Unless otherwise specified, all dollar amounts discussed are in Canadian dollars.

 Consolidated Financial Highlights                                                                Three Months                               Year Ended March 31,           Ended March 31,                                                                        2008 (dollars in thousands)           2009        2008         2009   restated(1) ------------------------- -----------  ----------  -----------  ----------- Revenue                   $   972,536  $  989,696  $   174,700  $   323,600 Gross profit              $   175,305  $  163,317  $    32,464  $    62,573  Gross profit margin             18.0%       16.5%        18.6%        19.3% Impairment of goodwill    $   176,200  $        -  $   143,447  $         - Operating (loss) income   $   (81,712) $   92,397  $  (129,483) $    42,581 Net (loss) income         $  (139,515) $   39,784  $  (142,690) $    20,484 Consolidated EBITDA (2)   $   146,046  $  135,094  $    25,191  $    55,435 Capital spending          $    94,139  $   57,779  $     9,244  $     6,213 Cash and cash equivalents $    98,880  $   31,863  $    98,880  $    31,863 (1) See "Restatement March 31, 2008" at the end of this release. (2) For a definition of Consolidated EBITDA (as defined within the     revolving credit agreement) and reconciliation to net (loss) income,     see "Non-GAAP Financial Measures" at the end of this release. 

"We turned in strong operating performance in fiscal 2009, achieving revenue of $972.5 million and the best gross profit and Consolidated EBITDA results in our history," said Rod Ruston, President and CEO. "The strength of our first three quarters played a significant role in these results, as did continuing strong demand for the recurring services that support our customers' ongoing oil sands mining operations. Our solid operating performance, coupled with prudent cash management, resulted in a cash balance of $98.9 million at March 31, 2009, compared to $31.9 million a year ago."

"As we expected, our revenue for the three months ended March 31, 2009 was lower than in the same period last year but our gross profit margin performance remained solid," added Mr. Ruston.

The change in revenue resulted from a combination of factors, including a market-related reduction in oil sands development and commercial and industrial construction activity, the absence of a major pipeline project to replace the completed TMX project and a deferment of work on a long-term overburden removal contract. This deferment was due to a delay in the client's project start-up schedule and was not related to the changed economic environment. NAEP began to mobilize equipment back to the site on April 1, 2009 following the successful commissioning of Canadian Natural's Horizon project.

"Despite the overburden contract impact and the overall reduction in revenue, our recurring services revenues remained stable during the fourth quarter, reflecting the strength in this part of our business," said Mr. Ruston.

While underlying profit performance was stable and cash balance continued to improve, the Company recorded a fourth quarter net loss of $142.7 million, primarily as a result of a $143.4 million goodwill impairment charge. This non-cash charge reflects weaker energy industry conditions, a decline in the Company's market capitalization largely attributable to the weak stock market and the accounting requirements that prevail under such conditions.

Said Mr. Ruston, "Industrial and commercial construction continues to be affected by the depressed economic environment. However, some projects are still proceeding as evidenced by recent contract wins in our Heavy Construction and Mining and Piling groups. These contracts, due to start in the second quarter, have a total value of more than $65 million and include our Heavy Construction and Mining segment's first entry into the Saskatchewan industrial construction market."

"Looking ahead, we anticipate some variability in our recurring services business through the first half of fiscal 2010, however, we expect to see growth resume in the second half. In addition, we are beginning to see improvements in oil sands industry fundamentals, which support our longer-term positive outlook for all aspects of our oil sands business," said Mr. Ruston.

 Consolidated Results for the Year Ended March 31, 2009                                      Year Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Revenue                        $    972,536  $   989,696  $   (17,160) 

For the year ended March 31, 2009, consolidated revenue declined by 1.7% to $972.5 million, reflecting the impact of lower business activity in the fourth quarter.

