Garneau Inc. second quarter results ended June 30, 2008



    NISKU, AB, Aug. 8 /CNW/ - Garneau Inc. (GAR-TSX) today filed its Second
Quarter Report and related Management's Discussion and Analysis for the
quarter ended June 30, 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
    ---------------------------

                                  Three months ended        Six months ended
                              -----------------------------------------------
    (In thousands, except per    June 30,    June 30,    June 30,    June 30,
     share data, unaudited)         2008        2007        2008        2007
    -------------------------------------------------------------------------
    Revenue                   $    2,538  $    4,772  $    7,845  $   12,017
    Margin                          (178)        180         992       1,646
    Margin %                       (7.0%)       3.8%       12.6%       13.7%
    Earnings (loss) before
     income taxes                 (2,377)     (1,759)     (3,598)     (2,587)

    Net earnings (loss)           (2,377)     (1,281)     (3,598)     (1,982)
    Earnings (loss)
     per share - basic             (0.20)      (0.11)      (0.30)      (0.16)
    Earnings (loss)
     per share - diluted           (0.20)      (0.11)      (0.30)      (0.16)


    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. Additionally, 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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