BOULDER, CO -- (Marketwire) -- 03/05/09 --


Selected Highlights:

--  Explosive Metalworking segment reports year-end backlog of $97 million
--  Multiple large contracts awarded from alternative energy, aluminum
    production & power generation sectors
--  Full-year operating cash flow increases 82% to $34.0 million versus
    2007
--  Corporate liquidity strengthened through a 32%, or $21.8 million,
    reduction in net debt
--  Preliminary full-year EPS reported at $1.91 versus $2.00 in fiscal
    2007
    

Dynamic Materials Corporation (DMC) (NASDAQ: BOOM), the world's leading provider of explosion-welded clad metal plates, today reported preliminary financial results for its fourth quarter and full fiscal year ended Dec. 31, 2008. As previously announced, audited financial results will be issued following the completion of an annual evaluation of the recoverability of goodwill within the Company's Oilfield Products business segment.

Fourth quarter sales increased to $58.6 million versus $55.2 million in the comparable prior-year quarter. Sales were approximately $4.6 million, or 8%, below Company expectations due to end-of-year delays in product shipments. The delays resulted from difficulties in scheduling third-party inspections, which are required for some of DMC's high-end products. Fourth quarter gross margin was 29% compared with 32% in the 2007 fourth quarter. Income from operations was $9.2 million versus $12.0 million in the prior-year fourth quarter. Net income was $5.4 million, or $0.43 per diluted share, versus net income of $6.9 million, or $0.56 per diluted share, in the 2007 fourth quarter.

Adjusted EBITDA for the fourth quarter was $12.1 million versus $14.3 million in prior-year fourth quarter. Adjusted EBITDA is a non-GAAP (generally accepted accounting principle) financial measure used by management to measure operating performance. See additional information about adjusted EBITDA at the end of this news release.

Explosive Metalworking

Fourth quarter sales at the Company's Explosive Metalworking segment were $47.7 million versus $50.2 million in the fourth quarter last year. The decline is largely attributable to the previously noted delays in product shipments. Operating income was $9.1 million versus $11.7 million in last year's fourth quarter. Adjusted EBITDA was $10.0 million versus $13.1 million in the fourth quarter of 2007.

Order backlog for the Explosive Metalworking segment at December 31, 2008, was $97 million versus $99 million reported at the end of the 2008 third quarter and $100 million recorded at the end of fiscal 2007.

Oilfield Products

Sales at DMC's Oilfield Products segment were $8.7 million. DMC acquired the segment as part of its Nov. 15, 2007, acquisition of Germany-based DYNAenergetics. Oilfield Products contributed $2.5 million in sales during the six weeks of 2007 it was part of DMC. Operating income was $697,000 versus a loss from operations of $126,000 in the fourth quarter a year ago. Fourth quarter adjusted EBITDA was $1.7 million versus $325,000 in the comparable prior-year quarter.

AMK Welding

Fourth quarter sales at DMC's AMK Welding segment were $2.3 million versus $2.5 million in the same quarter last year. Operating income was $267,000 versus $811,000 in the comparable quarter last year, while adjusted EBITDA was $378,000 versus $912,000 in the comparable year-ago quarter.

Management Commentary

Yvon Cariou, president and CEO, said, "The strength of our 2008 financial and operational performance was very encouraging, particularly in light of the challenges that the global financial crises has presented for so many industries. We closed the fourth quarter by capturing two unusually large contracts totaling slightly more than $20 million. One, a $14 million order from the alternative energy sector, represents the largest contract in DMC's history. The other was our largest-ever order from the aluminum production market. Early in the first quarter we received three additional large orders from the power generation market with a combined value of $10 million. It has been extremely rewarding for the entire DMC team to finalize several of the high-value orders we have been pursuing during the past several months.

"The current composition of our 'hot list' of prospective orders continues to include a broad range of multi-size contract opportunities. As was the case during fiscal 2008, the timing of these orders can be difficult to predict. While demand from the chemical, petrochemical and hydrometallurgy sectors has slowed in recent months, end markets such as alternative energy, refining and multiple segments of the power generation industry are all very active, and could result in significant order volume during fiscal 2009."

Cariou added, "We noted last quarter that our efforts to diversify our carbon steel supply chain were showing signs of progress. That progress continued in the fourth quarter, and today, we are much less dependent on a select few sources of pressure-vessel quality (PVQ) carbon steel. We continue to work with a number of metals providers on addressing our rigorous quality standards, and our efforts are resulting in the establishment of a broader supply network for PVQ metal plates."

