The Company posted net income of $39.8 million or $1.11 per share (basic), in fiscal 2008, up significantly from net income of $21.1 million or $0.87 per share (basic), during the same period last year. Unrealized non-cash losses on foreign exchange and derivative financial instruments reduced net income by $5.5 million, net of tax, in the current year versus a benefit of $6.1 million, net of tax, in the prior year. Excluding these items, basic earnings per share would have been $1.27 per share compared to $0.62 per share in the prior year. In addition, the comparison of earnings per share to the prior-year period is impacted by weighted average number of common shares of 35.8 million compared to 24.4 million in the prior year.

The Piling segment revenue rose 36% to $40.7 million in the fourth quarter, ending the year with revenue of $162.4 million, a 49% increase over fiscal 2007. Full-year revenue also improved, climbing 327% from 2007 to $200.7 million and supporting segment profits of $25.5 million, compared to a loss of $10.5 million in 2007.