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<SEC-DOCUMENT>0000790730-06-000005.txt : 20061114
<SEC-HEADER>0000790730-06-000005.hdr.sgml : 20061114
<ACCEPTANCE-DATETIME>20060526162223
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000790730-06-000005
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERON INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000790730
		STANDARD INDUSTRIAL CLASSIFICATION:	CONCRETE GYPSUM  PLASTER PRODUCTS [3270]
		IRS NUMBER:				770100596
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		245 S LOS ROBLES AVE
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		6266834000

	MAIL ADDRESS:	
		STREET 1:		245 S LOS ROBLES AVE
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERON INC/DE
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>

<head>
<title>May 26</title>

</head>

<body>

<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">May 26, 2006</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0"><i><u>VIA FAX
202-772-9368 and FEDEX</u></i></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Mr. John Cash</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Accounting Branch Chief</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">United States Securities and Exchange Commission</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Division of Corporate Finance</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">100 F Street, N.E.</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Mail Stop 7010</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Washington, D.C.&nbsp; 20549-7010</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>RE:&nbsp;&nbsp;&nbsp;&nbsp; Ameron International Corporation</b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 10-K for Fiscal Year Ended November 30,
2005</b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 10-Q for Quarter Ended March 5, 2006</b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>File No. 1-9102</b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>&nbsp;</b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Dear Mr. Cash:</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">This letter is the response of Ameron International
Corporation (&quot;Ameron&quot; or the &quot;Company&quot;) to your follow-up comment letter dated
April 14, 2006.&nbsp; As you requested, in order to facilitate your review, the
numbered responses in this letter correspond to those contained in your letter.&nbsp;
Your comments are repeated in italics, followed by the Company's response in
normal font.</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b><u>Form 10-K for the Year Ended November 30, 2005</u></b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b><u>Note 1 - Summary of Significant Accounting Policies -
Net Income per Share</u></b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0"><i>1.</i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<i>We note your response to comment 9 from our letter dated March 9, 2006 and
your disclosures in Note 6 of your Form 10-Q for the quarter ended March 5,
2006.&nbsp; Please provide us with this information for each of the periods for which
you presented an income statement in your Form 10-K.</i></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.5in; margin-top:0; margin-bottom:0">The computation of net income per
share for the income statements reported in Form 10-K for the year ended
November 30, 2005 is shown below.</p>
<br clear="all" style="page-break-before: always">
&nbsp;<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><b>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NET INCOME PER SHARE</u></b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<div align="center">
	<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-style: solid" id="table1">
		<tr style="height: 18.85pt">
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt;
  height:18.85pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="372" colspan="3" valign="top" style="width:279.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:18.85pt">
			<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><u>
			&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Ended November
			30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><u>
			&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><u>
			&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><u>
			&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Numerator ($Thousands):</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp; Net income</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,610</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,459</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,900</u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Denominator for basic income per share:</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average shares outstanding, basic</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,410,563</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,270,487</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,925,229</u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Denominator for diluted income per share:</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" align="right" style="text-align:right; margin-top:0; margin-bottom:0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average shares outstanding, basic</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,410,563</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,270,487</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,925,229</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp; Dilutive effect of stock options</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168,631</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;178,500</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224,231</u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average shares outstanding,
			diluted</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,579,194</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,448,987</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" margin-top:0; margin-bottom:0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,149,460</u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Basic net income per share</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77</u></td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		</tr>
