height: 100%"><font size="2">Equity
income, which consists of Ameron's share of the results of TAMCO, increased
from less than $.1 million in the second quarter of 2003 to $3.4 million in the
second quarter of 2004.&nbsp; In the first half of 2004, equity income totaled
  $3.9 million, compared
to a loss of almost $.1 million in the first half of 2003.&nbsp; Ameron owns 50% of
  TAMCO, a mini-mill that produces steel rebar for the
construction industry in the western U.S.&nbsp; The worldwide market for steel products increased dramatically in 2004
because of demand for steel in China.&nbsp; TAMCO is projected to perform well throughout 2004.</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>
  <p style="line-height: 100%"><font size="2">The Company utilizes significant
  quantities of steel, primarily by the Water Transmission Group and, to a
  lesser extent, the Infrastructure Products Group.&nbsp; The Company's
  principal steel suppliers have placed the Company's operations on
  allocation.&nbsp; Management believes that sufficient steel will be provided
  to meet forecasted commitments, at agreed prices.</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
May 31, 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 May 31, 2004.</font></p>

 <font size="2">

  <p style="line-height: 100%"><i>CAUTIONARY STATEMENT FOR PURPOSES OF THE
  &quot;SAFE HARBOR&quot; PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM
  ACT OF 1995</i></p>
  </font>
  <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.&nbsp; Actual results may differ from current expectations based
  on a number of factors affecting Ameron's businesses, including competitive
  conditions and changing market 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.&nbsp; Since actual
  results could differ materially, the reader is cautioned not to rely on these
  forward-looking statements.&nbsp; 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>
<p style='line-height: 100%; margin-left: .5in'><font 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; The Company continues to vigorously
defend all such lawsuits.&nbsp; As of May 31, 2004, the Company was a
defendant in asbestos-related cases involving 18,998
claimants, compared to 18,489 claimants as of February 29, 2004.&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 May 31,
2004, there were new claims involving 537
claimants, dismissals and/or settlements involving 28 claimants and no judgments.&nbsp;
Net costs and expenses
incurred by the Company for the six months ended May 31, 2004 in connection
with asbestos-related claims were less than $.2 million.</font></p>
<p style='line-height: 100%; margin-left: .5in' align="center">&nbsp;</p>
<p style='line-height: 100%; margin-left: .5in' align="center">&nbsp;</p>
<p style='line-height: 100%; margin-left: .5in' align="center"><font size="2">17</font></p>
<p style='line-height: 100%; margin-left: .5in'><font 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 May 31, 2004, the Company was a defendant in silica-related cases involving&nbsp;7,776
claimants, compared to 6,846 claimants as of February 29, 2004.&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 May 31,
2004, there were new claims involving 1,295 claimants, dismissals and/or settlements involving&nbsp;365
claimants and no judgments.&nbsp; Net costs and expenses incurred by the Company&nbsp;for the
quarter ended May 31, 2004 in connection with silica-related claims
were less than $.1 million.</font></p>
</blockquote>
  <p style='line-height: 100%; margin-left: .5in; margin-top: 0; margin-bottom: 0'><b><font size="2">Item
  2.&nbsp; Changes in Securities</font></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 $8.3&nbsp;million of consolidated retained
  earnings were not restricted at May 31, 2004</font>.</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;</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">
        <b style="mso-bidi-font-weight:normal"><font size="2">Period
        </font>
        </b>
  <font size="2">
        </p>
      </font>
      </td>
      <td width="11" valign="bottom" style="padding: 0in" height="170" align="left">
        <p class="MsoNormal">&nbsp;</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">
  <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;</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">
        </p>
        </font>
      </td>
      <td width="9" valign="bottom" style="padding: 0in" height="170">
        <p class="MsoNormal">&nbsp;</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">
        </p>
        </font>
      </td>
      <td width="9" valign="bottom" style="padding: 0in" height="170">
        <p class="MsoNormal">&nbsp;</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">
        <font size="2">
        <b style="mso-bidi-font-weight:normal">(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 **</b>
        </p>
        </font>
      </td>
      <td width="4" valign="bottom" style="padding: 0in" height="170">
        <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="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">3/1/04
        thru 3/31/04</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="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">4/1/04
        thru 4/30/04