Rick Santa, senior vice president and chief financial officer, said, "The cash generating capacity of DMC's business model was clearly evident in 2008, when we reported operating cash flow of $34.0 million, an increase of 82% versus fiscal 2007. Our liquidity allowed us to reduce our net indebtedness at Dec. 31, 2008, to $46.3 million. This represents a reduction of $21.8 million, or 32%, versus the end of fiscal 2007. We are encouraged by the strength of our year-end balance sheet, which included cash and cash equivalents of $14.4 million. Moreover, we had no outstanding borrowings on roughly $35 million in available revolving credit facilities. Despite the current economic crisis, we expect to continue generating strong operating cash flow in fiscal 2009.

"With respect to guidance, we expect first quarter sales will be down approximately 15% to 20% from the 2008 fourth quarter. The anticipated sequential sales decline is due to the composition of our backlog, which contains several orders that came in at the end of the fourth quarter and will not begin to ship until later in the year. First quarter gross margin is expected to be in a range of 27% to 29%. Due to the difficulty in predicting the timing of large orders; the slowdown in the chemical, petrochemical and hydrometallurgy sectors; and uncertainty associated with macro-economic conditions, we are forecasting that revenue for fiscal 2009 will decline between 12% and 20% versus fiscal 2008. It should be noted that some of the large contracts we have signed have lengthy delivery schedules that will extend into fiscal 2010."

Santa said 2009 operating income will be impacted by various non-cash charges, including approximately 3.6 million Euros (approximately $4.7 million at current exchange rates) of amortization expense associated with the acquisition of Germany-based DYNAenergetics, $4.5 million of depreciation expense and $3.8 million of stock-based compensation expense. The Company's blended effective tax rate for 2009 is expected to be in a range of 30% to 32%.

Full-year Results

Sales for fiscal 2008 increased 41% to $232.6 million from $165.2 million in fiscal 2007. DYNAenergetics' businesses contributed sales of $58.6 million in fiscal 2008 and $6.9 million during the six weeks they were a part of DMC's business in fiscal 2007. Fiscal 2008 gross margin was 30% versus 33% in the prior year.

Full-year operating income was $38.1 million versus $38.9 million in fiscal 2007. Net income was $24.1 million, or $1.91 per diluted share, compared with net income of $24.6 million, or $2.00 per diluted share, in 2007. Full-year adjusted EBITDA increased 22% to $53.2 million from $43.5 million in 2007.

The Explosive Metalworking segment reported full-year sales of $195.0 million, up 25% from $155.4 million in fiscal 2007. The explosion welding business of DYNAenergetics contributed $30.8 million to DMC's 2008 full-year sales and $4.4 million during the last six weeks of fiscal 2007. Sales from the Company's legacy explosive metalworking businesses increased by 9% during 2008 versus the prior year. Operating income was $37.5 million versus $38.9 million in the prior year. Adjusted EBITDA increased 9% to $45.0 million from $41.5 million in fiscal 2007.

Full-year sales at DMC's Oilfield Products segment were $27.8 million. Operating income for the year was $1.5 million and adjusted EBITDA was $5.4 million. During the six-weeks of fiscal 2007 that the Oilfield Products segment was a part of DMC's business, it contributed sales of $2.5 million, a loss from operations of $126,000, and adjusted EBITDA of $325,000.

AMK Welding recorded fiscal 2008 sales of $9.7 million, an increase of 35% from sales of $7.2 million in fiscal 2007. Operating income increased 67% to a record $2.4 million from $1.4 million, and adjusted EBITDA was $2.8 million, up 62% versus $1.7 million in fiscal 2007.

Conference call information

Management will hold a conference call to discuss these results today at 5:00 p.m. Eastern (3:00 p.m. Mountain). Investors are invited to listen to the call live via the Internet at www.dynamicmaterials.com, or by dialing into the teleconference at 866-394-8610 (706-758-0876 for international callers) and entering the passcode 87708381. Participants should access the website at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 30 days and a telephonic replay will be available through March 9, 2009, by calling 800-642-1687 (706-645-9291 for international callers) and entering the passcode 87708381.

Use of Non-GAAP Financial Measures

Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader's understanding of DMC's financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided within the schedules attached to this release.

EBITDA is defined as net income plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing DMC's operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.

Management uses these non-GAAP measures in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance and the company's ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews feature the adjusted EBITDA. Management also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. EBITDA and adjusted EBITDA are also used by research analysts, investment bankers and lenders to assess operating performance. For example, a measure similar to EBITDA is required by the lenders under DMC's credit facility.