		<tr>
			<td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Diluted net income per share</td>
			<td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59</u></td>
			<td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67</u></td>
		</tr>
	</table>
</div>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.5in; margin-top:0; margin-bottom:0">The Company will provide the
required information in future filings consistent with how it was reported in
Form 10-Q for the first quarter ended March 5, 2006.</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b><u>Note 17 - Segment Information</u></b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0"><i>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We
note your response to comment 12 from our letter dated March 9, 2006.&nbsp; We have
the following comments:</i></p>
<ul>
	<li>
	<p class="MsoNormal" style="text-indent: -.25in; margin-left: .75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<i>We read that the lowest level of discrete financial information
contained in the reports reviewed by your chief operating decision maker (CODM)
for each of your reportable segments is &quot;detailed manufacturing plant level
financial performance data.&quot;&nbsp; Given this description of the reports reviewed by
your CODM, please explain to us how you determined that the manufacturing plant
level did not constitute your operating segments under paragraphs 10-15 of SFAS
131.</i></p></li>
</ul>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Company does not believe its
manufacturing plants constitute operating segments under paragraphs 10-15 of
SFAS No. 131.&nbsp; We have reached that conclusion after evaluation of the Company's
organization and management structure and the manner in which the Company's
chief operating decision maker (&quot;CODM&quot;) manages the Company, assesses
performance and allocates resources.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Company acknowledges that it
had previously disclosed it had four operating segments.&nbsp; The Company has now
determined that, in accordance with SFAS No. 131, it has five operating and four
reportable segments.&nbsp; The segments that constitute both operating and reportable
segments are the Performance Coatings &amp; Finishes Group, Fiberglass-Composite
Pipe Group, Water Transmission Group and Infrastructure Products Group.&nbsp; The
Infrastructure Products Group is the aggregation of two operating segments, the
Pole Products and Hawaii Divisions.&nbsp; These operating segments have been
aggregated in accordance with SFAS No. 131, paragraph 17.&nbsp; In future filings,
the Company will disclose that it has five operating and four reporting
segments. &nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">SFAS No. 131 paragraph 13 states
, &quot;If the chief operating decision maker uses more than one set of segment
information other factors may identify a single set of components as
constituting an enterprise's operating segments, including the nature of the
business activities of each component, the existence of managers responsible for
them, and information presented to the board of directors.&quot;&nbsp; The Company manages
the businesses through operating segments that are comprised of plants that are
grouped by product line.&nbsp; Each operating segment includes a number of
manufacturing plants or business units that are dedicated to producing and
selling products of the operating segment.&nbsp; In the case of the Performance
Coatings &amp; Finishes Group, Fiberglass-Composite Pipe Group, and Water
Transmission Group, the plants within each respective segment manufacture and
sell the same family of products; as a result, the Company concluded that the
nature of the business activities were virtually the same for each plant within
the product group and, therefore, would indicate that the level of reporting at
the product group level would constitute the operating segment.&nbsp; The
Infrastructure Products Group is composed of two operating segments that sell
similar, but not identical, products, as further discussed below. &nbsp;Each
operating segment has a designated manager who has responsibility for the
performance of the segment.&nbsp; While the Infrastructure Products Group is composed
of two operating segments, it has a single, designated segment manager who is
responsible for the performance of the combined results of the Pole Products and
Hawaii operating segments.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The information provided to the
Board of Directors is presented on the basis of the Company's reportable
segments and does not disclose any information at the plant level.&nbsp; This also
indicates that the operating segments are at the product group level.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">SFAS No. 131, paragraph 14,
states, &quot;Generally, an operating segment has a <i>segment manager</i> who is
directly accountable to and maintains regular contact with the chief operating
decision maker to discuss operating activities, financial results, forecasts, or
plans for the segment.&nbsp; The term segment manager identifies a function, not
necessarily a manager with a specific title.&nbsp; The chief operating decision maker
also may be the segment manager for certain operating segments.&nbsp; A single
manager may be the segment manager for more than one operating segment.&nbsp; If the
characteristics in paragraph 10 apply to more than one set of components of an
organization but there is only one set for which segment managers are held
responsible, that set of components constitutes the operating segments.&quot;&nbsp; As
further discussed below, the CODM receives monthly revenue and income data for
all five operating segments as well as those data at the manufacturing plant
level. &nbsp;Therefore, both the operating segment data and the manufacturing plant
level data have the characteristics described in paragraph 10 of SFAS No. 131.&nbsp;
However, as SFAS No. 131, paragraph 14, states, &quot;If the characteristics in
paragraph 10 apply to more than one set of components of an organization but
there is only one set for which segment managers are held responsible, that set