                                      Year Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Gross profit                   $    175,305  $   163,317  $    11,988  Gross profit margin                   18.0%        16.5% 

Gross profit for the year ended March 31, 2009, increased 7.3% to $175.3 million as a result of an increase in gross profit margin to 18.0%, from 16.5% a year ago. The margin improvement primarily reflects the Pipeline segment's return to profitability in the first half of fiscal 2009, the partial recovery of losses incurred on a Pipeline contract in a previous year and improvements in the cost of tires for large trucks.

                                      Year Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Operating (loss) income        $    (81,712) $    92,397  $  (174,109)  Operating margin                      -8.4%         9.3% 

The Company reported an operating loss of $81.7 million for the year ended March 31, 2009, compared to operating income of $92.4 million last year. This change reflects the combined negative impact of $176.2 million in goodwill impairment charges, including the fourth quarter charge discussed above and a third quarter charge related to the Pipeline segment. Excluding the impact of these goodwill impairment charges, operating income would have been $94.5 million or 9.7% of revenue, compared to $92.4 million or 9.3% of revenue, in the prior year. This improvement reflects higher gross profit, partially offset by higher general and administrative (G&A) expense. For the year ended March 31, 2009, G&A expense increased to $74.4 million or 7.7% percent of revenue, from $69.7 million or 7.0% of revenue in the prior year. The $4.7 million increase was driven by higher staffing levels needed to support increased operations activity, as well as inflationary pressures in the oil sands through the first three quarters. This was partially offset by the benefits of cost-cutting initiatives implemented in the fourth quarter and process improvements implemented earlier in the year.

 (dollars in thousands,               Year Ended March 31,  except per share amounts)             2009         2008       Change ------------------------------ ------------  -----------  ----------- Net (loss) income              $   (139,515) $    39,784  $  (179,299) Per share information:  Net (loss) income - basic     $      (3.87) $      1.11  $     (4.98)  Net (loss) income - diluted   $      (3.87) $      1.08  $     (4.95) 

The Company reported a full-year net loss of $139.5 million (diluted loss per share of $3.87) for the year ended March 31, 2009, compared to net income of $39.8 million (diluted income per share of $1.08) last year. The year-over-year change reflects the negative impact of non-cash items including the goodwill impairment charges and the net impact of unrealized foreign exchange losses and unrealized derivative financial instruments gains. This was partially offset by strong operating performance and a one-time cash gain of $3.8 million, net of tax, in other income resulting from the cancellation of the US dollar rate swap. Excluding the non-cash items, diluted income per share would have been $1.35 for the year ended March 31, 2009, compared to $1.23 last year.

 Consolidated Results for the Three Months Ended March 31, 2009                              Three Months Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Revenue                        $    174,700  $   323,600  $  (148,900) 

For the three months ended March 31, 2009, consolidated revenue was $174.7 million, compared to $323.6 million in the same period last year. The $148.9 million decrease primarily reflects reduced activity in commercial and industrial construction, the deferral on the overburden removal contract during the customer's start up phase and a sharp decline in Pipeline segment revenues following completion of the TMX pipeline project in the previous quarter.

                              Three Months Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Gross profit                   $     32,464  $    62,573  $   (30,109)  Gross profit margin                   18.6%        19.3% 

Gross profit for the three months ended March 31, 2009 was $32.5 million compared to $62.6 million in the same period last year, reflecting lower volumes and a slightly lower gross profit margin of 18.6%, compared to 19.3% last year. The year-over-year gross profit margin reduction primarily reflects lower Piling segment margins.

                              Three Months Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Operating (loss) income        $   (129,483) $    42,581  $  (172,064)  Operating margin                     -74.1%        13.2% 

An operating loss of $129.5 million for the three months ended March 31, 2009 resulted from the $143.4 million goodwill impairment charge. Excluding the impact of the impairment charge, operating income would have been $13.9 million or 8.0% of revenue for the three months ended March 31, 2009, compared to $42.6 million or 13.2% of revenue in the same period last year.

