Garneau Inc. third quarter results ended September 30, 2009

NISKU, AB, Nov. 30 /CNW/ - Garneau Inc. (GAR-TSX) today filed its Third Quarter Report and related Management's Discussion and Analysis for the quarter ended September 30, 2009.

Copies of these documents are available electronically at www.sedar.com or the Company's website at www.garneau-inc.com.

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

    Summary of Results                                    Three months ended
    (In thousands, except                                  Sept 30,  Sept 30,
     per share data, unaudited)                               2009      2008
    -------------------------------------------------------------------------
    Revenue                                                $ 2,953   $ 6,744
    Margin                                                   1,083     1,778
    Margin %                                                 36.7%     26.4%
    Earnings (loss) before income taxes                       (914)     (581)

    Net earnings (loss)                                       (914)     (581)
    Earnings (loss) per share - basic                        (0.08)    (0.05)
    Earnings (loss) per share - diluted                      (0.08)    (0.05)

    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

SOURCE GARNEAU INC.

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

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GARNEAU INC.

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