of components constitutes the operating segments.&quot; &nbsp;The only set of components
for which the segment manager is responsible is the operating segment as defined
by the Company, not the individual manufacturing plants.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Company's CODM regularly
receives financial reports that summarize the financial performance of each
reportable segment.&nbsp; The CODM also receives supplemental financial data at the
plant level or business unit level, which represents the lowest level of
discrete financial information reported.&nbsp; The CODM assesses the financial
performance of reportable segments through reviews conducted with segment
managers and with corporate staff.&nbsp; The CODM does not regularly meet or review
operations with plant management.&nbsp; Each month, the segment manager briefs the
CODM and corporate staff on a variety of topics, including sales and marketing,
business trends, manufacturing, product development and financial results.&nbsp; As
exceptions to segment plans that have potentially significant impact to the
Company are identified, the CODM reviews the matter with the responsible segment
manager and/or reviews detailed information as necessary.&nbsp; The CODM is notified
or identifies exceptions through meetings and discussions with corporate staff
and with segment managers and through his review of segment financial
performance.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Company's incentive
compensation system for key plant personnel is based on the financial
performance of the plant and also on the financial performance of the operating
segment.&nbsp; The incentive compensation system for the dedicated segment managers
is based on the financial performance of the reportable or operating segment, as
the case may be.&nbsp; The incentive compensation system for the CODM and the
corporate staff is based on the financial performance of the total Company.</p>
<p class="MsoNormal" style="margin-left:.5in; margin-top:0; margin-bottom:0"><i>&nbsp;</i></p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Company prepares an annual
budget and a three-year operating plan.&nbsp; These plans are prepared beginning with
the lowest business level of each operating segment and consolidated into plans
for each reportable segment.&nbsp; Business reviews are conducted by the segment
manager within his respective reportable segment to develop and approve the
final annual budget and three-year plans.&nbsp; The segment manager utilizes these
plans as a basis for making recommendations on the allocation of resources and
to establish financial and operating objectives to subsequently measure
performance for his respective reportable segment.&nbsp; The annual budget and
three-year operating plan for the reportable segments and the operating segments
are submitted to the CODM and the corporate staff for review and to establish
final plans.&nbsp; </p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The budget cycle is organized
into three phases.&nbsp; In the first phase, the operating segments create plant
level budgets.&nbsp; The segment manager then consolidates the plant level
information into an operating segment budget and decides whether the plan
represents a challenging and realistic target for the operating segment.&nbsp; The
next phase of the cycle is submission by the operating segments of preliminary
segment sales, segment income and capital expenditure forecasts to the corporate
office.&nbsp; Included in the submission are the proposed budgets by plant along with
a consolidation of the operating segment.&nbsp; Corporate staff, not including the
Company's CODM, reviews the submission and provides feedback to the operating
segment manager on whether the proposed plan is in line with corporate
expectations of sales, segment income and capital expenditures as set by the
CODM.&nbsp; The final phase is presentation of operating segment plans to the CODM.&nbsp;
In preparation for the presentation, plant level financial statements are
submitted by the operating segments to the corporate office staff.&nbsp; These are
input into the Company's financial reporting database, and summary plan reports
are prepared and delivered to the CODM for review.&nbsp; The CODM reviews the
proposed plan for the operating segments and the plants that make up the
operating segment.&nbsp; To the extent the reportable segment's plans as presented do
not meet the CODM's expectations, a revised plan is submitted to the CODM and
corporate office staff.&nbsp; The outcome of these presentations and discussions is
the approved operating segment budgets.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">A similar exercise is performed
at mid-year with the segment manager submitting a full-year reforecast to the
CODM and corporate staff.&nbsp; The reforecast submittal is followed by meetings with
segment management to discuss the reforecast and the operating plans and
strategies for the balance of the year.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">Based on the foregoing and a
careful evaluation of the guidance in paragraph 10-15 of SFAS No. 131 the
company believes its operating segments are appropriately defined as described
above.</p>
<ul>
	<li>
	<p class="MsoNormal" style="text-indent: -.25in; margin-left: .75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<i>Please provide us with a representative set of the reports
reviewed by your CODM, and those reviewed by your Board of Directors, for
purposes of allocating resources and assessing performance for each of your
segments for the most recently ended fiscal quarter.</i></p></li>
</ul>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">As requested, a representative
set of reports received by the CODM and those received by the Board of Directors
have been forwarded to your attention by express mail.&nbsp; The materials submitted
included:</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">1)&nbsp; Sales and
Income vs MIC Report to CODM - February 2006</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">2)&nbsp; Monthly
Financial Report - February 2006</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">3)&nbsp; Business
and Financial Comments to Board of Directors - February 2006</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">Pursuant to 17 C.F.R.