Because not all companies use identical calculations, DMC's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company's performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company's capital structure on its performance.

All of the items included in the reconciliation from net income to EBITDA and adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles and stock-based compensation) or (ii) items that management does not consider to be useful in assessing DMC's operating performance (e.g., income taxes and gain on sale of assets). In the case of the non-cash items, management believes that investors can better assess the company's operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect DMC's ability to generate free cash flow or invest in its business. For example, by adjusting for depreciation and amortization in computing EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

About Dynamic Materials Corporation

Based in Boulder, Colorado, Dynamic Materials Corporation is a leading international metalworking company. Its products, which are typically used in industrial capital projects, include explosion-welded clad metal plates and other metal fabrications for use in a variety of industries, including oil and gas, petrochemicals, alternative energy, hydrometallurgy, aluminum production, shipbuilding, power generation, industrial refrigeration and similar industries. The Company operates three business segments: Explosive Metalworking, which uses proprietary explosive processes to fuse different metals and alloys; Oilfield Products, which manufactures, markets and sells specialized explosive components and systems used to perforate oil and gas wells; and AMK Welding, which utilizes various technologies to weld components for use in power-generation turbines, as well as commercial and military jet engines. For more information, visit the Company's websites at http://www.dynamicmaterials.com and http://www.dynaenergetics.de.

Safe Harbor Language

Except for the historical information contained herein, this news release contains forward-looking statements, including our guidance for first quarter and full-year 2009 revenue, margins, expenses and tax rates, as well as the potential that we will recognize impairment of the goodwill associated with our Oilfield Products segment, all of which involve risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: our ability to realize sales from our backlog; our ability to obtain new contracts at attractive prices; the size and timing of customer orders and shipments; fluctuations in customer demand; fluctuations in foreign currencies, changes to customer orders; the cyclicality of our business; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timely receipt of government approvals and permits; the timing and price of metal and other raw material; the adequacy of local labor supplies at our facilities; current or future limits on manufacturing capacity at our various operations; the availability and cost of funds; and general economic conditions, both domestic and foreign, impacting our business and the business of the end-market users we serve; as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 2007.

              DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (Dollars in Thousands, Except Share Data)
                              (unaudited)

                              Three months ended      Twelve months ended
                                 December 31,            December 31,
                            ----------------------  ----------------------
                               2008        2007        2008        2007
                            ----------  ----------  ----------  ----------
NET SALES                   $   58,621  $   55,211  $  232,577  $  165,175

COST OF PRODUCTS SOLD           41,561      37,426     161,732     110,168
                            ----------  ----------  ----------  ----------
  Gross profit                  17,060      17,785      70,845      55,007
                            ----------  ----------  ----------  ----------
COSTS AND EXPENSES:
  General and administrative
   expenses                      3,644       2,630      14,256       8,049
  Selling expenses               3,070       1,962      11,155       6,875
  Amortization expense of
   purchased intangible
   assets                        1,193       1,191       7,382       1,191
                            ----------  ----------  ----------  ----------
    Total costs and expenses     7,907       5,783      32,793      16,115
                            ----------  ----------  ----------  ----------
INCOME FROM OPERATIONS           9,153      12,002      38,052      38,892

OTHER INCOME (EXPENSE):
  Other expense                    (40)       (162)       (269)       (158)
  Interest income (expense),
   net                          (1,057)       (601)     (4,783)        (24)
  Equity in earnings of
   joint ventures                    4          24         274          24
                            ----------  ----------  ----------  ----------
INCOME BEFORE INCOME TAXES       8,060      11,263      33,274      38,734

INCOME TAX PROVISION             2,670       4,334       9,206      14,147
                            ----------  ----------  ----------  ----------
NET INCOME                  $    5,390  $    6,929  $   24,068  $   24,587
                            ==========  ==========  ==========  ==========

INCOME PER SHARE - BASIC:
  Net income                $     0.43  $     0.57  $     1.93  $     2.03
                            ==========  ==========  ==========  ==========
INCOME PER SHARE - DILUTED:
  Net income                $     0.43  $     0.56  $     1.91  $     2.00
                            ==========  ==========  ==========  ==========

WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING -
  Basic                     12,488,898  12,249,681  12,445,685  12,083,851
                            ==========  ==========  ==========  ==========
  Diluted                   12,562,767  12,455,468  12,579,598  12,293,158
                            ==========  ==========  ==========  ==========