        </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">-</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">
    N/A</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">
    N/A</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">5/1/04
        thru 5/31/04

        </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">**Shares
    may be repurchased by the Company&nbsp; 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>
 <font size="2">
</blockquote>
  <p style='line-height: 100%; margin-left: .5in; margin-top: 0; margin-bottom: 0'><b>Item 4. Submission of Matters to a Vote of
  Security Holders</b></p>

  </font>
<blockquote>
 <font size="2">
  <p style='line-height: 100%; margin-left: .5in'>The Company's Annual Meeting of Stockholders was
  held on March 24, 2004.&nbsp; Represented at the meeting, in person or by
  proxy, were 7,700,501 shares of common stock (93.7% of the total shares
  outstanding as of the date of the meeting).&nbsp; Stockholders voted on the following matters at this
  meeting:</p>
  <blockquote>
  <p style='line-height: 100%; margin-left: .25in'>&nbsp;<b>1.&nbsp;&nbsp;&nbsp; Election of
  Directors</b></p>
    <p style='line-height: 100%; margin-left: .5in'>The three nominees named in the Company's proxy
  statement, Messrs. Hagan, Haines and Poulsen, having received the greatest
  number of votes cast, were re-elected to serve for another term with each
  receiving not less than 7,128,400 votes on a cumulative basis.</p>
  <p style='line-height: 100%; margin-left: .5in'>Other directors whose terms of office continued
  after the meeting are:&nbsp; Peter K. Barker, David Davenport, John F. King, Thomas L. Lee, James S. Marlen and
  John E. Peppercorn.</p>
  <p style='line-height: 100%; margin-left: .25in'>&nbsp;<b>2.&nbsp;&nbsp;&nbsp; Proposal to Ratify
  the Appointment of Auditors</b></p>

  </font>
    <p style='line-height: 100%; margin-left: .5in'><font size="2">7,634,987 shares (99.1% of the shares represented
  at the meeting and 92.9% of the total shares outstanding as of the date of the
  meeting) voted in favor of the
  proposal to ratify the appointment of PricewaterhouseCoopers LLP as independent
  public accountants of the Company for fiscal year 2004.&nbsp; Of the shares
  represented at the meeting, 55,077 (0.7%) voted against the proposal.</font></p>
    <p style='line-height: 100%; margin-left: .5in'>&nbsp;</p>
    <p style='line-height: 100%; margin-left: .5in' align="center"><font size="2">18</font></p>
 <font size="2">
  <p style='line-height: 100%; margin-left: .25in'>&nbsp;<b>3.&nbsp;&nbsp;&nbsp; Proposal to Approve
  the Amendment to the Certificate of Incorporation</b></p>

  </font>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">6,931,255 shares (90.0% of the shares represented
  and voting and 84.4% of the total shares outstanding as of the date of the meeting) voted in favor of the proposal
  to approve the amendment to the Certificate of Incorporation.&nbsp; Of the
  shares represented at the meeting, 736,126 shares (9.6%) voted against the
  proposal.</font></p>
  </blockquote>
 <font size="2">
  <p style='line-height: 100%; margin-left: .25in'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  4.&nbsp;&nbsp;&nbsp; Proposal to Approve
  the 2004 Stock Incentive Plan</b></p>

  </font>
  <blockquote>
    <p style='line-height: 100%; margin-left: .5in'><font size="2">5,806,626 shares (84.8% of the
    6,847,212 shares represented
  and voting on this proposal and 70.7% of the total shares outstanding as of the date of the meeting) voted in favor of the proposal
  to approve the 2004 Stock Incentive Plan.&nbsp; Of the 6,847,212 shares
    voting, 758,614 shares (11.1%) voted against the
  proposal.</font></p>
 <font size="2">
  </blockquote>