<font face="Times New Roman">&#167</font>200.83,
the Company hereby requests that confidential treatment be accorded to all of
the materials submitted and also requests that the materials submitted be
returned upon completion of SEC review.&nbsp; In the event that the Staff of the
Commission receives a request for access to the materials submitted for which we
are seeking confidential treatment as noted above, whether pursuant to the
Freedom of Information Act or otherwise, the Company respectfully requests that
it be notified immediately so that it may further substantiate this request for
confidential treatment.&nbsp; Please address any notifications of a request for
access to such documents to the undersigned at Ameron International Corporation,
P.O. Box 7007, Pasadena, CA&nbsp; 91109-7007.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Sales and Income vs MIC
Report is issued to the CODM and to senior corporate management on a monthly
basis and reports the operating results of the reportable and operating segments
with additional data provided at the plant and business unit level.&nbsp; The report
is prepared on the first business day after the end of the accounting month, and
the final results are reported approximately five business days after the end of
the accounting month.&nbsp; It is the primary report used by the CODM to assess the
performance of the operating segments, and it is the primary source to identify
exceptions to planned performance.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Monthly Financial Report is
provided to the CODM and senior corporate management to assess the financial
performance of the reportable segments.&nbsp; The front section includes a series of
financial statements and reports organized first for the Company, followed by
each of the four reportable segments.&nbsp; Included in the section for the
Infrastructure Products Group are financial reports for the two operating
segments as well as the reportable segment.&nbsp; The Monthly Financial Report
includes three supplemental sections.&nbsp; The first supplemental section provides
various financial summaries covering financial ratios and measurements
segregated by reportable segment and each plant or business unit.&nbsp; The second
supplemental section includes detailed income statements for each reportable
segment and each plant or business unit.&nbsp; The third supplemental section
includes cash flow statements for the same business groupings.&nbsp; The Monthly
Financial Report is published during the third week after each month-end and is
prepared primarily for corporate management to assess performance and to provide
data for detailed financial analysis and to assist in external financial
reporting.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Business and Financial
Comments Report is issued to the Board of Directors on a quarterly basis.&nbsp; The
report discusses the operating results and provides the sales and income results
by reportable segment, and consolidated income statements, consolidated balance
sheets and consolidated cash flow statements.</p>
<ul>
	<li>
	<p class="MsoNormal" style="text-indent: -.25in; margin-left: .75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<i>We read that you determined it was appropriate to manage the
various businesses within your Infrastructure Products Group as a single
reportable segment &quot;due to many similarities in the production process, the
products, and the markets and customers&quot; that these businesses share.&nbsp; In light
of the reports reviewed by your CODM, please provide us with a reasonably
detailed analysis under SFAS 131 demonstrating how you determined your operating
segments within the Infrastructure Products Group.&nbsp; For any operating segments
that you have aggregated, please provide us with a reasonably detailed analysis
of how you determined that you met the criteria for aggregation into a single
reportable segment in accordance with paragraph 17 of SFAS 131 and EITF 04-10.&nbsp;
In this regard, your analysis of whether your operating segments have similar
economic characteristics should quantify the gross margins for each operating
segment for each of the last five years and include a narrative explanation of
how you determined that such operating segments share similar long-term average
gross margins.</i></p></li>
</ul>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Infrastructure Products Group
consists of Ameron's Hawaii Division and the Pole Products Division.&nbsp; As
reported in&nbsp; Form 10-K, Ameron's Hawaii Division supplies ready-mix concrete,
crushed and sized basaltic aggregates, dune sand, concrete pipe and box
culverts, primarily to the construction industry on Oahu and Maui.&nbsp; The Pole
Products Division manufactures and markets concrete and steel poles for highway,
street and outdoor area lighting and for traffic signals nationwide.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Company has determined that
the Pole Products Division and the Hawaii Division are operating segments in
accordance with SFAS No. 131, paragraphs 10-15, in that the CODM reviews and
assesses performance and allocates resources at these levels.&nbsp; Each of the
divisions comprises multiple plants.&nbsp; </p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Infrastructure Products Group
is managed by a single manager.&nbsp; In addition, there are individual segment
managers for the Pole Products and Hawaii operating segments, who, in addition
to the Infrastructure Products Group manager, interact regularly with the CODM
to assess financial performance and discuss resource allocation at their
respective operating segments. &nbsp;&nbsp;All financial reports to the Company's Board of
Directors combine the operations of Hawaii and Pole Products.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">SFAS No. 131, paragraph 17,
provides that:&nbsp; &quot;Two or more operating segments may be aggregated into a single
operating segment if aggregation is consistent with the objective and basic
principles of this Statement, if the segments have similar economic
characteristics, and if the segments are similar in each of the following areas:</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The nature of
the products and services</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The nature of
the production processes</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The type of
class of customer for their products and services</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The methods used