ANNUAL DIVIDENDS DECLARED
 PER COMMON SHARE           $        -  $        -  $     0.15  $     0.15
                            ==========  ==========  ==========  ==========
              DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                        (Dollars in Thousands)
                            (unaudited)
ASSETS                                               2008          2007
                                                 ------------  ------------

Cash and cash equivalents                        $     14,360  $      9,045
Restricted cash                                             -           371
Accounts receivable, net                               34,719        39,833
Inventories                                            35,300        41,628
Other current assets                                    6,389         3,853
                                                 ------------  ------------
  Total current assets                                 90,768        94,730

Property, plant and equipment, net                     40,457        35,446
Goodwill, net                                          43,066        45,862
Purchased intangible assets, net                       52,264        61,914
Other long-term assets                                  2,664         2,947
                                                 ------------  ------------

Total assets                                     $    229,219  $    240,899
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                 $     15,402  $     22,590
Accrued income taxes                                      846         1,212
Other current liabilities                              14,768        19,394
Lines of credit - current                                   -         7,587
Current portion of long-term debt                      14,450         8,035
                                                 ------------  ------------

  Total current liabilities                            45,466        58,818

Long-term debt                                         46,178        61,530
Deferred tax liabilities                               16,986        20,604
Other long-term liabilities                             2,087         1,668
Stockholders' equity                                  118,502        98,279
                                                 ------------  ------------
Total liabilities and stockholders' equity       $    229,219  $    240,899
                                                 ============  ============
               DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
                         (Dollars in Thousands)
                              (unaudited)
                                                     2008          2007
                                                 -----------   -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                     $    24,068   $    24,587
  Adjustments to reconcile net income to net
   cash provided by operating activities -
     Depreciation (including capital lease
      amortization)                                    4,531         2,156
     Amortization of purchased intangible assets       7,382         1,191
     Amortization of capitalized debt issuance
      costs                                              279            30
     Stock-based compensation                          3,237         1,301
     Deferred income tax provision (benefit)          (2,079)         (357)
     Equity in earnings of joint ventures               (274)          (24)
     Change in working capital, net                   (3,141)      (10,200)
                                                 ------------  ------------
       Net cash provided by operating activities      34,003        18,684
                                                 ------------  ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Acquisition of DYNAenergetics, net of cash
   acquired                                             (559)      (81,224)
  Acquisition of property, plant and equipment        (9,925)       (8,979)
  Change in other non-current assets                      20           (87)
                                                 ------------  ------------
    Net cash used in investing activities            (10,464)      (90,290)
                                                 ------------  ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Borrowed under syndicated credit agreement               -        65,480
  Borrowings on lines of credit, net                  (7,579)         (524)
  Payments on long-term debt                          (7,753)         (655)
  Payments on capital lease obligations                 (389)          (34)
  Payment of dividends                                (1,894)       (1,821)
  Payment of deferred debt issuance costs               (218)       (1,534)
  Net proceeds from issuance of common stock             441           891
  Excess tax benefit related to stock options            143           402
  Other cash flows from financing activities               -            87
                                                 ------------  ------------
    Net cash provided by (used in) financing
     activities                                      (17,249)       62,292
                                                 ------------  ------------
EFFECTS OF EXCHANGE RATES ON CASH                       (975)          473
                                                 ------------  ------------
NET INCREASE (DECREASE) IN CASH AND CASH
 EQUIVALENTS                                           5,315        (8,841)

CASH AND CASH EQUIVALENTS, beginning of the
 period                                                9,045        17,886
                                                 -----------   -----------
CASH AND CASH EQUIVALENTS, end of the period     $    14,360   $     9,045
                                                 ===========   ===========
              DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
        RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
             DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
                           (Dollars in thousands)
                                 Three months ended   Twelve months ended
                                    December 31,          December 31,
                                --------------------  --------------------
                                  2008       2007       2008       2007
                                ---------  ---------  ---------  ---------
                                    (unaudited)           (unaudited)

Explosive Metalworking Group    $  47,656  $  50,181  $ 194,999  $ 155,438
Oilfield Products                   8,705      2,545     27,833      2,545
AMK Welding                         2,260      2,485      9,745      7,192
                                ---------  ---------  ---------  ---------
Net sales                       $  58,621  $  55,211  $ 232,577  $ 165,175
                                =========  =========  =========  =========