G&A costs were $16.7 million for the three months ended March 31, 2009, down from $20.7 million in the same period in the prior year. G&A for the current period reflects the benefits of cost-cutting initiatives implemented in the quarter and process improvements implemented earlier in the year.

 (dollars in thousands,       Three Months Ended March 31,  except per share amounts)             2009         2008       Change ------------------------------ ------------  -----------  ----------- Net (loss) income              $   (142,690) $    20,484  $  (163,174) Per share information:  Net (loss) income - basic     $      (3.96) $      0.57  $     (4.53)  Net (loss) income - diluted   $      (3.96) $      0.56  $     (4.52) 

A net loss of $142.7 million (diluted loss per share of $3.96) was recorded for the three months ended March 31, 2009, compared to net income of $20.5 million (diluted income per share of $0.56) during the same period last year. The net loss resulted from the impact of non-cash items, including the goodwill impairment charge as well as the net impact of unrealized foreign exchange losses and unrealized derivative financial instruments gains. Excluding these non-cash items, diluted income per share would have been $0.06 for the three months ended March 31, 2009, compared to $0.65 in the same period last year.

Segment Results

 Heavy Construction and Mining                                      Year Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Segment revenue                $    716,053  $   626,582  $    89,471 Segment profit                 $    115,698  $   105,378  $    10,320 Profit margin                          16.2%        16.8% 

For the year ended March 31, 2009, Heavy Construction and Mining revenue increased to $716.1 million, representing a year-over-year increase of 14.3%. Recurring services represented 73% of segment revenues for the 2009 year, compared to 60% last year. Segment margin decreased to 16.2% from 16.8%, primarily reflecting the negative impact of production challenges on a single project.

                              Three Months Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Segment revenue                $    151,952  $   195,442  $   (43,490) Segment profit                 $     29,282  $    36,747  $    (7,465) Profit margin                          19.3%        18.8% 

For the three months ended March 31, 2009, revenue from the Heavy Construction and Mining segment was $152.0 million, compared to $195.4 million in the same period last year. The $43.5 million decrease primarily reflects delays to Suncor's Voyageur project and Petro-Canada's Fort Hills project, as well as deferral on the overburden removal contract with Canadian Natural. These volume reductions were partially offset by strong demand for recurring site services work at Albian's Jackpine Mine and Muskeg River Mine.

Recurring services continued to be a significant contributor to the Company's revenues. For the three months ended March 31, 2009, recurring services represented $133.2 million or 88% of Heavy Construction and Mining segment revenue, compared to $126.0 million or 65% in the same period last year, despite the impact of the overburden removal contract deferral in the current year.

Margin on the Heavy Construction and Mining revenue increased to 19.3%, from 18.8% last year, reflecting the increased percentage of higher-margin site services work in the revenue mix, as well as the positive impact of project close-out activities during the current year period.

 Piling                                     Year Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Segment revenue                $    155,076  $   162,397  $    (7,321) Segment profit                 $     38,776  $    45,362  $    (6,586) Profit margin                          25.0%        27.9% 

For the year ended March 31, 2009, Piling revenue was $155.1 million compared to $162.4 million last year. This change reflects declining activity levels in the western Canadian commercial construction market. Segment margin was 25.0% compared to 27.9% last year, reflecting an increased proportion of lower-margin, lower-risk, time-and-materials projects in the current year.

                              Three Months Ended March 31, (dollars in thousands)                 2009         2008       Change ------------------------------ ------------  -----------  ----------- Segment revenue                $     22,367  $    40,699  $   (18,332) Segment profit                 $      6,331  $    13,637  $    (7,306) Profit margin                          28.3%        33.5% 

For the three months ended March 31, 2009, Piling segment revenue was $22.4 million, compared to $40.7 million during the same period last year. Weaker conditions in the commercial and industrial construction sectors were the key factor in this decline. Segment margins also declined to 28.3%, from 33.5% last year, reflecting margin pressure due to weaker market conditions in the current year and a larger proportion of high-margin, fixed-price contracts last year.