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

  <p style='line-height: 100%; margin-left: .5in'><b>Item 5. Other Information</b></p>
  </font>
        <blockquote>
          <p style="line-height: 100%; margin-left: .5in"><font size="2">In
June 2004, the Company's Board of Directors resolved to terminate two
executive benefit programs in consideration of ongoing costs, anticipated
legislative restrictions on such programs, and a preference for executive
benefit plans having more predictable costs.&nbsp; Ameron expects to incur a one-time pretax expense of approximately $12.9
million (or $15.0 million, after tax, due to restrictions on the deductibility
of certain executive compensation) in the third quarter, if, in connection with
the termination, all plan participants elect lump-sum payouts of their accrued
benefits.&nbsp; Ameron previously purchased life insurance policies to cover benefits
under the plans.&nbsp; The cash surrender values of these policies exceed the amount of lump-sum
payments (totaling approximately $25.4 million) that would be required if
elected by all plan participants.&nbsp; Termination and settlement of the plans will reduce benefit expenses in
future years, as well as reduce the $2.7 million benefit expense forecasted for
fiscal 2004 by approximately $1.3 million.&nbsp; Ameron charged $2.1 million under the plans in fiscal 2003.</font></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>
  </font>
<blockquote>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">A Form 8-K was filed on March
  24, 2004&nbsp; to report the Company's financial results for the first quarter
  ended February 29, 2004, as reported in a press release dated&nbsp; March 24,
  2004.</font></p>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">A Form 8-K was filed on March
  25, 2004&nbsp;to
  report, under Item 5, the Company's quarterly dividend of $.20 per share, as reported in a press release dated
  March 25, 2004.</font></p>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">A Form 8-K was filed on March
  26, 2004&nbsp;to
  report, under Item 5, the Company's plans to construct a Fiberglass Pipe Plant
  in Malaysia, as reported in a press release dated March 26, 2004.</font></p>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">A Form 8-K was filed on March
  29, 2004&nbsp;to
  report, under Item 5, the Company's settlement of a labor dispute, as reported in a press release dated
  March 29, 2004.</font></p>
  <p style='line-height: 100%; margin-left: .5in'><font size="2">A Form 8-K was filed on April
  5, 2004&nbsp;to
  report, under Item 5, the Company's settlement of a labor dispute, as reported in a press release dated
  April 5, 2004.</font></p>
 <font size="2">

  <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>
  <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;<font size="2">19&nbsp;</font></p>
</blockquote>

<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 Financial 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%">&nbsp;

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

<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;
  Date: June 30, 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%">&nbsp;</p>

  <p align="center" style="line-height: 100%"><font size="2">21</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">June 30, 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 style="line-height: 100%">&nbsp;

<p style="line-height: 100%">&nbsp;<p align=center style="line-height: 100%"><font size="2">22</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">June 30, 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 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%'>23</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 May 31, 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>

<TD width="670" align="center">
<p style="line-height: 100%" align="left">
<font size="2">
<br>
By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ James S. Marlen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
---------------------------------<br>
James S. Marlen
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Chairman of the Board, President &amp; Chief Executive Officer
<br>
June 30, 2004</font></p>

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

<TABLE width="440">
<tr>

<TD width="670" align="center">
<p style="line-height: 100%" align="left">
<font size="2">
<br>
By:&nbsp;&nbsp;&nbsp; /s/ Gary Wagner<br>
---------------------------------<br>
Gary Wagner
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Senior Vice President &amp; Chief Financial Officer
<br>
June 30, 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%">&nbsp;</p>

<p style="line-height: 100%" align="center"><font size="2">24</font></p>

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

</body>

</TEXT>
</DOCUMENT>
</SUBMISSION>