Explosive Metalworking Group    $   9,063  $  11,706  $  37,454  $  38,902
Oilfield Products                     697       (126)     1,472       (126)
AMK Welding                           267        811      2,363      1,417
Unallocated expenses                 (874)      (389)    (3,237)    (1,301)
                                ---------  ---------  ---------  ---------
Income from operations          $   9,153  $  12,002  $  38,052  $  38,892
                                =========  =========  =========  =========
                         For the three months ended December 31, 2008
                     -----------------------------------------------------
                     Explosive
                   Metalworking Oilfield      AMK    Unallocated
                       Group    Products    Welding   Expenses     Total
                     ---------  ---------  ---------- ---------  ----------
                                          (unaudited)

Income from
 operations          $   9,063  $     697  $      267 $    (874) $    9,153
Adjustments:
  Stock-based
   compensation              -          -           -       874         874
  Depreciation             396        402         111                   909
  Amortization of
   purchased
   intangibles             569        624           -         -       1,193
                     ---------  ---------  ---------- ---------  ----------
Adjusted EBITDA      $  10,028  $   1,723  $      378 $       -  $   12,129
                     =========  =========  ========== =========  ==========
                         For the three months ended December 31, 2007
                     -----------------------------------------------------
                     Explosive
                   Metalworking Oilfield      AMK    Unallocated
                       Group    Products    Welding   Expenses     Total
                     ---------  ---------  ---------- ---------  ----------
                                          (unaudited)

Income from
 operations          $  11,706  $    (126) $      811 $    (389) $   12,002
Adjustments:
  Stock-based
   compensation              -          -           -       389         389
  Depreciation             555        105         101         -         761
  Amortization of
   purchased
   intangibles             845        346           -         -       1,191
                     ---------  ---------  ---------- ---------  ----------
Adjusted EBITDA      $  13,106  $     325  $      912 $       -  $   14,343
                     =========  =========  ========== =========  ==========
           DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
      RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
         DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
                     (Dollars in thousands)

                        For the twelve months ended December 31, 2008
                     -----------------------------------------------------
                     Explosive
                   Metalworking Oilfield      AMK    Unallocated
                       Group    Products    Welding   Expenses     Total
                     ---------  ---------  ---------- ---------  ----------
                                          (unaudited)

Income from
 operations          $  37,454  $   1,472  $    2,363 $  (3,237) $   38,052
Adjustments:
  Stock-based
   compensation              -          -           -     3,237       3,237
  Depreciation           2,989      1,107         435         -       4,531
  Amortization of
   purchased
   intangibles           4,596      2,786           -         -       7,382
                     ---------  ---------  ---------- ---------  ----------
Adjusted EBITDA      $  45,039  $   5,365  $    2,798 $       -  $   53,202
                     =========  =========  ========== =========  ==========
                        For the twelve months ended December 31, 2007
                     -----------------------------------------------------
                     Explosive
                   Metalworking Oilfield      AMK    Unallocated
                       Group    Products    Welding   Expenses     Total
                     ---------  ---------  ---------- ---------  ----------
                                          (unaudited)

Income from
 operations          $  38,902  $    (126) $    1,417 $  (1,301) $   38,892
Adjustments:
  Stock-based
   compensation              -          -           -     1,301       1,301
  Depreciation           1,746        105         305         -       2,156
  Amortization of
   purchased
   intangibles             845        346           -         -       1,191
                     ---------  ---------  ---------- ---------  ----------
Adjusted EBITDA      $  41,493  $     325  $    1,722 $       -  $   43,540
                     =========  =========  ========== =========  ==========
                                Three months ended   Twelve months ended
                                    December 31,          December 31,
                                --------------------  --------------------
                                  2008       2007       2008       2007
                                ---------  ---------  ---------  ---------
                                    (unaudited)           (unaudited)

Net income                      $   5,390  $   6,929  $  24,068  $  24,587
 Interest expense                   1,269        765      5,472        722
 Interest income                     (212)      (164)      (689)      (698)
 Provision for income taxes         2,670      4,334      9,206     14,147
 Depreciation                         909        761      4,531      2,156
 Amortization of purchased
  intangible assets                 1,193      1,191      7,382      1,191
                                ---------  ---------  ---------  ---------
EBITDA                             11,219     13,816     49,970     42,105
 Stock-based compensation             874        389      3,237      1,301
 Other expense                         40        162        269        158
 Equity in earnings of joint
  ventures                             (4)       (24)      (274)       (24)
                                ---------  ---------  ---------  ---------
Adjusted EBITDA                 $  12,129  $  14,343  $  53,202  $  43,540
                                =========  =========  =========  =========

CONTACT:
Pfeiffer High Investor Relations, Inc.
Geoff High
303-393-7044