to distribute their products or provide their services</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If applicable,
the nature of the regulatory environment, for example,
banking, insurance, or public utilities.&quot;</p>
<p class="MsoNormal" style="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; </p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The nature of the products and
services of the Hawaii Division and the Pole Products Division are similar.&nbsp;
Both divisions manufacture and sell primarily concrete products (pipe, box
culverts, poles and bollards). &nbsp;Both divisions sell intermediate products that
are then installed into construction projects to customers in both the
commercial and the residential construction industry.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The general nature of the
production processes are also similar.&nbsp; Both divisions consist of operations
that manufacture or convert raw materials into saleable intermediate products.&nbsp;
Both utilize cement as a primary raw material, which is processed into concrete
to be sold or converted to a finished product.&nbsp; Neither division is involved
with alternative production of goods and services that do not consist of
material conversion.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The type of customers and the
methods of selling are similar for both divisions.&nbsp; Products are typically sold
to contractors and developers for installation into construction projects.&nbsp; Both
divisions deliver products to job sites for installation.&nbsp; The Pole Products
Division primarily utilizes a direct sell approach, while the Hawaii Division
uses almost exclusively a direct sell approach.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The regulatory environment is not
materially different for each division.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The economic characteristics of
the Hawaii Division and the Pole Products Division are similar, as shown below:</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; 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;<u>Manufacturing Gross Profit Margin</u></p>
<p class="MsoNormal" style="margin-left:.75in; 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; <u>Pole
Products</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Hawaii</u></p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">
FY 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 37%&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">
FY 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 36%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
33%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 38%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
34%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 38%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY 2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 35%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five-Year Average&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
33%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 37%&nbsp;&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>FY 2006</u>:</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 1<sup>st</sup> Quarter Actual&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
37%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 39%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 2006 Full-Year Plan&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
36%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 37%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">
2007 Full-Year Plan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 37%</p>
<p class="MsoNormal" style="margin-left:.75in;text-indent:.25in; margin-top:0; margin-bottom:0">
2008 Full-Year Plan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 38%</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">As shown above, the Pole Products
Division and the Hawaii Division share similar economic characteristics, given
the narrow band between the manufacturing gross profit margin achieved by each
division the last five years.&nbsp; In addition, the long-term manufacturing gross
profit margin for each division is forecasted to be even more similar within a
range band of 1-2 percentage points.&nbsp; A further indication of the similar
economic characteristics of each division is the segment income return on sales
measurement.&nbsp; Over the past five years, the Pole Products Division's return on
sales was 13%, while the Hawaii Division had a return on sales of 11%, another
narrow band of only two percentage points.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">The Pole Products Division
continues to improve manufacturing gross profit margins, and they are consistent
with the Hawaii Division's historical performance.&nbsp; The improvement demonstrated
in 2005 and 2006 to date is attributable principally to the successful plant
start-up in Alabama, which had depressed margins since 2001, and the success in
implementing a geographic penetration strategy in the Southeast U.S.&nbsp;&nbsp; Both of
these factors should continue and are the key reasons supporting the longer-term
margin forecast.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">Based on the foregoing, we
believe that aggregation of the Hawaii Division and the Pole Products Division
is appropriate and consistent with SFAS No. 131.</p>
<p class="MsoNormal" style="margin-left:.75in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">We confirm that we are responsible for the adequacy and
accuracy of the disclosures in our filings.&nbsp; Furthermore, we acknowledge that (i)
neither your comments nor changes in disclosure in response to your comments
preclude the Securities and Exchange Commission (the &quot;Commission&quot;) from taking
any action with respect to either the referenced filings or any other filing of
the Company, and (ii) we may not assert Staff comments as a defense in any
proceeding initiated by the Commission or any person under the federal
securities laws of the United States.</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">If you require additional information or clarification of
this response, please contact me.</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Sincerely,</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">James R. McLaughlin</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Senior Vice President,</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">Chief Financial Officer &amp; Treasurer</p>
<p class="MsoNormal">&nbsp;</p>

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