Garneau Inc. annual report for the year ended December 31, 2008



    NISKU, AB, March 31 /CNW/ - Garneau Inc. (GAR-TSX) today filed its Annual
Information Form and audited Consolidated Financial Statements and related
Management's Discussion and Analysis for the year ended December 31, 2008.
    Copies of these documents are available electronically at www.sedar.com
or the Company's website at www.garneau-inc.com.

    
    Selected Annual Information
    ---------------------------

    (In thousands, except per share data)

    -------------------------------------------------------------------------
    Year Ended                   December 2008  December 2007  December 2006
    -------------------------------------------------------------------------
    Total Revenues                     $17,287        $20,161        $57,042
    -------------------------------------------------------------------------
    Net Earnings (Loss)                 (6,661)        (4,728)           947
    -------------------------------------------------------------------------
    Basic Earnings (Loss) per Share      (0.55)         (0.39)          0.08
    -------------------------------------------------------------------------
    Diluted Earnings (Loss) per Share    (0.55)         (0.39)          0.08
    -------------------------------------------------------------------------
    Total Assets                        26,558         29,885         39,571
    -------------------------------------------------------------------------
    Long Term Financial Liabilities        NIL            118            241
    -------------------------------------------------------------------------

    Garneau's Notice of Annual General Meeting and Management Information
Circular are expected to be mailed to Garneau Inc.'s common shareholders in
April.

    About Garneau Inc.
    ------------------
    
    Garneau Inc's primary business has been the application of high
performance protective coating and linings for oil and gas pipeline
protection. The corporation also designs and fabricates oilfield equipment for
both domestic and international markets. With over 30 years of operating
experience, Garneau Inc. has developed a significant level of expertise and is
well known for innovative technology. The company's website can be accessed at
www.garneau-inc.com.

    This report includes forward looking statements that are based on the
Garneau's current expectations and therefore are subject to uncertainties such
as the level of industry drilling and coating activity, foreign exchange
fluctuations and world wide economic conditions that may cause actual results
to differ materially.

    %SEDAR: 00008952E




For further information:

For further information: Phone: (780) 955-2396, Fax: (780) 955-7715,
Glen Garneau, President & CEO, Email: gleng@garneau-inc.com; Richard Hughes,
CFO, richardh@garneau-inc.com

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GARNEAU INC.

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